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Rulings ( 15461 results )

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Income tax Appellate Tribunal

ITAT:Interest paid for non-maintenance of SLR/CRR by assessee-bank, compensatory and not penal in nature; Allows deduction

  • In Favour of Assessee
  • Citation Number : TS-456-ITAT-2020(PUN)
  • Tax Payer : The Beed District Central Co-operative Bank Ltd
Income tax Appellate Tribunal

ITAT:Deletes Rs.152 Cr undisclosed income addition merely based on media reports on Flipkart founders' 'UrbanTouch' exit

  • In Favour of Assessee
  • Citation Number : TS-455-ITAT-2020(Bang)
  • Tax Payer : Reindeer Software Solutions Pvt. Ltd
High Court

HC:Interest-free advance to holding-co under JDA lacked commercial expediency; Upholds Sec. 36(1)(iii) disallowance

  • In Favour of Revenue
  • Citation Number : TS-454-HC-2020(MAD)
  • Tax Payer : Hansa Estates P. Ltd
High Court

HC:Advance received upon entering into development agreement, but returned subsequently - not IFOS

  • In Favour of Assessee
  • Citation Number : TS-453-HC-2020(MAD)
  • Tax Payer : City Lubricants Pvt. Ltd
High Court

HC:Investment in flat-purchase prior to asset sale qualifies for LTCG exemption u/s. 54

  • In Favour of Assessee
  • Citation Number : TS-452-HC-2020(MAD)
  • Tax Payer : Moturi Lakshmi
Income tax Appellate Tribunal

ITAT:Mere use of 'rupee' in Sec.40A(3) doesn't debar its applicability to cash-spent in foreign currency

  • In Favour of Revenue
  • Citation Number : TS-451-ITAT-2020(Mum)
  • Tax Payer : Ramlord Apparels
High Court

HC:Management fee received by 100 EOU from its UK based AE, eligible for Sec.10B deduction

  • In Favour of Assessee
  • Citation Number : TS-450-HC-2020(MAD)
  • Tax Payer : Oliver Valves India Pvt. Ltd
Supreme Court

SC:No wealth tax liability on 'social club' with determinate member-share, not engaged in 'business'

  • In Favour of Assessee
  • Citation Number : TS-449-SC-2020
  • Tax Payer : Bangalore Club
High Court

HC:Grants indexation benefit on capital gains while arriving at MAT profits u/s. 115JB

  • In Favour of Assessee
  • Citation Number : TS-448-HC-2020(KAR)
  • Tax Payer : Best Trading And Agencies Ltd
Foreign Court

FC: NZ Court of Appeal: Assessee's funding arrangement, a mere 'dress-up' for equity subscription as 'loan'; Denies interest deduction

  • In Favour of Revenue
  • Citation Number : TS-726-FC-2020(NZLD)
  • Tax Payer : FRUCOR SUNTORY NEW ZEALAND LIMITED
Income tax Appellate Tribunal

ITAT:Renovation expenses on 'new house' amounts to construction, allows sec. 54F benefit

  • In Favour of Assessee
  • Citation Number : TS-447-ITAT-2020(HYD)
  • Tax Payer : Juveria Begum
Income tax Appellate Tribunal

ITAT: Sec. 54B deduction entitlement to HUF pre-2012, debatable issue, rectification u/s. 154 impermissible

  • In Favour of Assessee
  • Citation Number : TS-446-ITAT-2020(CHANDI)
  • Tax Payer : Shri Sandeep Bhargava (''HUF')
Income tax Appellate Tribunal

ITAT:Allows Sec.37 deduction to Honda for expenses debited under head 'CSR expenditure'; Considers nexus with business

  • In Favour of Assessee
  • Citation Number : TS-445-ITAT-2020(DEL)
  • Tax Payer : Honda Motorcycle and Scooter India Pvt.Ltd
Income tax Appellate Tribunal

ITAT:Exhibitions held by Real Estate Developers Association, qualify for charity exemption u/s. 11

  • In Favour of Assessee
  • Citation Number : TS-444-ITAT-2020(PUN)
  • Tax Payer : Credai- Pune Metro
Income tax Appellate Tribunal

ITAT:Rejects application of Sec. 56(2)(vii)(b)(ii) to property purchased before its insertion, but registered thereafter

  • In Favour of Assessee
  • Citation Number : TS-443-ITAT-2020(VIZ)
  • Tax Payer : Sri Anala Anjibabu
Income tax Appellate Tribunal

ITAT:Remits Sec.12AA registration matter considering assessee's acceptance to compensate for failure to intimate valid email-ID

  • In Favour of Both, Partially
  • Citation Number : TS-442-ITAT-2020(Ahd)
  • Tax Payer : Yug Prabhavak Trust
Income tax Appellate Tribunal

ITAT:Deletes interest u/s. 234C on advance tax shortfall arising on share-sale concluded after last instalment due-date

  • In Favour of Assessee
  • Citation Number : TS-441-ITAT-2020(DEL)
  • Tax Payer : IFCI LIMITED
Income tax Appellate Tribunal

ITAT:Interest embargo u/s. 244A(1)(a) proviso inapplicable to 'self-assessment tax' refund pre-2016 amendment

  • In Favour of Assessee
  • Citation Number : TS-440-ITAT-2020(DEL)
  • Tax Payer : Maruti Suzuki India Ltd
Income tax Appellate Tribunal

ITAT: Assessee disclosed details of depreciation claim on 'house property', concealment penalty u/s.271(1)(c) not sustainable

  • In Favour of Assessee
  • Citation Number : TS-439-ITAT-2020(Mum)
  • Tax Payer : Emco Dyestuff Pvt.Ltd
Income tax Appellate Tribunal

ITAT:Swedish Co. entitled for TDS credit of tax deducted on 'non-taxable' offshore supplies

  • In Favour of Assessee
  • Citation Number : TS-438-ITAT-2020(Bang)
  • Tax Payer : ABB AB C/o ABB India Limited