2021-TIOL-529-HC-MAD-IT
Philips Foods India Pvt Ltd Vs ACIT
Whether when assessee claims to be involved in a manufacturing business, inspection of assessee's facility is a pre-requisite to understand nature of his activity and only then proceed with assessment – YES: HC
- Assessee's Appeal allowed: MADRAS HIGH COURT
2021-TIOL-528-HC-DEL-IT
Pr.CIT Vs Mahanagar Telephone Nigam Ltd
Whether disallowance u/s 14A r/w 8D(2)(iii) should be restricted only to percent of average investment income which is exempt, irrespective of whether such exempt income is received during relevant AY– YES: HC
- Revenue's Appeal dismissed: DELHI HIGH COURT
2021-TIOL-527-HC-DEL-IT
Pr.CIT Vs Anand Kumar Jain HUF
Whether statement recorded u/s 132(4) can alone constitute incriminating material for carrying out assessment u/s 153(A) of IT Act– NO: HC
Whether statement recorded u/s 132(4) of third party can constitute incriminating material for carrying out assessment u/s 153(A) of IT Act – NO: HC
- Revenue's Appeal dismissed: DELHI HIGH COURT
2021-TIOL-433-ITAT-MUM
SB Panchal And Company Vs ITO
Whether disallowance for bogus purchases can be reduced to the extent of profit element embedded in these purchase where sales are not in doubt and considering steel industry norms disallowance @ 8% of the non-genuine purchases is sufficient - YES: ITAT
- Assessee's appeal partly allowed: MUMBAI ITAT
2021-TIOL-432-ITAT-MUM
Rite Developers Vs ITO
Whether there can be disallowance for penalty/regularisation charges for a project in the year of its completion – NO: ITAT
- Assessee's Appeal allowed: MUMBAI ITAT
2021-TIOL-431-ITAT-MUM
Rafique Abdul Malik Vs DCIT
Whether expenses incurred in relation to earning of taxable income can be disallowed as direct expenses relating to earning of exempt income – NO: ITAT
- Assessee's Appeal allowed: MUMBAI ITAT
2021-TIOL-430-ITAT-MUM
Alpha Stud And Farms Pvt Ltd Vs ITO
Whether since gain on sale of agricultural land as well as income from agriculture are exempt from tax, same if not reduced from the book profit then it is apparent mistake which can be rectified by Revenue - YES : ITAT
- Assessee's appeal allowed: MUMBAI ITAT
2021-TIOL-429-ITAT-DEL
Om Prakash Rana Vs ACIT
Whether when show-cause notice does not specify exact offence committed, penalty levied u/s 271(1)(c) of IT Act, 1961 must be cancelled – YES: ITAT
- Assessee's Appeal allowed: DELHI ITAT
2021-TIOL-428-ITAT-DEL
Loesche India Pvt Ltd Vs ACIT
Whether medical insurance premium paid by employer company for the family members of its employees, merits being allowed as business expenditure & in respect of which the provisions of Sec 17(2) are inapplicable - YES: ITAT
- Assessee's appeal allowed: DELHI ITAT
