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S. 68 Black Money in HSBC Bank Account (i) Non-residents are not required to disclose their foreign bank accounts and assets to Indian income-tax authorities (ii) The assessee cannot be asked to prove the negative that the credits found in HSBC Bank is not sourced out of income derived from India (iii) the Govt / legislature never intended to tax foreign accounts of non residents (iv) mere holding of an account outside India does not have led to the conclusion that the amount is tax evaded
DCIT vs. Hemant Mansukhlal Pandya
(2018) TaxCorp(LJ) 16128 (ITAT-CHENNAI) · Section 68
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S. 17(2)(vi) Perquisite: Gains arising to an employee from sale of shares allotted under ESOP (Employees Stock Option Plan) by foreign parent company cannot be assessed as "salaries". It is assessable as "capital gains". Fact that employer has shown the gains as "perquisite" in Form 16 is irrelevant
Dr. Muthian Sivathanu vs. ACIT
(2018) TaxCorp(LJ) 16127 (ITAT-CHENNAI) · Section 17(2)(vi)
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ITAT - In the absence of evidence, sale of ‘penny stocks’ cannot result in LTCG exemption denial.
Vandana Sankhala Vs The Assistant Commissioner of Income Tax
(2018) TaxCorp(LJ) 16076 (ITAT-CHENNAI)
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ITAT - Depreciation claimed at the rate of 60% (applicable to “computer software”) on design software allowed once the CIT(A) held the purchase made by the assessee company is a design software.
WAYNE BURT PETROCHEMICALS (P) LTD, (FORMERLY KNOWN AS M/S. BAILEY HYDROPOWER PVT. LTD) VERSUS THE DEPUTY COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE I (2)
(2018) TaxCorp(LJ) 15724 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=66775&Category=ITAT&CategoryType=Zip
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ITAT - Loss to the extent of 20% allowable in respect of loss from mutilated currency notes claimed as business loss/business expenditure in computation of taxable total income.
SHRI MAHAVEER BABULAL JAIN VERSUS THE DEPUTY COMMISSIONER OF INCOME TAX, CHENNAI
(2018) TaxCorp(LJ) 15710 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=66750&Category=ITAT&CategoryType=Zip
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ITAT - Trade advance not deemed dividend, since business transactions between assessee and the company were intermingled and the outstanding balances occurred due to commercial exigencies such as regular trading business and consistent services rendered by assessee.
Smt. Rathinam Thirupathiswamy Vs. ACIT
(2018) TaxCorp(LJ) 15199 (ITAT-CHENNAI)
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ITAT - In absence of knowledge made available as per Article 12(4) of India-Netherlands DTAA, payment made to Netherlands company cannot be considered as fees for technical services. No TDS u/s 195 for testing fees paid to Netherlands company.
Areva T & D India Limited (Now Alstom India T & D India Ltd) Vs. Ass. CIT
(2018) TaxCorp(LJ) 14638 (ITAT-CHENNAI)
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ITAT - Assessee is merely a professional association, which provides a platform for exchange of knowledge between its’ members, drawn from the relevant industry as well as to convey the developments and trends in the relevant field, therefore, assessee’s objectives fall under the ambit of advancement of general public utility.
FRP Institute vs. ITO(Exemptions)
(2018) TaxCorp(LJ) 14210 (ITAT-CHENNAI) · Section. 2(15)
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ITAT - No partner can, during the subsistence of a firm, claim credit in respect of increased valuation (of any of the firm’s assets) to any extent, as no partner can predicate his share in any of the assets of the firm. Revaluation of firm's assets & subsequent withdrawal not permissible.
Kali BMH Systems Pvt. Ltd. Vs. Dy. Commissioner of Income Tax
(2017) TaxCorp(LJ) 13765 (ITAT-CHENNAI)
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ITAT - Payment made by Indian-company to its foreign-parent in respect of software licenses purchase is not in the nature of royalty to attract TDS u/s 195.
Saipem India Projects Pvt. Ltd. Vs. Dy. CIT
(2017) TaxCorp(LJ) 13742 (ITAT-CHENNAI)
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ITAT - 100% depreciation available in respect of vinyl flooring, false ceiling, glass and wooden partitioning, electrical wiring, Net work cabling etc., in the leased premises since they are Temporary structures.
The ACIT, Circle-I, Erode Versus M/s. The Zigma Technologies (I) (P) Ltd.
(2017) TaxCorp(LJ) 13661 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=58163&Category=ITAT&CategoryType=Zip
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ITAT - In view of Explanation 2(a) to Sec. 263 inserted by Finance Act, 2015, acceptance of return without any enquiry/verification, makes AO’s order liable for revision u/s. 263.
Avathan Marimuthu Vs. Asst. Commissioner of Income Tax
(2017) TaxCorp(LJ) 13426 (ITAT-CHENNAI)
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ITAT - From the plain reading of 3rd proviso section 48 of I.T. Act, government securities are not excluded for indexation benefit only bond or debenture included in the third proviso to Sec.48.
M/s. Sundaram Finance Ltd. Versus The Asst. Commissioner of Income Tax, Chennai And Vice-Versa
(2017) TaxCorp(LJ) 13212 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=57004&Category=ITAT&CategoryType=Zip
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ITAT - Merely because the assessee concerned was not able to pay dues to the bank where the property was kept as collateral security it cannot be considered as distress sale. Lower authorities were justified in applying Sec. 50C of the Act.
Shri. Subash Subramanian Versus The Income Tax Officer, Non Corporate Ward 2 (4) Chennai
(2017) TaxCorp(LJ) 12962 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=56359&Category=ITAT&CategoryType=Zip
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ITAT - Since on the date of institution of the trust deed, the identities of the contributors/beneficiaries and their individual shares were not known, assessee trust cannot be considered as a Determinate Trust under Expl to Sec. 164.
TVS Investments iFund, Jayalakshmi Estates vs. ITO
(2017) TaxCorp(LJ) 12949 (ITAT-CHENNAI)
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ITAT - In case of JDA, land-transfer shall be taxable in the year of entering into the Joint Development Agreement and not in the year when constructed area was transferred.
ITO. Vs. Shri Shafiq Mohammed Shah
(2017) TaxCorp(LJ) 12891 (ITAT-CHENNAI) · Section. 2(47)(v)
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ITAT - Sale proceeds were not credited to bank account under capital gain account scheme but entire funds were invested in assessee’s business concern. It is a clear case of diversion of funds for business. Assessee's Sec. 54 deduction claim restricted.
R. Jayabharathi vs. ITO
(2017) TaxCorp(LJ) 12859 (ITAT-CHENNAI) · Section. 54
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ITAT - No penalty u/s 271(1)(c) as declaration of additional income by filing a revised return before initiation of re-assessment proceedings is valid.
Murli Dodeja vs. ITO
(2017) TaxCorp(LJ) 12854 (ITAT-CHENNAI)
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ITAT - Where assessee engaged a third party for coding or writing program, software was developed under the instruction, control and supervision of assessee. Sec. 10A exemption available with respect to software exported by assessee.
DCIT. Vs. Mahati Infotech Pvt. Ltd.
(2017) TaxCorp(LJ) 12846 (ITAT-CHENNAI) · Section. 10A
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ITAT - Classification of land as agricultural in revenue records does not conclusively prove the nature of land sold by assessee. Absent agricultural operations, gains arising on sale of land shall be exigible to capital gains tax and spontaneous vegetation and land location would not be relevant.
ITO vs. Shri Vijay Shah
(2017) TaxCorp(LJ) 12831 (ITAT-CHENNAI)
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