2023-TIOL-93-SC-IT

Maharishi Institute Of Creative Intelligence Vs CIT

Whether AO is justified in granting benefit of exemption u/s 12A for subsequent years as well, once it is proved that registration was already granted to assessee in 1987 - YES: SC

- Assessee's appeal allowed: SUPREME COURT OF INDIA

2023-TIOL-92-SC-IT

CIT Vs Anilkumar Gopikishan Agrawal

Having heard the parties, the Supreme Court noted that against the very impugned common judgment and order, a batch of appeals were preferred before this Court and the very common judgment has been set aside by this Court in the reported decision in the case of Income Tax Officer vs Vikram Sujitkumar Bhatia - 2023-TIOL-30-SC-IT . Thus, the issue involved in the present appeals is squarely covered against the Assessee and in favour of the Revenue in view of the said decision of this Court.

- Revenue's appeal allowed: SUPREME COURT OF INDIA

2023-TIOL-91-SC-IT

CIT Vs Gujarat Alkalies And Chemicals Ltd

Having heard the parties, the Supreme Court is satisfied that the terms of the scheme in this case require the recipient of the benefit to set up a new unit or substantially expand the existing unit and utilize substantial portion of the amount retained (at least 50% of the subsidy) for the capital purposes. For these reasons, the Apex Court refuses to interfer in the order of the High Court.

- Revenue's SLP dismissed: SUPREME COURT OF INDIA

2023-TIOL-90-SC-IT

ITO Vs Keenara Industries Pvt Ltd

Having heard the parties, the Supreme Court issued notices to respective parties, directing their appearances for further hearing on the issue of reopening vis-a-vis limitation period.

- Notice issued: SUPREME COURT OF INDIA

2023-TIOL-89-SC-IT

CIT Vs Cognizant Technology Solutions Of India Pvt Ltd

Having heard the parties, the Supreme Court refused to interfere in the order of the High Court on the issue of deduction u/s 10A.

- Revenue's SLP dismissed: SUPREME COURT OF INDIA

2023-TIOL-88-SC-IT

Aswani Enterprises Vs ACIT

Having heard the parties, the Supreme Court refuses to interfere in the order of the High Court observing that the amount of tax involved is low, in terms of CBDT Circular No. 17/2019 .

- Assessee's SLP dismissed: SUPREME COURT OF INDIA

2023-TIOL-87-SC-IT

Pr.CIT Vs Ambe Tradecorp Pvt Ltd

Having heard the parties, the Supreme Court condoned the delay and issued notices to respective parties, directing their appearance for further hearing on the issue of additions made u/s 68.

- Notice issued: SUPREME COURT OF INDIA

2023-TIOL-815-ITAT-MUM

DCIT Vs Grasim Industries Ltd

Whether the interest subsidy received under technology upgradation fund scheme, though credited in the net off against the interest expenditure in the books of account is capital in nature - YES: ITAT

- Revenue's appeal dismissed: MUMBAI ITAT

2023-TIOL-814-ITAT-MUM

National Securities Depository Ltd Vs ACIT

Whether AO is correct in making disallowance u/s 14A read with rule 8D apart from suo-moto disallowance made by assessee without recording any valid dissatisfaction with suo-moto disallowance made by assessee - NO : ITAT

- Assessee's appeal allowed: MUMBAI ITAT

2023-TIOL-813-ITAT-AHM

Posun Credit Cooperative Society Ltd Vs ACIT

Whether making an inaccurate claim by assessee is equivalent to furnishing inaccurate particulars of income, so as to warrant imposing penalty u/s 271(1)(c) - No: ITAT

- Appeal allowed: AHMEDABAD ITAT