Category: Income-Tax Act

Archive for the ‘Income-Tax Act’ Category


CIT v. Kerala Chemicals and Proteins Ltd. (2021) 438 ITR 333 (Ker.) (HC)

S. 115JB : Book profit-Write back of provision-Disputed excise duty-The denial of the benefit of writing back the provision to the assessee in these assessment years was illegal and the finding recorded by the Tribunal was valid and correct. [S.143(3)]

Hitachi Hi Rel Power Electronics (P) Ltd. v. National Faceless Assessment Centre Del. (2021) 282 Taxman 520 / 205 DTR 201/ 322 CTR 593 (Guj.)(HC)

S. 92CA : Reference to transfer pricing officer-Opportunity of hearing-Opportunity of hearing must be given. [Art. 226]

Bonfiglioli Transmission Pvt. Ltd. v. Dy.CIT (2021) 437 ITR 251 (Mad.)(HC)

S. 92CA : Reference to transfer pricing officer-Alternative remedy-Writ is not maintainable-Corporate service-The order passed by the Tribunal in respect of reference made against an order passed under section 92CA for a particular assessment year was not binding for the subsequent assessment years. [S. 144C, 253, Art. 226]

Virtusa Consulting Services (P) Ltd. v. Dy. CIT (2021) 282 Taxman 95/ 208 DTR 386/( 2022) 325 CTR 307 (Mad.)(HC)

S. 92C : Transfer pricing-Arm’s length price-Comparable-Foreign Associated enterprises-Tested party-Matter remanded back to TOP. [S. 260A]

CIT v. Tweezerman (India) Pvt. Ltd. (2021) 437 ITR 80 / 208 DTR 295/ 323 CTR 781 (Mad.)(HC)

S. 92A : Transfer pricing-Associated enterprises-Arm’s length price-Arranged price-Deletion of addition was set aside-Tribunal’s order as regards the value of scrap sales and the levy of interest and the 5 per cent. of interest income taken as expenditure was up held. [S. 10B, 92A(1), 92CA(3)]

PCIT v. Ettumanoor Service Co-Operative Bank Ltd. (2021) 437 ITR 305 (Ker.)(HC)

S. 80P : Co-operative societies-Interest on deposits-Entitle to deduction. [Kerala Societies Registration Act, 1860, S. 2(19)]

PCIT v. Ponkunnam Service Co-Operative Bank Ltd. (2021)437 ITR 195 (Ker) (HC)

S. 80P : Co-operative societies-Entitle to deduction-Matter remanded.

CIT v. Shanmugham Muthu Palaniappan (2021) 437 ITR 276 (Mad.) (HC)

S. 80IB(10) : Housing projects-Open terrace of building not to be included for computation of built-up area-Time limit for completion of project-Date of approval of building plan and not date of lay-out-Completion Certificate issued by local panchayat would satisfy the requirement-Entitled to deduction. [S. 80IB(10)(b)]

CIT v. Rishabh Infopark (P) Ltd. (2021) 282 Taxman 143 (Mad.)(HC)

S. 80IA : Industrial undertakings-Infrastructure development-software technology park-Lease rentals-Assessable as business income-Eligible for deduction. [S. 28(i)]

Sundaram Non-Conventional Energy Systems Ltd. v. ACIT (2021)438 ITR 124 (Mad.)(HC)

S. 80IA : Industrial undertakings-Infrastructure development-Splitting up or Reconstruction of existing business-Previously used-Generation and distribution of electricity-Leasing windmills-Lease does not amount to transfer-Entitle to deduction. [S. 80IA(3)]