Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


ACIT v. P.G. Holiday Inn Pvt. Ltd. (2021) 92 ITR 55 (SN) (Mum.)(Trib.)

S. 68 : Cash credits-Share capital and share premium-Books of account not produced-Matter remanded before CIT(A).

Neeta Bothra (Mrs.) v. ITO (2021) 92 ITR 450 (Chennai)(Trib.)

S. 68 : Cash credits-Penny stock-Long term capital gains-Sale of shares-Broker on SEBI watchlist-Addition was deleted. [S. 10(38), 45]

Sanjay Singal v. Dy.CIT (2021) 92 ITR 214 (Chd.)(Trib.) Aarti Singal (Smt.) v. Dy.CIT (2021) 92 ITR 214 (Chd.)(Trib.) Aniket Singhal v. Dy.CIT (2021) 92 ITR 214 (Chd.)(Trib.) Sanjay Singhal (HUF) v. Dy. CIT (2021) 92 ITR 214 (Chd.)(Trib.)

S. 68 : Cash credits-Long term capital gains-Opportunity of cross examination was not given-Denial of exemption was not justified-Estimate of expenses was also deleted-Additional evidence was admitted. [S. 10 (38), 45, 69C, 132(4), ITAT R. 29]

ITO v. Rajeev Ratanlal Tulshyan (2021) 92 ITR 332 / (2022) 193 ITD 860 (Mum.)(Trib.)

S. 56 : Income from other sources-Issue of right shares to existing share holders at below market value-Issue of shares at bellow fair market value-Addition was deleted. [S. 56(2)(vii)(c)(ii)]

Pushpa Sankar v. ITO (2021) 92 ITR 44 (SN) (Chennai)(Trib.)

S. 54 : Capital gains-Profit on sale of property used for residence-Purchase of new residential house-Date of delivery of possession of new property within one year prior to date of execution of sale deed of original Asset-Entitle for Exemption. [S. 45]

Shanti Ranjan Biswas v. ITO (2021) 92 ITR 328 (Delhi)(Trib.)

S. 44AD : Presumptive taxation-Supplier of security guards-Disclosure of profits at 8 Percent of gross receipts-Failure to pay advance tax-Directed to pay at 10 percent. [S. 44AA, 44AB, 234C]

Viney Corporation Ltd. v. ACIT (2021)92 ITR 59 (SN) (Delhi)(Trib.)

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Aggregate of payments in a day did not exceed Rs.20000-No disallowance can be made.

Dy. CIT v. PLR Projects Pvt Ltd (2021) 92 ITR 23 (SN) (Hyd.)(Trib.)

S. 37(1) : Business expenditure-Fines and penalties-Interest on arrears of Service tax-Not penal in nature-Allowable as deduction.

Lauren Software Pvt. Ltd. v. ITO (2021) 92 ITR 47 (SN) (Mum.)(Trib.)

S. 37(1) : Business expenditure-Consultancy charges paid to technical persons-Expenditure cannot be disallowed on estimate basis.

Viney Corporation Ltd. v. ACIT (2021) 92 ITR 59 (SN) (Delhi)(Trib.) Carlson Hospitality Marketing (India) Pvt. Ltd. v. Dy. CIT (2021) 92 ITR 27 (SN) (Delhi)(Trib.)

S. 37(1) : Business expenditure-Foreign Exchange loss-Allowable as revenue expenditure.