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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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S. 50C/ 54F: In allowing exemption u/s 54F, the deemed consideration u/s 50C has to be taken into consideration and it cannot be restricted to the consideration mentioned in the sale deed
ITO vs. Kondal Reddy Mandal Reddy
(2016) TaxCorp(LJ) 10198 (ITAT-HYDERABAD) · Sections 50C, 54F
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ITAT - No TDS u/s 195 for licence-fees paid by to foreign entities in USA and UK towards dataset as it does not amount to royalty under respective DTAAs.
GVK Oil & Gas Limited Vs. ADIT
(2016) TaxCorp(LJ) 10016 (ITAT-HYDERABAD)
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ITAT - Where a method has been prescribed by the legislature, that method alone shall be followed for computation of FMV u/s Sec 56(2)(viia).
Medplus Health Services P. Ltd. V ITO
(2016) TaxCorp(LJ) 10014 (ITAT-HYDERABAD) · Section 56(2)(viia)
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Assessment completed by AO relying on estimations cannot be remanded back by CIT to reverify some aspects of estimation relied on
Sri Surakshitha Homes vs. ITO
(2016) TaxCorp(LJ) 9859 (ITAT-HYDERABAD) · Section 40A(3)
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S. 50C: The stamp duty value on the date of agreement & not date of sale deed has to be taken. The nature of the property on the date of agreement has to be considered. Q whether proviso to s. 56(2)(vii)(b) is curative and retrospective left open
Mohd. Imran Baig vs. ITO
(2016) TaxCorp(LJ) 9784 (ITAT-HYDERABAD) · Section 50C
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ITAT - No powers to ITAT to accept appeal against orders of DRP if it is not accompanied by fee.
Assisstant Commissioner of Income-tax, Circle -17(1), Hyderabad v. D.E. Shaw India Software (P.) Ltd.
(2015) TaxCorp(LJ) 9622 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=44187&Category=ITAT&CategoryType=Zip
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ITAT - In absence of quantification of consideration to be paid, no transfer u/s 2(47) on handing over possession of land on directions of Govt.
Deputy Commissioner of Income-tax, Circle-1 (1), Hyderabad v. A.P. State Agro Industries Development Corporation Ltd.
(2015) TaxCorp(LJ) 9621 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=41679&Category=ITAT&CategoryType=Zip
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ITAT - Appellant-director’s appeal against CIT(A)’s order passed in case of a company, is not maintainable u/s 253.
Shri R.Subba Rao vs. ITO
(2015) TaxCorp(LJ) 9537 (ITAT-HYDERABAD)
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ITAT - TP adjustment made on the guarantee commission on the corporate guarantees provided by assessee to its AEs is to be upheld.
Mylan Laboratories Ltd. v. Assistant Commissioner of Income-tax, Circle-16 (2), Hyderabad
(2015) TaxCorp(LJ) 9528 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenINTL.aspx?ID=8473&Category=INTLDecisions&CategoryType=Zip
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ITAT - Since delay in filing TDS returns occurred due to non-submission of PAN details by concerned deductees within stipulated time, no penalty u/s 272A(2)(k).
Assistant Commissioner of Income-tax (TDS), Circle 1 (1), Hyderabad v. Greater Hyderabad Municipal Corporation
(2015) TaxCorp(LJ) 9526 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=42487&Category=ITAT&CategoryType=Zip
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ITAT - No penalty u/s 271D for receipt of share application in cash as no violation of sec. 269SS
Income-tax Officer v. Sunder Synthetics (P.) Ltd.
(2015) TaxCorp(LJ) 9394 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=42133&Category=ITAT&CategoryType=Zip
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ITAT - Even though assessee had not completed construction of all blocks of housing project; No denial of sec. 80-IB relief on entire housing project.
Vertex Homes (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle-3 (3), Hyderabad
(2015) TaxCorp(LJ) 9299 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=42645&Category=ITAT&CategoryType=Zip
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ITAT - Rule provides that new commercial vehicles put to use are eligible for depreciation at 50% despite not used in hiring business. CIT’s revisionary order u/s 263 quashed.
SEC Industries P. Ltd. vs. DCIT
(2015) TaxCorp(LJ) 9147 (ITAT-HYDERABAD)
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ITAT - Income from production and sale of basic "seeds" is agricultural income exempt u/s 10(1).
ACIT. vs. Prabhat Agri Biotech
(2015) TaxCorp(LJ) 8958 (ITAT-HYDERABAD) · Section. 10(1)
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