Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Bilcare Ltd. v. ACIT (2021) 211 TTJ 429 / 207 DTR 257 (Pune)(Trib.)

S. 92B : Transfer pricing-The term international transaction includes capital financing, which, in turn, also includes guarantee-effects of furnishing corporate guarantee directly percolated to the principal debtor, namely, AE for whom the assessee stood surety-thus, the department contention that the act of furnishing guarantee be treated as shareholder’s activity, is devoid of any merit. [S. 92C, 92CA]

Dy.CIT v. Balarampur Chini Mills Ltd. (2021) 89 ITR 461 (Kol.)(Trib.)

S. 92A : Transfer pricing-Associated enterprises-Arm’s Length Price-Tested party to be determined even when most appropriate method was comparable uncontrolled price-Generation of power for captive consumption-Rate to be taken at rate supplied by Electricity Board to its consumers in open market. [S. 80IA(8), 92CA]

Surana Mutha Bhasali Developers v. ACIT (2021) 89 ITR 47 (SN) / 213 TTJ 885/ 204 DTR 329 (Pune)(Trib.)

S. 80IB(10) : Housing projects-Survey-On money-Sale of flats-Entitle to deduction. [S. 133(6)]

CLSA India Private Limited v. ACIT (2021) 210 TTJ 484 (Mum.) (Trib.)

S. 73 : Losses in speculation business-Share broker-Purchase and sale of shares-Loss incurred from error trades-Not speculative-Allowable as business loss. [S. 28(i)]

Shelf Drilling Ron Tappmeyer Ltd. v. DCIT (2021) 209 TTJ 587 / 197 DTR 265 (Mum.)(Trib.)/Shelf Drill J.T .Angel Ltd v. DCIT(IT) (2021) 209 TTJ 587 ,/ 197 DTR 265 (Mum)(Trib)

S. 72 : Carry forward and set off of business losses-Set off of loss returned by Assessee in subsequent assessment years could not be declined only for the reason that assessment for assessment year in which the losses arose, was in progress and pending. [S. 240]

Ashite Kumar Singh v. ACIT (2021) 89 ITR 5 (SN) (Delhi)(Trib.)

S. 69A : Unexplained money-Salary income-Cash in hand was deposited in bank-Addition cannot be made as unexplained money. [S. 153A]

Sinnar Thermal Power Ltd. v. Dy.CIT (2021) 89 ITR 263 (Mum.)(Trib.)

S. 69A : Unexplained money-Cash found at office premises-Group companies-Accounted in the books of account-Addition is held to be not valid. [S. 132]

ACIT v. Ramcharan Tej Konidala (2021) 89 ITR 15 (SN) (Chennai) (Trib.)

S. 69 : Unexplained investments-On money-Purchase of property from developer-Charge sheet filed by the Central Bureau Of Investigation (CBI) in case of developer-No additional evidence was brought by the revenue-Deletion of addition is held to be justified.

Shivam Securities Pvt. Ltd. v. Dy. CIT (2021) 89 ITR 61 (SN) (Kol.)(Trib.)

S. 68 : Cash credits-Share application money-All 16 Investor companies replied to notice u/s. 133(6) of the Act-Managing Director was not produced due to ill health-Matter remanded to the Assessing Officer-Order passed by the CIT(A) was cryptic and not speaking order-Order was set aside. [S. 131(1(d), 133(6), 250]

Rajesh Katyal v. Dy.CIT (2021) 89 ITR 71 (SN) (Delhi)(Trib.)

S. 68 : Cash credits-Loan-Revenue has accepted loan as genuine in earlier year-News reports in public domain stated that enforcement Directorate stated net worth of party was more than Rs. 1,000 Crores-Addition is held to be not valid. [S. 153A]