Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


CIT(E) v. Kantilal Jaikishandas Choksi Charitable Trust (2021) 133 Taxman.com 217 (Guj.)(HC) Editorial : SLP of revenue is dismissed, CIT(E) v. Kantilal Jaikishandas Choksi Charitable Trust (2022) 284 Taxman 445 (SC)

S. 11 : Property held for charitable purposes-Expenses incurred earlier years-Adjusted to income of subsequent year-Income to be determined on the basis of commercial principle-To be considered as application of income. [S. 10(34), 11(1)(a), 11(1)(d)]

CIT(E) v. National Internet Exchange of India (2021) 133 taxmann.com 376 (Delhi)(HC) Editorial : SLP is granted to the revenue, CIT(E) v. National Internet Exchange of India (2022) 284 Taxman 524(SC)

S. 11 : Property held for charitable purposes-Charitable objects-Membership and connectivity charges incidental to main object-Entitle to exemption. [S. 2(15), 12A]

Neelachal Ispat Nigam Ltd. v. ACIT (2022) 284 Taxman 527 (Orissa)(HC)

S. 4 : Charge of income-tax-Interest from short term deposits (STDs)-Open letter of Credit for procuring Plant and Machineries-Capital receipts-Reduced from cost of capital assets. [S. 28(1), 56] 

Maharashtra Oil Extraction Private Limited v. Dy.CIT (2022) 287 Taxman 465 / 114 CCH 315 ( Bom) (HC) www.itatonline .org

S. 147 : Reassessment –With in four years-Change of opinion – Payment to related parties – Incentives to senior employees – Difference in VAT return and Turnover as per profit and loss account -Reconciliation – Questions asked in the course of original assessment proceedings – No discussion in the assessment order – Reassessment notice was quashed. [ S. 40A(2)(b) , 148 , Art , 226 ]

Anand Nagar & Company v. CCIT (2022) 209 DTR 313 / 324 CTR 370 (Bom.)(HC)

S. 88 : Tax arrear-Amount payable-Adjustment of refund was made as per request of the assessee-Not disclosed the truth and suppressed the communication-Writ petition was dismissed. [S. 245, Art. 226]

Kamla Chandrasingh Kabali v. PCIT (2022)443 ITR 148 / 211 DTR 1/ 286 Taxman 580 / 325 CTR 264 (Bom.)(HC)/Editorial : Notice is issued in SLP filed by the Revenue , PCIT v. Kamla Chandrasingh Kabali (2023) 294 Taxman 608 (SC)

S. 184 : Charge of tax and surcharge-Payment of tax-Credit for advance tax-Credit for advance tax must be given-Directed the respondents to issue certificate as required by Rule 4(5). [S. 183, 185 IT ACT, S. 139, 199, 210, 219, Art. 226]

Reliance Industries Ltd. v. CCIT (2022) 441 ITR 434 / 209 DTR 51 / 324 CTR. 1/ 285 Taxman 610 (Bom.)(HC) .Editorial ,SLP of assessee dismissed , Reliance Industries Ltd. v. CCIT ( 2022 ) 443 ITR 358 (St) / 287 Taxman 223 (SC)

S. 9(c) : Act not to apply in certain cases-Disqualification of persons under prosecution-Named in charge sheet and first information report-Denial of benefit is held too be valid. [Indian Penal Code, 1860, S 120B, 420, Prevention of Corruption Act, 1988, S. 131(1)(d), 132(2), Art. 226]

Om Shivam Buildcon Pvt. Ltd. v. UOI (2022) 441 ITR 655/ 213 DTR 426/ 326 CTR 802 (Bom.) (HC)

S. 4 : Filing of declaration and particulars to be furnished-Pendency of appeal-Condonation of delay-Appeal admitted prior to January 2020-Appeal pending-Directed the respondent to process the declaration. [S. 2(1)(a), Art. 226]

Cooperative Rabobank U A v. CIT(IT) (2022) 284 Taxman 40 (Bom.)(HC)

S. 2(f) : Disputed tax-Amount payable by declarant-Interest-Interest granted under section 244A cannot be recovered by revenue authority under Direct Tax Vivad se Vishwas Act, 2020, by adding same to amount of disputed tax payable by assessee. [S. 3, IT ACT, S. 234D, 244A, Art. 226]

Jayantilal K. Bhagat v. ACIT (2022) 445 ITR 515/ 324 CTR 632 / 210 DTR 81 (Bom.)(HC)

S. 2(1)(a)(ii) : Appellant-Locus standi-Rejection of application on the ground that there is no clarity of Legal Heirs-Appeal was filed beyond limitation period-Rejection of application was held to be not valid-Directed the Designated Authority to accept the declaration [S. 3, 4(1), IT Act, S. 132, Art. 226]