"14 December 2022" Archive

Provision of section 40A(3) doesn’t apply when payment for expenses are made by a person to an agent

Piprani Equipment P. Ltd. Vs ITO (ITAT Ahmedabad)

ITAT Ahmedabad held that clause (k) of Rule 6DD specifies that where payment for expenses are made by a person to an agent who is required to make payment in cash on behalf of such person, then rigours of section 40A(3) are not applicable....

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Person supplying main supply on principal-to-principal basis cannot be intermediary

Commissioner of Central Tax Vs Singtel Global India Private Limited (CESTAT Delhi)

CESTAT Delhi held that the intermediary does not include the person who supplies such goods or services or both on his own account. Thus, the person supplying the main supply on principal to principal basis cannot come within the ambit of “intermediary”....

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Additional claim can be entertained by appellate authority

Manoj Valjibhai Bhayani Vs ITO (ITAT Surat)

ITAT Surat held that Assessing Officer is not entitled to admit or entertain additional claim during the assessment proceedings, however the appellate authority has such jurisdiction to admit such additional claim....

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Order cancelling GST registration without referring to reason for non-filing GSTR-3B return is not a speaking order

Raj Kishore Engineering Construction (P) Ltd. Vs Joint Commissioner (Madras High Court)

Madras High Court held that the Appellate Authority should have gone into the reasons adduced by the writ petitioner for non-filing of GSTR-3B return. In absence of the same, the impugned order cancelling GST registration set aside and matter remanded back to Appellate Authority for examination....

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Revision power u/s 263 cannot be invoked if enquiry conducted by AO

Sanjay Amrutrao Satav (HUF) Vs ITO (ITAT Pune)

ITAT Pune held that if there was enquiry conducted by the AO even if the enquiry in inadequate there will be no occasion to the Commissioner to exercise the power of revision u/s 263 of the Income Tax Act....

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Setting Off of business loss against Dividend Received from Foreign Subsidiary was allowable

Tata Industries Limited Bombay House Vs DCIT (ITAT Mumbai)

Assessee was entitled to set-off brought forward business loss and unabsorbed depreciation against the dividend income  as the non-obstante clause provided in Section 115BBD(1) covered both current year loss as well as brought forward business loss, therefore,  Tata Industries was eligible for set off of current year business loss again...

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As main business includes letting of property income from same is taxable under Income from Business

ACIT Vs Tupelo Builders Pvt. Ltd. (ITAT Delhi)

ITAT Delhi held that the main objective of the assesses is to carry on the business of letting out of properties and hence the income earned by the assessee from letting out of the property is assessable under the head Income from Business....

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Loss of investment not entitled as bad debts even cannot be claimed as business loss

Ceramin India Private Limited Vs DCIT (ITAT Hyderabad)

ITAT Hyderabad held that if the assessee is not entitled to claim the loss of investment as bad debts, the same cannot be claimed as business loss as per his sweet will....

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Bad debts from credit card business is allowable as deduction u/s 36(1)(vii) of the Income Tax Act

Induslnd Bank Ltd. Vs ACIT (ITAT Mumbai)

ITAT Mumbai held that bad debts arising from credit card business would be part and parcel of loss arising in the course of banking business and hence liable as deduction u/s.36(1)(vii) of the Income Tax Act....

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Loss on account of Forward Contracts are not speculative loss

PCIT Vs Simon India Ltd. (Delhi High Court)

Delhi High Court held that loss on account of the Forward Contracts cannot be considered as speculative loss and hence loss on Forward Contracts is allowable as a deduction from the income chargeable to tax even if the Forward Contracts have not closed....

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March 2023