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Rulings ( 13225 results )

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High Court

HC: Payment towards leave encashment fund deductible on satisfaction of conditions u/s 43B

Jan 02, 2025
  • In Favour of Revenue
  • Citation Number : TS-955-HC-2024(HP)
  • Tax Payer : H.P. State Civil Supplies Corporation Ltd
Income tax Appellate Tribunal

ITAT: Shares allotted basis HC-approved amalgamation scheme not ‘transfer’ u/s 47(vii), renders Sec. 56(2) inapplicable

Jan 02, 2025
  • In Favour of Assessee
  • Citation Number : TS-954-ITAT-2024(Rjt)
  • Tax Payer : Rajoo Engineers Ltd
Income tax Appellate Tribunal

ITAT: Compensation received for Compulsory Retirement Services taxable as Salary u/s 17(3)(i)

Dec 31, 2024
  • In Favour of Revenue
  • Citation Number : TS-952-ITAT-2024(Bang)
  • Tax Payer : Shivabasappa Kariyappanavar
Income tax Appellate Tribunal

ITAT: Receipts from cloud-native machine data analytics solution, not FTS; Refers Coursera Inc. ruling

Dec 30, 2024
  • In Favour of Assessee
  • Citation Number : TS-951-ITAT-2024(DEL)
  • Tax Payer : Sumo Logic, Inc.
High Court

HC: Pr.CCIT not required to provide opportunity of hearing to taxpayer on High Pitched Assessments

Dec 30, 2024
  • In Favour of Assessee
  • Citation Number : TS-950-HC-2024(MAD)
  • Tax Payer : Bee Cee Fireworks Industries
High Court

HC: Condones 55 days’ delay holding wrong advice by Assessee’s counsel sufficient cause

Dec 30, 2024
  • In Favour of Assessee
  • Citation Number : TS-949-HC-2024(CHAT)
  • Tax Payer : Navodit Samaj Sevi Sanstha, Charama
Income tax Appellate Tribunal

ITAT: Quashes revision against Sec. 57 deduction; Expln 2 to Sec. 263 does not confer unchecked power for revision

Dec 28, 2024
  • In Favour of Assessee
  • Citation Number : TS-948-ITAT-2024(JODH)
  • Tax Payer : Rakesh Kumar Doshi
Income tax Appellate Tribunal

ITAT: Allows Sec. 80P deduction on interest income of cooperative society; Distinguishes Totgars Judgments

Dec 28, 2024
  • In Favour of Assessee
  • Citation Number : TS-944-ITAT-2024(COCH)
  • Tax Payer : Palakkad Service Cooperative Bank Ltd
Income tax Appellate Tribunal

ITAT: Quashes reassessment, sans disposal of Assessee’s objection on reassessment; Violative of GKN Driveshaft judgment

Dec 28, 2024
  • In Favour of Assessee
  • Citation Number : TS-945-ITAT-2024(Mum)
  • Tax Payer : UTI Asset Management Company Limited
Income tax Appellate Tribunal

ITAT: Loss on forex loan repayment for business expansion allowable u/s 37(1); Rejects Sec. 43A plea

Dec 28, 2024
  • In Favour of Assessee
  • Citation Number : TS-947-ITAT-2024(CHNY)
  • Tax Payer : Sundram Fasteners Ltd
Income tax Appellate Tribunal

ITAT: Allows transfer expenses for computation of capital gains on slump sale u/s 48 r.w.s 50B

Dec 27, 2024
  • In Favour of Assessee
  • Citation Number : TS-946-ITAT-2024(Mum)
  • Tax Payer : Larsen and Toubro Ltd
Income tax Appellate Tribunal

ITAT: Upholds claim of Sec. 36(1)(vii) deduction, reserve bears no connection to Sec. 36(1)(viia)

Dec 26, 2024
  • In Favour of Assessee
  • Citation Number : TS-943-ITAT-2024(Rjt)
  • Tax Payer : Jivan Commercial Co-operative Bank Ltd
High Court

HC: Assessee entitled to Sec. 10(38) exemption, although LTCG not considered u/s 115JB

Dec 26, 2024
  • In Favour of Assessee
  • Citation Number : TS-942-HC-2024(DEL)
  • Tax Payer : Hespera Reality Pvt. Ltd
Income tax Appellate Tribunal

ITAT: Quashes reassessment order passed u/s 147 r.w.s 144 &144B, invalid sanction u/s 151

Dec 26, 2024
  • In Favour of Assessee
  • Citation Number : TS-941-ITAT-2024(RAI)
  • Tax Payer : Keshri Rice Industries
Income tax Appellate Tribunal

ITAT: Deletes disallowance u/s 40(a)(ia), e-commerce & Assessee relationship on principal-to-principal basis

Dec 24, 2024
  • In Favour of Assessee
  • Citation Number : TS-940-ITAT-2024(JPR)
  • Tax Payer : Nikhil Sharma
Income tax Appellate Tribunal

ITAT: Washout charges is business income, not speculative income, not exigible to tax sans existence of PE

Dec 24, 2024
  • In Favour of Assessee
  • Citation Number : TS-939-ITAT-2024(DEL)
  • Tax Payer : Cargill International Trading Pte Ltd
High Court

HC: Allows broken period interest; Deprecates Revenue, directs AOs to follow judicial discipline

Dec 24, 2024
  • In Favour of Assessee
  • Citation Number : TS-938-HC-2024(BOM)
  • Tax Payer : Bank of India
High Court

HC: Quashes assessment; Limitation u/s 147 expired as per first proviso below Explanation 1 u/s 153

Dec 24, 2024
  • In Favour of Assessee
  • Citation Number : TS-937-HC-2024(BOM)
  • Tax Payer : Wavy Construction LLP
High Court

HC: Sets aside Form No.3 under DTVSV Act 2020, no authority to reopen concluded settlement

Dec 23, 2024
  • In Favour of Assessee
  • Citation Number : TS-936-HC-2024(DEL)
  • Tax Payer : S A N Garments Manufacturing Private Limited
High Court

HC: Commissioner required to condone application for delay in filing Form 9A u/s 119(2)(b)

Dec 23, 2024
  • In Favour of Assessee
  • Citation Number : TS-935-HC-2024(BOM)
  • Tax Payer : Nav Chetna Charitable Trust