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ITAT - Sec. 40(a)(ia) is not applicable to assessee-trust not engaged in any business activity and having exempt receipts.
Astral Height Owners Association vs. ADIT
(2016) TaxCorp(LJ) 11483 (ITAT-HYDERABAD) · Section. 40(a)(ia)
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ITAT - simply because DDs were encashed in Chennai and not in Delhi, AO cannot presume that Seller is a bogus firm. The reasons attributed for disbelieving the credit purchase are not valid.
Dharmichand Sirvi Versus The Income Tax Officer
(2016) TaxCorp(LJ) 11480 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=52029&Category=ITAT&CategoryType=Zip
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ITAT - payment by an Indian company engaged in software development to USA company for providing internet and bandwidth services and also for providing to be installed at the customers’ premises for accessing network connection, is not royalty income.
Quaolcomm India Private Limited vs. ADIT
(2016) TaxCorp(LJ) 11477 (ITAT-HYDERABAD)
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ITAT - Mere payment of commission through account payee cheque after deduction of TDS does not absolve the assessee from discharging its burden with regard to proving business purpose of the payments.
M/s. Sun Infraa Versus The Addl. Commissioner of Income Tax
(2016) TaxCorp(LJ) 11446 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51923&Category=ITAT&CategoryType=Zip
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ITAT - Lump sum consideration paid for creation of client base is an intangible asset and is eligible for depreciation at 25%.
Swaws Credit Corporation (P) Ltd. Versus DCIT, Circle-3 (3), Hyderabad
(2016) TaxCorp(LJ) 11425 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51877&Category=ITAT&CategoryType=Zip
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ITAT - Share premium cannot be brought to tax invoking the provisions of Section 68, unless there is a link with either quid pro quo transaction or investing by assessee-company in their accounts so as to receive it back as share capital.
M/s. Hariom Concast and Steel Pvt. Ltd. Versus Income Tax Officer, Ward-2 (2), Hyderabd
(2016) TaxCorp(LJ) 11398 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51849&Category=ITAT&CategoryType=Zip
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ITAT - Mere addition of part of the amount does not attract penalty for concealment.
K. Hemalatha Versus Asst. Commissioner of Income Tax, Central Circle-2, Hyderabad
(2016) TaxCorp(LJ) 11378 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51822&Category=ITAT&CategoryType=Zip
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ITAT - Mere disallowance of a claim (claim for deduction u/s 54B was made by filing inaccurate particulars) will not automatically attract the levy of penalty.
M/s. Soldier Scholars Study Versus Income Tax Officer, Ward 6 (3), Hyderabad
(2016) TaxCorp(LJ) 11318 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51711&Category=ITAT&CategoryType=Zip
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ITAT - Depreciation should be excluded from estimated income but the interest and remuneration to working partners are allowable as deduction as it does not fall under section 30 to 38.
M/s Sai Sree Developers Pvt. Ltd. Versus Asst. Commissioner of Income-tax, Circle – 3 (1) , Hyderabad.
(2016) TaxCorp(LJ) 11317 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51712&Category=ITAT&CategoryType=Zip
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ITAT - DIT has no powers to cancel registration of a charitable institution on the ground that it is carrying on commercial activities which are in breach of the amended definition of “charitable purpose” in section 2(15).
M/s. Hyderabad Cricket Association Hyderabad Versus Commissioner of Income Tax (Exemptions) Hyderabad
(2016) TaxCorp(LJ) 11313 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51699&Category=ITAT&CategoryType=Zip
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ITAT - No TDS u/s 194J on ‘settlement and custody’ fees paid to NSDL/CDSL as they cannot be considered as ‘technical services’.
M/s. Karvy Computershare Private Limited Versus Addl. Commissioner of Income Tax
(2016) TaxCorp(LJ) 11303 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51676&Category=ITAT&CategoryType=Zip
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ITAT - Commission payment can be disallowed even when TDS was deducted and payment was made through banking channels as assessee failed to discharge burden by establishing the identity of payee and providing the reason and proof of payment.
Transport Corporation of India Ltd. vs. ACIT
(2016) TaxCorp(LJ) 11232 (ITAT-HYDERABAD)
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ITAT - Registration u/s.12AA cannot be rejected merely becuase trust has mixed objects. CIT(E) should be considering only the charitable side of the institution and grant the registration.
Spirit and Truth Foundation Versus Commissioner of Income-tax, (Exemptions), Hyderabad
(2016) TaxCorp(LJ) 11179 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=50066&Category=ITAT&CategoryType=Zip
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ITAT - Mere erroneous claim in the absence of any concealment or furnishing of inaccurate particulars is not a ground for levying penalty.
M/s. St. Croix Systems India Pvt. Ltd. Versus Income Tax Officer, Ward-3 (1), Hyderabad
(2016) TaxCorp(LJ) 11178 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51382&Category=ITAT&CategoryType=Zip
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ITAT - Where assessee has fulfilled the requirement of sub-section (2) of section 271AAA in respect of money found during search u/s 132, no penalty.
Mirza Farhatullah Baig Versus Asst. Commissioner of Income-tax, Circle – 4 (1), Hyderabad
(2016) TaxCorp(LJ) 11150 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51398&Category=ITAT&CategoryType=Zip
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ITAT - The loss written off due to write off of stock cannot be termed as unascertained liabilities. No adjustment can be made to determine book profit u/s 115JB.
M/s Sponge Iron India Ltd. (merged with NMDC Ltd.) Versus Dy. Commissioner of Incometax, Circle – 3 (2), Hyderabad
(2016) TaxCorp(LJ) 11149 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=50805&Category=ITAT&CategoryType=Zip
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ITAT - The goodwill receipt is only an advance and can be chargeable to tax as part of total sale consideration, when the ownership get transferred. Hence, addition made by the AO is deleted.
S. Malla Reddy, Hyderabad Versus Income-tax Officer, Ward – 8 (3), Hyderabad
(2016) TaxCorp(LJ) 10855 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=50065&Category=ITAT&CategoryType=Zip
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ITAT - Interest u/s 234B(1) to be computed from first day of assessment year (AY) till the date of processing u/s. 143(1) and then, enhanced interest shall be levied u/s 234B(3) pursuant to recomputation u/s 153A.
MBG Commodities (P) Ltd. vs. DCIT
(2016) TaxCorp(LJ) 10686 (ITAT-HYDERABAD) · Sections. 234B, 153A
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ITAT - Since assessee failed to return capital gains tax and explanation appeared to be only ‘after-thought’, concealment penalty justified.
Shri Sripad Deshpande Vs. Income Tax Officer
(2016) TaxCorp(LJ) 10334 (ITAT-HYDERABAD)
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ITAT - Deduction claimed before completion of assessment allowed but deduction not claimed before completion of assessment disallowed.
Prathima Estates Ltd. Versus Asst. Commissioner of Income-tax, Central Circle – 1, Hyderabad
(2016) TaxCorp(LJ) 10207 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=49034&Category=ITAT&CategoryType=Zip
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