Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


PCIT v. Sarojini M. Kushe (Smt.) (2022) 442 ITR 327 / 210 DTR 172 / 286 Taxman 253 (Karn.)(HC)

S. 48 : Capital gains-Computation-Full value of consideration-Adoption of fair market value based on guidelines issued by Government is justified. [S. 45, 50D]

Larsen & Toubro Ltd. v. Girish Dave DIT(IT) (2022) 442 ITR 217 / 212 DTR 433 / 326 CTR 194 / 286 Taxman 267 (Bom.)(HC)

S. 44BB : Mineral oils-Computation Presumptive Tax-In connection with-Transportation of equipment from assessee’s yard to offshore site, Inextricably connected with prospecting, extraction or production of mineral oils-Hire charges paid for tugs and barges to transport integral part of execution of contract-Payments taxable on presumptive basis. [S. 9(1)(vi), 195, 264, Art. 226]

PCIT v. Standard Leather Pvt. Ltd. (2022) 442 ITR 177 / 287 Taxman 31 (Cal.)(HC)

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Raw hides and skins purchased from trader-Disallowance is not valid. [S. 133(6), R. 6DD(e)]

PCIT v. South Canara District Central Co-Operative Bank Ltd. (2022) 442 ITR 338 (Karn.)(HC)

S. 37(1) : Business expenditure-Wholly and exclusively-And Expenditure benefitting third person-Incurred for the purpose of business-Allowable as deduction.

PCIT. v. United Spirits Ltd. (2022) 442 ITR 451 / 284 Taxman 568 (Karn.)(HC) PCIT v. Mcdowell and Co. Ltd. (2022) 442 ITR 451 284 Taxman 568 (Karn.)(HC)

S. 37(1) : Business expenditure-Loss on account of fluctuations in rate of Foreign exchange-Deductible.

PCIT. v. United Spirits Ltd (2022) 284 Taxman 568 / 442 ITR 451 (Karn.)(HC) PCIT v. Mcdowell and Co. Ltd. (2022) 284 Taxman 568 / 442 ITR 451 (Karn.)(HC)

S. 36(1)(vii) : Bad debt-Required to debit profit and loss account and also to simultaneously reduce loans of debtors in balance sheet-Matter remanded. [S. 254(1)]

Rasipuram Rotary Club Trust v. ITO (2022)442 ITR 185 (Mad.) (HC) Rasipuram Kannda Sainigar Samuga Pradama Sangam Educational Trust v. ITO (2022) 442 ITR 185 (Mad.)(HC)

S. 11 : Property held for charitable purposes-Trust not registered-Corpus fund in form of voluntary contributions made with specific direction-Liable to tax as income-Equity and taxation cannot co-exist. [S. 2(24)(iia), 11(1)(d), 12A, 12AA, 56(2)(v)]

State Bank of India v. ACIT (TDS) (2022) 442 ITR 363 (Karn.)(HC)

S. 10(5) : Travel concession or assistance-Exemption confined to amount of Air economy fare by shortest route by National carrier-Exemption not available in respect of travel to Foreign country as part of journey to destination in India. [S. 133A, 182, 201(1), 201(1A), R. 2B]

PCIT v. Swati Bajaj and Ors ( 2022) 446 ITR 56 /288 Taxman 403 / 216 DTR 25/ 327 CTR 496( Cal )( HC) www.itatonline .org Editorial : Refer Udit Kalra v.ITO( Delhi) (HC) (2019)) 176 DTR 249/ 308 CTR 50 ( Delhi) (HC)/CIT v. Shyam R.Pawar ( 2015) 229 Taxman 256 ( Bom)( HC)

S. 68 : Cash Credits – Penny Stock –Capital gains – Shares with increased value of about 2823% -Genuineness of price hike to be established – Onus on the assessee- Order of Tribunal is reversed – Addition as cash credit is affirmed – Revision is held to be valid . [S. 10(38], 45, 263 ]

State Bank of India v. TRO (2022) 441 ITR 516 (Mad.)(HC)

S. 281 : Certain transfers to be void-Priority of debt-Mortgage executed prior to initiation of action by department-Matter to be investigated by Tax Recover Officer. [S. 226, Rule, 11, Schedule II Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Recovery of Debts and Bankruptcy Act, 1993]