S. 11 : Property held for charitable purposes – Application of income – Expenses of earlier years can be adjusted against income earned in subsequent year . [ S. 11(4) ]
PCIT v. Karnataka Jesuit Educational Society (2021) 281 Taxman 478 (Karn.) (HC)S. 11 : Property held for charitable purposes – Application of income – Expenses of earlier years can be adjusted against income earned in subsequent year . [ S. 11(4) ]
PCIT v. Karnataka Jesuit Educational Society (2021) 281 Taxman 478 (Karn.) (HC)S. 11 : Property held for charitable purposes – Activity of running hostel – Not commercial activity – Denial of exemption is held to be not justified . [ S. 2(13), 2(15) , 11(4A) ]
Daya Nand Pushpa Devi Charitable Trust v. Addl. CIT (2021) 436 ITR 406/ 281 Taxman 455/203 DTR 201/ 321 CTR 385 (All.) (HC)S. 6(6) : Residence in India – Not-ordinarily resident -Accrual of income -Sale of stock option – Earlier employer – Matter remanded back to the Assessing Officer [ S. 5(1) (c ) ]
Dr.S. Muthian v. ACIT (2021) 281 Taxman 640 (Mad.) ( HC)Direct Tax Vivad Se Vishwas Act, 2020
S. 4 : Filing of declaration and particulars to be furnished S. 4 : Filing of declaration and particulars to be furnished – Time limits – Appellant -Disputed tax – Dismissal of appeal by Commissioner (Appeals ) as time barred – Tribunal condoning the delay – Declaration was held to be valid- Respondents were directed to accept the revised declaration filed by the petitioner . [ S.2 (1)(a)(i), 2(1) (j)( B) , ITA, S. 246A, Art , 226 ]
Boddu R amesh v. PCIT (2021) 281 Taxman 587 (Telangana) (HC)S. 143(3): Assessment -Bogus purchases – Estimation of profit at 10% of total alleged bogus purchases is held to be justified – No substantial question of law [ S.37 (1), 40A(3), 260A ]
PCIT v. JK Surface Coatings Pvt Ltd ( Bom ) ( HC ) www.itatonline .org .S. 143(3): Assessment – Natural justice –Covid-19 – Lockdown – Returned income was loss of Rs.10, 57,049 and income assessed was 114. 57 ,33, 424 – Only three working days notice was given to file various details – Order passed without giving sufficient time is violative of the principle of natural justice – Order was set aside . [ S. 144, Art. 226 ]
SPL Gold India Pvt Ltd v.ACIT ( Bom ) (HC) www.itatonlline .orgS. 68 : Cash credits – Share application money –Accommodation entries – Statement of Shri Shirish C.Shah – Investor companies have responded to the notices issued u/s 133(6 and summons issued u/s 131 of the Act – Deletion of addition is held to be justified [ S. 131, 132 (4), 133(6) ]
ITO v. Nita Jajoo Ventures Pvt Ltd (2021 ) The Chamber’s Journal – September -P. 76 ( Mum) ( Trib)S. 32 : Depreciation – iPad is a communicating device and not a computer, hence, ineligible for higher rate of depreciation of 60 per cent.
Kohinoor Indian ( P) Ltd v.ACIT (2021) 191 ITD 593 / 129 taxmann.com 396 (Amritsar) ( Trib.)S. 194H : Deduction at source – Commission or brokerage – Expenditure on conference of doctors could not treated as commission – Not liable to deduct tax at source [ S. 201 ]
CIT v. Intas Pharmaceuticals Ltd ( 2021 ) 439 ITR 692/ 283 Taxman 215/129 taxmann.com 347/ 205 DTR 185/ 322 CTR 545 (Guj) (HC) / 129 taxmann.com 347 (Guj) (HC) Editorial : Order of Tribunal in Intas Pharmaceuticals Ltd v. ACIT (2021 ) 200 DTR 177 ( Ahd) ( Trib) is affirmed .Editorial: Notice issued in SLP against the order of High Couurt , CIT v. Intas Pharmaceuticals Ltd ( 2022) 286 Taxman 560(SC)S. 12AA : Procedure for registration –Trust or institution-Education- Excess of expenditure over income – Exemption cannot be denied [ S. 2(15), 11 ]
S. 12AA : Procedure for registration –Trust or institution-Education- Excess of expenditure over income – Exemption cannot be denied [ S. 2(15), 11 ]
CIT v. Angels Education Trust ( 2021 ) 129 taxmann.com 305 ( Mad ) ( HC)