Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Gogga Gurusanthiah and Bros v. Dy. CIT (2021) 92 ITR 322 (Bang.) (Trib.)

S. 133A : Power of survey-Closing stock-Carry forward and set off-Enhanced value of stock shown in the books of account which was found in the course of survey-Entitle to set off of closing stock. [S. 145]

Dy. CIT v. Dr. Baljit Kaur (Mrs.) (2021) 92 ITR 385/ 215 TTJ 599 (Chd.)(Trib.)

S. 133A : Power of survey-Income from undisclosed source-Unaccounted professional income-Double addition-Followed order of Settlement Commission-Deletion of addition is held to be justified. [S. 245D(4)]

ITO v. Vesta Exim P. Ltd. (2021) 92 ITR 15 (SN) (Surat)(Trib.)

S. 133A : Power of survey-Undisclosed income-Real Estate business-Income declared in the course of survey-Earlier losses and current year loss can be set off against income disclosed in the course of survey. [S. 28(i), 72]

Cowi India Pvt. Ltd. v. ITO (2021) 92 ITR 24 (SN) (Delhi)(Trib.)

S. 92C : Transfer pricing-Arm’s length price-Selection of comparable-Consulting business-Companies rendering soft ware services cannot be comparable.

Dy.CIT v. Mission Pharma Logistics (India) Pvt. Ltd (2021) 92 ITR 25 (SN) (Ahd) (Trib)

S. 92C : Transfer pricing-Arm’s length price-Advance Pricing Agreement-Order of CIT(A) on the basis of Advance Pricing Agreement is held to be proper.

ACIT v. Bauch and Lomb India Pvt. Ltd. (2021)92 ITR 36 (SN) (Delhi)(Trib.)

S. 92C : Transfer pricing-Arm’s length price-Rule of consistency No distinguishing facts in Current year-Addition on account of advertisement, marketing and sales promotion expenses not sustainable. [S. 143(3)]

Qualcomm India Pvt. Ltd. v. Add. CIT (2021) 92 ITR 434 (Delhi) (Trib.)

S. 92C : Transfer pricing-Arm’s length price-Functionally dissimilar companies cannot be taken as comparable-Outstanding receivable-Debt free company-Adjustment made on interest on receivables not sustainable-Appellate Tribunal-Additional ground admitted-Education cess-Allowable as deduction. [S. 37(1), 40(a)(ii)]

Parexel International Clinical Research P. Ltd. v. Dy. CIT (2021) 92 ITR 1 (Bang.)(Trib.)

S. 92C : Transfer pricing-Arm’s length price-Adjustment was made on the basis of Location saving-Matter remanded-Inter group services-Justified in making the adjustment. [S. 92B]

Dy. CIT v. Ankit Metal and Power Ltd. (2021) 92 ITR 189 (Kol.) (Trib.)

S. 92C : Transfer pricing-Arm’s length price-Raw material from related parties-Arithmetical Mean Rate-Lowest or minimum rate-Deletion of addition is held to be justified. [S. 92C(2)]

Tilak Raj Arora v. CIT (2021) 92 ITR 52 (SN) (Delhi)(Trib.)

S. 80IC : Special category States-Substantial expansion-Initial assessment year-Previous year in which substantial expansion undertaken would became initial assessment year-Entitled to 100 Per Cent. deduction from that assessment year subject to maximum period of ten years.