Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Apex Laboratories Pvt. Ltd. v. DCIT (2022)442 ITR 1 / 286 Taxman 200 / 211 DTR 73/ 325 CTR 121 (SC) .www.itatonline .org Editorial : Finance Act , 2022 amended the section 37 (1) provision with effect from 1-4 -2022 clarifying that the expression “ expenditure incurred by an assessee for any purpose which is an offence or which is prohibited by law .

S. 37(1): Business expenditure – Explanation 1 – Freebies given to doctors – Prohibited by law – Disallowed as expense – Interpretation -Taxing statutes to be interpreted strictly.-Strict interpretation should not result in absurdity contrary to intention of Parliament [Medical Council Act, 1956, S. 20A , Medical Council (professional Conduct, Etiquette and Ethics) Regulations, 2002, R. 6.8 , Contract Act , 1872 , S. 23 , General Clauses Act , 1897, S.2(38) , Indian Penal Code ,1860, S. 40, 43 ]

JM Financial Foundation v. CIT (Mum) ( Trib ) www.itatonline .org

S. 263: Commissioner – Revision of orders prejudicial to revenue – CSR funds received – Specific projects – Not income of the trust – sustainable view taken by the Ld. AO – Order of revision set aside. [S. 2(24), 11 ]

PCIT v. National Stock Exchange (2021) 323 CTR 1025 (Bom.)(HC)

S. 98 : Securities Transaction tax-Short collection of tax-Interest and penalty-Purchase or sold through a broker registered with the stock exchange-Stock exchange was not liable to any interest and penalty. [S. 15, 99, 104, Securities Transaction Tax Rules, 2004, R. 3]

Precot Meridian Ltd. v. Dy. CIT (2021) 323 CTR 272 / 207 DTR 173 (Mad.)(HC) Precot Meridian Ltd. v. Dy. CIT (2021) 323 CTR 279 / 207 DTR 179 / ( 2022) 285 Taxman 570 (Mad.)(HC)

S. 2(1)(a)(i) : Appellant-Pending appeal-Appeal was filed on 29 th March 2013 and numbered-High court condoned the delay-The Rejection of application was quashed-Entitle to file Form No-4 in response to Form No. 3. [S. 260A, Art. 226]

Indian Minerals & Granite Co. v. Dy. CIT (2021) 323 CTR 352 / 207 DTR 164 (Karn.)(HC)

S. 281B : Provisional attachment-Mere apprehension on the part of the respondents that huge tax demands are likely to be raised on completion of assessment is not sufficient-Attachment of fixed deposit was quashed. [S. 153A, Art. 226]

P.M. Abdulla v. ITO (2021) 323 CTR 1077 / 208 DTR 93 (Karn.)(HC)

S. 271(1)(c) : Penalty-Concealment-Non striking off of irrelevant portion-Order of Tribunal confirming the penalty notice was set aside. [S. 274]

Nataraju (HUF) v. PCIT (2021) 323 CTR 480 / 207 DTR 249 (Karn.)(HC) Editorial : Order of single judge in Nataraju (HUF) v. PCIT (2018) 406 ITR 342 / 254 Taxman 357 / 304 CTR 665/ 167 DTR 100 (Karn) (HC), seta side.

S. 264 : Commissioner-Revision of other orders-Option of the assessee either to file an appeal or to file a revision-Sale of agricultural land-Capital gains-Matter remanded to the Assessing Officer to decide in accordance with law. [S. 2(14)(ii), 2(47), 48, 246A, Art, 226]

Xchanging Technology Services India (P) Ltd. v. PCIT (2021) 323 CTR 918 / 207 DTR 429 (Delhi)(HC)

S. 264 : Commissioner-Revision of other orders-Reasoned order-DTAA-India-USA. [S. 110-O, Art. 10(2), Art. 226]

CMJ Breweries (P) Ltd v. UOI (2021) 283 Taxman 226 (Gauhati)(HC)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Prima facie satisfaction was not arrived by the Commissioner-Interim order-Matter was adjourned to 26-8 2021. [Art. 226]

PCIT v. Apollo Tyres Ltd. (2021) 283 Taxman 388 (Ker.)(HC)

S. 263 : Commissioner-Revision of orders prejudicial to revenue-Dispute resolution panel-Draft assessment order-No notice of demand attached-Order cannot be revised-No loss to revenue. [S. 144C]