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Instakart Services Private Limited ... vs Acit, Central Circle-1(4), Bengaluru on 18 December, 2025 cites

Commissioner Of Income-Tax, Gujarat vs A. Raman & Company on 18 July, 1967

ITA No.330,331,496,543 &544/Bang/2024 S.A No.25/Bang/2025 Page 22 of 46 the Act applies viz., where the parties to the transaction are related. Following the aforesaid decisions, we hold that the AO was not right in proceeding to ignore the books results of the Assessee and resorting to a process of estimating total income of the Assessee in the manner in which he did. We find force in the submission of the learned counsel for the Assessee that what can be taxes is only income that accrues or arises as laid down in Sec. 5 of the Act. Nothing beyond Sec. 5 of the Act can be brought to tax. As contended by him there was nothing to show accrual of income so as to disregard the loss declared by the Assessee in the return of income filed. As we have already seen there is no provision in the Act by which the AO can ignore the sale price declared by an Assessee and proceed to enhance the sale price without material before him to show that the Assessee has in fact realized higher sale price. As contended by the learned counsel for the Assessee, wherever the legislature wanted to tax income not earned, it had made specific provisions in the Act by way of deeming fiction like provisions of sec. 43CA(1), Sec. 45(4) and sec. 50C(1) of the Act.
Supreme Court of India Cites 6 - Cited by 459 - J C Shah - Full Document

M/S. Flipkart India Pvt. Ltd., ... vs Acit, Special Range-3, Bangalore on 9 March, 2023

11.4 The learned AR submitted that the Tribunal itself has already considered an identical issue in the case of Flipkart India Pvt. Ltd. v. ACIT [2023] 150 taxmann.com 272, and again in the subsequent Miscellaneous Petition, and held that disallowance of losses declared in the return of income without pointing out defects in accounts is not permissible. Given that the facts of the present case are substantially similar, the ratio of the Tribunal's decision should squarely apply here.
Income Tax Appellate Tribunal - Bangalore Cites 23 - Cited by 0 - Full Document

M/S. Ragavs Diagnostic & Research ... vs The Assistant Commissioner Of Income ... on 9 September, 2022

ITA No.330,331,496,543 &544/Bang/2024 S.A No.25/Bang/2025 Page 43 of 46 bank payment advices, and other statutory compliance documents to substantiate that services were actually rendered and payments were made through proper banking channels with deduction of TDS under section 194C of the Act. The genuineness of the expenditure must be examined with reference to the year in which it was incurred, and once the assessee has produced sufficient evidence of availing services, non- traceability of the vendor at a later stage does not automatically render the transaction non-genuine. This principle has also been recognised by the Hon'ble Calcutta High Court in Diagnostic vs. CIT [20 taxmann.com 692], wherein it was held that subsequent non-availability of a supplier cannot invalidate otherwise genuine purchases made earlier.
Income Tax Appellate Tribunal - Bangalore Cites 8 - Cited by 0 - Full Document

Director Of Income Tax vs M/S Siemens Aktiengesellschaft on 2 July, 2018

17.6 In support of this contention, the assessee placed reliance on various case laws including the decision of the Hon'ble Supreme Court in DIT v. A.P. Moller Maersk A/S (2017) 78 taxmann.com 287 (SC), judgments of the Hon'ble Bombay High Court in CIT v. Siemens Aktiongesellschaft 310 ITR 320 (Bom) and DIT v. Wizcraft International Entertainment (P.) Ltd. 364 ITR 227 (Bom), and the Hon'ble Delhi High Court in Industrial Engineering Projects (P.) Ltd. ( 24 taxmann.com 76). On the basis of the above submissions, the learned assessee urged that the ESOP expenditure be allowed as a deductible business expense under section 37(1) of the Act and that no disallowance be made under section 40(a)(i) of the Act for non-deduction of TDS under section 195 of the Act, as the cross-charge payments to FKS were in the nature of mere reimbursements.
Supreme Court - Daily Orders Cites 0 - Cited by 58 - S K Kaul - Full Document

The Deputy Commissioner Of Income Tax vs Biocon Limited on 8 October, 2021

9. We also notice that the issue of whether ESOP cross charge expenses are allowable u/s. 37 of the Act has already been decided by this Tribunal in favour of the assessee in the case of Biocon Ltd. (supra) which has also been affirmed by the Hon'ble Karnataka High Court in CIT, LTU v. Biocon Ltd. [2020] 121 taxmann.com 351/[2021] 276 Taxman 1/430 ITR 151 by categorically holding that "the expression 'expenditure' will also include a loss and therefore, issuance of shares at a discount where the assessee absorbs the difference between the price at which it is issued and the market value of the shares would also be expenditure incurred for the purposes of section 37(1) of the Act."
Supreme Court - Daily Orders Cites 0 - Cited by 23 - Full Document

Wel Intertrade Private Limited ... vs Income Tax Officer, Ward 18(3) on 11 August, 2008

ITA No.330,331,496,543 &544/Bang/2024 S.A No.25/Bang/2025 Page 42 of 46 with TDS deduction, the claim cannot be denied. Reliance was placed on judicial precedents such as Wel Intertrade (P) Ltd vs. CIT (152 Taxmann.com 663, Delhi), CIT vs. Fancy International (166 Taxman 183, Delhi), CIT vs. Nikunj Eximpt Enterprises P. Ltd. (216 Taxman 171, Bom), etc, wherein it was held that genuine business expenditure cannot be disallowed on suspicion. Accordingly, the ld. AR prayed that the disallowance of manpower expenses be deleted and the appeal of the assessee be allowed.
Delhi High Court Cites 9 - Cited by 37 - B D Ahmed - Full Document
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