Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Garima Polymers Pvt. Ltd. v. ACIT (2021) 86 ITR 261 (Delhi)(Trib.)

S. 68 : Cash credits-Share application money-Genuineness not established-Addition was justified-Un secured loan-Onus discharged-Addition was not justified. [S. 131]

Dy.CIT v. MPS Infotecnics Pvt. Ltd. (2021) 86 ITR 141 / 211 TTJ 230 / 201 DTR 209 (Delhi)(Trib.)

S. 68 : Cash credits-Convertible warrants-Receipts of money over three years-Genuineness of and creditworthiness of transaction was established-Deletion of addition was justified.

ACIT v. Ariba Foods Pvt. Ltd. (2021) 86 ITR 174 (Indore)(Trib.) ACIT v. Vyanktesh Plastics and Packaging Pvt. Ltd. (2021) 86 ITR 174 (Indore)(Trib.)

S. 68 : Cash credits-Unsecured loans-Failure to follow principle of natural jus Failure to provide an opportunity of cross examination-Addition is held to be not justified.

Ashok Kumar v. ITO (2021) 86 ITR 576 (Delhi)(Trib.)

S. 54 : Capital gains-Profit on sale of property used for residence-Purchase of property within one year before transfer-Actual possession handed over by within one year after transfer of second Property-Entitled to deduction. [S. 45]

Radharaman Constructions v. ACIT (2021) 86 ITR 44 (Mum.)(Trib.)

S. 50C : Capital gains-Full value of consideration-Stamp valuation-Departmental valuation officer-Objection of the assessee was not considered-Transfer of development rights-Matter remanded. [S. 45]

Green Valley Tower Pvt. Ltd. v. ACIT (2021) 86 ITR 1 (Delhi)(Trib.)

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Purchase of land-Not debited to profit and loss account-Disallowance cannot be made.

ACIT v. Arvind Srinivasan (2021)86 ITR 84 (Chennai)(Trib.)

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Purchase of capital asset or investment-No disallowance can be made.

ACIT v. Parag Fans and Cooling System Pvt. Ltd. (2021) 86 ITR 598 (Indore)(Trib.)

S. 40(a)(ia) : Amounts not deductible-Deduction at source-Settlement of loan shown in profit and loss account-No expenditure was claimed-No disallowance can be made.

A.O. Smith India Water Products Pvt. Ltd. v. Dy.CIT (2021) 86 ITR 38 (SN.) (Bang.)(Trib.)

S. 37(1) : Business expenditure-Provision for advertisement-Liability crystalised in the following year-Not allowable-Provision for warranty-Directed to verify and allow.

ACIT v. Claridges Hotels Pvt. Ltd. (2021) 86 ITR 402 (Delhi)(Trib.)

S. 37(1) : Business expenditure-Appointment of consultant as per agreement-Failure to get the business-Disallowance cannot be made-Not liable to deduct tax at source-DTAA-India-UAE. [S. 40(a)(i), Art. 14(7), 22(1)]