S. 10A : Free trade zone-Computation-Gross total income-Exclusion of Telecommunication expenses from export turnover proper.
Dy. CIT v. Altisource Business Solutions P. Ltd. (2021) 88 ITR 135 (Bang.)(Trib.)S. 10A : Free trade zone-Computation-Gross total income-Exclusion of Telecommunication expenses from export turnover proper.
Dy. CIT v. Altisource Business Solutions P. Ltd. (2021) 88 ITR 135 (Bang.)(Trib.)S. 44AB: Audit of accounts – Business – Profession – Remuneration received from Partnership Firm – Firm is separate legal entity – Remuneration and interest from partnership firm – Not to be included in gross receipt or turnover – Presumptive basis – No tax Audit is required ,if remuneration does not exceeds threshold limit for Tax Audit- Return cannot be treated as invalid for failure to get Tax Audit report .[ S. 2(13), 2(31)(iv) , 2(36), 44AD, 139(9), 264 ,271B, Art , 226 ]
Perizad Zorabian Irani v. PCIT ( 2022 ) 287 Taxman 406 /328 CTR 909/ 218 DTR 219/113 CCH 339 (Bom)(HC) www.itatonline .orgS. 271AAB : Penalty-Search initiated on or after Ist day of July 2012-Undisclosed income-Possession of undisclosed jewellery not undisclosed income-Penalty not leviable. [S. 132]
Shiv Bhagwan Gupta v. ACIT (2021) 87 ITR 93 / 211 TTJ 111 / 200 DTR 65 (SMC) (Pat.)(Trib.)S. 271(1)(c) : Penalty-Concealment-Not specifying the limb of section-Penalty proceedings is not sustainable. [S. 274]
Glory Lifesciences Pvt. Ltd. v. ACIT (2021) 87 ITR 48 (SN) (Delhi) (Trib.) Singh Consultancy Pvt. Ltd. v. ITO (2021) 87 ITR 60 (SN) (Delhi)(Trib.)/Opinder Singh Marwah v. ACIT (2021) 89 ITR 431 (Delhi) (Trib) (Trib)S. 271(1)(c) : Penalty-Concealment-Arm’s length price-Adjustment of transfer pricing-Disallowance of expenditure-Penalty not leviable.
ACIT v. IKEA Trading (India) P. Ltd. (2021) 87 ITR 12 (SN) (Delhi) (Trib.)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Substantial expansion-Initial assessment year-Order not erroneous-Revision was held to be not valid. [S. 80IC]
Rasna Pvt. Ltd. v. PCIT (2021) 87 ITR 58 (SN) (Ahd.)(Trib.)S. 154 : Rectification of mistake-Intimation-Not reporting income in proper columns-Double taxation-Income cannot be taxed twice-Matter remanded-DTAA-India-United Kingdom. [S. 143(1), Art. 13]
Building Design Partnership Ltd. v. Dy.CIT (2021) 87 ITR 78 (SN) (Delhi)(Trib.)S. 153C : Assessment-Income of any other person-On money-Settlement Commission-Firm admitting that the surplus belong to the firm and related parties-Amount credited to partner’s account-Deletion of addition is held to be justified. [S. 132]
Dy.CIT v. Jugal Kishore Garg (Derewala) (2021)87 ITR 624 (Jaipur)(Trib.)S. 147 : Reassessment-No fresh tangible material-Reassessment not valid. [S. 143(1), 148]
Samrat Plywood Ltd. v. ACIT (2021) 87 ITR 102 / 203 DTR 421 (Chd.)(Trib.)S. 147 : Reassessment-Compensation received-No discussion in the assessment order-Reassessment was up held. [S. 28(va), 148]
Sai Mirra Innopharm P. Ltd. v. ITO (2021) 87 ITR 235 (Chennai)(Trib.)