S. 127 : Power to transfer cases–Reasons must be recorded- Objections must be considered-Order of transfer is held to be not valid.
MRL Postnet Private Limited. v. CIT (2019) 416 ITR 407 (Mad.) (HC)S. 127 : Power to transfer cases–Reasons must be recorded- Objections must be considered-Order of transfer is held to be not valid.
MRL Postnet Private Limited. v. CIT (2019) 416 ITR 407 (Mad.) (HC)S. 119 : Central Board of Direct Taxes-Refund claims and carry forward the losses-Delay in filing of return-Refusal to condone the delay would cause genuine hardship to assessee-Rendering substantial justice is the paramount consideration of the Courts as well as the authorities rather than deciding on hyper technicalities.[S. 139(9)]
Surendranagar District Co-Operative Bank Ltd. v. DCIT (2019) 416 ITR 294/182 DTR 353/ 311 CTR 91 (Guj.)(HC) Editorial : SLP of revenue is dismissed DCIT v. Surendranagar District Co-Operative Bank Ltd. (2019) 416 ITR 296 (SC).S. 115O : Domestic companies-Tax on distributed profits–Charging section–No need for issuance of notice before making a demand– Profits distributed to share holders is deemed to be dividend- Reduction on share capital can be effected by buying back shares –Advance Ruling cannot be given if an enquiry is pending against the assessee-Writ will not normally be issued if there is alternative remedy. [S. 2(22), 245R, Art.226]
Cognizant Technology Solutions India P. Ltd. v. DCIT, LTU (2019) 416 ITR 462 / 255 Taxman 100 (Mag.) / 181 DTR 382/ 310 CTR 527(Mad.)(HC) Editorial : Order of single judge is partly affirmed ; Cognizant Technology Solutions India (P) Ltd .v. DCIT (2019) 418 ITR 576 / 310 CTR 515 / 181 DTR 371 (Mad)(HC)S. 80IA : Industrial undertakings-Two manufacturing units-Deduction at 30% of eligible business–Not on total income.[S. 80AB]
CIT v. Apollo Tyres Ltd. (No. 5) (2019) 416 ITR 571 (Ker.)(HC)S. 80IA : Industrial undertakings–Interest on bank deposits do not constitute business income for claiming deduction.
CIT v. Apollo Tyres Ltd. (No. 3) (2019) 416 ITR 554 (Ker.)(HC)S. 80HHC : Export business-Deduction is allowable on the basis of finally assessed income.
CIT v. Apollo Tyres Ltd. (No. 3) (2019) 416 ITR 554 (Ker.)(HC)S. 73 : Losses in speculation business-Non-Banking financial Institution advancing Loans and making investments-Not speculative transactions-Loss is allowable to be set off. [S. 28(i)]
CIT v. Nalwa Sons Investment Ltd. (2019) 416 ITR 263 (Delhi)(HC)S. 68 : Cash credits-Transactions found to be genuine—Deletion of addition is held to be justified.
CIT v. Nalwa Sons Investment Ltd. (2019) 416 ITR 263 (Delhi)(HC)S. 68 : Cash credits-No explanation was furnished–Civil proceedings would not regulate the assessment under the Income-tax Act-Tribunal remanding the matter is held to be erroneous-Addition as cash credit is valid. [S. 254(1)]
CIT v. Malayil Bankers. (2019) 416 ITR 322 /( 2020) 185 DTR 347/ 314 CTR 568(Ker.)(HC)S. 43A : Rate of exchange-Foreign currency-Actual cost-Gains earned on cancellation of forward contracts-Capital in nature and liable to be capitalized towards cost of machinery. [S. 43(1)]
Apollo Tyres Ltd. (No. 2) v. ACIT (2019) 416 ITR 539 (Ker.)(HC) CIT v. Apollo Tyres Ltd. (No. 3) (2019) 416 ITR 554 (Ker.)(HC)