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Rulings ( 15452 results )

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Income tax Appellate Tribunal

ITAT: Allows increase in book profit based on Form 26AS, Assessee cannot gain from omission in P&L A/c

  • In Favour of Revenue
  • Citation Number : TS-135-ITAT-2022(Mum)
  • Tax Payer : Everest Kanto Cylinder Ltd
Foreign Court

FC: Trinidad and Tobago's Court of Appeal denies nil withholding on dividend ultimately received by Canadian parent via ‘conduits’

  • In Favour of Revenue
  • Citation Number : TS-1202-FC-2021(T&T)
  • Tax Payer : Methanex Titan (Trinidad) Unlimited
High Court

HC: Allows Tata AIG’s writ against faceless assessment order, directs de novo consideration with elaborate directions

  • In Favour of Assessee
  • Citation Number : TS-129-HC-2022(BOM)
  • Tax Payer : Tata AIG General Insurance Company Ltd
High Court

HC: Upholds search on ‘non-filer’ Assessee, finds 'reasons to suspect' in satisfaction note at par with 'reasons to believe'

  • In Favour of Revenue
  • Citation Number : TS-127-HC-2022(KAR)
  • Tax Payer : Durgappa Lakkanna
Income tax Appellate Tribunal

ITAT: Disallows sales return provision under Sec.37(1), since not ‘past event’ with 'present obligation' as per AS-29

  • In Favour of Revenue
  • Citation Number : TS-126-ITAT-2022(Bang)
  • Tax Payer : Herbalife International India Private Ltd
High Court

HC: Quashes second Sec.148 notice in HDFC Bank's case over bad debts provision linked to classification of rural branches

  • In Favour of Assessee
  • Citation Number : TS-125-HC-2022(BOM)
  • Tax Payer : HDFC Bank Ltd.
High Court

HC: HC: Charter hire payments by L&T for 'tugs & barges' not taxable as royalty, covered by Sec.44BB

  • In Favour of Assessee
  • Citation Number : TS-124-HC-2022(BOM)
  • Tax Payer : Larsen & Toubro Ltd.
Income tax Appellate Tribunal

ITAT: Recommends larger bench, considering 'larger picture, ground realities & financial manoeuvrings', on unexplained credits

  • In Favour of None/NA
  • Citation Number : TS-123-ITAT-2022(Mum)
  • Tax Payer : Lotus Logistics & Developers Ltd
High Court

HC: Mere omission to file correct return & maintain proper books lacks mens rea; Quashes prosecution

  • In Favour of Assessee
  • Citation Number : TS-121-HC-2022(MAD)
  • Tax Payer : K.E.Gnanavel Raja
Income tax Appellate Tribunal

ITAT: Denies Sec.54 be​nefit for adjacent flat​ in merged residential property, absent municipal authorities' approval

  • In Favour of Revenue
  • Citation Number : TS-1201-ITAT-2021(Mum)
  • Tax Payer : Dipti Nalin Parikh
Income tax Appellate Tribunal

ITAT: Disallows duties, penalty u/s 43B paid on import of generator leased from promotor, since not otherwise allowable

  • In Favour of Revenue
  • Citation Number : TS-119-ITAT-2022(Bang)
  • Tax Payer : I.G.Petrochemicals Limited
Income tax Appellate Tribunal

ITAT: No addition of share premium u/s 68 as investment confirmed by Mauritian Revenue Authority & compliant with RBI Guidelines

  • In Favour of Assessee
  • Citation Number : TS-120-ITAT-2022(DEL)
  • Tax Payer : Azure Retreat P] Ltd
Income tax Appellate Tribunal

ITAT: Deletes Sec.69C addition absent Revenue’s rebuttal of Assessee’s explanation on source

  • In Favour of Assessee
  • Citation Number : TS-101-ITAT-2022(DEL)
  • Tax Payer : Naresh Sharma
High Court

HC: Holds Assessee as ‘developer’ u/s 80-IB(10) due to entitlement to profit-share in approved project

  • In Favour of Assessee
  • Citation Number : TS-113-HC-2022(BOM)
  • Tax Payer : Abode Builders
Income tax Appellate Tribunal

ITAT: Pre-shipment inspection & examination of products not taxable as technical & managerial services

  • In Favour of Assessee
  • Citation Number : TS-118-ITAT-2022(DEL)
  • Tax Payer : Maharashtra Seamless Ltd
High Court

HC: Directs disposal of Nokia's rectification application within 6 weeks over refund claim of Rs.58.20 Cr.

  • In Favour of Assessee
  • Citation Number : TS-110-HC-2022(DEL)
  • Tax Payer : Nokia India Private Limited
Income tax Appellate Tribunal

ITAT: Denies Sec.11 exemption absent real connection between construction activity & trust's objectives

  • In Favour of Revenue
  • Citation Number : TS-107-ITAT-2022(Bang)
  • Tax Payer : Zilla Nirmiti Kendra
Income tax Appellate Tribunal

ITAT: Delay in ITR-filing, no hindrance for capital gains exemption on investment in NHAI Bonds

  • In Favour of Assessee
  • Citation Number : TS-114-ITAT-2022(SUR)
  • Tax Payer : Sabbirbhai Dawoodbhai Shaikh
Income tax Appellate Tribunal

ITAT: Upholds taxability of capital gains in year of irrevocable transfer of possession under development agreement

  • In Favour of Revenue
  • Citation Number : TS-115-ITAT-2022(HYD)
  • Tax Payer : Nancy Divakar Hospital & Research Centre Private Limited
Income tax Appellate Tribunal

ITAT: Holds consideration from sale of TDRs, a non-taxable capital receipt

  • In Favour of Assessee
  • Citation Number : TS-102-ITAT-2022(Mum)
  • Tax Payer : Kirit Raojibhai Patel