Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Cairn India Ltd. v. Dy. DIT (IT) (No. 1) (2021) 439 ITR 224 (Mad.) (HC)

S. 147 : Reassessment-With in four years-Failure to deduct tax at source-Foreign currency loan guarantee-Reassessment notice was held to be valid. [S. 148, Art. 226]

Shilp Realty Pvt. Ltd. v. ITO (2021) 439 ITR 478 / (2022) 284 Taxman 428 (Guj.)(HC)

S. 147 : Reassessment-After the expiry of four years-Objections to notice-Order disposing the objections must be passed by passing speaking order-Order disposing the objection was set aside. [S. 148, Art. 226]

Orchid Pharma Ltd. v. Dy.CIT (2021) 439 ITR 387 /(2022) 212 DTR 164/326 CTR 340 /129 taxmann.com 404 / 282 Taxman 257 (Mad.)(HC) Editorial : Decision of single judge is reversed, Orchid Chemicals and Pharmaceuticals Ltd. v. Dy. CIT (2021)439 ITR 380 (Mad.)(HC)

S. 147 : Reassessment-After the expiry of four years-Survey-Excess claim for exemption-Alternative remedy-No conclusive finding on validity of the reassessment notice-Order of single judge is reversed-Directed to pursue the statutory remedy. [S. 10B, 133A, 148, Art. 226]

Cairn India Ltd. v. Dy. DIT(IT) (NO. 2) (2021) 439 ITR 245 / 283 Taxman 529 (Mad.)(HC)

S. 147 : Reassessment-After the expiry of four years-Facts disclosed were incorrect-Reassessment notice was held to be valid. [S. 148, Art. 226]

Nagalinga Nadar M. M. v. Add. CIT (2021) 439 ITR 147 / 207 DTR 241 / (2022) 284 Taxman 244 / 324 CTR 195 (Mad.)(HC)

S. 144B : Faceless Assessment-Principle of natural justice-Cash credits-Order was set aside. [S. 68, 143(3), Art. 226]

Devendra Pai v. ACIT (2021) 439 ITR 532/ 208 DTR 97/ 323 CTR 848/ ( 2022) 285 Taxman 438 (Karn.)(HC)

S. 139 : Return of income-Voluntary retirement scheme-Bank employee-Claimed exemption after by filing the letter after passing of assessment order-Filing the revised return-Delay was not condoned by CBDT-High Court directed the CBDT to condone the delay and grant refund without interest. [S. 10(10C), 89(1), 119(2)(b), 139(5), 143(1), Art. 226]

PCIT v. Narmada Chematur Petrochemicals Ltd. (2021) 439 ITR 761 (Guj.)(HC)

S. 115JB : Book profit-Provision for bad and doubtful debts-Corresponding amount reduced from loans and advances on assets side of balance sheet-Net provision is shown-Provision not to be added in computing book profit. [S. 36(1)(vii)]

Kanam Latex Industries Pvt. Ltd. v. CIT (2021) 439 ITR 218 /(2022) 214 DTR 139/ 326 CTR 793 (Ker.)(HC)

S. 80HHC : Export business-Deduction granted under section 80IB must be excluded. [S. 8IA(9), 80IB]

CIT v. Bhageeratha Engineering Ltd. (No. 2) (2021) 439 ITR 713 (Ker.)(HC)

S. 80HHB : Projects outside India-Gross total income-Additional deduction to be computed on the basis of recomputed gross total income.

Rakesh Kumar Gupta v. CIT (2021) 439 ITR 360 (All.)(HC)

S. 68 : Cash credits-Agricultural income-Cash deposits-Failure to establish the source-Addition was valid.