2020-TIOL-1974-HC-DEL-IT
PR DIT Vs Rajiv Yaduvanshi
Whether order passed by ACMM calling for a status report is passed without jurisdiction as no provision of the Cr.P.C. gives such power to the ACMM - YES: HC
- Revenue's petition allowed: DELHI HIGH COURT
2020-TIOL-1973-HC-MAD-IT
Rattha Holdings Company Pvt Ltd Vs DCIT
On appeal, the High Court held that the issue at hand stood settled vide the judgment in M/s. Marg Limited Vs. Commissioner of Income Tax, Chennai wherein it was held that disallowance u/s 14A r/w Rule 8D cannot exceed the quantum of exempt income & without recording satisfaction by the AO that the apportionment of such disallowable expenditure made by the Assessee with respect to the exempted income is not acceptable. Hence the court directs the AO to re-examine the issue of disallowance u/s 14A.
- Case remanded: MADRAS HIGH COURT
2020-TIOL-1972-HC-KAR-IT
CIT Vs Vijaya Bank
Whether benefit u/s 36(1)(viii) is allowed to a public bank which also falls within the ambit of the term 'Financial Corporation' - YES: HC
- Revenue's appeal dismissed: KARNATAKA HIGH COURT
2020-TIOL-1971-HC-KAR-IT
Blue Lines Vs ACIT
Whether the High Court's intervention is warranted in respect of an appeal challenging factual findings, unless such findings are shown to be perverse in any manner - NO: HC
- Assessee's appeal dismissed: KARNATAKA HIGH COURT
2020-TIOL-1439-ITAT-DEL
Belmarks Metal Works Vs ITO
Whether in cases of suppression of Gross Profit on certain purchases made, the best option is to frame addition in respect of the profit element embedded therein - YES: ITAT
- Assessee's appeal partly allowed: DELHI ITAT
2020-TIOL-1438-ITAT-DEL
DCIT Vs Realtech Infrastructure Ltd
Whether when taxpayer had not preferred any appeal against the order of the Appellate authority, then it is not appropriate to interfere with the finding of said authority - YES: ITAT
- Revenue's appeal dismissed: DELHI ITAT
2020-TIOL-1437-ITAT-DEL
Varun Gupta Vs ITO
Whether it is required to reject the request for taxing the pre-credit if assessee is unable to give any information about the persons from whom he has received the cash, purpose for which it has received, the amount paid to whom, for what purpose and what is the amount of his profit - YES : ITAT
- Assessee's appeal dismissed: DELHI ITAT
2020-TIOL-1436-ITAT-MUM
Hasmukh J Ruparelia Vs ITO
Whether if the assessee does not produce genuineness of purchase, then court has power to estimate reasonable profit rate upon bogus purchase on thebasis of state VAT - YES: ITAT
- Case remanded: MUMBAI ITAT
2020-TIOL-1435-ITAT-DEL
Arya Samaj Vs ITO
Whether a typographical mistake or minor procedural lapse is sufficient grounds to deny statutory benefit to which an assessee, unless the statute itself lays down the conditions for claiming benefit or unless there is infringement of statutory provisions - NO: ITAT
- Assessee's appeal allowed: DELHI ITAT
2020-TIOL-1434-ITAT-MUM
ITO Vs Raj Tools Centre
Whether in case of purchases from undisclosed parties in the gray market at lower rates, not the entire purchases but only the profit element embedded in these purchases is to be disallowed - YES: ITAT
- Revenue's appeal dismissed: MUMBAI ITAT
2020-TIOL-1433-ITAT-AHM
Nirma Chemical Works Pvt Ltd Vs DCIT
Whether disallowance in respect of administrative expenditure is restricted after taking into consideration the total exempt income earned by the assessee - YES : ITAT
- Assessee's appeal partly allowed: AHMEDABAD ITAT
2020-TIOL-1432-ITAT-HYD
Koppolu Suguna Vs ITO
Whether the Valuation Officer is required to refer the sale instances filed by the assessee, and should not only focus on guideline value of the SRO for the relevant year - YES: ITAT
- Case remanded: HYDERABAD ITAT
2020-TIOL-1431-ITAT-HYD
HP Constructions Pvt Ltd Vs ITO
Whether reasonable expenditure towards legal expenses and also towards watch and ward expenses is required to be allowed from the amount received by the assessee for computing taxable capital gains - YES : ITAT
- Case remanded: HYDERABAD ITAT
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