Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Hassan Co-operative Milk Producers Societies Union Ltd. v. ACIT (2022) 194 ITD 522/ (2023) 222 TTJ 538 (Bang.)(Trib.)

S. 80P : Co-operative societies-Letting of godown-Milk parlours cannot be considered as godowns or warehouses as contemplated under section 80P(2)(e) and hence, rental income derived from letting of milk parlours will not be eligible for deduction under section 80P(2)(e) of the Act. [S. 80P(2)(e)]

Krishnarajapet Taluk Agri Pro Co-op Marketing Society Ltd. v. PCIT (2022) 194 ITD 311 (Bang.)(Trib.)

S. 80P : Co-operative societies-Interest-Bank-Bank not being a co-operative society interest income could not be said to attributable to activities of co-operative society-Not eligible for deduction-Interest income reduced by administrative expenses and other proportionate expenses to earn said income had to be brought to tax as income from other sources. [S. 56, 57, 80P(2)(d)]

DCIT v. Eshwarnath Construction. (2022) 194 ITD 592 (Chennai) (Trib.)

S. 80IA : Industrial undertakings-Infrastructure development-Partnership firm-Executed works contract-Not eligible deduction [S. 800IA(4), 80IA(13)]

Infinera India (P.) Ltd. v. Jt. CIT (2022) 194 ITD 463 (Bang.) (Trib.)

S. 80G : Donation-Expenses incurred under Corporate Social Responsibility Scheme under provisions of Companies Act are eligible for deduction-Matter remanded. [S. 37(1)]

Sling Media (P.) Ltd. v. DCIT (2022) 194 ITD 1 (Bang.)(Trib.)

S. 80G : Donation-CSR expenses-Denial of deduction merely because donation forms part of CSR as it would lead to double disallowance is held to be not valid. [S. 37(1)]

DCIT v. Brahmos Aerospace (Thiruvananthapuram) Ltd. (2022) 194 ITD 561 (Cochin)(Trib.)

S. 80 : Return for losses-Return of income within prescribed time-Audited financial statements could not be filed along with return of income as accounts were not audited by that time-Denial of carry forward of business loss is not justified. [S. 44AB, 72, 139(9)]

DCIT v. DBM Geotechnics and Construction (P.) Ltd. (2022) 194 ITD 579 (Mum.)(Trib.)

S. 69C : Unexplained expenditure-Bogus purchases-Justified in deleting 100 percent disallowance and disallowing to 12.5% out of bogus purchases.

Vardhan Ghildiyal v. ITO (2022) 194 ITD 689 (Delhi)(Trib.)

S. 69A : Unexplained money-Demonetization deposit-Mere mismatch of denominations of currency notes would not lead to addition where currencies of past savings might have mixed with currencies withdrawn.

DCIT v. Gandhi Capital (P.) Ltd. (2022) 194 ITD 396/ 220 TTJ 680 (Surat) (Trib.)

S. 68 : Cash credits-Share capital-Transaction through account payee cheques, bank statements filed-Addition is not valid. [S. 133(6)]

Anandtex International (P.) Ltd. v. ACIT (2022) 194 ITD 320 (Delhi)(Trib.)

S. 68 : Cash credits-Share application-Entries were circulating in nature-Failed to establish creditworthiness or genuineness of transaction-Addition is held to be justified.