Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Deep Industries Ltd. v. Dy. CIT (2022)441 ITR 307 / 212 DTR 307 / 326 CTR 107 (Guj.)(HC)

S. 139 : Return of income-Revised return-Demerger-Delay in filing revised return-Demerger-Protective assessment-Sanction from Company law Board-Rejection of revised return is not valid. [S 139(5), Art. 226]

Jayeshkumar and Co. v. UOI (2022) 441 ITR 592 (Delhi) (HC)

S. 132B : Application of seized or requisitioned assets-Seizer of cash-Direction issued to return seized cash in accordance with assessment order. [S. 132B(3), Art. 226]

A.J. Ramesh Kumar v. Dy. CIT (2022) 441 ITR 495 (Mad.)(HC)

S. 132(4) : Search and seizure-Statement on oath-Presumption as to correctness-Onus on Deponent to prove the contrary-Retraction of statement should be at the earliest with supporting material-Affidavit of mother in law is held to be unreliable as they were interested and self-serving testimonies-Order of Tribunal remanding the matter to the file of CIT (A) is affirmed. [S. 132, 132(4A)]

DGIT (Inv.) v. Deputy Commissioner of Police (2022) 441 ITR 89 / 285 Taxman 256 / 209 DTR 207 / 324 CTR 292 (Karn.)(HC)

S. 132 : Search and seizure-Offences and prosecution-Disclosure of information-Police cannot ask the Income tax Authorities to hand over the documents seized by the Income tax Authorities. [S. 138(2), 293, Code of Criminal Procedure, 1973, S. 91, Art. 226]

Sri Laxmi Venkatesh Credit Co-Op. Society Ltd. v. PCIT (2022) 441 ITR 598 (Karn.)(HC)

S. 80P : Co-operative societies-Providing Loans to associate or nominal members-Interest earned-Matter remanded. [S. 80P(2)(a)(i)]

CIT v. Ayshwarya Sea Food Pvt. Ltd. (2022) 441 ITR 171 (Mad.)(HC)

S. 80HHC : Export business-More than one unit-Deduction to be computed unit wise.

PCIT v. Manoj Kumar Vipin Kumar (2022) 441 ITR 632 (Raj.)(HC)

S. 68 : Cash credits-Discharged the burden-Expenditure and donation-Disallowance is not justified-Order of Tribunal is affirmed. [S. 37(1), 80G, 260A]

PCIT v. Ganesh Plantation Ltd. (2022) 441 ITR 123 / 285 Taxman 35 / 326 CTR 751 / 213 DTR 352 (Guj.)(HC)

S. 68 : Cash credits-Search-Loose papers-Recovered from third party-Addition is not valid.

PCIT. v. Agson Global (P) Ltd. (2022) 441 ITR 550 / 210 DTR 225 / 325 CTR 1 / 286 Taxman 519 (Delhi)(HC)

S. 68 : Cash credits-Cash deposited in bank-Dematerialisation-Deletion of addition is-Rejection of books of account-Gross profit-Order of Tribunal is up held-Not challenged being perverse-No substantial question of law. [S. 145 (3), 260A]

Rashesh Shirish Sanjanwala v. CIT (2022) 441 ITR 374 / 285 Taxman 710 / 212 DTR 348 / 326 CTR 170 (Guj.)(HC)

S. 54F : Capital gains-Investment in a residential house-Amount Deposited in Bank under Capital Gains Accounts Scheme, 1988-Amount Not used in purchase of residential house within specified date-Denial of certificate for withdrawal of amount-Permitted to withdrawal of amount. [S.45, Capital Gains Accounts Scheme, 1988 Art, 226]