S. 145 : Method of accounting-Construction business-Project completion method-Consistently following the method-Department should accept the method.
ITO v. Shanti Constructions (2019) 73 ITR 115 (Agra)(Trib.)S. 145 : Method of accounting-Construction business-Project completion method-Consistently following the method-Department should accept the method.
ITO v. Shanti Constructions (2019) 73 ITR 115 (Agra)(Trib.)S. 143(3) : Assessment–Accrual of income-Year of taxability–Rate of tax-The income was offered in the subsequent year (basis the billing done), tax rate being the same, interest of revenue was not affected, therefore income could not be taxed on accrual basis in the current year. [S. 2(24), 5]
Deloitte Touche Tohmatsu India P. Ltd. v. DCIT (2019) 71 ITR 301/ 179 ITD 78 /( 2020) 196 DTR 349/ 208 TTJ 956(Mum.)(Trib.)S. 92C : Transfer pricing-Arms’ length price-Failure by authorities to follow procedure prescribed-Matter remanded. [R. 10B]
Greaves Cotton Limited v. ACIT (2019)73 ITR 406 (Mum.) (Trib.)S. 80IA : Industrial undertaking-Assessee running a cinema production house-Each new project for new film not be considered as reconstruction of business already in existence-Nothing on record to show that there was any transfer of used machinery or plant to a new business-Production of a cinema film would amount to manufacturing or processing of goods-Entitled to deduction.
Dy. CIT v. K. T. Kunjumon (2019) 70 ITR 445 (Chennai) (Trib.)S. 80HHC : Export business —Assessee’s claim confined to sale to export house —Export house not claiming deduction with regard to export of goods manufactured by assessee — Entitled to deduction.
ACIT v. Abad Exim Pvt. Ltd. (2019) 70 ITR 719 (Cochin )(Trib.)S. 71 : Set off of loss-One head against income from another – Commercial expediency-Interest paid on borrowed funds which are used for business purpose is an allowable expenditure which can be set off against interest income and the resultant losses can be set off against other head of income. [S. 57(iii)]
Kotu Sarat Kumar v. DCIT (2019) 71 ITR 147 (Vishakha) (Trib.) Kotu Anasuya (Smt.) (Late) v. DCIT (2019) 71 ITR 147 (Vishakha) (Trib.)S. 69A : Unexplained money-Assessee keeping money in locker and explaining that it was out of savings to perform his daughter’s marriage—Money in locker not taxable. [S. 132]
Dinesh Goswami v. DY. CIT (2019) 70 ITR 580 (Indore)(Trib.)S. 69 : Income from undisclosed sources-Bogus purchases-Assessee not producing material evidence of parties or intermediaries from whom it made purchases for verification-Addition on account of bogus purchases justified.
VBC Jewellery v. Dy. CIT (2019) 70 ITR 481 (Chennai) (Trib.)S. 69 : Unexplained investments-Income Surrendered during survey proceedings on account of undisclosed debtors is business income and not deemed income-assessee entitled to set off of business loss against such surrendered income. [S. 28(i), 69B, 133A]
Dy.CIT v. Khurana Rolling Mills P. Ltd. (2019) 73 ITR 613 (Chd.)(Trib.) Dy.CIT v. Khurana Steels Ltd. (2019)73 ITR 613 (Chd.)(Trib.)S. 68 : Cash credits-Public issue–Global depository receipts-Failure to produce bank statement of investors–Addition cannot be made. [S. 132]
SEL Manufacturing Co. Ltd. vs. DCIT (2019) 71 ITR 343/ (2020) 206 TTJ 937 (Chd.) (Trib.)