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HC - Reassessment valid based on fresh material unearthed by the IT Department through the investigation wing in respect of 'bogus purchases'.
Gujarat Ambuja Exports vs. DCIT
(2017) TaxCorp(LJ) 13584 (HC-GUJARAT)
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HC - Allotment of PAN u/s 139A to open a new bank account will not make allottee a separate taxable entity for the purpose of assessment of tax.
Sardar Vallabhbhai Patel Education Society Vs. ITO
(2017) TaxCorp(LJ) 13576 (HC-GUJARAT) · Section. 139A
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HC - Sections 245D(2A), 245D(2D) and 245HA inserted by the Finance Act, 2007 w.e.f. June 1, 2007, constitutionally valid.
Ashish Prafulbhai Patel vs. Income Tax Settlement Commission
(2017) TaxCorp(LJ) 13568 (HC-GUJARAT)
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HC - Reopening of assessment relying on material which was not part of the assessment proceedings and which material was provided by the investigation wing unearthed during the course of investigation, sustained.
Pushpak Bullion Pvt Ltd. Versus Deputy Commissioner of Income Tax - Circle - 3 (1)
(2017) TaxCorp(LJ) 13429 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=69771&Category=Judgment&CategoryType=Zip
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HC - Direct Tax Dispute Resolution Scheme, 2016 - Scope of the term "tax arrear" - It would include the amount of tax, interest or penalty and would be treated as a tax arrear if against such determination, appeal is pending before the appellate Commissioner on the specified date.
Parbatbhai J Golakia Huf Versus Principal Commissioner of Income Tax-1
(2017) TaxCorp(LJ) 13402 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=69740&Category=Judgment&CategoryType=Zip
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HC - Merely because there was no legal obligation to incur such expenditure would not mean that the same was not allowable business expenditure if it could be pointed out that the expenditure incurred in preserving the business connections and goodwill of business.
Principal Commissioner of Income Tax-1 Versus Kalupur CommerciaL Co-OP. Bank Ltd.
(2017) TaxCorp(LJ) 13401 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=69741&Category=Judgment&CategoryType=Zip
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S. 115JA/ JB Book Profits: Clause (i) to the Explanation was inserted to supersede HCL Comnet 305 ITR 409 (SC). Accordingly, a mere provision for bad debts has to be added back for computation of book profit u/s 115JA/JB. However, in terms of Vijaya Bank 323 ITR 166 (SC), if there is a simultaneous reduction from the loans and advances on the asset side of the balance sheet, the provision amounts to a write-off of the debt which is not hit by clause (i) of the Explanation to section 115JB
CIT. vs. Vodafone Essar Gujarat Ltd.
(2017) TaxCorp(LJ) 13371 (HC-GUJARAT) · Section. 115JA/ JB
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HC (Larger Bench) - If an assessee debits provision for doubtful debt to the Profit and Loss account and makes a corresponding credit to the current liabilities and provisions on the liabilities side of the balance sheet, then it would constitute a provision for doubtful debt and not entitled to SEc. 36(1)(vii) benefit.
Vodafone Essar Gujarat Ltd. Vs. CIT
(2017) TaxCorp(LJ) 13359 (HC-GUJARAT)
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HC - No penalty u/s 271AAA in case of AO’s failure to seek manner of earning ‘undisclosed income’.
PCIT. Vs. Mukeshbhai Ramanlal Prajapati
(2017) TaxCorp(LJ) 13358 (HC-GUJARAT) · Section. 271AAA
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For purposes of filing a rectification application, the period of limitation of six months commences from the date of receipt of the order sought to be rectified by the assessee and not from the date of passing of the order
Liladhar T Khushlani vs. Commissioner of Customs
(2017) TaxCorp(LJ) 13302 (HC-GUJARAT)
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HC - Writ allowed - Notice for reopening of assessment u/s 148 quashed as reopening was under the directives and compulsion of the audit party which is impermissible.
Nabros Pharma Pvt. Ltd. vs. DCIT
(2017) TaxCorp(LJ) 13210 (HC-GUJARAT)
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Interest on NPAs: While determining the tax liability of an assessee, two factors come into play, namely, (i) the recognition of income in terms of the recognised accounting principles and (ii) the computation thereof in terms of the provisions of the Income-tax Act, 1961. While the computation of taxability is solely governed by the provisions of the Income-tax Act and the accounting principles have no role to play, the recognition of income stands on a different footing. Insofar as income recognition is concerned, the RBI Directions prevail in view of s. 45Q of the RBI Act and s. 145 has no role to play. The AO has to follow the RBI Directions
Pr CIT vs. Shri Mahila Sewa Sahakari Bank Ltd
(2017) TaxCorp(LJ) 13205 (HC-GUJARAT)
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S. 92A Transfer Pricing: The mere fact that an enterprise has de facto participation in the capital, management or control over the other enterprise does not make the two enterprises "associated enterprises" so as to subject their transactions to the rigors of transfer pricing law
Pr. CIT. vs. M/s Veer Gems
(2017) TaxCorp(LJ) 13169 (HC-GUJARAT) · Section. 92A
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S. 147: If the subject matter of the reopening is also the subject matter of appeal, the principle of merger would apply. There cannot be two separate considerations to the same subject matter relatable to the income, one by the appellate authority and another by the AO in fresh assessment. Scope of third proviso to s. 147 explained
Radhaswami Salt Works vs. ACIT
(2017) TaxCorp(LJ) 13131 (HC-GUJARAT) · Section. 147
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S. 147/148: Law on validity of reopening of assessment when the AO is acting on the dictates of the audit party and is not applying his own mind explained
Mehsana District Central Co-op Bank Ltd. vs. ACIT
(2017) TaxCorp(LJ) 13089 (HC-GUJARAT) · Sections. 147, 148
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HC - Writ Allowed - AO not justified in rejecting assessee’s stay application on the ground assessee was required to make a pre-deposit of 15% of the disputed demand for considering his stay application on merits in view of CBDT instruction dated February 29, 2016.
Jagdish Gandabhai Shah vs. Pr. CIT
(2017) TaxCorp(LJ) 12774 (HC-GUJARAT)
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HC - AO is required to take appropriate decision on the stay application as per the modified Office Memorandum F. No. 404/72/93- ITCC issued by CBDT.
Jagdish Gandabhai Shah Versus Principal Commissioner of Income Tax, Valsad
(2017) TaxCorp(LJ) 12772 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=69041&Category=Judgment&CategoryType=Zip
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S. 220(6): CBDT's instruction dated 29.02.2016 on stay of demand by the AO does not require the assessee to make a pre-deposit of 15% of the disputed demand. As per the Instruction, if the AO requires the assessee to pay less, or more, than 15% of the demand, the sanction of the Pr. CIT is required. If the AO demands 15% to be paid, the assessee is entitled to approach the Pr CIT for review of the AO's decision
Jagdish Gandabhai Shah vs. Pr CIT
(2017) TaxCorp(LJ) 12736 (HC-GUJARAT) · Section 220(6)
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HC - Where the carbon receipts were not sold and/or transferred in favour of foreign companies in the year under consideration, the same cannot be included as receipt / income in the that year.
PR COMMISSIONER OF INCOME TAX Versus KALPATARU POWER TRANSMISSION LTD
(2017) TaxCorp(LJ) 12322 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=68622&Category=Judgment&CategoryType=Zip
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HC - Solely on the basis of the DVO’s report, the AO is not justified in reopening the assessment, which was, as such, scrutiny assessment u/s 143(3).
AKSHAR INFRASTRUCTURE PVT LTD Versus INCOME TAX OFFICER - WARD 1 (1)
(2017) TaxCorp(LJ) 12321 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=68624&Category=Judgment&CategoryType=Zip
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