Tag: income Tax case laws

Judiciary updates- Income Tax (14th October 2021)

Posted on by Business So Simple in Income Tax

Section 54F exemption available on Multiple Flats obtained under JDA

(Ganga Poorna Prasad Vs ACIT (ITAT Bangalore) dated 07/10/2021)

An agreement shall reflect a true commercial substance of transaction

 Parexel International Clinical Research Private Limited Vs DCIT (ITAT Bangalore) dated 07th Oct 2021

Onus lies on person who alleges untruthfulness against other persons

Jainarayan Hariram Goel Charitable Trust Vs CIT (Exemption) (ITAT Raipur) dated 02/08/2021

Companies with turnover of less than Rs. 200 crores cannot be compared with companies having turnover exceeding Rs. 200 crores

 Biesse Manufacturing Company Pvt. Ltd. Vs DCIT (ITAT Bangalore) dated 11/10/2021

Irrecoverable Loss due to Technical Snags & Bad Weather Conditions allowable

ITO Vs Roj Enterprises Pvt. Ltd. (ITAT Pune) dated 08/10/2021

Regards

Bipul Kumar

Income Tax Judiciary updates -09 Oct 2021

Posted on by Business So Simple in Income Tax

1. Share Transfer without consideration or at a price lower than FMV not attracts Section 56(2)(vii)
(ITO Vs. Shri Rajeev Ratanlal Tulshyan (ITAT Mumbai) order dated 01 Oct 2021)

2. Direct beneficial interest in asset/ bank account is a pre-requisite for issuing Notice u/s 148 (DCIT Vs Ganpat Singhvi (ITAT Mumbai, order dated 01 Oct 2021)

3. Computer accessories & peripherals entitled to higher depreciation rate (Waters (India) Private Limited Vs DCIT (ITAT Bangalore Order dated 01-10-2021)

4 SC defers hearing in Faceless Assessment Scheme for 3 Months
( Central Board of Direct Taxes Vs Lakshya Budhiraja & Anr. (Supreme Court of India dated 01 Oct 2021)

5 TNMM is most appropriate method if transactions are relatable & inter­related (Wieland Metals India Private Ltd. Vs ITO (ITAT Bangalore dated 22 Sept 2021)

6. AO cannot estimate GP rate without rejection of books & without showing defects ( Sanjay Agrawal Vs DCIT (ITAT Raipur) dated 24 Sept 2021)

7.No disallowance under rule 8D(2)(ii) RW section 14A if interest free funds exceeds investment (Nashik Road Deolali Vyapari Sahakari Bank Ltd. Vs ACIT (ITAT Pune) dated 16 Sept 2021)

8. Deduction of Interest waived under OTS Scheme DCIT Vs K.S. Diesels Ltd. (ITAT Mumbai) dated 29th Sept 2021