Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Fathimuthu Amma Mills Ltd. v. ACIT (2022) 94 ITR 6 (SN) (Chennai)(Trib.)

S. 69 : Unexplained investments-Search and seizure-Estimate of unaccounted sales-Merely on the basis of statement of clerk and Assistant General manager without corroborative documentary evidence, addition cannot be made. [S. 69A, 132]

Prakash Chand Kothari v. Dy.CIT (2022) 94 ITR 49 (Jaipur)(Trib.)

S. 69 : Unexplained investments-Search and seizure-Income of any other person-No satisfaction recorded-Data found in pen drive-Neither furnished the copy of statement nor an opportunity of cross examination-Addition on account of alleged cash loan was deleted. [S. 131, 132(4), 153C]

Intellectual Securities Pvt. Ltd. v. Dy.CIT (2022) 94 ITR 409 / 217 TTJ 56 / 213 DTR 111 (Delhi)(Trib.)

S. 68 : Cash credits-Shares at premium-Documents filed-Low return of income by the subscribers-Burden discharged-Addition is not valid.

DCIT v. Bridge & Building Construction Co. (P.) Ltd. (2022) 94 ITR 515 (Kol.)(Trib.)

S. 68 : Cash credits-Bank deposits-Addition is sustained-Advance from customer-Addition is not justified.

ACIT v. Jotindra Steel & Tubes Ltd. (2022) 94 ITR 359 (Delhi) (Trib.)

S. 68 : Cash credits-Sale of shares-Purchase of shares accepted as genuine by the Assessing Officer-Addition as cash credits is not justified.

Dy.CIT v. Sports Club Of Gujarat Ltd. (2022) 94 ITR 54 (SN) (Ahd.)(Trib.)

S. 57 : Income from other sources-Deductions-Expenditure is held to be allowable. [S. 56, 57(iii)]

Saroj Arora v. ITO (2022) 94 ITR 698 (Delhi)(Trib.)

S. 54 : Capital gains-Profit on sale of property used for residence-Amendment to provision of section 54, restricting deduction allowed therein to only one residential property operates prospectively from 1st April 2015.

Dy.CIT v. Balaji Hotels and Enterprises Ltd. (2022) 94 ITR 24 (Trib.) (Chennai)(Trib.)

S. 48 : Capital gains-Computation-Cost of acquisition of asset-Interest paid on borrowed capital-Included in cost of acquisition. [S. 45, 49]

Dy. CIT(IT) v. DHV B. V. (2022) 94 ITR 46 (SN) (Delhi)(Trib.)

S. 44DA : Non-residents-Royalties-Computation-Permanent Establishment-All contracts negotiated and signed in India by branch head-Activities under each contract in India for more than six months-Income earned from contracts connected to Permanent Establishment in India-Taxable at 40 Per Cent. on net income basis in accordance with RBI guidelines.

Dy. CIT(IT) v. Mitsui and Co. (2022) 94 ITR 34 (Delhi)(Trib.)

S. 44BBB : Foreign companies-Presumptive tax-Turnkey power projects-Income from offshore supplies not liable to tax in India-Books of account not required to be maintained-Fixed percentage of receipt deemed to be income-Income from power projects to be taxed on cash basis and not on mercantile basis-DTAA-India-Japan. [Art. 7(6)]