S. 80P : Co-operative societies-Income from sale of mutual funds to be taxed as capital gains-Interest on fixed deposits taxable as income from other sources”-Loss for year and brought forward loss from sale of mutual funds to be set off. [S. 45, 70, 71, 80P(2)(a)(i)]
ITO v. Maharashtra State Co-Operative Credit Societies Deposit Guarantee Corp. Ltd. (2021) 90 ITR 36 (SN) (Pune)(Trib.)
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This Digest of case laws is prepared by KSA Legal and AIFTP from judgements reported in BCAJ, CTR, DTR, ITD, ITR, ITR (Trib), Chamber's Journal, SOT, Taxman, TTJ, BCAJ, ACAJ, www.itatonline.org and other journals
Click here to download the pdf versions of the Digest of case laws S. 80P : Co-operative societies-Income from sale of mutual funds to be taxed as capital gains-Interest on fixed deposits taxable as income from other sources”-Loss for year and brought forward loss from sale of mutual funds to be set off. [S. 45, 70, 71, 80P(2)(a)(i)]
ITO v. Maharashtra State Co-Operative Credit Societies Deposit Guarantee Corp. Ltd. (2021) 90 ITR 36 (SN) (Pune)(Trib.)S. 80P : Co-operative societies-Set-off of expenditure-Interest Income-Matter remanded for verification to ascertain ehther the expenditure was incurred exclusively for maintenance of housing Society. [S. 56, 57, 80P(2)(d)]
Hyde Park (A) Co-Operative Housing Society Ltd. v. ITO (2021)90 ITR 50 (SN) (Pune)(Trib.)S. 80JJAA : Employment of new workmen-Certificate in form 10DA-High salaries cannot be the basis for denial of exemption.
OnMobile Global Ltd. v. Add. CIT (2021) 90 ITR 18 (SN) (Bang.) (Trib.)S. 80IC : Special category States-Failure to allocate financial expenses-Assessee allocating on the basis of ratio 58. 67 %-The Assessing Officer computing 58.69%-Held to be justified.
Rasna Pvt. Ltd. v. Dy.CIT (2021) 90 ITR 39 (SN) (Ahd.)(Trib.)S. 80IA : Industrial undertakings-Infrastructure development-Functional Test-Each unit must function independently-Matter remanded. [S. 80IA(4)(iii)]
Dy. CIT v. Gopalan Enterprises (India) Pvt. Ltd. (2021) 90 ITR 30 (SN) (Bang.)(Trib.)S. 69 : Unexplained investments-Paintings-Price details and mode pf payment was disclosed-Gold jewellery, Diamond jewellery and Silver Utensils-Quantity less than threshold limit for wealth-tax-Deletion of addition is held to be justified. [S. 132]
ACIT v. Parminder Singh Kalra (2021) 90 ITR 419 (Delhi)(Trib)S. 68 : Cash credits-Confirmation was filed-Identity, creditworthiness and genuineness of transaction was established-Addition was held to be not justified. [S. 133(6)]
Swarn Gems P. Ltd. v. ITO (2021) 90 ITR 14 (SN) (Delhi)(Trib.)S. 68 : Cash credits-No evidence was produced-Addition is held to be justified-Disallowance of agricultural income was also up held.
Balasahev Vyankat Gaikwad v. ACIT (2021) 90 ITR 66 (SN) (Pune)(Trib.)S. 68 : Cash credits-Books of account-Survey-Diary, notebook and data of deleted entries retrieved from computer central processing unit-Not books of account-Addition cannot be made without any corroborative evidence-Presumption u/s 292C is rebuttable. [S. 2(12A), 69, 69A, 69C, 133A, 292C]
Dy. CIT v. GSNR Rice Industries Pvt. Ltd. (2021) 90 ITR 114/ 213 TTJ 17 (/ (2022) 215 DTR 65 Chennai)(Trib.) Dy. CIT v. Kanakkilianallur Narayana Reddiyar Manivannan (2021) 90 ITR 114/ 213 TTJ 17 / ( 2022) 215 DTR 65 (Chennai)(Trib.) Dy. CIT v. Kanakkilianallur Narayana Nehru (2021) 90 ITR 114/ 213 TTJ 17 / ( 2022) 215 DTR 65 (Chennai)(Trib.)