Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


All India Fine Arts & Crafts Society v. ITO (2021) 214 TTJ 68 (Delhi)(Trib.)

S. 11 : Property held for charitable purposes-Society engaged in promotion and development of Fine Arts and Crafts in India-Entitle to exemption-Order passed without giving an opportunity of hearing-Matter remanded. [S. 2(15), 12, 251]

All India Fine Arts & Crafts Society v. ITO (2021) 214 TTJ 68 (Delhi)(Trib.)

S. 11 : Property held for charitable purposes-Society engaged in promotion and development of Fine Arts and Crafts in India-Entitle to exemption-Order passed without giving an opportunity of hearing-Matter remanded. [S. 2(15), 12, 251]

All India Fine Arts & Crafts Society v. ITO (2021) 214 TTJ 68 / 207 DTR 17 (Delhi)(Trib.)

S. 11 : Property held for charitable purposes-Society engaged in promotion and development of Fine Arts and Crafts in India-Entitle to exemption-Order passed without giving an opportunity of hearing-Matter remanded. [S. 2(15), 12, 251]

Axis Clinicals Ltd. v. Dy.CIT (2021) 211 TTJ 128 / 200 DTR 201 (Hyd.) (Trib.)

S. 10B : Export oriented undertakings-Data processing-Clinical trials-Cannot be considered as data processing-Not entitle to exemption.

Tech Mahindra Business Services Ltd. v. DCIT (2021) 91 ITR 8 (SN) (Mum.)(Trib.)

S. 10A : Free trade zone-Profits and gains-Includes all profits and gains including incidental income of undertaking-Interest Income on fixed deposits kept with Bank as margin for issuing bank guarantee-Exchange gain on dollar sales credited to profit and loss account-Entitled to deduction. [S.10B]

Tech Mahindra Business Services Ltd. v. DCIT (2021) 91 ITR 8 (SN) (Mum.)(Trib.)

S. 10A : Free trade zone-Profits and gains-Includes all profits and gains including incidental income of undertaking-Interest Income on fixed deposits kept with Bank as margin for issuing bank guarantee-Exchange gain on dollar sales credited to profit and loss account-Entitled to deduction. [S.10B]

Barclays Shared Services (P) Ltd. v. ACIT (2021) 202 DTR 185//(2022) 216 TTJ 228 (Pune)(Trib.)

S. 10A : Free trade zone-Interest income from short term fixed deposits-Cannot be classified profits of the business of undertaking-Not eligible for deduction-Expenditure incurred is reimbursed would be part of qualifying amount-Sale of fixed asset is included in qualifying amount-Not to be reduced for the purpose of qualifying amount-Sale of scrap-Expenses booked-Part of qualifying amount-Provision for leave encashment-Suo moto adjustment-Adjustment in profit is allowable-Amount of foreign exchange should be reduced from export turn over or total turnover. [S. 10AA]

Dy. CIT v. Hothur Mohamed Iqbal (2021)214 TTJ 996 / 208 DTR 385 / (2022) 192 ITD 64 (Bang.)(Trib.)

S. 10(10D) : Life insurance policy-Keyman insurance policy-Amended Explanation 1-Not eligible to claim exemption-No valid notice was issued-Order was quashed. [S. 143(2), 143(3)]

Krishnan Achary v. ITO (2021) 199 DTR 169 (Cochin)(Trib.)

S. 10(10C) : Public sector companies-Voluntary retirement scheme-Exist option scheme-Failure to produce certificate from the employer-Not entitle to exemption. [R. 2BA]

Norton Lifelock Inc. v. DCIT (2021) 210 TTJ 409 / 199 DTR 233 (Pune)(Trib.)

S. 9(1)(vi) : Income deemed to accrue or arise in India-Royalty-Distributors-Sold specific software products-Not royalty-No permanent establishment in India-Not taxable in India-DTAA-India-USA [S. 90, Art. 12]