S. 43B: Deductions on actual payment-Property taxes paid-Deductible. [S. 145]
CIT v. Bharat Fritz Werner Ltd. (2022) 445 ITR 667 / 214 DTR 97/326 CTR 689(Karn.)(HC)S. 43B: Deductions on actual payment-Property taxes paid-Deductible. [S. 145]
CIT v. Bharat Fritz Werner Ltd. (2022) 445 ITR 667 / 214 DTR 97/326 CTR 689(Karn.)(HC)S. 36(1)(viia) : Bad debt-Provision for bad and doubtful debts-Schedule bank-Entitled to benefit of write off of irrecoverable debts under section 36(1)(vii) in addition to deduction of provision for bad and doubtful debts-Rural Branch-Matter remitted to Assessing Officer. [S. 36(1)(vii)]
CIT v. South Indian Bank Ltd. (No.1) (2022)445 ITR 480 (Ker.)(HC) CIT v. South Indian Bank Ltd. (No.2) (2022)445 ITR 530 / 289 Taxman 643 (Ker.)(HC)S. 36(1)(ii) : Bonus or commission-Bonus paid to directors to avoid dividend distribution tax-Services not rendered-Disallowance is held to be justified. [S. 37(1)]
SRC Aviation Pvt. Ltd. v. ACIT (2022) 445 ITR 40/ 288 Taxman 159 (Delhi)(HC)Editorial: Special leave to appeal to the Supreme Court , dismissed , SRC Aviation P. Ltd. v .ACIT (2022)449 ITR 169/ (2023) 290 Taxman 3 (SC)S. 10(21) : Scientific research association Agricultural research Registered under Tamil Nadu Societies Registration Act-Entitle to exemption. [Tamil Nadu Societies Registration Act, 1975]
CIT v. International Institute of Bio-Technology and Toxicology (2022) 445 ITR 499 (Mad.)(HC)S. 9(1)(vi) : Income deemed to accrue or arise in India-Royalty-Transferee authorised to use licensed software-No transfer of Copyright-Amount received is not royalty-DTAA-India-USA. [S. 90(2) Art. 12]
CIT(IT) v. Microsoft Corporation (2022) 445 ITR 6/ 288 Taxman 32 (Delhi)(HC) , Editorial , SLP of Revenue dismissed , CIT (IT) v. Microsoft Corporation (Ms Corp) (2023)453 ITR 746/293 Taxman 508 (SC)S. 48 : Capital gains -Computation – Sale of shares – Fair market value as on 1-4 -1981 – Capital asset- Valuation based on valuation report – Department is not justified in rejecting the valuation adopted on the basis of approved valuer -On the peculiar facts of this case the Tribunal uphold the plea of the assessee, and direct the Assessing Officer to adopt the valuation of Rs 3,833 computed by the assessee on the basis of the fair market value of the net assets [ S. 2(22B) 45, 49, 55 ]
Sushiladevi R Somani v. ACIT (2022) 197 ITD 316 ( Mum) ( Trib) www.itatonline .orgS. 271(1)(c) : Penalty-Concealment-Cash credits-Recoding of satisfaction-Show cause notice did not indicate whether there was concealment of particulars of income or furnishing of incorrect particulars of such income-Deletion of penalty is held to be valid. [S. 274]
Ganga Iron & Steel Trading Co. v. CIT (2022) 447 ITR 742/286 Taxman 21 (Bom.)(HC)S. 264 : Commissioner-Revision of other orders-Powers-Capital gains-Full value of consideration-Escrow account-Consideration received less than the amount credited in the account-Only actual consideration taxable-Power of Principal Commissioner not restricted to allowing relief only up to returned income -Recomputation results in income less than returned income-Section 240 not applicable-Entitle to refund of excess tax paid. [S. 45, 48, 240, 264, Art. 226]
Dinesh Vazirani v. PCIT (2022) 445 ITR 110/ 285 Taxman 325/(2024) 337 CTR 380 (Bom.)(HC)S. 263 : Commissioner-Revision of orders prejudicial to revenue Deemed dividend-Loans and advances to shareholders-Unsecured loan from group company-Paid back with interest in same year-Revision is held to be not justified. [S. 263]
PCIT v. Suprabha Industries Ltd. (2022 286 Taxman 156 / 211 DTR 157/ 325 CTR 757 (Cal.)(HC)S. 263 : Commissioner-Revision of orders prejudicial to revenue-Share application money-Revision order is held to be valid. [S. 68 69]
Neelkantha Commosales (P.) Ltd. v. ITO (2022) 286 Taxman 48 (Cal.)(HC)