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Rulings ( 15452 results )

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Foreign Court

FC: Italian SC holds, realtor's gains from immovable property transactions taxable as business income, not capital gains

  • In Favour of Revenue
  • Citation Number : TS-852-FC-2021(ITL)
  • Tax Payer : SICOT Limited
Income tax Appellate Tribunal

ITAT: No commercial expediency in interest-free loan to subsidiary in different line of business

  • In Favour of Revenue
  • Citation Number : TS-851-ITAT-2021(Bang)
  • Tax Payer : Davanam Constructions Private Limited
Income tax Appellate Tribunal

ITAT: Procedural lapse not prejudicial to Revenue, deletes penalty on delayed furnishing of quarterly TDS statements

  • In Favour of Assessee
  • Citation Number : TS-850-ITAT-2021(HYD)
  • Tax Payer : Telangana State Medical Services Infrastructure Development Corporation
Supreme Court

SC: Simple, convenient tax system necessary for compliance maximization; Upholds Assessee's right to apportion funds, rejects estimated disallowance u/s 14A

  • In Favour of Assessee
  • Citation Number : TS-849-SC-2021
  • Tax Payer : South Indian Bank Ltd
Income tax Appellate Tribunal

ITAT: Donor's paltry income no reason to hold gift as bogus

  • In Favour of Assessee
  • Citation Number : TS-848-ITAT-2021(Mum)
  • Tax Payer : Kushal Virendra Tandon
Income tax Appellate Tribunal

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

  • In Favour of Assessee
  • Citation Number : TS-845-ITAT-2021(Mum)
  • Tax Payer : Pushpa Lachmandas Samtani
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

  • In Favour of Assessee
  • Citation Number : TS-838-ITAT-2021(Mum)
  • Tax Payer : Chinmay Agricultural Housing
Income tax Appellate Tribunal

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

  • In Favour of Assessee
  • Citation Number : TS-844-ITAT-2021(Mum)
  • Tax Payer : Preity Zinta
Income tax Appellate Tribunal

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

  • In Favour of Assessee
  • Citation Number : TS-833-ITAT-2021(Bang)
  • Tax Payer : Myntra Designs Pvt. Ltd
High Court

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

  • In Favour of Assessee
  • Citation Number : TS-836-HC-2021(BOM)
  • Tax Payer : Uday Desai HUF
Income tax Appellate Tribunal

ITAT: Absolves InterGlobe from interest on short-withholding for bonafide belief of lower-deduction certificates

  • In Favour of Assessee
  • Citation Number : TS-835-ITAT-2021(DEL)
  • Tax Payer : Integlobe Aviation Ltd
Income tax Appellate Tribunal

ITAT: Finds no effective change in voting rights, allows set off u/s 79; Distinguishes Del HC's Yum Restaurants

  • In Favour of Assessee
  • Citation Number : TS-843-ITAT-2021(Mum)
  • Tax Payer : Tril Roads Private Limited
Income tax Appellate Tribunal

ITAT: Vacant separable land adjacent to bungalow not “land appurtenant thereto” u/s 22; Rent taxable as business income

  • In Favour of Revenue
  • Citation Number : TS-839-ITAT-2021(Mum)
  • Tax Payer : Trimurti Films Pvt. Ltd
High Court

HC: Overturns Single Judge's order holding maintenance of books as prerequisite for full, true disclosure before ITSC

  • In Favour of Assessee
  • Citation Number : TS-841-HC-2021(MAD)
  • Tax Payer : Akash Fertility Centre & Hospital
High Court

HC: Rejects assessee's attempt to challenge a part of Settlement Commission's order; Dismisses writ petition

  • In Favour of Revenue
  • Citation Number : TS-842-HC-2021(MAD)
  • Tax Payer : Orchid Pharma Limited
High Court

HC: Dismisses writ against provisional attachment, SCN under Benami Act over transactions entered prior to 2016 amendments

  • In Favour of Revenue
  • Citation Number : TS-832-HC-2021(MAD)
  • Tax Payer : K. Nagarajan, I.A.S
Income tax Appellate Tribunal

ITAT: Disallows performance reward u/s 43B; Holds incentive under Focus Market Scheme taxable as revenue receipt

  • In Favour of Revenue
  • Citation Number : TS-828-ITAT-2021(CHNY)
  • Tax Payer : Hyundai Motor India Limited
Income tax Appellate Tribunal

ITAT: Holds Black Money proceedings against Yashovardhan Birla jurisdictionally defective

  • In Favour of Assessee
  • Citation Number : TS-837-ITAT-2021(Mum)
  • Tax Payer : Yashovardhan Birla
Income tax Appellate Tribunal

ITAT: Receipt from NR treated as gift for FEMA non-compliance on share-issue, not taxable income

  • In Favour of Assessee
  • Citation Number : TS-834-ITAT-2021(Mum)
  • Tax Payer : Crescent Payments Pvt. Ltd
Income tax Appellate Tribunal

ITAT: Extended period of investment u/s 54H applicable to enhanced compensation

  • In Favour of Assessee
  • Citation Number : TS-831-ITAT-2021(DEL)
  • Tax Payer : Sanjay Khanna (HUF)