Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Sudhir Dalichand Jain v. ITO (2021)92 ITR 102 (Surat)(Trib.)

S. 147 : Reassessment-Investigation wing-Roving inquiry-Reassessment was held to be bad in law. [S. 143(3), 148]

Karan Khurana v. ITO (2021)92 ITR 114 (Delhi)(Trib.)

S. 147 : Reassessment-After the expiry of four years-Information from investigation wing-Alleged deposit of tax-Recording wrong and incorrect reasons-Reassessment is held to be bad in law. [S. 148, 151]

Ambalal Nanabhai Patel v ITO (2021)92 ITR 81 (Ahd.)(Trib.)

S. 147 : Reassessment-After the expiry of four years-Unexplained investment-Assessment cannot be reopened merely on the basis of Report of District valuation officer-Allegation of escapement of income more than Rs. 1 lakh-Reassessment proceedings valid. [S. 69, 148, 149(1)(b)]

Ashok Kumar Banthia v. Dy. CIT (2021) 92 ITR 505 (Jodhpur)(Trib.)

S. 143(3) : Assessment-Income from undisclosed sources-Commission agent-Director admitted that cash seized belong to the company-Sales tax authorities accepted that sales the sales shown by the company-Extracts of cash book certified by the Chartered Accountant was filed-Addition was deleted. [S. 132(4)]

Gogga Gurusanthiah and Bros v. Dy. CIT (2021) 92 ITR 322 (Bang.) (Trib.)

S. 133A : Power of survey-Closing stock-Carry forward and set off-Enhanced value of stock shown in the books of account which was found in the course of survey-Entitle to set off of closing stock. [S. 145]

Dy. CIT v. Dr. Baljit Kaur (Mrs.) (2021) 92 ITR 385/ 215 TTJ 599 (Chd.)(Trib.)

S. 133A : Power of survey-Income from undisclosed source-Unaccounted professional income-Double addition-Followed order of Settlement Commission-Deletion of addition is held to be justified. [S. 245D(4)]

ITO v. Vesta Exim P. Ltd. (2021) 92 ITR 15 (SN) (Surat)(Trib.)

S. 133A : Power of survey-Undisclosed income-Real Estate business-Income declared in the course of survey-Earlier losses and current year loss can be set off against income disclosed in the course of survey. [S. 28(i), 72]

Cowi India Pvt. Ltd. v. ITO (2021) 92 ITR 24 (SN) (Delhi)(Trib.)

S. 92C : Transfer pricing-Arm’s length price-Selection of comparable-Consulting business-Companies rendering soft ware services cannot be comparable.

Dy.CIT v. Mission Pharma Logistics (India) Pvt. Ltd (2021) 92 ITR 25 (SN) (Ahd) (Trib)

S. 92C : Transfer pricing-Arm’s length price-Advance Pricing Agreement-Order of CIT(A) on the basis of Advance Pricing Agreement is held to be proper.

ACIT v. Bauch and Lomb India Pvt. Ltd. (2021)92 ITR 36 (SN) (Delhi)(Trib.)

S. 92C : Transfer pricing-Arm’s length price-Rule of consistency No distinguishing facts in Current year-Addition on account of advertisement, marketing and sales promotion expenses not sustainable. [S. 143(3)]