Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Pushpa Sankar v. ITO (2021) 92 ITR 44 (SN) (Chennai)(Trib.)

S. 54 : Capital gains-Profit on sale of property used for residence-Purchase of new residential house-Date of delivery of possession of new property within one year prior to date of execution of sale deed of original Asset-Entitle for Exemption. [S. 45]

Shanti Ranjan Biswas v. ITO (2021) 92 ITR 328 (Delhi)(Trib.)

S. 44AD : Presumptive taxation-Supplier of security guards-Disclosure of profits at 8 Percent of gross receipts-Failure to pay advance tax-Directed to pay at 10 percent. [S. 44AA, 44AB, 234C]

Viney Corporation Ltd. v. ACIT (2021)92 ITR 59 (SN) (Delhi)(Trib.)

S. 40A(3) : Expenses or payments not deductible-Cash payments exceeding prescribed limits-Aggregate of payments in a day did not exceed Rs.20000-No disallowance can be made.

Dy. CIT v. PLR Projects Pvt Ltd (2021) 92 ITR 23 (SN) (Hyd.)(Trib.)

S. 37(1) : Business expenditure-Fines and penalties-Interest on arrears of Service tax-Not penal in nature-Allowable as deduction.

Lauren Software Pvt. Ltd. v. ITO (2021) 92 ITR 47 (SN) (Mum.)(Trib.)

S. 37(1) : Business expenditure-Consultancy charges paid to technical persons-Expenditure cannot be disallowed on estimate basis.

Viney Corporation Ltd. v. ACIT (2021) 92 ITR 59 (SN) (Delhi)(Trib.) Carlson Hospitality Marketing (India) Pvt. Ltd. v. Dy. CIT (2021) 92 ITR 27 (SN) (Delhi)(Trib.)

S. 37(1) : Business expenditure-Foreign Exchange loss-Allowable as revenue expenditure.

JCIT v. T. V. Today Network Ltd. (2021) 92 ITR 53 (SN) (Delhi) (Trib.)

S. 37(1) : Business expenditure-Media business selling advertisement airtime on its Channel-Discount allowed-Allowable as revenue expenditure-Unpaid leave and encashment-Directed the Assessing Officer to verify actual payment. [S. 43B(f)]

Dy.CIT v. Sutham Electric Ltd. (2021) 92 ITR 35 (SN) (Pune)(Trib.)

S. 37(1) : Business expenditure-Manufacturer Of Automotive Switchgears-Expenditure on development of designs and tools-Capital expenditure.

Dy.CIT v. Gorakhpur Infrastructure Co. Ltd. (2021) 92 ITR 42 (SN) (Mum.)(Trib.)

S. 37(1) : Business expenditure-Periodic maintenance on road very five years-Matching concept-Provision for periodic maintenance-Allowable as revenue expenditure-Provision not includible in book profit. [S. 115J]

Zeenath Transport Company v. ACIT (2021) 92 ITR 460 (Bang.) (Trib.)

S. 37(1) : Business expenditure-Mining business-Stopped by order of Supreme Court-Guarantee payments for resuming mining activity-Expenditure on discharging social responsibility-Contributions to flood relief work-Legal fees to Federation of Mining Industries-Allowable as revenue expenditure.