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S. 54EC: The period of "6 months" available for making investment means 6 calendar months & not 180 days. Payment by cheque dates back to date of presentation & not date of encashment
Neela S. Karyakarte vs. ITO
(2016) TaxCorp(LJ) 9898 (ITAT-MUMBAI) · Section 54EC
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There is a distinction betwen "setting up" and "commencement" of a business. A business is "set up" and expenditure is deductible even if assessee has no customers and no income
Multi Act Realty Enterprises Pvt. Ltd vs. ACIT
(2016) TaxCorp(LJ) 9897 (ITAT-MUMBAI)
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Expl to s. 37(1): Penalties & fines paid to SEBI, BSE etc for breach of regulatory/ procedural requirements are "compensatory" in nature and not for any purpose which is an ‘offense’ prohibited by the law
Mangal Keshav Securities Limited vs. ACIT
(2016) TaxCorp(LJ) 9896 (ITAT-MUMBAI) · Section 37(1)
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S. 2(22)(d)/ 46A: A buyback of shares u/s 77A of the Companies Act is not a reduction of capital u/s 100 - 104 of that Act. A buyback cannot be regarded as a "colourable transaction" and cannot be assessed as "deemed dividend" u/s 2(22)(d). The capital gains on buy-back are exempt under the India-Mauritius DTAA
Goldman Sachs (India) Securities Pvt. Ltd vs. ITO
(2016) TaxCorp(LJ) 9894 (ITAT-MUMBAI) · Sections 2(22)(d), 46A, 77A
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ITAT - Commissioner (Appeals) has no powers to decide TP issue without taking into account effect of provisions contained in Chapter X of Act.
Strides Arcolab Ltd. v. Assistant Commissioner of Income tax, Mumbai
(2016) TaxCorp(LJ) 9888 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=44833&Category=ITAT&CategoryType=Zip
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ITAT - No TDS u/s 195 on remittance by assessee to its holding company in Mauritius under share buy-back scheme as the same not taxable in India.
Goldman Sachs (India) Securities Pvt. Ltd. Vs. Income tax Officer-(Intl. Taxation) TDS-3
(2016) TaxCorp(LJ) 9879 (ITAT-MUMBAI)
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Treatment of subsidy granted to set up a wind project
UniDeritend Limited vs. ACIT
(2016) TaxCorp(LJ) 9867 (ITAT-MUMBAI) · Section. 50
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Amount not assessable as Assessee’s income where direct payment made to parties for surrender of tenancy rights
ITO. vs. Smt. Elsa Silva
(2016) TaxCorp(LJ) 9864 (ITAT-MUMBAI)
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Sec. 80P Principle of mutuality applies to Transfer fees, Non-occupancy/ Car parking charges
Lands End Co-operative Housing Society Limited vs. ITO
(2016) TaxCorp(LJ) 9856 (ITAT-MUMBAI) · Section. 80P
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ITAT - No sec. 271(1)(c) penalty for assessee’s failure to disclose interest on income- tax refund in revised return which was disclosed in original return.
GE Asset Management Incorporated vs. DDIT
(2016) TaxCorp(LJ) 9845 (ITAT-MUMBAI)
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ITAT - Exemption u/s 10(23FB) available to a a SEBI registered VCF on its entire income. AO is not authorized to examine compliance with SEBI regulations.
DHFL Venture Capital Fund vs. ITO
(2016) TaxCorp(LJ) 9842 (ITAT-MUMBAI) · Section. 10(23FB)
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ITAT - AO’s order without claim in respect of provision made for contingent liability, erroneous and prejudicial to interest of Revenue. Insertion of Explanation 2 to Section 263 by the Finance Act, 2015 is declaratory & clarificatory in nature
Crompton Greaves Ltd. vs. CIT
(2016) TaxCorp(LJ) 9837 (ITAT-MUMBAI) · Section. 263
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S. 23(1)(b): Brokerage paid to give out premises on rent and to earn lease rent is not deductible in computing the Income from house property
Radiant Premises Pvt. Ltd vs. ACIT
(2016) TaxCorp(LJ) 9827 (ITAT-MUMBAI) · Section 23(1)(b)
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ITAT - Once a regular assessment order is framed and issued, there cannot be any occasion to turn the clock back and issue a draft assessment order.
Jazzy Creations Pvt Ltd vs. ITO
(2016) TaxCorp(LJ) 9822 (ITAT-MUMBAI)
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S. 37(1): While receiving of gifts by doctors is prohibited by MCI Guidelines, the giving of such gifts by Pharma companies is not prohibited by any law. CBDT Circular dated 01.08.2012 is prospective
DCIT vs. Syncom Formulations (I) Ltd
(2016) TaxCorp(LJ) 9820 (ITAT-MUMBAI) · Section 37(1)
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S. 153A: Law on whether an assessment made u/s 143(1) can be said to have abated & whether an assessment u/s 153A can be made in the absence of incriminating material explained
Ideal Appliances Co. Pvt. Ltd vs. DCIT
(2016) TaxCorp(LJ) 9819 (ITAT-MUMBAI) · Sections 143(1), 153A
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ITAT - Interest by firm to partners on capital contribution is liable for disallowance u/s 14A.
ACIT vs. Pahilajrai Jaikishin
(2016) TaxCorp(LJ) 9812 (ITAT-MUMBAI) · Section 14A
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Subsidy granted to set up a wind project is a capital receipt. the subsidy cannot be reduced under Explanation 10 to s. 43(1) from the cost of the assets acquired though 100% depreciation is allowed on the cost of the assets. The subsidy is also not assessable either u/s 41(1) or u/s 50
UniDeritend Limited vs. ACIT
(2016) TaxCorp(LJ) 9805 (ITAT-MUMBAI) · Sections 41(1), 50
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Bogus Sales/ Purchases: Addition solely on the basis of information received from the sales-tax department is not sustainable. Suspicion of the highest degree cannot take the place of evidence
Hiralal Chunilal Jain vs. ITO
(2016) TaxCorp(LJ) 9783 (ITAT-MUMBAI)
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ITAT - Interest income earned on bank deposit during the pre-commencement period, assessable as income from other sources and not business income.
NIKO (Neco) Ltd. Vs DDIT (International Taxation)-4, Mumbai
(2016) TaxCorp(LJ) 9782 (ITAT-MUMBAI)
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