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HC - Reopening of an assessment has to be done by an AO on his own satisfaction. It is not open to an Assessing Officer issue a reopening notice at the dictate and/or satisfaction of some other authority (DDIT (Inv).
SOUTH YARRA HOLDINGS VERSUS INCOME TAX OFFICER 16 (1) (1) (4) MUMBAI & ANR.
(2019) TaxCorp(LJ) 16802 (HC-BOMBAY) · https://taxcorp.in/FileOpenDT.aspx?ID=75930&Category=Judgment&CategoryType=Zip
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HC - amount received by a partner on his retirement and the partnership firm is not subjected to tax in the retiring partner's hands in view of Section 45(4). The liability, if any, to pay the tax is on the partnership firm in view of Section 45(4).
PR. COMMISSIONER OF INCOME TAX CENTRAL – 2 MUMBAI VERSUS SMT. HEMLATA S SHETTY
(2019) TaxCorp(LJ) 16801 (HC-BOMBAY) · https://taxcorp.in/FileOpenDT.aspx?ID=75932&Category=Judgment&CategoryType=Zip
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HC - Revision application was filed seven years later. By no stretch of imagination, such long period can be ignored. The petitioner simply, cannot take shelter of non-communication of the intimation or acceptance u/s 143 (1) - Revision petition u/s 264 not admitted.
SHAM ANAND SALUNKHE VERSUS THE PRINCIPAL COMMISSIONER OF INCOME TAX-2 AND 4 AND UNION OF INDIA
(2019) TaxCorp(LJ) 16756 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=75874&Category=Judgment&CategoryType=Zip
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HC - There was no accrual of the expenditure in the earlier year had not become due. It became due only in this year - Claim of expenditure pertaining to earlier year is duly allowable in this year.
PR. CIT-2, KOLHAPUR VERSUS ECO CANE SUGAR ENERGY LTD.
(2019) TaxCorp(LJ) 16751 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=75866&Category=Judgment&CategoryType=Zip
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HC - Exchange gain on account of restatement on foreign loan would be a part of core activity of the shipping company entitled the benefit of Chapter XII-G of the Act.
PR. COMMISSIONER OF INCOME TAX-5, MUMBAI VERSUS M/S. M. PALLONJI SHIPPING PVT. LTD.
(2019) TaxCorp(LJ) 16750 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=75868&Category=Judgment&CategoryType=Zip
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HC - Even though valuation report was based on segregated valuation of individual assets, sale of a division by assessee without assigning individual values to any assets would be slump sale.
Jindal Steel & Alloys Ltd Vs Pr. Commissioner of Income Tax-5
(2019) TaxCorp(LJ) 16731 (HC-BOMBAY)
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S. 147 reopening for bogus share application money: Merely because AO examined the transactions does not preclude him from subsequent inquiry if additional material prime facie shows that disclosures made by assessee were not true. Requirement of true and full disclosure runs through the entire assessment and does not end on filing of return. Reasons have to read as a whole. Mere non recitation of allegation reg failure of full & true disclosure does not invalidate the reasons or the fact that the reasons are based on allegations of lack of true and full particulars
Kalsha Builders Pvt Ltd vs. ACIT
(2019) TaxCorp(LJ) 16727 (HC-BOMBAY) · Section 147
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Explanation to s. 37(1): Law on concept of "expenditure incurred for any purpose which is an offence or which is prohibited by law" explained in the context of customs redemption fine. Ratio laid down in Hazi Aziz 41 ITR 350 (SC) continues to hold the field even post decisions in the case of Prakah Cotton Mills 201 ITR 684 (SC) and Ahmedabad Cotton Mfg Co 205 ITR 163 (SC). In neither of these two decisions, the ratio laid down in Hazi Aziz, which was a decision of Bench of three Judges, has been diluted (Pannalal Narottamdas 67 ITR 667 (Bom) distinguished)
PCIT vs. Sushil Gupta Legal Representative of Late Mahabir Prasad Gupta
(2019) TaxCorp(LJ) 16700 (HC-BOMBAY) · Section 37(1)
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S. 92C: Taxability under Transfer Pricing provisions of shares purchased at value in excess of FMV: As the transaction of purchase of equity shares is a capital transaction and does not give rise to any income, the transfer pricing provisions do not apply. Chapter X is a machinery provision. It can only be invoked to bring to tax any income arising from an international transaction. It is necessary for the revenue to show that income does arise from the international transaction. S. 2(24)(xvi) & 56(2)(viib) are prospective
PCIT vs. PMP Auto Components Pvt. Ltd
(2019) TaxCorp(LJ) 16699 (HC-BOMBAY) · Section 92C
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S. 92C Transfer Pricing: The TPO cannot re-characterize a transaction of subscription to redeemable preferential shares as being equivalent to interest free loans advanced by the assessee to the AE & charge notional interest thereon. The TPO cannot disregard the apparent transaction and substitute the same without any material or exceptional circumstances pointing out that the assessee had tried to conceal the real transaction or that the transaction in question was sham. The TPO cannot question the commercial expediency of the assessee entered into such transaction
PCIT vs. Aegis Limited
(2019) TaxCorp(LJ) 16698 (HC-BOMBAY) · Section 92C
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HC - Notice issued in the name of the dead person is not a procedural and / or clerical error and cannot be saved by Section 292B.
SUMIT BALKRISHNA GUPTA VERSUS ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE 16 (2), MUMBAI & ORS.
(2019) TaxCorp(LJ) 16656 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=75703&Category=Judgment&CategoryType=Zip
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S. 147 Reopening: If the assessee delays filing objections to the reasons and leaves the AO with little time to dispose of the objections and pass the assessment order before it gets time barred, it destroys the formula provided in Asian Paints 296 ITR 90 (Bom) that the AO should not pass the assessment order for 4 weeks. A writ petition to challenge the reopening will not be entertained
Cenveo Publisher Services India Ltd vs. UOI
(2019) TaxCorp(LJ) 16651 (HC-BOMBAY) · Section 147
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HC - Undisclosed investment u/s 69 - Loose papers related to the sale transactions of flats - Loose document is a dumb document as it does not give any particulars of the persons involved in the alleged transaction.
PR. COMMISSIONER OF INCOME TAX-19 VERSUS ASHOK MEHTA
(2019) TaxCorp(LJ) 16637 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=75651&Category=Judgment&CategoryType=Zip
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HC - Unabsorbed depreciation of earlier years to be set-off against current year's long term capital gains.
Gunnebo India Pvt. Ltd Vs Pr. Commissioner of Income Tax
(2019) TaxCorp(LJ) 16636 (HC-BOMBAY)
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HC - Reopening of assessment u/s 147 - Assessee not having filed return of income AO would have much wider latitude to reopen the assessment. However, in such a case also, the primary requirement of the AO having a reason to believe that the income chargeable to tax had escaped assessment would apply.
MOHANLAL CHAMPALAL JAIN VERSUS THE INCOME TAX OFFICER - WARD 1 (2), THANE & ORS.
(2019) TaxCorp(LJ) 16621 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=75579&Category=Judgment&CategoryType=Zip
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HC - Second limb of section 2(22)(e) contemplates is that, the creditor companies give a loan not directly to its shareholder but to any concern in which such shareholder has a substantial interest.
PRINCIPAL COMMISSIONER OF INCOME TAX 11, VERSUS M/S SUNJEWELS INTERNATIONAL LTD.
(2019) TaxCorp(LJ) 16619 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=75582&Category=Judgment&CategoryType=Zip
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Capital Gains vs. Business Profits: As per CBDT Circular No. 6 of 2016 dated 29.2.2016 gains on shares held for more than 12 months are treated as long-term capital gains and not as business profits. The fact that the amount invested in shares were out of borrowed funds and there were frequent and voluminous transactions is irrelevant
PCIT vs. Hardik Bharat Patel
(2019) TaxCorp(LJ) 16617 (HC-BOMBAY)
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The word 'tax' used in Section 179 of the Income Tax Act, 1961 includes both the penalty and the interest. In view of the explanation added to Section 179 the tax includes penalty and interest.
Nandkishor Kagliwal vs. Assistant Commissioner of Income Tax & Ors.
(2019) TaxCorp(LJ) 16616 (HC-BOMBAY) · Sections 170, 177, 188A and 189
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HC - Notice u/s 148 based on information received from Investigation Wing placed before AO at 6.30 p.m. on the last date for issuing notice of reopening is quashed as AO acted under great constraint of time.
Frigerio Conserva Allana Pvt Ltd Vs Asst. Commissioner of Income Tax
(2019) TaxCorp(LJ) 16615 (HC-BOMBAY) · Section 147
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HC - Assessee is entitled to interest u/s. 244A(1)(b) on refund of cash seized pursuant to search-seizure operation from the date of passing of assessment order till the date of actual remittance of refund.
Agarwal Enterprises Vs Dy. Commissioner of Income Tax
(2019) TaxCorp(LJ) 16613 (HC-BOMBAY)
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