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Information received by AO from Directorate of Income-tax (Investigation) is an information received from internal sources and is not covered by exception as is contained in para 10(e) of CBDT circular dated 11.07.2018 as modified on 20
Subject : AppealsLegislation Referred To : Section
In Favour Of : Assessee
Amount received by the assessee in excess of advance on account of compensation for extinction of its right to sue the owner, is a Capital receipt not chargeable to tax.
Subject : Capital GainsLegislation Referred To : Section 2(47)
In Favour Of : Assessee
BHUP SINGH VS INCOME TAX OFFICER
DELHI TRIBUNAL, Jul 08, 2019
Assessee should not be denied the benefit of deduction u/s 54F of the Act merely because the property has been purchased in name of assessee’s wife when the money has been flown from the bank account of the assessee, wherein the sale proceeds were deposited
Subject : Capital GainsLegislation Referred To : Section 54F
In Favour Of : Matter Remanded
The profits from operation of ship or aircraft are taxable in the Contracting State.
Subject : Non-residentsLegislation Referred To : Section 172(3) and Article 8 of Indo-Singapore DTAA
In Favour Of : Matter Remanded
ASSISTANT COMMISSIONER OF INCOME TAX VS FUTURE VALUE RETAIL LTD.
BOMBAY TRIBUNAL, Jul 04, 2019
No TDS is required to be deducted u/s 194H on credit card charges paid by assessee to Banks on payments received from customers on purchases made through credit card.
Subject : Business expenditureLegislation Referred To : Section 14A, 40(a)(ia), 194H and Rule 8D of Income Tax Rules
In Favour Of : Assessee
ANIL KISANLAL MARDA VS INCOME TAX OFFICER
PUNE TRIBUNAL, Jul 01, 2019
'Issue of notice’ cannot be substituted with 'service of notice’.
Subject : AssessmentLegislation Referred To : Section 143(2)
In Favour Of : Assessee(Partly)
UTI MUTUAL FUND VS DEPUTY COMMISSIONER OF INCOME TAX
BOMBAY TRIBUNAL, Jun 01, 2019
For purpose of computation of interest payable u/s. 201(1A)(ii) r/w Rule 119A(b) of the 1962 Rules, ‘month’ is to be interpreted as period of 30 days and not British Calendar Month.
Subject : Interest payableLegislation Referred To : Section 201(1A)
In Favour Of : Matter Remanded
When payment is made for a copyrighted article and represents the purchase price of an article, same cannot be considered as royalty either under the Income Tax Act or under the DTAA.
Subject : IncomeLegislation Referred To : Section 9(1)(vi)(b) and Article 12 of Indo-US DTAA
In Favour Of : Assessee
Where industrial unit sold is as a whole and as a continuing business concern with land, building, plant, machinery and all equipments as a going business with assets and liabilities for a consolidated sum, the same squarely attracts definition of the undertaking covered by Explanation 1 of s
Subject : Capital gainsLegislation Referred To : Section 2(42C), 50B, 50
In Favour Of : Assessee(Partly)
Assessee is not eligible for exemption under section 10(20A) of the Act where it is not constituted by or under any Central Act,
Subject : ExemptionsLegislation Referred To : Section 10(20A), 35D
In Favour Of : Revenue
