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ITAT - Addition on account of non-charging of interest on advance given towards supply of equipment by the assessee to its AE deleted.
M/s. Essar Steel Orissa Ltd., (Since merged with Essar Steel India Ltd.) Versus The ACIT, Range 5 (1), Mumbai
(2016) TaxCorp(LJ) 10858 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=50733&Category=ITAT&CategoryType=Zip
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ITAT - Business not running - According to the section 37, the expenses incurred to preservation and protected the assets of the company are liable to be deducted.
M/s. Sterlite Infra Ltd. (Earlier known as Sterlite Paper Ltd.) Versus Income Tax Officer 2 (3) (3), Mumbai and ACIT 2 (3), Mumbai
(2016) TaxCorp(LJ) 10857 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=50734&Category=ITAT&CategoryType=Zip
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S. 54: The date of "purchase" of the new residential house is the date when the assessee receives possession and not the date of the agreement of purchase
Bastimal K Jain vs. ITO
(2016) TaxCorp(LJ) 10849 (ITAT-MUMBAI) · Section 54
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S. 50C: Land purchased by a builder with the knowledge that there are encumbrances on it and development is not feasible is a “capital asset” and not “stock-in-trade”. The gains on transfer of such land is assessable as capital gains and not as business profits. S. 50C applies to development agreements if the effect of the development agreement read with the conveyance deed is that the entire land with ownership rights are transferred
ACIT vs. M/s Dattani Development
(2016) TaxCorp(LJ) 10848 (ITAT-MUMBAI) · Section 50C
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S. 54F: If the assessee has made full payment to the builder for purchase/ construction of a new residential house but is not able to get the title of the flat registered in his name or is unable to get the possession of the flat within the prescribed period due to fault of the builder, the assessee cannot be denied deduction u/s 54F
Rajeev B. Shah vs. ITO
(2016) TaxCorp(LJ) 10847 (ITAT-MUMBAI) · Section 54F
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ITAT - No sec. 14A disallowance in the hands of assessee-shipping company which is subject to tonnage tax scheme.
ACIT. Vs. Shreyas Shipping Logistics
(2016) TaxCorp(LJ) 10793 (ITAT-MUMBAI) · Section. 14A
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ITAT - Interest allowable u/s 36(1)(iii) in relation to strategic investments made in group companies by an investment & finance company.
TATA Industries Ltd. vs. ITO
(2016) TaxCorp(LJ) 10749 (ITAT-MUMBAI) · Section. 36(1)(iii)
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ITAT - Suspicion cannot take the place of proof. Addition on account of expenses such as stamp duty, registration fees and other miscellaneous charges deleted.
Shri Ramesh D Murpana M/s. Dhanraj Jewellers Versus The Assistant Commissioner of Income Tax Circle 19 (3), Mumbai
(2016) TaxCorp(LJ) 10746 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=50403&Category=ITAT&CategoryType=Zip
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ITAT - Advertisement expenses incurred by assessee engaged in portfolio management and advisory services in capacity as a ‘sponsor’ of Mutual Fund for promoting various mutual-fund schemes are allowable u/s 37(1).
Quantum Advisors Pvt. Ltd. vs. DCIT
(2016) TaxCorp(LJ) 10687 (ITAT-MUMBAI)
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ITAT - Where sales effected by the suppliers are accepted, the purchases made from them by the assessee cannot be held to be non- genuine.
Assistant Commissioner of Income-Tax Versus Jaybharat Textiles and Real Estate Ltd.
(2016) TaxCorp(LJ) 10679 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=50114&Category=ITAT&CategoryType=Zip
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ITAT - TDS u/s 194C and not u/s 194J is applicable on payments made for supplying copies of final negative.
Dy. Commissioner of Income Tax Act (TDS) Versus M/s. Yash Raj Films P. Ltd.
(2016) TaxCorp(LJ) 10674 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=50292&Category=ITAT&CategoryType=Zip
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ITAT -Project development expenditure is revenue in nature as there is no concept of deferred revenue expenditure in the Act.
Reliance Fresh Ltd., Reliance Digital Retail Ltd Versus ACIT 7 (2), Mumbai
(2016) TaxCorp(LJ) 10673 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=50294&Category=ITAT&CategoryType=Zip
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ITAT - Since revenue failed to demonstrated as to how there was concealment of income/ furnishing inaccurate particulars of income, no penalty u/s 271(1)(c).
Qpro Infotech Ltd. vs. DCIT
(2016) TaxCorp(LJ) 10661 (ITAT-MUMBAI) · Section. 271(1)(c)
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ITAT - CBDT has clarified that in cases prior to 1-4-2016, if any adjustment is made in the income computed for the purpose of MAT, then the levy of penalty u/s. 271(1) ( c) of the Act, will depend on the nature of adjustment. The CBDT has also directed the revenue authorities that no appeal may henceforth be filed on this ground and appeals already filed, if any, on this issue before various courts/tribunals may be withdrawn or not pressed upon.
M/s. Arviva Industries (India) Ltd. Versus The Asst. Commissioner of Income Tax, Circle-9 (1), Mumbai
(2016) TaxCorp(LJ) 10656 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=50233&Category=ITAT&CategoryType=Zip
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ITAT - Where language of relevant provision is very clear and without any ambiguity, penalty u/s 271(1)(c) upheld.
SBI DFHI Limited Vs. Asst. CIT
(2016) TaxCorp(LJ) 10653 (ITAT-MUMBAI)
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ITAT - Assessee is not able to get the title of the flat registered in his name or unable to get the possession of the flat, which is under construction. However, assessee has invested almost the entire sale consideration of land in purchase of this residential flat. Exemption u/s 54F allowed.
Mr. Rajeev B. Shah Versus The Income Tax Officer
(2016) TaxCorp(LJ) 10647 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=50215&Category=ITAT&CategoryType=Zip
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ITAT - No Set off of loss from settlement of forward contracts for foreign currency against income from ‘other sources’ as it a capital loss.
M/s. Citicorp Investment Bank (Singapore) Ltd. Versus Asstt. Director of Income Tax (International Taxation)
(2016) TaxCorp(LJ) 10631 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=49814&Category=ITAT&CategoryType=Zip
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ITAT - Consideration received on sale of rights to get conveyance of flat in favour is to be treated as capital gain eligible for claim exemption u/s 54F.
ACIT – 19 (2), Mumbai Versus Ms. Jenifer Noshir Sanjana
(2016) TaxCorp(LJ) 10629 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=50152&Category=ITAT&CategoryType=Zip
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ITAT - Business Services Charges for providing Business Service Centre is income from Business and not from house property.
Jasubhai Business Services Pvt. Ltd. Versus The DCIT, Cir. 3 (2), Mumbai
(2016) TaxCorp(LJ) 10628 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=50153&Category=ITAT&CategoryType=Zip
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ITAT - Capital gain arising on sale of immovable property in Colombo is taxable in India subject to double taxation relief.
Mrs. Shalini Seekond Versus Income Tax Officer, Mumbai
(2016) TaxCorp(LJ) 10627 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=50154&Category=ITAT&CategoryType=Zip
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