Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Banwari Lal Sharma v. ITO, (2021) 62 CCH 0504 / 213 TTJ 307 (Jaipur)(Trib.)

S. 45 : Capital gains-Sale consideration-Valuation determined in respect of both the properties works out to less than 10% of the actual sale consideration as declared by the assessee-AO was directed to accept the sale consideration as declared by the assessee as per the two registered sale deeds. [S. 48, 50C]

Iceberg Foods Ltd. v. ACIT (2021) 91 ITR 1 / (2022) 192 ITD 320 (Delhi)(Trib.)

S. 43B : Deductions on actual payment-Restructuring of bank loan-Cash credit-Amounts of credits in cash credit account were much more than amount of interest debited by bank, no disallowance can be made.

Dhabriya Polywood Ltd. v. ADIT (2021) 91 ITR 127 / (2022) 192 ITD 298 (Jaipur)(Trib.)

S. 43B : Deductions on actual payment-PF and ESI dues-Paid before due date of filing of return-No disallowance can be made. [S. 36(1)(va), 139(1)]

Mohangarh Engineers and Construction Company v. DCIT, (2021) 213 TTJ 298 / 205 DTR 65 / (2022) 192 ITD 309 (Jodhpur)(Trib.) U & T Tractor Spares (P) Ltd. v. ACIT, (2021) 213 TTJ 298 / 205 DTR 65 (Jodhpur)(Trib.) Pali Urban Co-Operative Bank Ltd v. Dy. CIT (2021) 213 TTJ 298 / 205 DTR 65 (Jodhpur)(Trib.) Aroon Facilitation Management Services (P) Ltd. v. Dy. CIT (2021) 208 DTR 226 (SMC) (Delhi)(Trib.)

S. 43B : Deductions on actual payment-Any sum received from employees-Addition unsustainable where employee’s contribution to ESI is deposited after due date of the fund but before the due date of filing return of income u/s. 139(1) of the Act. [S. 36(1)(va), 139(1)]

K.P. Airtech v. DCIT, (2021) 213 TTJ 54 (UO) (Jaipur)(Trib.)

S. 43B : Deductions on actual payment-Any sum received from employees-Addition unsustainable where employee’s contribution to ESI is deposited after due date of the fund but before the due date of filing return of income u/s.139(1) of the Act-Precedent-Lower Authorities are bound by the decision of Jurisdictional High Court. [S. 36(1) (va),139(1), 143(1)(a), 154]

Gopalakrishna Aswini Kumar v. ADIT (2021) 214 TTJ 1018 / 208 DTR 212 / (2022) 192 ITD 562 (Bang.)(Trib.) Continental Restaurant and Café Co. v ITO (2021) 91 ITR 60 (SN) (Bang.)(Trib.)

S. 43B : Deductions on actual payment-Employee’s contribution-Provident fund and ESI-Payment made before due date of filing of return-Amendment by the Finance Act, 2021 are applicable only from 1st April, 2021-Entitle to claim deduction. [S. 36(1)(va)]

Dy. CIT v. Supreme Industries Ltd. (2021) 197 DTR 241 (Mum.)(Trib.)

S. 43(6) : Written down value-Depreciation-Forfeited on cancellation of agreement for sale of assets-Dubious transaction-Rightly reduced from the WDV of assets. [S. 32, 51, 56(2)(ix)]

Gopal Agrawal HUF v. ITO (2021) 91 ITR 80 (SMC) (SN) (Jabalpur)(Trib.)

S. 43(5) : Speculative transaction-Sauda settlement for want of substantiation-Loss on account of reversal of oral contract for supply of wheat-Speculative loss-loss cannot be set off against business income. [S. 28]

Cascade Holdings Pvt. Ltd. v. DCIT (2021) 61 CCH 470 / 213 TTJ 491 (Mum.)(Trib.)

S. 43(5) : Speculative transaction-Speculation loss-Profit from money market transactions-Gains arising out of speculative transactions are eligible to be set-off against loss arising out of share transactions. [S. 28, Expln. 2]

Waterline Hotels Pvt. Ltd. v. DCIT (2021) 91 ITR 2 (SN) (Bang.)(Trib.)

S. 43(1) : Actual cost-Depreciation-Expenses on rent and under other heads incurred during construction of hotel building prior to commencement of business is to be capitalised and depreciation is allowable. [S. 32]