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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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ITAT - Merely because society had received deposits from non-members and violated provisions of APMACS Act, no denial of sec. 80P benefit.
Assistant Commissioner of Income-tax v. Rangareddy District Judicial Employees Mutually Aided Co-Operative Credit Society Ltd.
(2015) TaxCorp(LJ) 8862 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=40730&Category=ITAT&CategoryType=Zip
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ITAT - Failure to apply s. 50C and offer capital gains as per the stamp value does not constitute concealment/ furnishing of inaccurate particulars of income for levy of penalty u/s 271(1)(c)
Bhavya Anant Udeshi vs. ITO
(2015) TaxCorp(LJ) 8765 (ITAT-HYDERABAD) · Section 271(1)(c)
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ITAT - Without establishing through positive evidence that assessee and its related party have arranged their business transaction in a manner to produce more than ordinary profit to assessee, AO cannot invoke the provisions of section 10A(7) read with section 80IA(10) on mere presumptions and surmises.
DCIT. Vs. Quick MD
(2015) TaxCorp(LJ) 8583 (ITAT-HYDERABAD) · Section. 10A
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S. 40(a)(ia)/ 194A/ 197A(1A): If payer obtains declarations in Form 15G/ 15H, tax is not deductible at source. Failure to furnish such declarations to CIT may attract penalty u/s 272A(2)(f). However, disallowance u/s 40(a)(ia) cannot be made
Malineni Babulu (HUF) vs. ITO
(2015) TaxCorp(LJ) 8434 (ITAT-HYDERABAD) · Sections 40(a)(ia)/ 194A/ 197A(1A)
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ITAT - Consideration received on sale of carbon credits is capital receipt and not taxable.
Dy CIT vs. Indur Green Power Private Limited
(2015) TaxCorp(LJ) 8414 (ITAT-HYDERABAD)
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S. 68: If the assessee has furnished the details of the creditors with their PAN, the onus is on the AO to examine their credit-worthiness and source of payment to assessee
KLR Industries Ltd vs. DCIT
(2015) TaxCorp(LJ) 7276 (ITAT-HYDERABAD) · Section 68
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