Direct tax Weekly Digest

Weekly Digest #42 17 Oct to 23 Oct 2021 10 Rulings

High Court HC: Quashes Cognizant’s reassessment proceedings based on change of opinion

Oct 23, 2021

In Favour of : Assessee
Citation Number : TS-957-HC-2021(MAD)

High Court HC: Quashes reassessment proceedings against Kalpataru over insufficiency of reasons, follows recent ruling in Ananta Landmark

Oct 23, 2021

In Favour of : Assessee
Citation Number : TS-981-HC-2021(BOM)

High Court HC: Rejects HUF's appeal over addition of amounts held by Karta/Member as purely factual question

Oct 23, 2021

In Favour of : Revenue
Citation Number : TS-985-HC-2021(KAR)

Income tax Appellate Tribunal ITAT: Allows Canon India’s claim of FTC for entire sum withheld in Japan; Follows HCL Comnet ruling

Oct 23, 2021

In Favour of : Assessee
Citation Number : TS-986-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Property intended to be let out but lying vacant, eligible for vacancy allowance u/s 23(1)(c)

Oct 23, 2021

In Favour of : Assessee
Citation Number : TS-984-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Assessment order made with complete lack of jurisdiction, not revisable u/s 263

Oct 23, 2021

In Favour of : Assessee
Citation Number : TS-969-ITAT-2021(RAI)

Income tax Appellate Tribunal ITAT: Depreciation on assets kept 'ready to use' allowable during temporary suspension of business

Oct 23, 2021

In Favour of : Assessee
Citation Number : TS-973-ITAT-2021(HYD)

Income tax Appellate Tribunal ITAT: Subsequent approval by prescribed authority sufficient for claiming deduction u/s 35(2AB)

Oct 23, 2021

In Favour of : Assessee
Citation Number : TS-979-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Loss on investment in shares not meant for business expansion, capital in nature

Oct 23, 2021

In Favour of : Assessee
Citation Number : TS-980-ITAT-2021(Bang)

Income tax Appellate Tribunal ITAT: Surplus ploughed back for educational purposes, holds Assessee eligible for exemption u/s 11

Oct 23, 2021

In Favour of : Assessee
Citation Number : TS-971-ITAT-2021(DEL)

Weekly Digest #41 10 Oct to 16 Oct 2021 8 Rulings

High Court HC: Directs disposal of Perfetti's application u/s 264 within 8 weeks over TDS on dividend under MFN Clause in India-Netherlands DTAA

Oct 16, 2021

In Favour of : Assessee
Citation Number : TS-960-HC-2021(DEL)

High Court HC: Accepts ACIT’s explanation over incorrect affidavit, expects PCIT(ReFAC) to be more careful in future

Oct 16, 2021

In Favour of : Assessee
Citation Number : TS-961-HC-2021(BOM)

Income tax Appellate Tribunal ITAT: Technical knowledge, skill & knowhow not made available, services not taxable as FTS under India-Singapore DTAA

Oct 16, 2021

In Favour of : Assessee
Citation Number : TS-948-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Mauritian Shipping Co.'s non-exclusive service provider, not DAPE in India

Oct 16, 2021

In Favour of : Assessee
Citation Number : TS-951-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Existence of PE warrants TDS on project management fee as business profits, not FTS; Holds Juniper Hotels 'assessee-in-default'

Oct 16, 2021

In Favour of : Revenue
Citation Number : TS-954-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Assessment made u/s 153A for AY not falling under six years period, not curable mistake u/s 292B

Oct 16, 2021

In Favour of : Assessee
Citation Number : TS-956-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Allotment of shares on rights issue does not attract anti-abuse provisions of Sec. 56(2)(vii)

Oct 16, 2021

In Favour of : Assessee
Citation Number : TS-950-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Borrower not liable for TDS on asset valuer's fee paid and later recovered by lending bank

Oct 16, 2021

In Favour of : Assessee
Citation Number : TS-955-ITAT-2021(Mum)

Weekly Digest #40 02 Oct to 09 Oct 2021 9 Rulings

High Court HC: Allows Assessee's writ against order u/s 264 over applicability of lower DDT rate under India-Mauritius DTAA

Oct 09, 2021

In Favour of : Assessee
Citation Number : TS-945-HC-2021(DEL)

High Court HC: Faceless assessment order passed in non-compliance with Sec. 144B, non est

Oct 09, 2021

In Favour of : Assessee
Citation Number : TS-943-HC-2021(BOM)

High Court HC: Allows Ananta Landmark's writ against reassessment proceedings; Holds reasons to believe insufficient

Oct 09, 2021

In Favour of : Assessee
Citation Number : TS-942-HC-2021(BOM)

Income tax Appellate Tribunal ITAT: Business Income of NetApp from sale of equipment not taxable sans PE in India under India-Netherlands DTAA

Oct 09, 2021

In Favour of : Assessee
Citation Number : TS-939-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Rules on taxability of various activities undertaken by POSCO Engineering

Oct 09, 2021

In Favour of : Assessee
Citation Number : TS-913-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Cipla's gifts, freebies to medical professionals, allowable expenditure; CBDT Circular No. 5/2012 prospective

Oct 09, 2021

In Favour of : Assessee
Citation Number : TS-938-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Diminution in value of shares held as closing stock not bogus loss, Section 68 inapplicable

Oct 09, 2021

In Favour of : Assessee
Citation Number : TS-930-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Holds J&K Bank not assessee-in-default u/s 201, delay in remitting TDS attributable to RBI

Oct 09, 2021

In Favour of : Assessee
Citation Number : TS-931-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Activities of Bombay Chamber of Commerce covered under amended Sec. 2(15), eligible for exemption

Oct 09, 2021

In Favour of : Assessee
Citation Number : TS-934-ITAT-2021(Mum)

Weekly Digest #39 25 Sep to 01 Oct 2021 10 Rulings

High Court HC: Appellate powers u/s 260A meant for debatable, unsettled issues; Dismisses Revenue's appeal

Oct 02, 2021

In Favour of : Assessee
Citation Number : TS-909-HC-2021(DEL)

High Court HC: Allows VsV application as delay in filing appeal condoned by ITAT

Oct 02, 2021

In Favour of : Assessee
Citation Number : TS-905-HC-2021(GUJ)

Income tax Appellate Tribunal ITAT: Software license-fee not taxable as Royalty, sans PE not taxable as business profits

Oct 02, 2021

In Favour of : Assessee
Citation Number : TS-908-ITAT-2021(PUN)

Income tax Appellate Tribunal ITAT: Rules on Trust's eligibility for exemption u/s 11, interplay of Sec.12A, 10(23C)(iv)

Oct 02, 2021

In Favour of : Assessee
Citation Number : TS-922-ITAT-2021(DEL)

High Court HC: Dismisses writ against notice u/s 148 issued pursuant to DDIT (Inv) report, AO's subjective satisfaction

Oct 02, 2021

In Favour of : Revenue
Citation Number : TS-921-HC-2021(GUJ)

Income tax Appellate Tribunal ITAT: Deletes addition of Rs.113 Cr. on Jaypee Capital u/s 56(2)(viia), CIT(A)'s detailed order not controverted

Oct 02, 2021

In Favour of : Assessee
Citation Number : TS-923-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Allows ESOP expenditure u/s 37(1) to Network 18; Follows Biocon ruling

Oct 02, 2021

In Favour of : Assessee
Citation Number : TS-918-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Holds maturity proceeds of fixed deposit as capital receipt not taxable for Trust

Oct 02, 2021

In Favour of : Assessee
Citation Number : TS-919-ITAT-2021(Bang)

Income tax Appellate Tribunal ITAT: Property acquired in shareholder's name for commercial expediency not taxable u/s 2(22)(e)

Oct 02, 2021

In Favour of : Assessee
Citation Number : TS-924-ITAT-2021(Kol)

Income tax Appellate Tribunal ITAT: Denies benefit of principle of consistency, directs Assessee to produce evidence w.r.t. specific direction for corpus donations

Oct 02, 2021

In Favour of : Assessee
Citation Number : TS-917-ITAT-2021(DEL)

Weekly Digest #38 18 Sep to 24 Sep 2021 9 Rulings

High Court HC: Holds appeal filed with condonation application 'pending' as per FAQ 59 of VsV Circular

Sep 24, 2021

In Favour of : Assessee
Citation Number : TS-900-HC-2021(BOM)

High Court HC: Holds assessment not compliant with Faceless Assessment Scheme, non est

Sep 24, 2021

In Favour of : Assessee
Citation Number : TS-899-HC-2021(BOM)

Income tax Appellate Tribunal ITAT: Royalty paid for use of trademark, revenue expenditure; Export commission not taxable as FTS

Sep 24, 2021

In Favour of : Assessee
Citation Number : TS-878-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Parking terminal for trucks integral part of highway project, eligible for deduction u/s 80-IA

Sep 24, 2021

In Favour of : Assessee
Citation Number : TS-877-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Technical lapse u/s 194C(7) does not warrant disallowance of transport expense u/s 40(a)(ia)

Sep 24, 2021

In Favour of : Assessee
Citation Number : TS-889-ITAT-2021(Ahd)

Income tax Appellate Tribunal ITAT: Farmhouse not a non-residential house unless proved, eligible for benefit u/s 54F

Sep 24, 2021

In Favour of : Assessee
Citation Number : TS-892-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Purchase agreement entered into in 2009, registered in 2014, not covered by amended provisions of Section 56(2)(vii)(b)

Sep 24, 2021

In Favour of : Assessee
Citation Number : TS-897-ITAT-2021(JPR)

Income tax Appellate Tribunal ITAT: Incentive for specific purpose of promotion of products, not taxable u/s 28(iv)

Sep 24, 2021

In Favour of : Assessee
Citation Number : TS-888-ITAT-2021(Kol)

Income tax Appellate Tribunal ITAT: Transfer of development rights in land does not attract Section 50C

Sep 24, 2021

In Favour of : Assessee
Citation Number : TS-890-ITAT-2021(PUN)

Weekly Digest #37 10 Sep to 17 Sep 2021 10 Rulings

Income tax Appellate Tribunal ITAT: Allows interest on borrowing invested as partner’s capital represented by under-construction flats received under arbitral award

Sep 17, 2021

In Favour of : Assessee
Citation Number : TS-860-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Receipts from sale of software not ‘Royalty', follows Engineering Analysis

Sep 17, 2021

In Favour of : Assessee
Citation Number : TS-861-ITAT-2021(PUN)

Income tax Appellate Tribunal ITAT: Deletes addition of money inherited by MF Hussain's son from sale of painting

Sep 17, 2021

In Favour of : Assessee
Citation Number : TS-866-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: On dismissal of revisionary order, consequential assessment order liable to be vacated

Sep 17, 2021

In Favour of : Assessee
Citation Number : TS-867-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Possession of property not pre-requisite for claim of interest u/s 24(b)

Sep 17, 2021

In Favour of : Assessee
Citation Number : TS-859-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Signing of JDA without willingness, not transfer as per 53A of TPA

Sep 17, 2021

In Favour of : Assessee
Citation Number : TS-857-ITAT-2021(Bang)

Income tax Appellate Tribunal ITAT: Upholds CIT(A)'s direction for reopening assessments for preceding years in terms of Sec. 150

Sep 17, 2021

In Favour of : Revenue
Citation Number : TS-862-ITAT-2021(HYD)

Income tax Appellate Tribunal ITAT: Assessment order consistent with several precedents on Sec.54F; Quashes revision

Sep 17, 2021

In Favour of : Assessee
Citation Number : TS-854-ITAT-2021(RAI)

Income tax Appellate Tribunal ITAT: Cash receipt on waiver of ECB loan, not taxable u/s 28(iv); Follows Mahindra & Mahindra

Sep 17, 2021

In Favour of : Assessee
Citation Number : TS-863-ITAT-2021(PUN)

Income tax Appellate Tribunal ITAT: Trust engaged in charitable with religious activities, eligible for approval u/s 80G

Sep 17, 2021

In Favour of : Assessee
Citation Number : TS-858-ITAT-2021(Ind)

Weekly Digest #36 04 Sep to 09 Sep 2021 6 Rulings

High Court HC: Sets aside faceless assessment order over insufficient response time, disregard of adjournment request

Sep 09, 2021

In Favour of : Assessee
Citation Number : TS-836-HC-2021(BOM)

Income tax Appellate Tribunal ITAT: Advertisement charges paid by Myntra to Facebook, not Royalty; Follows Urban Ladder ruling

Sep 09, 2021

In Favour of : Assessee
Citation Number : TS-833-ITAT-2021(Bang)

Income tax Appellate Tribunal ITAT: Donor's paltry income no reason to hold gift as bogus

Sep 09, 2021

In Favour of : Assessee
Citation Number : TS-848-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Preity Zinta not liable for penalty u/s 271(1)(c); Generic, omnibus notice bad in law

Sep 09, 2021

In Favour of : Assessee
Citation Number : TS-844-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Tolerance band of 10% u/s 50C retrospective, holds transaction not taxable u/s 56(2)(vii)(b)

Sep 09, 2021

In Favour of : Assessee
Citation Number : TS-845-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Short-withholding not default u/s 40(a)(ia); Bonafide mistake in TAR, not liable for addition u/s 69B

Sep 09, 2021

In Favour of : Assessee
Citation Number : TS-838-ITAT-2021(Mum)

Weekly Digest #35 28 Aug to 03 Sep 2021 9 Rulings

Income tax Appellate Tribunal ITAT: Stays demand of Rs.343 Cr. for Nestle India subject to 20% deposit, partly in security

Sep 03, 2021

In Favour of : Both, Partially
Citation Number : TS-823-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Grants Google LLC stay on demand, subject to 20% deposit, arising from taxing expats' salary as FTS

Sep 03, 2021

In Favour of : Assessee
Citation Number : TS-814-ITAT-2021(Bang)

Income tax Appellate Tribunal ITAT: Allows CSR expenditure incurred in line with Govt. directives; Expl. 2 to Sec. 37(1) prospective

Sep 03, 2021

In Favour of : Assessee
Citation Number : TS-815-ITAT-2021(DEL)

High Court HC: Grants unconditional stay to Sun Pharma against demand of over Rs.2000 Cr.

Sep 03, 2021

In Favour of : Assessee
Citation Number : TS-829-HC-2021(GUJ)

Income tax Appellate Tribunal ITAT: Loss to investor on bonus stripping, allowable for set off against LTCG

Sep 03, 2021

In Favour of : Assessee
Citation Number : TS-827-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Wife not liable to tax for investment made entirely by Husband

Sep 03, 2021

In Favour of : Assessee
Citation Number : TS-824-ITAT-2021(RAI)

Income tax Appellate Tribunal ITAT: Allows expenditure from undisclosed income declared during survey

Sep 03, 2021

In Favour of : Assessee
Citation Number : TS-825-ITAT-2021(SUR)

Income tax Appellate Tribunal ITAT: CPC cannot recompute capital gains, Trust compliant with section 11

Sep 03, 2021

In Favour of : Assessee
Citation Number : TS-830-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Extended period of investment u/s 54H applicable to enhanced compensation

Sep 03, 2021

In Favour of : Assessee
Citation Number : TS-831-ITAT-2021(DEL)

Weekly Digest #34 21 Aug to 27 Aug 2021 9 Rulings

High Court HC: Directs refund of amount adjusted in excess of 20% of demand sans specific order u/s 245

Aug 27, 2021

In Favour of : Assessee
Citation Number : TS-793-HC-2021(DEL)

Income tax Appellate Tribunal ITAT: Form 3CL furnishable with ITR w.e.f. Apr'16; Allows weighted deduction despite CAG report

Aug 27, 2021

In Favour of : Assessee
Citation Number : TS-794-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Deletes addition u/s 56(2)(vii)(b) on land purchase transaction failed due to erroneous records

Aug 27, 2021

In Favour of : Assessee
Citation Number : TS-803-ITAT-2021(Ahd)

Income tax Appellate Tribunal ITAT: Advertising contracts in writing not prerequisite for TDS u/s 194C

Aug 27, 2021

In Favour of : Assessee
Citation Number : TS-799-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Charitable activities includes proposed activities for registration u/s 12AA; Follows SC ruling in Ananda Social

Aug 27, 2021

In Favour of : Assessee
Citation Number : TS-804-ITAT-2021(PUN)

Income tax Appellate Tribunal ITAT: Upholds revision u/s 263, assessment finalised without considering DVO's report

Aug 27, 2021

In Favour of : Revenue
Citation Number : TS-801-ITAT-2021(Bang)

Income tax Appellate Tribunal ITAT: Commission to technically skilled liaison representatives, aiding business in remote areas,allowable expenditure

Aug 27, 2021

In Favour of : Assessee
Citation Number : TS-800-ITAT-2021(PUN)

Income tax Appellate Tribunal ITAT: Unverified but corroborated savings incurred on land acquisition allowable for computing capital gains

Aug 27, 2021

In Favour of : Assessee
Citation Number : TS-798-ITAT-2021(JPR)

Income tax Appellate Tribunal ITAT: Upholds allowability of pre-operative expenditure for business expansion project

Aug 27, 2021

In Favour of : Assessee
Citation Number : TS-802-ITAT-2021(CHANDI)

Weekly Digest #33 14 Aug to 20 Aug 2021 9 Rulings

High Court HC: Directs refund for subsequent years based on a favourable CIT(A) order

Aug 20, 2021

In Favour of : Assessee
Citation Number : TS-767-HC-2021(BOM)

High Court HC: Sets aside faceless assessment order passed after 3 days from issuance of SCN

Aug 20, 2021

In Favour of : Assessee
Citation Number : TS-777-HC-2021(BOM)

Income tax Appellate Tribunal ITAT: Compensation paid for unencumbered possession allowable for computing capital gains

Aug 20, 2021

In Favour of : Assessee
Citation Number : TS-780-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Entitlement to interest on refund extends to period prior to claiming non-taxability of corresponding income

Aug 20, 2021

In Favour of : Assessee
Citation Number : TS-778-ITAT-2021(CHANDI)

Income tax Appellate Tribunal ITAT: Interest on withdrawals/delayed payments, not taxable income for Recognised PFs

Aug 20, 2021

In Favour of : Assessee
Citation Number : TS-768-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: 2021 amendments on due date for depositing ESI, PF apply prospectively

Aug 20, 2021

In Favour of : Assessee
Citation Number : TS-775-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Common substantial shareholding of lender and borrower companies no ground for applicability of Sec.2(22)(e)

Aug 20, 2021

In Favour of : Assessee
Citation Number : TS-782-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Admits additional evidence not furnished earlier due to counsel's advice

Aug 20, 2021

In Favour of : Assessee
Citation Number : TS-779-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Grants stay on 20% payment of demand; No specific case made out for financial hardship

Aug 20, 2021

In Favour of : Assessee
Citation Number : TS-781-ITAT-2021(Bang)

Weekly Digest #32 07 Aug to 13 Aug 2021 9 Rulings

High Court HC: Remands dispute on lower deduction u/s194-O for Cloudtail India over write-off of slow, ageing inventory

Aug 13, 2021

In Favour of : Assessee
Citation Number : TS-760-HC-2021(DEL)

High Court HC: Adjustment of dues, debts not covered u/s 41(1); SC ruling in Mahindra&Mahindra inapplicable

Aug 13, 2021

In Favour of : Assessee
Citation Number : TS-648-HC-2021(KAR)

Income tax Appellate Tribunal ITAT: Conversation rate on date of receipt of USD-denominated sum to prevail for determining TDS liability

Aug 13, 2021

In Favour of : Revenue
Citation Number : TS-761-ITAT-2021(Bang)

Income tax Appellate Tribunal ITAT: ‘Purpose Test’ determinative of nature and treatment of subsidy

Aug 13, 2021

In Favour of : Assessee
Citation Number : TS-641-ITAT-2021(PUN)

Income tax Appellate Tribunal ITAT: Write back of expenses allowable as part of income eligible for deduction u/s 10AA

Aug 13, 2021

In Favour of : Assessee
Citation Number : TS-639-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Exemption of SEZ unit not deniable on comparison with uncomparable unit

Aug 13, 2021

In Favour of : Assessee
Citation Number : TS-650-ITAT-2021(SUR)

Income tax Appellate Tribunal ITAT: Holds assessment sans cross-examination of statements relied upon as unsustainable

Aug 13, 2021

In Favour of : Assessee
Citation Number : TS-652-ITAT-2021(CHNY)

Income tax Appellate Tribunal ITAT: AIR information insufficient to establish ‘reasons to believe’, quashes reassessment

Aug 13, 2021

In Favour of : Assessee
Citation Number : TS-644-ITAT-2021(Kol)

Income tax Appellate Tribunal ITAT: Brokerage not deferrable over maturity period of MF schemes, allowable when incurred

Aug 13, 2021

In Favour of : Assessee
Citation Number : TS-637-ITAT-2021(Mum)

Weekly Digest #31 31 Jul to 06 Aug 2021 9 Rulings

High Court HC: Sets aside faceless assessment order; Non-granting of hearing, blatant violation of natural justice

Aug 06, 2021

In Favour of : Assessee
Citation Number : TS-617-HC-2021(DEL)

Income tax Appellate Tribunal ITAT: Plant & Machinery in Pathological Labs' Collection Centres eligible for additional depreciation

Aug 06, 2021

In Favour of : Assessee
Citation Number : TS-623-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Tolerance band provided u/s 56(2)(vii)(b) analogous to Sec.50C, applicable retrospectively

Aug 06, 2021

In Favour of : Assessee
Citation Number : TS-624-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Amendment to Sec.43B by Finance Act 2021 to apply prospectively

Aug 06, 2021

In Favour of : Assessee
Citation Number : TS-618-ITAT-2021(Kol)

Income tax Appellate Tribunal ITAT: Finds CIT(A)’s ex-parte order perfunctory; Remits matter for fresh adjudication

Aug 06, 2021

In Favour of : Assessee
Citation Number : TS-603-ITAT-2021(JAB)

Income tax Appellate Tribunal ITAT: Interest on borrowing adjustable against income from investment of borrowed funds

Aug 06, 2021

In Favour of : Assessee
Citation Number : TS-630-ITAT-2021(HYD)

Income tax Appellate Tribunal ITAT: Transfer of agricultural land held as investment, sold as non-agricultural land, taxable as capital-gains

Aug 06, 2021

In Favour of : Assessee
Citation Number : TS-632-ITAT-2021(PUN)

Income tax Appellate Tribunal ITAT: Ground Rent paid to L&DO on lease hold properties not covered u/s 43B

Aug 06, 2021

In Favour of : Assessee
Citation Number : TS-633-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Co-op Society's income from investment of surplus amount deductible u/s 80P

Aug 06, 2021

In Favour of : Assessee
Citation Number : TS-629-ITAT-2021(Kol)

Weekly Digest #30 24 Jul to 30 Jul 2021 7 Rulings

High Court HC: Directs personal hearing due to technical glitches on e-filing portal

Jul 30, 2021

In Favour of : Assessee
Citation Number : TS-597-HC-2021(DEL)

High Court HC: Assessments by NaFAC to follow prescribed procedure u/s 144B

Jul 30, 2021

In Favour of : Assessee
Citation Number : TS-589-HC-2021(DEL)

High Court HC: Dismisses writ against appointment of VP, ITAT since covered by SC's interim orders in Tribunal Rules case

Jul 30, 2021

In Favour of : None/NA
Citation Number : TS-598-HC-2021(MAD)

High Court HC: Receipts for Clean Development Mechanism capital in nature, not taxable

Jul 30, 2021

In Favour of : Assessee
Citation Number : TS-604-HC-2021(MAD)

Income tax Appellate Tribunal ITAT: Allows set-off of loss against income surrendered during Survey

Jul 30, 2021

In Favour of : Assessee
Citation Number : TS-601-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Holds repayment of loan establishes existence of liability, negates taxability u/s 41(1)

Jul 30, 2021

In Favour of : Assessee
Citation Number : TS-602-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Grants stay to HCL on tax demand basis MAP proceedings, GE Packaged Ruling

Jul 30, 2021

In Favour of : Assessee
Citation Number : TS-596-ITAT-2021(DEL)

Weekly Digest #29 17 Jul to 23 Jul 2021 8 Rulings

High Court HC: Sets aside assessment order passed without issuing SCN in pre-amendment faceless regime

Jul 23, 2021

In Favour of : Assessee
Citation Number : TS-585-HC-2021(DEL)

High Court HC: Assessment orders passed under old regime, post April 1, bad in law

Jul 23, 2021

In Favour of : Assessee
Citation Number : TS-579-HC-2021(DEL)

High Court HC: Remits faceless assessment order, grants opportunity of being heard

Jul 23, 2021

In Favour of : Assessee
Citation Number : TS-580-HC-2021(DEL)

High Court HC: Remands assessment order passed by rejecting submission made without cover-letter

Jul 23, 2021

In Favour of : Assessee
Citation Number : TS-573-HC-2021(DEL)

Income tax Appellate Tribunal ITAT: Advance forfeited against property, recognized as outstanding liability, not taxable u/s 41(1)

Jul 23, 2021

In Favour of : Assessee
Citation Number : TS-564-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Indexation allowable upto taxable event, not restricted to date of signing JDA

Jul 23, 2021

In Favour of : Assessee
Citation Number : TS-568-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Holds Sec.144C prospective from AY 2011-12, declares assessment order void ab initio

Jul 23, 2021

In Favour of : Assessee
Citation Number : TS-575-ITAT-2021(Ahd)

Income tax Appellate Tribunal ITAT: Scope of scrutiny cannot be enlarged u/s 263, quashes revisionary order

Jul 23, 2021

In Favour of : Assessee
Citation Number : TS-578-ITAT-2021(Kol)

Weekly Digest #28 10 Jul to 16 Jul 2021 10 Rulings

High Court HC: Sets aside cryptic order rejecting application u/s 197, directs de novo hearing

Jul 16, 2021

In Favour of : Assessee
Citation Number : TS-543-HC-2021(DEL)

High Court HC: Directs Revenue to decide on interest payable on seized money u/s 132B(4)

Jul 16, 2021

In Favour of : Assessee
Citation Number : TS-541-HC-2021(DEL)

High Court HC: Assessment u/s 153A not de novo assessment, Assessee not entitled to fresh claims

Jul 16, 2021

In Favour of : Revenue
Citation Number : TS-547-HC-2021(KAR)

High Court HC: Sets aside reassessment in deceased's name as null, void; Follows Savita Kapila

Jul 16, 2021

In Favour of : Assessee
Citation Number : TS-558-HC-2021(DEL)

High Court HC: Sets aside assessment order passed pursuant to draft order u/s 144C for non-adherence of procedure u/s 144B

Jul 16, 2021

In Favour of : Assessee
Citation Number : TS-561-HC-2021(DEL)

Income tax Appellate Tribunal ITAT: DGIT(Inv.) inputs not ‘external source’; Exception to low tax-effect Circular inapplicable

Jul 16, 2021

In Favour of : Assessee
Citation Number : TS-551-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Third-party statements, general findings of investigation inadequate for concluding stock-price manipulation; Deletes addition u/s 68

Jul 16, 2021

In Favour of : Assessee
Citation Number : TS-532-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: Letter of allotment relevant over date of possession for construing holding period

Jul 16, 2021

In Favour of : Assessee
Citation Number : TS-555-ITAT-2021(SUR)

Income tax Appellate Tribunal ITAT: Remits Assessee's appeal before CIT(A) with direction for condonation of delay application, affidavit

Jul 16, 2021

In Favour of : Assessee
Citation Number : TS-554-ITAT-2021(VIZ)

Income tax Appellate Tribunal ITAT: BBC World withdraws appeal on arriving at resolution under MAP

Jul 16, 2021

In Favour of : Assessee
Citation Number : TS-549-ITAT-2021(DEL)

Weekly Digest #27 03 Jul to 09 Jul 2021 10 Rulings

High Court HC: Non-recording of reasons by AO not indicative of non-application of mind

Jul 09, 2021

In Favour of : Assessee
Citation Number : TS-513-HC-2021(DEL)

High Court HC: Allows writ challenging reassessment of Mauritius-based entities; Holds 'change of opinion'

Jul 09, 2021

In Favour of : Assessee
Citation Number : TS-523-HC-2021(DEL)

High Court HC: Post Mar 31, assessment order mandatory u/s 144B

Jul 09, 2021

In Favour of : Assessee
Citation Number : TS-530-HC-2021(DEL)

High Court HC: Quashes revision u/s 263, allows depreciation on assets under finance lease

Jul 09, 2021

In Favour of : Assessee
Citation Number : TS-515-HC-2021(KAR)

High Court HC: Sec. 159(2) does not contemplate abatement of assessment order passed on deceased Assessee

Jul 09, 2021

In Favour of : Revenue
Citation Number : TS-518-HC-2021(KAR)

Income tax Appellate Tribunal ITAT: Grants LG stay, early hearing subject to deposit of Rs.6 Cr.

Jul 09, 2021

In Favour of : Assessee
Citation Number : TS-528-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Extends stay on demand, more than 20% discharged, delay not attributable to Assessee

Jul 09, 2021

In Favour of : Assessee
Citation Number : TS-526-ITAT-2021(CHNY)

Income tax Appellate Tribunal ITAT: Alteration of book profit for MAT beyond AO's powers; Follows Apollo Tyres

Jul 09, 2021

In Favour of : Assessee
Citation Number : TS-531-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Allows reassessment based on audit objection involving disallowance of cash expenditure

Jul 09, 2021

In Favour of : Revenue
Citation Number : TS-525-ITAT-2021(HYD)

Income tax Appellate Tribunal ITAT: Holds interest-free loans justifiable, owned-funds considerably exceeded amount advanced

Jul 09, 2021

In Favour of : Assessee
Citation Number : TS-516-ITAT-2021(Bang)

Weekly Digest #26 26 Jun to 02 Jul 2021 9 Rulings

High Court HC: Condonation of delay in appeal-filing by CIT(A) makes Assessee eligible under VsV Act

Jul 02, 2021

In Favour of : Assessee
Citation Number : TS-491-HC-2021(BOM)

Income tax Appellate Tribunal ITAT: Rules on profit attribution, software payments; Follows Assessee's own case, Engineering Analysis

Jul 02, 2021

In Favour of : Assessee
Citation Number : TS-502-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Sale of software/ license not ‘royalty’; Business profits sans PE, not taxable

Jul 02, 2021

In Favour of : Assessee
Citation Number : TS-485-ITAT-2021(PUN)

Income tax Appellate Tribunal ITAT: Business loss/depreciation to be set-off entirely for computing book profit u/s 115JB(2)

Jul 02, 2021

In Favour of : Revenue
Citation Number : TS-501-ITAT-2021(CHNY)

Income tax Appellate Tribunal ITAT: Remits appeal on allowability of interest expense against income u/s 57, allowed without scrutiny in earlier years

Jul 02, 2021

In Favour of : Assessee
Citation Number : TS-494-ITAT-2021(CHANDI)

Income tax Appellate Tribunal ITAT: Restores issue of disallowance of GST on rental income to CIT(A) for examination u/s 23

Jul 02, 2021

In Favour of : Assessee
Citation Number : TS-486-ITAT-2021(CHANDI)

Income tax Appellate Tribunal ITAT: Deletes additions u/s 69B made solely on basis of DVO’s report

Jul 02, 2021

In Favour of : Assessee
Citation Number : TS-492-ITAT-2021(Ahd)

Income tax Appellate Tribunal ITAT: ‘Right to toll’ eligible for depreciation @ 25%, Interest payment under funded loan agreement not disallowable u/s 43B

Jul 02, 2021

In Favour of : Assessee
Citation Number : TS-496-ITAT-2021(HYD)

Income tax Appellate Tribunal ITAT: Allows Assessee’s appeal against Revenue’s summary rejection of 154 application

Jul 02, 2021

In Favour of : Assessee
Citation Number : TS-495-ITAT-2021(Ahd)

Weekly Digest #25 19 Jun to 25 Jun 2021 10 Rulings

Income tax Appellate Tribunal ITAT: Formal deed not required for registration u/s 12AA, objects of trust to be considered

Jun 25, 2021

In Favour of : Assessee
Citation Number : TS-469-ITAT-2021(Ahd)

Income tax Appellate Tribunal ITAT: ‘Ownership’ of warehouses irrelevant for deduction u/s 80-IB(11A), nature of business determinative

Jun 25, 2021

In Favour of : Assessee
Citation Number : TS-481-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Assessee entitled to LTC exemption exclusive of foreign travel expenses u/s 10(5)

Jun 25, 2021

In Favour of : Assessee
Citation Number : TS-482-ITAT-2021(Ahd)

Income tax Appellate Tribunal ITAT: Allows Assessee to opt for VSV Scheme; Follows Madras HC ruling in Nannusamy Mohan

Jun 25, 2021

In Favour of : Assessee
Citation Number : TS-478-ITAT-2021(CHNY)

Income tax Appellate Tribunal ITAT: TDS obligation u/s 194A stands discharged on furnishing of Form 15G, disallowance u/s 40(a)(ia) invalid

Jun 25, 2021

In Favour of : Assessee
Citation Number : TS-476-ITAT-2021(Ahd)

Income tax Appellate Tribunal ITAT: Quashes revisionary proceedings u/s 263 in absence of findings of Pr.CIT

Jun 25, 2021

In Favour of : Assessee
Citation Number : TS-472-ITAT-2021(Ahd)

Income tax Appellate Tribunal ITAT: Denies exemption u/s 54 for non-utilisation of sum deposited in special account

Jun 25, 2021

In Favour of : Revenue
Citation Number : TS-468-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Unsold flats held as stock-in-trade taxable under 'Income from House Property'

Jun 25, 2021

In Favour of : Revenue
Citation Number : TS-470-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: CIT(A) not empowered to dismiss Assessee’s appeal for non-prosecution

Jun 25, 2021

In Favour of : Assessee
Citation Number : TS-464-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Deletes addition u/s 68 on unsecured borrowing, Assessee proves identity, creditworthiness & genuineness of lenders

Jun 25, 2021

In Favour of : Assessee
Citation Number : TS-477-ITAT-2021(Mum)

Weekly Digest #24 12 Jun to 18 Jun 2021 10 Rulings

Income tax Appellate Tribunal ITAT: No concrete evidences, no additions u/s 145(3); Condones 275 days delay due to Director’s ill-health

Jun 18, 2021

In Favour of : Assessee
Citation Number : TS-445-ITAT-2021(DDN)

Income tax Appellate Tribunal ITAT: Accumulated savings acceptable reason u/s 69A for cash deposit upto Rs.2.5 Lacs by housewife on demonetization

Jun 18, 2021

In Favour of : Assessee
Citation Number : TS-460-ITAT-2021(AGR)

Income tax Appellate Tribunal ITAT: No TDS liability u/s 195 on incomes not taxable in India; Deletes disallowances u/s 40(a)(i)

Jun 18, 2021

In Favour of : Assessee
Citation Number : TS-459-ITAT-2021(CHNY)

Income tax Appellate Tribunal ITAT: MAT credit u/s 115JAA(2A) inclusive of surcharge and cess

Jun 18, 2021

In Favour of : Assessee
Citation Number : TS-448-ITAT-2021(Ahd)

Income tax Appellate Tribunal ITAT: Expenditure on parking space part of project-cost allowable u/s 37

Jun 18, 2021

In Favour of : Assessee
Citation Number : TS-449-ITAT-2021(DEL)

Income tax Appellate Tribunal ITAT: Reference to DVO good where Assessee's valuation is less than FMV; Sec. 55A(a) amendment prospective

Jun 18, 2021

In Favour of : Assessee
Citation Number : TS-452-ITAT-2021(SUR)

Income tax Appellate Tribunal ITAT: Revision on taxability of on-money not tenable, assessment order passed judiciously

Jun 18, 2021

In Favour of : Assessee
Citation Number : TS-451-ITAT-2021(SUR)

Income tax Appellate Tribunal ITAT: Sec. 115BBE not applicable on voluntary surrender of income to cover discrepancy

Jun 18, 2021

In Favour of : Assessee
Citation Number : TS-456-ITAT-2021(CHANDI)

Income tax Appellate Tribunal ITAT: Bonafide delay in filing ITR by Educational Trust condonable, not liable to penalty

Jun 18, 2021

In Favour of : Assessee
Citation Number : TS-453-ITAT-2021(JPR)

Income tax Appellate Tribunal ITAT: No withholding u/s 195 on cost reimbursed to NRs; Follows AP Moller

Jun 18, 2021

In Favour of : Assessee
Citation Number : TS-457-ITAT-2021(Mum)

Weekly Digest #23 05 Jun to 11 Jun 2021 8 Rulings

Income tax Appellate Tribunal ITAT: Quashes Taj Group's assessment, procedure for transfer of cases not followed

Jun 11, 2021

In Favour of : Assessee
Citation Number : TS-439-ITAT-2021(Mum)

High Court HC: Allows adjustment of outstanding demand against refunds for Genpact India

Jun 11, 2021

In Favour of : Assessee
Citation Number : TS-437-HC-2021(DEL)

High Court HC: ITAT's remand order invalid where lower authorities pass well-reasoned order

Jun 03, 2021

In Favour of : Assessee
Citation Number : TS-417-HC-2021(MAD)

Income tax Appellate Tribunal ITAT: Grants registration to District Bar Association u/s 12AA, activities covered u/s 2(15)

Jun 11, 2021

In Favour of : Assessee
Citation Number : TS-431-ITAT-2021(CHANDI)

Income tax Appellate Tribunal ITAT: Sets aside CIT(A)’s order arbitrarily restricting interest rate at 12%; Allows expenditure u/s 36(1)(iii)

Jun 11, 2021

In Favour of : Assessee
Citation Number : TS-420-ITAT-2021(Mum)

Income tax Appellate Tribunal ITAT: 54EC exemption limit available AY-wise not transaction-wise, 2014 amendment prospective

Jun 11, 2021

In Favour of : Assessee
Citation Number : TS-429-ITAT-2021(PUN)

Income tax Appellate Tribunal ITAT: Upholds property cohabited by Assessee as “let out”, allows deductions u/s 24

Jun 11, 2021

In Favour of : Assessee
Citation Number : TS-428-ITAT-2021(HYD)

Income tax Appellate Tribunal ITAT: Directions of PCIT u/s 263 beyond scope of scrutiny invalid

Jun 11, 2021

In Favour of : Assessee
Citation Number : TS-435-ITAT-2021(DEL)