Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


PCIT v. Simon India Ltd ( 2022 ) 145 taxmann.com 389/ (2023) 450 ITR 316 ( Delhi)( HC)

S.37(1): Business expenditure – Marked -to -Market loss – Loss arising on reinstatement of the forward cover purchase contracts – Not speculative -CBDT Instructions and circulars which are contrary to law are not binding – Allowable as revenue expenditure . [ S. 43(5), 73 ]

PCIT v. PEC Ltd ( 2023 ) BCAJ – January P. 44( Delhi)( HC)

.37(1): Business expenditure – Corporate Social Responsibility( CSR)- Explanation 2 was inserted in section 37 by Finance (No.2) Act , 2004 , w.e.f. Ist April , 2015 – Apply in relation to the assessment year 2015 -16 and subsequent years – Expenditure allowable as deduction .

Viraj Exports (P.) Ltd. v. CCIT (TDS) (2022) 289 Taxman 430/ (2023) 457 ITR 451/ 333 CTR 395/ 227 DTR 111 (Delhi)(HC)

S. 279 : Offences and prosecutions-Sanction-Chief Commissioner-Commissioner-Compounding of offence-Past conviction for default in depositing of TDS were not disclosed-Order of conviction was under challenge before Supreme Court and stayed-Order of rejection was held to be valid-Untill pending conviction orders with respect to earlier years were set aside. [S. 276B, 278B, Art. 226]

Ashish Agarwal v. ITD (2022) 289 Taxman 518 (Raj.)(HC)

S. 276CC : Offences and prosecutions-Failure to furnish return of income-Search-Delay of 72 days in filing of return-Failure to provide copies of statements-No evasion of tax-Lunching of prosecution was quashed. [S. 132, 153A, 279]

Arvind Nandagopal v. ACIT (2022) 289 Taxman 679 (Mad)(HC)

S. 276CC : Offences and prosecutions-Failure to furnish return of income-Return was filed within extended time-Refund was granted-Criminal miscellaneous was quashed. [S. 139(1), 139(4)]

PCIT v. Akash Infra-com-Projects (P.) Ltd. (2022) 289 Taxman 300 / 216 DTR 393 / 328 CTR 819 (Orissa)(HC)

S. 271D : Penalty-Takes or accepts any loan or deposit-Loan from sister concerns-Payments to labour charges-Reasonable cause-Deletion of penalty is justified. [S. 269SS]

PCIT v. Premlata Tekriwal (Mrs.) (2022) 289 Taxman 337 / 217 DTR 315 / 328 CTR 995 /(2023) 456 ITR 671 (Cal.)(HC) PCIT v. Binod Kunar Tekriwala (2022) 289 Taxman 337 / 217 DTR 315 / 328 CTR 995 //(2023) 456 ITR 671 (Cal.)(HC)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Accomodation entries-Information from Maharastra Sales tax Department-Order passed without making any inquiry or verification-Bogus purchase bills-Offered 2% of bogus purchases-Revision to assess the entire purchases as disallowable is held to be justified-Order of Tribunal set aside. [S. 69C, 260A]

CIT v. Integrated Education and Research Centre For Engineering and Management (2022) 289 Taxman 234 (Cal.)(HC)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Depreciation-Scientific research-Two views possible-Assessing Officer following the order of jurisdictional High Court-Order cannot be held to be erroneous. [S. 35(2)(iv)]

Anuradha Wadhwa v. PCIT (2022) 142 taxmann.com 185 (All.)(HC) Editorial : SLP of assessee dismissed, Anuradha Wadhwa v. PCIT (2022) 289 Taxman 4 (SC)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Opportunity of being heard-Participated in subsequent proceedings-Writ petition against revision proceedings was held to be not maintainable. [S. 143(3), 253, Art. 226]

PCIT v. LDS City Projects (P.) Ltd. (2022) 289 Taxman 484 (Cal.)(HC)

S. 254(1) : Appellate Tribunal-Duties-Cash credits-Share application money-Short term unsecured loan-Failure to record reasons-Matter was remanded to Tribunal. [S. 68]