Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Biocon Ltd. v. Dy. CIT (2021) 133 taxmann.com149 (Karn.)(HC) Editorial : Notice issued in SLP filed by the revenue, Dy. CIT v. Biocon Ltd. (2022) 284 Taxman 376 (SC)

S. 35 : Scientific research expenditure-Expenses of units which was entitle for deduction under section 10B-Entitle for deduction. [S. 10B, 35(2AB)]

Dy. CIT v. Padmini Products (P.) Ltd. (2021) 133 taxmmann.com 174 (Karn.)(HC) Editorial : Notice is issued in SLP filed by the revenue ; Dy. CIT v. Padmini Products (P.) Ltd. (2022) 284 Taxman 374 (SC)

S. 32 : Depreciation-Firm succeeded by company-Intangible assets-Successor assessee-company was entitled to claim depreciation on actual cost incurred by it with reference to such intangible assets. [S. 35(2(AB), 47(xiii)]

Ispat Alloys Ltd. v. Dy. CIT (2022) 284 Taxman 542 (Orissa)(HC)

S. 32 : Depreciation-Increased cost of plant and machinery-Foreign Exchange rate fluctuations-Allowable.

CIT(E) v. Govardhan Foundation (2022) 284 Taxman 545 /(2022) 213 DTR 44/ 326 CTR 443 Cal.)(HC)

S. 12AA : Procedure for registration-Trust or institution-Cancellation of registration retrospectively-Making donation outside India-Cancellation of registration was held to be not valid-Order of Tribunal is affirmed. [S. 11, 12A]

CIT(E) v. Kantilal Jaikishandas Choksi Charitable Trust (2021) 133 Taxman.com 217 (Guj.)(HC) Editorial : SLP of revenue is dismissed, CIT(E) v. Kantilal Jaikishandas Choksi Charitable Trust (2022) 284 Taxman 445 (SC)

S. 11 : Property held for charitable purposes-Expenses incurred earlier years-Adjusted to income of subsequent year-Income to be determined on the basis of commercial principle-To be considered as application of income. [S. 10(34), 11(1)(a), 11(1)(d)]

CIT(E) v. National Internet Exchange of India (2021) 133 taxmann.com 376 (Delhi)(HC) Editorial : SLP is granted to the revenue, CIT(E) v. National Internet Exchange of India (2022) 284 Taxman 524(SC)

S. 11 : Property held for charitable purposes-Charitable objects-Membership and connectivity charges incidental to main object-Entitle to exemption. [S. 2(15), 12A]

Neelachal Ispat Nigam Ltd. v. ACIT (2022) 284 Taxman 527 (Orissa)(HC)

S. 4 : Charge of income-tax-Interest from short term deposits (STDs)-Open letter of Credit for procuring Plant and Machineries-Capital receipts-Reduced from cost of capital assets. [S. 28(1), 56] 

Maharashtra Oil Extraction Private Limited v. Dy.CIT (2022) 287 Taxman 465 / 114 CCH 315 ( Bom) (HC) www.itatonline .org

S. 147 : Reassessment –With in four years-Change of opinion – Payment to related parties – Incentives to senior employees – Difference in VAT return and Turnover as per profit and loss account -Reconciliation – Questions asked in the course of original assessment proceedings – No discussion in the assessment order – Reassessment notice was quashed. [ S. 40A(2)(b) , 148 , Art , 226 ]

Anand Nagar & Company v. CCIT (2022) 209 DTR 313 / 324 CTR 370 (Bom.)(HC)

S. 88 : Tax arrear-Amount payable-Adjustment of refund was made as per request of the assessee-Not disclosed the truth and suppressed the communication-Writ petition was dismissed. [S. 245, Art. 226]

Kamla Chandrasingh Kabali v. PCIT (2022)443 ITR 148 / 211 DTR 1/ 286 Taxman 580 / 325 CTR 264 (Bom.)(HC)/Editorial : Notice is issued in SLP filed by the Revenue , PCIT v. Kamla Chandrasingh Kabali (2023) 294 Taxman 608 (SC)

S. 184 : Charge of tax and surcharge-Payment of tax-Credit for advance tax-Credit for advance tax must be given-Directed the respondents to issue certificate as required by Rule 4(5). [S. 183, 185 IT ACT, S. 139, 199, 210, 219, Art. 226]