Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


Ceylon Pentecostal Mission v. ACIT (2021) 214 TTJ 651 / 91 ITR 54 (SN) (Chenai)(Trib.)

S. 11 : Property held for charitable purposes–Capital gains-Reinvesting sale consideration for acquiring another capital asset-Exemption allowable-Accumulation of income-Filing Form 10 before Commissioner (Appeals)-Commissioner (Appeals) ought to have considered-Entitled to accumulation of income. [S. 11(1A), 11(2), 143(1), Form No. 10]

Ceylon Pentecostal Mission v. ACIT (2021) 214 TTJ 651 / 91 ITR 54 (SN) (Chenai)(Trib.)

S. 11 : Property held for charitable purposes–Capital gains-Reinvesting sale consideration for acquiring another capital asset-Exemption allowable-Accumulation of income-Filing Form 10 before Commissioner (Appeals)-Commissioner (Appeals) ought to have considered-Entitled to accumulation of income. [S. 11(1A), 11(2), 143(1), Form No. 10]

Karnataka State Road Transport Corporation v. ACIT (2021) 214 TTJ 355 / 207 DTR 281 / 63 CCH 59 (Bang.)(Trib.)

S. 11 : Property held for charitable purposes-Economic and efficient transport system to the public-Charging fares-Dominant object is not profit making-Entitle to exemption. [S. 2(15), Companies Act, 1956, S. 25, Road Transport Corporation Act, 1950, S. 22]

All India Fine Arts & Crafts Society v. ITO (2021) 214 TTJ 68 (Delhi)(Trib.)

S. 11 : Property held for charitable purposes-Society engaged in promotion and development of Fine Arts and Crafts in India-Entitle to exemption-Order passed without giving an opportunity of hearing-Matter remanded. [S. 2(15), 12, 251]

All India Fine Arts & Crafts Society v. ITO (2021) 214 TTJ 68 (Delhi)(Trib.)

S. 11 : Property held for charitable purposes-Society engaged in promotion and development of Fine Arts and Crafts in India-Entitle to exemption-Order passed without giving an opportunity of hearing-Matter remanded. [S. 2(15), 12, 251]

All India Fine Arts & Crafts Society v. ITO (2021) 214 TTJ 68 / 207 DTR 17 (Delhi)(Trib.)

S. 11 : Property held for charitable purposes-Society engaged in promotion and development of Fine Arts and Crafts in India-Entitle to exemption-Order passed without giving an opportunity of hearing-Matter remanded. [S. 2(15), 12, 251]

Axis Clinicals Ltd. v. Dy.CIT (2021) 211 TTJ 128 / 200 DTR 201 (Hyd.) (Trib.)

S. 10B : Export oriented undertakings-Data processing-Clinical trials-Cannot be considered as data processing-Not entitle to exemption.

Tech Mahindra Business Services Ltd. v. DCIT (2021) 91 ITR 8 (SN) (Mum.)(Trib.)

S. 10A : Free trade zone-Profits and gains-Includes all profits and gains including incidental income of undertaking-Interest Income on fixed deposits kept with Bank as margin for issuing bank guarantee-Exchange gain on dollar sales credited to profit and loss account-Entitled to deduction. [S.10B]

Tech Mahindra Business Services Ltd. v. DCIT (2021) 91 ITR 8 (SN) (Mum.)(Trib.)

S. 10A : Free trade zone-Profits and gains-Includes all profits and gains including incidental income of undertaking-Interest Income on fixed deposits kept with Bank as margin for issuing bank guarantee-Exchange gain on dollar sales credited to profit and loss account-Entitled to deduction. [S.10B]

Barclays Shared Services (P) Ltd. v. ACIT (2021) 202 DTR 185//(2022) 216 TTJ 228 (Pune)(Trib.)

S. 10A : Free trade zone-Interest income from short term fixed deposits-Cannot be classified profits of the business of undertaking-Not eligible for deduction-Expenditure incurred is reimbursed would be part of qualifying amount-Sale of fixed asset is included in qualifying amount-Not to be reduced for the purpose of qualifying amount-Sale of scrap-Expenses booked-Part of qualifying amount-Provision for leave encashment-Suo moto adjustment-Adjustment in profit is allowable-Amount of foreign exchange should be reduced from export turn over or total turnover. [S. 10AA]