S. 68 : Cash credits-Share application money-Addition was deleted on merits-Reassessment valid. [S. 68, 147, 148]
Ancon Chemplast P. Ltd. v ITO (2022) 93 ITR 167 (Delhi)(Trib.)S. 68 : Cash credits-Share application money-Addition was deleted on merits-Reassessment valid. [S. 68, 147, 148]
Ancon Chemplast P. Ltd. v ITO (2022) 93 ITR 167 (Delhi)(Trib.)S. 45 : Capital gains-Transfer-Redemption-Indexation-Redemption of preference shares is a sale and also transfer of relinquishment of asset by share holder-Assessable as capital gains and not as income from other sources. [S. 2(47), 48, 56]
Dy. CIT v. Acquire Services Pvt. Ltd. (2022) 93 ITR 613 (Delhi)(Trib.)S. 40(a)(ia) : Amounts not deductible-Deduction at source-Bank guarantee commission and credit card commission-Deducted by Banks-No disallowance can be made.
ACIT v. PC Jewellers Ltd. (2022)93 ITR 244 (Delhi)(Trib.)S. 40(a)(ia) : Amounts not deductible-Deduction at source-Non-Resident rendering services of Information Technology infrastructure-Royalty-Liable to deduct tax at source-Disallowance is justified-DTAA-India-Portugal. [S. 9(1)(vi)]
Bekaert Industries P. Ltd. v. Dy. CIT (2022) 194 ITD 201 / 93 ITR 462 (Pune)(Trib.)S. 37(1) : Business expenditure-Interest-Failure to prove for the purpose of business-Disallowance is justified.
Mll Logistics P. Ltd. v. ACIT (2022) 93 ITR 513 (Mum.)(Trib.)S. 37(1) : Business expenditure-Unrealised export sales and foreign exchange loss-Unbilled revenue brought into India lower than sum reduced b Assessing Officer-Allowable as deduction.
Sandisk India Device Design Centre Pvt. Ltd. v. ITO (2022) 93 ITR 569 (Bang.)(Trib.)S. 37(1) : Business expenditure-Taxes and rates-Interest on delayed payment of tax deducted at source-Not penalty-Compensatory in nature-cannot be treated as tax-Allowable as deduction-Repairs and maintenance-Ad-hoc disallowance is not justified. [S. 40(a)(ii)]
ITO v. MVL Credit Holdings and Leasing Ltd. (2022) 93 ITR 533 (Delhi)(Trib.)S. 37(1) : Business expenditure-Capital or revenue-Bad debts-Security deposits to land lord-Written off as revenue expenditure-Allowable as revenue expenditure. [S. 36(1)(vii)]
Emkay Global Financial Services Ltd. v. Dy. CIT (2022) 93 ITR 96 (Mum.)(Trib.)S. 37(1) : Business expenditure-Bogus purchases-Purchase of diamond though commission agent-Identity and genuineness is established-Deletion of addition is held to be proper.
ACIT v. PC Jewellers Ltd. (2022) 93 ITR 244 (Delhi)(Trib.)S. 37(1) : Business expenditure-Education Cess-Additional grounds admitted-Allowable as deduction. [S. 40(a)(ii), 254(1)]
ACIT v. PC Jewellers Ltd. (2022) 93 ITR 244 (Delhi)(Trib.) Sas Research and Development (India) P. Ltd. v. Dy.CIT (No. 2) (2022) 93 ITR 501 (Pune)(Trib.)