Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


PTL Enterprises Ltd. v. Dy. CIT (2021) 439 ITR 365/( 2022) 212 DTR 404 / 326 CTR 282 (Ker.). Editorial : Affirmed in PTL Enterprises Ltd. v. Dy. CIT( 2022) 443 ITR 260 (SC) (HC)

S. 37(1) : Business expenditure-Penalty-Not compensatory in nature-Not allowable as deduction. [Kerala General Sales tax Act, 1963, S. 45A]

Subex Ltd. v. CIT (2021) 439 ITR 495 / 2022) 285 Taxman 350 (Karn.)(HC)

S. 35D : Amortisation of preliminary expenses-Share premium expenses-Not part of capital employed-Cost of acquisition does not constitute cost of project-cost of acquisition of companies could not be treated as asset for allowing deduction under section 35D.

CIT v. Bhageeratha Engineering Ltd. (No. 1) (2021) 439 ITR 704 283 Taxman 110 (Ker.)(HC)

S. 28(i) : Business loss-Recording notional loss or profit-Method of accounting-Current assets-Loss on revaluation and sale of bonds-Consistent method-Allowable as business loss. [S. 37(1), 145]

PTL Enterprises Ltd. v. Dy. CIT (2021) 439 ITR 365/( 2022) 212 DTR 404 / 326 CTR 282 (Ker.)(HC).Editorial : Affirmed in PTL Enterprises Ltd. v. Dy. CIT( 2022) 443 ITR 260 (SC)

S. 28(i) : Business income-Income from lease-Exploitation of property and not exploitation of business assets-Assessable as income from other sources-Quality loss-No business carried on-Not allowable as deduction. [S. 2(14), 56]

CIT v. Premier Tyres Ltd. (2021) 439 ITR 346 / ( 2022) 285 Taxman 596 /212 DTR 404/ 326 CTR 282 (Ker.)(HC) CIT v. PTL Enterprises Ltd. (2021) 439 ITR 346 /( 2022) 212 DTR 404 / 326 CTR 282(Ker.)(HC)

S. 28(i) : Business income-lease rent-Scheme sanctioned by BIFR-Assessable as business income. [S. 14]

CIT v. ABB Ltd. (2021)439 ITR 554/(2022) 284 Taxman 350 (Karn.)(HC)

S. 28(i) : Business income-Sale of technical know how-Cost was claimed as revenue expenditure-Receipt assessable as business income. [S. 56]

PCIT v. V. N. Enterprises Limited (2021) 439 ITR 624 / (2022) 284 Taxman 612 / 211 DTR 25/ 325 CTR 180 / 284 Taxman 612 (Cal.)(HC) CIT v. Tea Promoters (India) Pvt. Ltd. (2021) 439 ITR 624 / 211 DTR 25/ 325 CTR 180/ 284 Taxman 612 (Cal.)(HC)

S. 10B : Export oriented undertakings-Manufacture-Blending of Tea does not constitute manufacture-Not entitled to exemption-Interpretation of taxing statute-Provision for exemption-In case of ambiguity in an exemption provision the benefit has to go to the revenue.

CIT v. Wescare (India) Ltd. (2021) 439 ITR 657 (Mad.)(HC)

S. 4 : Charge of income-tax-Capital or revenue-Sale of emission reduction credit-Capital receipt. [S. 28(i)]

CIT v. ABB Ltd. (2021)439 ITR 554 /(2022) 284 Taxman 350 (Karn.)(HC)

S. 4 : Charge of income-tax-Capital or revenue-Non-compete fee-Sharing customer database and sharing of trained employees-Fee received is not taxable. [S. 28(i)]

Maheshbhai Shantilal Patel v .PCIT (2021)439 ITR 112/ (2022) 284 Taxman 694/ 210 DTR 8/ 325 CTR 75 (Guj) (HC)

Direct Tax Vivad Se Vishwas Act, 2020

S.2(1)(a): Appellant – Pendency of appeal – Condonation of delay – Appeal Of Declarant Should Be Pending —Order condoning delay passed on 23-2-2021 — Appeal of declaration deemed to be pending on specified date 31-1-2020 — Declaration Valid – Directed the Designated Authority to accept the declaration . [ S. 2(n)- Taxation and other Laws (Relaxation of certain Provisions)