2021-TIOL-1236-ITAT-MAD

DCIT Vs Kovai Media Pvt Ltd

Whether share premium collected for issue of share capital is outside scope of the provisions of section 56(2(viib) if assessee is recognized startup from DPIIT - YES : ITAT

- Revenue's appeal dismissed: CHENNAI ITAT

2021-TIOL-1235-ITAT-KOL

Prism Logistics Pvt Ltd Vs Pr.CIT

Whether action of PCIT u/s 263 is bad in law as action of AO is a plausible action and cannot at any rate by termed as "unsustainable in law" - YES : ITAT

- Assessee's appeal allowed: KOLKATA ITAT

2021-TIOL-1234-ITAT-BANG

Archana Traders Pvt Ltd Vs ITO

Whether is it necessary that the nature of payment and nature of receipt should be the same? NO

Whether there is reason to disbelieve the property transaction as a colourable device, simply because amount received as loan in earlier year was converted into advance payment for purchase of property - NO: ITAT

- Assessee's appeal allowed: BANGALORE ITAT