Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Murliwala Agrotech (P.) Ltd. v. UOI (2022) 289 Taxman 702/216 DTR 237 / 327 CTR 662 (Raj.)(HC)

S. 127 : Power to transfer cases-Udaipur to Delhi-Opportunity of hearing not granted-Transfer order was set aside. [Art. 226]

PCIT v. Atria Power Corporation Ltd(2022) 142 taxmann.com 412 (Karn.)(HC) Editorial: SLP of Revenue dismissed, PCIT v. Atria Power Corporation Ltd. [2022] 289 Taxman 111 (SC)

S. 115JB : Book profit-Disallowance made under section 14A could not be added for the purpose of computing book profits. [S. 14A]

PCIT v. Dentsply India (P.) Ltd. (2022) 289 Taxman 530 (Delhi)(HC)

S. 92C : Transfer pricing-Arm’s length price-Most appropriate method-Manufacturing and trading of dental products and trading activity-95% trading and 5% manufacturing-Tribunal adopting RPM as MAM to benchmark transaction is held to be justified. [S. 260A]

PCIT v. Amway India Enterprises (2022) 289 Taxman 648/ (2023)455 ITR 325 (Delhi)(HC)

S. 92C : Transfer pricing-Arm’s length price-Comparability factors-Profit Margin/Profit Level Indicator-An enquiry under rule 10B(3) ought to be carried out, to determine as to whether material differences between assessee and said entity can be eliminated and unless such differences cannot be eliminated, entity should be included as a comparable. [R. 10B]

Krishak Bharati Cooperative Ltd. v. JCIT (2022) 142 taxmmann.com 331 (Delhi)(HC) Editorial : SLP of assessee dismissed, Krishak Bharati Cooperative Ltd. v. JCIT (2022) 289 Taxman 75 (SC)

S. 80IA : Industrial undertakings-Infrastructure development-Interest income from employees on advances-Equipment hire charges-Ammonia tank wagon hire charges-Cane hire charges-interest income from banks and financial institutions-Interest on deposits-Not derived from industrial undertaking-Not eligible for deduction. [S. 28(i), 32AB, 56]

PCIT v. Oriental Power Cables Ltd. (2022) 143 taxmann.com 370 (Raj.)(HC) Editorial : Notice issued in SLP filed by Revenue, PCIT v. Oriental Power Cables Ltd. (2022) 289 Taxman 625 (SC)

S. 68 : Cash credits-Loans-Information from Investigation wing-Bogus accommodation entries-Statement was recorded and affidavits filed-Opportunity of cross examination was not granted-Merely on the basis of information from Investigation wing addition is not justified-Order of Tribunal affirmed. [S. 131, 133(6), 153A, 260A]

PCIT v. Jagat Pravinbhai Sarabhai (2022) 289 Taxman 298 (Guj.)(HC)

S. 68 : Cash credits-Capital gains-Penny stock-Shell company-Shares held as investments for more than ten years-Addition as cash credit was deleted. [S. 45]

Gyan Traders Ltd. v. CIT (2022) 289 Taxman 628 (Cal.)(HC)

S. 45 : Capital gains-Two separate accounts-Investment portfolio-Stock in trade-Sale of investments assessable as capital gains and not as business income. [S. 28(i)]

PCIT v. TV Today Network Ltd. (2022) 289 Taxman 132 / 217 DTR 1 / 328 CTR 204 (Delhi)(HC) Editorial : Refer, Checkmate Services P. Ltd. v. CIT (2022)448 ITR 518/ 218 DTR 218 /329 CTR 1 (SC)

S. 43B : Deductions on actual payment-Employees’ contribution towards provident fund and ESI would qualify for deduction even if paid after due date prescribed but before due date of filing of return.-Amendment is prospective in nature. [S. 36(1)(va)]

Delhi International Airport (P.) Ltd. v. PCIT (2022) 138 taxmann.com 541 (Karn.)(HC) Editorial: Notice issued in SLP filed by Revenue, PCIT v. Delhi International Airport (P.) Ltd. (2022) 289 Taxman 78 (SC)

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Commission, brokerage, etc.-Passenger service fee-Withheld by Airlines-Not liable to deduct tax at source-Verify factual aspect, matter was restored to the file of the Assessing Officer. [S. 194H]