Weekly Digest
High Court
HC: Curtains are down for claims pertaining to pre-resolution plan approval period, once approved
Apr 20, 2024
- In Favour of : Assessee
- Citation Number : TS-268-HC-2024(DEL)
High Court
HC: Purchases’ disallowance unjustified sans proof of bogus purchases & rejection of sales
Apr 20, 2024
- In Favour of : Assessee
- Citation Number : TS-269-HC-2024(BOM)
High Court
HC: ITSC’s jurisdiction ousted sans fulfilment of full and true disclosure test
Apr 20, 2024
- In Favour of : Revenue
- Citation Number : TS-255-HC-2024(DEL)
Income tax Appellate Tribunal
ITAT: Section 80G renewal application filed by existing trust within Sept 30, 2023 is within time
Apr 20, 2024
- In Favour of : Assessee
- Citation Number : TS-267-ITAT-2024(CHNY)
Income tax Appellate Tribunal
ITAT: Penalty order for ‘misreporting’ of income unjustified when notice is for ‘under-reporting’
Apr 20, 2024
- In Favour of : Assessee
- Citation Number : TS-260-ITAT-2024(HYD)
High Court
HC: Quashes reassessment proceedings initiated basis ‘set aside revisionary order’ of subsequent AY
Apr 13, 2024
- In Favour of : Assessee
- Citation Number : TS-239-HC-2024(BOM)
High Court
HC: Valuation cannot be rejected basis inconsistency between projected & actual figures
Apr 13, 2024
- In Favour of : Assessee
- Citation Number : TS-247-HC-2024(DEL)
High Court
HC: Upholds NASSCOM’s exemption based on principle of mutuality
Apr 13, 2024
- In Favour of : Assessee
- Citation Number : TS-248-HC-2024(DEL)
High Court
HC: Full & true disclosure test met; Judicial review of ITSC order impermissible
Apr 13, 2024
- In Favour of : Assessee
- Citation Number : TS-249-HC-2024(DEL)
High Court
HC: Failure to request for personal hearing through prescribed mode not fatal
Apr 13, 2024
- In Favour of : Assessee
- Citation Number : TS-251-HC-2024(MAD)
High Court
HC: Final order passed under Faceless Assessment sans issuance of draft order, unsustainable
Apr 13, 2024
- In Favour of : Assessee
- Citation Number : TS-250-HC-2024(MAD)
Income tax Appellate Tribunal
ITAT: Investment company’s share value dependent upon underlying operating company’s value; NAV method appropriate
Apr 13, 2024
- In Favour of : Assessee
- Citation Number : TS-242-ITAT-2024(Mum)
High Court
HC: Reassessment in wife's name invalid where alleged investment made by husband
Apr 06, 2024
- In Favour of : Assessee
- Citation Number : TS-227-HC-2024(BOM)
High Court
HC: Events occurring after balance sheet date relevant to ascertain accrual in current year
Apr 06, 2024
- In Favour of : Assessee
- Citation Number : TS-236-HC-2024(DEL)
Income tax Appellate Tribunal
ITAT: Pre-demonetisation sales cannot be deemed inflated sans discrepancy in records
Apr 06, 2024
- In Favour of : Assessee
- Citation Number : TS-150-ITAT-2024(DEL)
Income tax Appellate Tribunal
ITAT: No income accrual in India from offshore property transfer; Follows Ishikawajma Harima judgment
Apr 06, 2024
- In Favour of : Assessee
- Citation Number : TS-238-ITAT-2024(Mum)
Income tax Appellate Tribunal
ITAT: Income from running marriage halls incidental to main object, Sec.11 exemption allowable
Apr 06, 2024
- In Favour of : Assessee
- Citation Number : TS-233-ITAT-2024(CHNY)
High Court
HC: 'Change of opinion' inbuilt check against reassessment; Live link between material & belief sine qua non
Mar 30, 2024
- In Favour of : Assessee
- Citation Number : TS-221-HC-2024(BOM)
High Court
HC: Rejects reassessment as investor not involved in sham transaction alleged against JM Financial
Mar 30, 2024
- In Favour of : Assessee
- Citation Number : TS-225-HC-2024(BOM)
High Court
HC: Automatic release of seized asset not mandatory on expiry of 120 days
Mar 30, 2024
- In Favour of : Revenue
- Citation Number : TS-214-HC-2024(ALL)
Income tax Appellate Tribunal
ITAT: Services by partner's relative not doubted; Salary allowable as neither excessive nor unreasonable
Mar 30, 2024
- In Favour of : Assessee
- Citation Number : TS-224-ITAT-2024(Ahd)
Income tax Appellate Tribunal
ITAT: Disallowance of Chapter VI-A deductions in ITR-processing effective from 2021, not retrospective
Mar 30, 2024
- In Favour of : Assessee
- Citation Number : TS-222-ITAT-2024(NAG)
High Court
HC: Ex gratia bonus in excess of ‘statutory bonus’ allowable as business expenditure
Mar 23, 2024
- In Favour of : Assessee
- Citation Number : TS-192-HC-2024(BOM)
High Court
HC: Quashes assessment order passed on non-existing company; Follows Maruti over Mahagun judgment
Mar 23, 2024
- In Favour of : Assessee
- Citation Number : TS-200-HC-2024(MAD)
High Court
HC: Taxing surrendered income sans incriminating material 'debatable', outside scope of Sec.154
Mar 23, 2024
- In Favour of : Assessee
- Citation Number : TS-204-HC-2024(GUJ)
High Court
HC: Upholds revision over lack of inquiry on loan transactions despite DDIT (Inv.) report
Mar 23, 2024
- In Favour of : Revenue
- Citation Number : TS-209-HC-2024(DEL)
Income tax Appellate Tribunal
ITAT: Sans accrual, rejects taxability of notional interest; Follows ‘real income’ theory
Mar 23, 2024
- In Favour of : Assessee
- Citation Number : TS-193-ITAT-2024(Mum)
High Court
HC: Quashes reassessment on non-existent firm, Revenue was informed of conversion to company
Mar 16, 2024
- In Favour of : Assessee
- Citation Number : TS-160-HC-2024(MAD)
High Court
HC: Quashes reassessment notice issued basis accepted IDS declaration, finds change of opinion
Mar 16, 2024
- In Favour of : Assessee
- Citation Number : TS-188-HC-2024(BOM)
High Court
HC: Confirms attachment of property for tax recovery; Explains third party's right
Mar 16, 2024
- In Favour of : Revenue
- Citation Number : TS-183-HC-2024(MAD)
High Court
HC: Disallows refund adjustment sans Sec. 245 intimation and non-adjudication of stay application
Mar 16, 2024
- In Favour of : Assessee
- Citation Number : TS-172-HC-2024(BOM)
Income tax Appellate Tribunal
ITAT: Beneficial owner of FCCD interest eligible for treaty benefit; Rejects 'back-to-back transactions' plea
Mar 16, 2024
- In Favour of : Assessee
- Citation Number : TS-157-ITAT-2024(CHNY)
High Court
HC: Income from leasing equipment for mineral oil exploration not royalty since covered by Sec.44BB
Mar 09, 2024
- In Favour of : Assessee
- Citation Number : TS-164-HC-2024(DEL)
High Court
HC: Mere "Yes" by PCIT while granting approval for reassessment proceedings, insufficient
Mar 09, 2024
- In Favour of : Assessee
- Citation Number : TS-169-HC-2024(DEL)
High Court
HC: Absent perversity, substantial question of law do not arise on ITAT's factual finding
Mar 09, 2024
- In Favour of : Assessee
- Citation Number : TS-170-HC-2024(MP)
Income tax Appellate Tribunal
ITAT: US hotelier's Marketing Contribution & Reservation Fees, not royalty; Distinguishes Marriott ruling
Mar 09, 2024
- In Favour of : Assessee
- Citation Number : TS-162-ITAT-2024(Mum)
Income tax Appellate Tribunal
ITAT: Absent cogent material, LTCG not bogus despite drastic spike in share price
Mar 09, 2024
- In Favour of : Assessee
- Citation Number : TS-829-ITAT-2023(DEL)
Income tax Appellate Tribunal
ITAT: Allows Assessee to approach CBDT where ITR-5 mistakenly filed instead of ITR-7
Mar 09, 2024
- In Favour of : Assessee
- Citation Number : TS-155-ITAT-2024(Ahd)
High Court
HC: Revision invalid where issues enquired in assessment & no error/prejudice pointed by CIT
Mar 02, 2024
- In Favour of : Assessee
- Citation Number : TS-149-HC-2024(DEL)
High Court
HC: Quashes Sec.148 notice issued beyond 3 years over improper sanction; Follows Siemens Financial
Mar 02, 2024
- In Favour of : Assessee
- Citation Number : TS-132-HC-2024(BOM)
High Court
HC: Conducting agricultural operations no prerequisite to qualify for agricultural land exemption
Mar 02, 2024
- In Favour of : Assessee
- Citation Number : TS-131-HC-2024(BOM)
Income tax Appellate Tribunal
ITAT: Rejects NAV method for valuing Optionally Convertible Preference Shares under Sec.56(2)(viib)
Feb 27, 2024
- In Favour of : Assessee
- Citation Number : TS-124-ITAT-2024(RAI)
Income tax Appellate Tribunal
ITAT: Directs DRP to examine DAPE of US Co., not considered in prior years
Mar 02, 2024
- In Favour of : Both, Partially
- Citation Number : TS-148-ITAT-2024(DEL)
High Court
HC: Share premium non-taxable 'capital receipt'; Alleged violation of Companies Act conditions irrelevant
Feb 24, 2024
- In Favour of : Assessee
- Citation Number : TS-111-HC-2024(BOM)
High Court
HC: Revision application filed within extended 'specified date' constitutes pendency; Allows VsV benefit
Feb 24, 2024
- In Favour of : Assessee
- Citation Number : TS-120-HC-2024(DEL)
Income tax Appellate Tribunal
ITAT: Upholds revision citing undue short-term capital loss benefit & collusion with group companies
Feb 24, 2024
- In Favour of : Revenue
- Citation Number : TS-119-ITAT-2024(CHNY)
Income tax Appellate Tribunal
ITAT: Charitable objects, not income application, require examination at Sec.12AA registration stage
Feb 24, 2024
- In Favour of : Assessee
- Citation Number : TS-114-ITAT-2024(DEL)
Income tax Appellate Tribunal
ITAT: Quashes revision as accounting treatment of lease equalisation charge AS-19 compliant
Feb 24, 2024
- In Favour of : Assessee
- Citation Number : TS-121-ITAT-2024(CHNY)
High Court
HC: Applies 'prudent person' test on reason to believe for income escaping assessment
Feb 17, 2024
- In Favour of : Assessee
- Citation Number : TS-86-HC-2024(BOM)
Income tax Appellate Tribunal
ITAT: Non-supply of assessment records to Assessee violates natural justice; Remands appeal
Feb 17, 2024
- In Favour of : Assessee
- Citation Number : TS-75-ITAT-2024(CHANDI)
Income tax Appellate Tribunal
ITAT: Offshore equipment supply to BPCL on FOB basis non-taxable, Rejects Sec.44BB plea
Feb 17, 2024
- In Favour of : Assessee
- Citation Number : TS-82-ITAT-2024(DEL)
Income tax Appellate Tribunal
ITAT: Stamp value on sale-agreement date relevant for Sec.56(2)(vii)(b) valuation, applies proviso
Feb 17, 2024
- In Favour of : Assessee
- Citation Number : TS-109-ITAT-2024(DEL)
Income tax Appellate Tribunal
ITAT: IBM's employee holding UK-TRC eligible for treaty benefits on salary earned in UK
Feb 17, 2024
- In Favour of : Assessee
- Citation Number : TS-93-ITAT-2024(Kol)
High Court
HC: Directs fresh consideration of ‘Swachh Bharat Cess’ allowability, claimed as paid
Feb 10, 2024
- In Favour of : Assessee
- Citation Number : TS-84-HC-2024(DEL)
High Court
HC: Allows VsV benefit as delay attributable to Revenue's computational error & website glitches
Feb 10, 2024
- In Favour of : Assessee
- Citation Number : TS-57-HC-2024(BOM)
Income tax Appellate Tribunal
ITAT: Rules on Sec.14A disallowance, expenditure on paintings for Hindustan Times
Feb 10, 2024
- In Favour of : Assessee
- Citation Number : TS-63-ITAT-2024(DEL)
Income tax Appellate Tribunal
ITAT: BVI entity not taxable as Indian business connection remunerated at ALP; Follows Set Satellite
Feb 10, 2024
- In Favour of : Assessee
- Citation Number : TS-83-ITAT-2024(Mum)
Income tax Appellate Tribunal
ITAT: NR deputed by Indian employer not taxable for allowances on services rendered abroad
Feb 10, 2024
- In Favour of : Assessee
- Citation Number : TS-78-ITAT-2024(DEL)
Income tax Appellate Tribunal
ITAT: Assessment sans Sec.143(2) notice served via post/affixture, invalid & incurable by Sec.292BB
Feb 10, 2024
- In Favour of : Assessee
- Citation Number : TS-68-ITAT-2024(Mum)
Income tax Appellate Tribunal
ITAT: Sec.80-IA deduction allowable on developing airport's arrival block; Assessee not ‘work contractor'
Feb 03, 2024
- In Favour of : Assessee
- Citation Number : TS-52-ITAT-2024(Ahd)
Income tax Appellate Tribunal
ITAT: Allows Sec.80-IC deduction to HUL's ancillary unit as activity tantamount to 'manufacture'
Feb 03, 2024
- In Favour of : Assessee
- Citation Number : TS-62-ITAT-2024(DEL)
Income tax Appellate Tribunal
ITAT: Assessee discharged Sec.68 onus, Revenue failed to examine; Remands for further inquiry
Feb 03, 2024
- In Favour of : Assessee
- Citation Number : TS-60-ITAT-2024(Bang)
Income tax Appellate Tribunal
ITAT: Affirms expenditure allowability as per mercantile system & rule of consistency
Feb 03, 2024
- In Favour of : Assessee
- Citation Number : TS-54-ITAT-2024(DEL)
High Court
HC: Furnishing Form 10B after ITR-filing but before assessment entitles Trust for Sec.11 exemption
Jan 27, 2024
- In Favour of : Assessee
- Citation Number : TS-47-HC-2024(GUJ)
High Court
HC: Mining Co.'s contribution to Bellary Action Task Force allowable for ‘commercial expediency'
Jan 27, 2024
- In Favour of : Assessee
- Citation Number : TS-825-HC-2023(KAR)
Income tax Appellate Tribunal
ITAT: Deletes addition of alleged inflated fuel-cost basis CESTAT & Electricity Commission order
Jan 27, 2024
- In Favour of : Assessee
- Citation Number : TS-46-ITAT-2024(Mum)
Income tax Appellate Tribunal
ITAT: Deletes Sec. 68 addition on gift from NRI through NRE account since onus discharged
Jan 27, 2024
- In Favour of : Assessee
- Citation Number : TS-35-ITAT-2024(SUR)
Income tax Appellate Tribunal
ITAT: Condones 2900 days appeal-filing delay over non-service of Sec.143(1) intimation
Jan 27, 2024
- In Favour of : Assessee
- Citation Number : TS-34-ITAT-2024(Ahd)
High Court
HC: NR eligible for refund-interest as CPC delayed in enabling SWIFT code & IBAN
Jan 20, 2024
- In Favour of : Assessee
- Citation Number : TS-29-HC-2024(MAD)
High Court
HC: Reiterates liberal approach on 'genuine hardship'; Permits Assessee to rectify name in ITR
Jan 20, 2024
- In Favour of : Assessee
- Citation Number : TS-823-HC-2023(BOM)
Income tax Appellate Tribunal
ITAT: Quashes revision over capital gains exemption under Mauritius DTAA for pre-2017 share acquisition
Jan 20, 2024
- In Favour of : Assessee
- Citation Number : TS-24-ITAT-2024(Mum)
Income tax Appellate Tribunal
ITAT: Quashes reassessment of Rs.600 Cr. Cross Currency Swap loss as Assessee made full & true disclosure
Jan 20, 2024
- In Favour of : Assessee
- Citation Number : TS-18-ITAT-2024(Mum)
Income tax Appellate Tribunal
ITAT: IIT Delhi not TDS-defaulter as concession on employees' accommodation not established
Jan 20, 2024
- In Favour of : Assessee
- Citation Number : TS-20-ITAT-2024(DEL)
High Court
HC: Absent new finding, quashes revision of Sec.80-IA deduction allowed to Telecom Co.
Jan 10, 2024
- In Favour of : Assessee
- Citation Number : TS-12-HC-2024(DEL)
High Court
HC: Dismisses Revenue’s appeal since fact-finding w.r.t. 'Sec.80-IC undertaking' not challenged as perverse
Jan 13, 2024
- In Favour of : Assessee
- Citation Number : TS-15-HC-2024(DEL)
Income tax Appellate Tribunal
ITAT: Deletes Rs.3,200 Cr. addition of nuclear power related offshore supply; Follows consistency principle
Jan 13, 2024
- In Favour of : Assessee
- Citation Number : TS-818-ITAT-2023(Mum)
Income tax Appellate Tribunal
ITAT: Sec.2(15) covers Indian Chamber of Commerce's seminars & conferences; Explains SC's AUDA judgment
Jan 13, 2024
- In Favour of : Assessee
- Citation Number : TS-793-ITAT-2023(Kol)
Income tax Appellate Tribunal
ITAT: Denies Sec.69B applicability on difference in stock valuation revealed during survey
Jan 13, 2024
- In Favour of : Assessee
- Citation Number : TS-810-ITAT-2023(CHNY)
High Court
HC: Income from sub-letting property 'business income' for Assessee in rental business
Jan 06, 2024
- In Favour of : Assessee
- Citation Number : TS-802-HC-2023(CAL)
High Court
HC: ITR-filing delay condonable basis similarly situated persons' case; Directs refund with interest
Jan 06, 2024
- In Favour of : Assessee
- Citation Number : TS-807-HC-2023(GUJ)
Income tax Appellate Tribunal
ITAT: Allows Vodafone depreciation on goodwill from business acquisition despite unclaimed in ITR
Jan 06, 2024
- In Favour of : Assessee
- Citation Number : TS-814-ITAT-2023(Mum)
Income tax Appellate Tribunal
ITAT: Reiterates law on CIT(A)'s powers to enhance income vis-a-vis ESOP allowability
Jan 06, 2024
- In Favour of : Assessee
- Citation Number : TS-813-ITAT-2023(Mum)
Income tax Appellate Tribunal
ITAT: Rejects plea of distinguishing Engineering Analysis judgment w.r.t. banking & finance industry software
Jan 06, 2024
- In Favour of : Assessee
- Citation Number : TS-04-ITAT-2024(DEL)
Income tax Appellate Tribunal
ITAT: Once assessment order passed, DRP cannot issue directions; Quashes post-DRP order
Jan 06, 2024
- In Favour of : Assessee
- Citation Number : TS-808-ITAT-2023(Mum)
High Court
HC: Sec.271E penalty unsustainable since based on wrong assumption of cash transaction
Jan 01, 2024
- In Favour of : Assessee
- Citation Number : TS-797-HC-2023(MAD)
High Court
HC: Absent separate cash-payment vouchers, confirms Sec.40A(3) disallowance; Rejects 'perversity' plea
Jan 01, 2024
- In Favour of : Revenue
- Citation Number : TS-788-HC-2023(PAT)
High Court
HC: Quashes reassessment for being inspired from review by new officer
Jan 01, 2024
- In Favour of : Assessee
- Citation Number : TS-768-HC-2023(MAD)
Income tax Appellate Tribunal
ITAT: Deletes Sec.68 addition since third party's cross-examination not allowed & Assessee discharged onus
Jan 01, 2024
- In Favour of : Assessee
- Citation Number : TS-803-ITAT-2023(Kol)
Income tax Appellate Tribunal
ITAT: Corporate expenditure allocation between STPI & non-STPI units acceptable due to consistency
Jan 01, 2024
- In Favour of : Assessee
- Citation Number : TS-774-ITAT-2023(Mum)
High Court
HC: Directs jurisdictional officer on Assessee’s complaint regarding PAN misuse & necessary action
Dec 23, 2023
- In Favour of : Assessee
- Citation Number : TS-782-HC-2023(MAD)
High Court
HC: Quashes prosecution over delayed ITR-filing since filed within AY; Applies Sec.276CC-proviso
Dec 23, 2023
- In Favour of : Assessee
- Citation Number : TS-780-HC-2023(MAD)
Income tax Appellate Tribunal
ITAT: Allows income accumulation to Trust since aligned with its specific object
Dec 23, 2023
- In Favour of : Assessee
- Citation Number : TS-785-ITAT-2023(Mum)
Income tax Appellate Tribunal
ITAT: Trust, filing Form 10B after ITR but before assessment, eligible for Sec.11 exemption
Dec 23, 2023
- In Favour of : Assessee
- Citation Number : TS-769-ITAT-2023(CHNY)
Income tax Appellate Tribunal
ITAT: 'Date of service' not 'date of order' relevant for appeal-filing limitation before NFAC
Dec 23, 2023
- In Favour of : Assessee
- Citation Number : TS-778-ITAT-2023(PUN)
High Court
HC: Grants stay as 20% demand adjusted against outstanding refund; Directs further refund
Dec 16, 2023
- In Favour of : Assessee
- Citation Number : TS-766-HC-2023(DEL)
High Court
HC: Absent question of perversity, dismisses Revenue's appeal on Sec.69A addition
Dec 16, 2023
- In Favour of : Assessee
- Citation Number : TS-756-HC-2023(DEL)
High Court
HC: Reiterates law on revisionary powers over AO's inquiry on alleged unexplained cash deposits
Dec 16, 2023
- In Favour of : Revenue
- Citation Number : TS-728-HC-2023(DEL)
Income tax Appellate Tribunal
ITAT: Confirms disallowance subject to HC judgment on identical question of law
Dec 16, 2023
- In Favour of : Both, Partially
- Citation Number : TS-759-ITAT-2023(Mum)
High Court
HC: Dismisses Revenue's appeal absent question of perversity on Rs.100 Cr. loss from receivables-sale
Dec 09, 2023
- In Favour of : Assessee
- Citation Number : TS-740-HC-2023(DEL)
Income tax Appellate Tribunal
ITAT: Deletes Sec.68 addition on share premium from FDI as Assessee discharged onus
Dec 09, 2023
- In Favour of : Assessee
- Citation Number : TS-735-ITAT-2023(Mum)
Income tax Appellate Tribunal
ITAT: Infosys ineligible for Sec.32AC depreciation; Rules on scope of Sec.10AA deduction
Dec 09, 2023
- In Favour of : Revenue
- Citation Number : TS-726-ITAT-2023(Bang)
Income tax Appellate Tribunal
ITAT: Upholds revision based on audit objection for Sec.43B disallowance & unsubstantiated cash payments
Dec 09, 2023
- In Favour of : Revenue
- Citation Number : TS-727-ITAT-2023(Ind)
Income tax Appellate Tribunal
ITAT: Deletes TDS-default penalty on foreign remittance basis bona fide belief of no taxability
Dec 09, 2023
- In Favour of : Assessee
- Citation Number : TS-737-ITAT-2023(JPR)