Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Yashovardhan Birla v. DCIT, (2021) 213 TTJ 761 / 206 DTR 137 (Mum.)(Trib.)

S. 17 : Wealth tax escaping assessment-Non-supply of reasons-Off-shore irrevocable discretionary trusts-Reassessment proceedings null and void owing to non-supply to the assessee of the reasons recorded-Off shore trust assets including immovable property in Singapore and London were not vested in the assessee and such assets held through offshore corporate vehicles are exigible only in the hands of such vehicles and not in the hands of the assessee-Deposits in offshore banks do not constitute an asset and hence are excluded from chargeability to tax under Wealth-tax Act-ITSC commission order is not binding on wealth tax proceedings. [S. 2(ea), 2(m)]

Jagannathan Sailaja Chitta (Mrs.) v. WTO (IT) (2021) 91 ITR 17 (SN) (Chennai)(Trib.)

S. 7 : Valuation of asset-Asset sold 28 days after valuation date-Value determined at guideline value on date of sale is not proper-Valuation to be at market value on valuation date-Dispute as to extent of landholding-Matter remanded. [S. 7(1),

S. Peter v. ACIT (2021) 210 TTJ 1006 / 200 DTR 100 (Chennai) (Trib.)

S. 5(i): Exemption-Asset-Urban land-Property held under trust-Land leased to educational institution-Building constructed-Lands cannot be held to be vacant lands-Not liable to wealth-tax. [S. 2(ea)(v), IT Act, S. 11, 13(1)(c)]

Giridhari Govindas (HUF) v. ACIT (Wealth Tax) (2021) 209 TTJ 953 (Chennai)(Trib.) Govindas Purusothamadass v. ACIT (Wealth Tax) (2021) 198 DTR 185 (Chennai)(Trib.)

S. 2(e)(a) : Assets-Vacant Urban land-Not vacant land-Existing building was demolished-Semi finished building-Matter remanded for re verification.

National Institute of Women Child & Rural Health Trust v. JCIT (2021) 208 DTR 433 / (2022) 215 TTJ 400/ 194 ITD 214 (Chennai)(Trib.)

S. 272A : Penalty-Failure to answer questions-Sign statements-Furnish information-Delay in filing return-Hospitalization of managing trustee-Reasonable cause-Assessing Officer is directed to delete the penalty. [S. 12AA, 139, 272(2)(e), 273B]

ACIT v. Dharmanandan Diamonds (P.) Ltd. (2021) 91 ITR 40 (SN) (2022) 193 ITD 133 (Mum.)(Trib.)

S. 271G : Penalty-Documents-International transaction-Transfer pricing-Diamond business-Maintaining primary books of account and documents-Transactions accepted to be at Arm’s Length-Failure by Transfer Pricing Officer to determine Arm’s Length Price independently by applying one of prescribed methods-Deletion of penalty is justified.

My Guest House Accommodations Pvt. Ltd. v. Dy. CIT (2021) 91 ITR 45 (SN) (Delhi)(Trib.)

S. 271(1)(c) : Penalty-Concealment-Ad hoc disallowance-Penalty is not sustainable.

My Guest House Accommodations Pvt. Ltd. v Dy. CIT (2021) 91 ITR 45 (SN) (Delhi)(Trib.)

S. 271(1)(c) : Penalty-Concealment-Ad hoc disallowance-Penalty is not sustainable.

Jamsetji Tata Trust v. ACIT (2021) 198 DTR 46 (Mum.)(Trib.) Interocean Shipping (India) Pvt. Ltd. v. DCIT (2021) 91 ITR 63 (SN) (Delhi)(Trib.) S. D. Constructions v ACIT (2021) 91 ITR 43 (SN) (Kol.)(Trib.) Transgulf Frozen Foods Containers Pvt. Ltd. v. ACIT (2021) 91 ITR (Trib.) 22 (Delhi)(Trib.)

S. 271(1)(c) : Penalty-Concealment-Denial of exemption u/s 11-High Court admitted the appeal-Not specifying the specific limb of section 271(1)(c)-Penalty not leviable. [S. 11. 13, 260A]

Majestic Stock Pvt. Ltd. v. PCIT (2021) 91 ITR 71 (SN) (Jaipur)(Trib.)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Show cause notice and discussion restricted too share application money-Reassessment order not erroneous and prejudicial to revenue-Revision order was quashed. [S. 68, 147, 148]