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S. 37(1): A business is “set up” the moment employees are recruited for the purpose of the business. All expenditure incurred thereafter is allowable as a deduction even if the business has not commenced
Reliance Gems & Jewels Ltd vs. DCIT
(2015) TaxCorp(LJ) 9356 (ITAT-MUMBAI) · Section 37(1)
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ITAT - Follows jurisdictional ruling. Sec 54EC exemption available on depreciable asset sale.
ITO. vs. Legal Heir of Shri Durgaprasad Agnihotri
(2015) TaxCorp(LJ) 9335 (ITAT-MUMBAI) · Section. 54EC
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Correctness of law laid down by Bombay High Court in Ace Builder 281 ITR 210 that deduction u/s 54EC is available to short-term capital gains computed u/s 50 doubted by Tribunal
ITO vs. Legal Heir of Shri Durgaprasad Agnihotri
(2015) TaxCorp(LJ) 9297 (ITAT-MUMBAI) · Section 54EC
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ITAT - Share held by an ESOP trust is capital asset u/s 2(14), consequently gains on its transfer to employees is capital gains.
Mahindra & Mahindra Employees’ Stock Option Trust vs. ADCIT
(2015) TaxCorp(LJ) 9275 (ITAT-MUMBAI)
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ITAT - Marked to market losses on account of foreign currency forward contract is allowed to be set off against business income of a KPO.
Inventurus Knowledge Services Pvt. Ltd. vs. ITO
(2015) TaxCorp(LJ) 9251 (ITAT-MUMBAI)
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ITAT - Amount received on family settlement is not taxable u/s 56(2)(v).
Deputy Commissioner of Income-tax v. Paras D. Gundecha
(2015) TaxCorp(LJ) 9218 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=41855&Category=ITAT&CategoryType=Zip
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S. 147: Entire law on whether reopening of assessment in the absence of "fresh tangible material" is permissible reviewed
Motilal R. Todi vs. ACIT
(2015) TaxCorp(LJ) 9164 (ITAT-MUMBAI) · Section 147
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S. 271(1)(c): If the notice does not clearly specify whether the penalty is initiated for "concealment" or for "filing inaccurate particulars", it is invalid. Penalty should be imposed merely because the income has been offered to tax in a later year and not in the present year
Parinee Developers Pvt Ltd vs. ACIT
(2015) TaxCorp(LJ) 9144 (ITAT-MUMBAI) · Section 271(1)(c)
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Extrapolation: Fact that assessee admitted undisclosed income for one year does not mean that AO can assume that similar undisclosed income is earned in earlier years as well
Uday C Tamhankar vs. DCIT
(2015) TaxCorp(LJ) 9143 (ITAT-MUMBAI)
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S. 271(1)(c): If the notice does not clearly specify whether the penalty is initiated for "concealment" or for "filing inaccurate particulars", it is invalid. Mere fact that assessee has surrendered income does not justify penalty if his explanation is not found to be false/ not bona fide
Hafeez S. Contractor vs. ACIT
(2015) TaxCorp(LJ) 9118 (ITAT-MUMBAI) · Section 271(1)(c)
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ITAT - Every case of confirmation of disallowance cannot be regarded as a case of furnishing of inaccurate particulars of income or concealment of income.
Sumatikumar B. Kothari vs. ACIT
(2015) TaxCorp(LJ) 9027 (ITAT-MUMBAI) · Section. 271(1)(c)
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ITAT - Not correct to hold that in case of banks since tax- free investments were held as stock in trade, it would not attract Sec 14A disallowance.
HDFC Bank Limited vs. DCIT
(2015) TaxCorp(LJ) 8984 (ITAT-MUMBAI) · Section. 14A
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ITAT - Pre A.Y. 2015-16 Sec. 54EC exemption limit of Rs. 50 Lakh is per year & not based on transaction.
C.R. developments Vs. JCIT
(2015) TaxCorp(LJ) 8941 (ITAT-MUMBAI) · Section 54EC
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ITAT - Loan given by Company to its substantial shareholder will attracts provisions of sec. 2(22)(e) if the same were not lent in ordinary course of business and mere payment of loan amount would not escape assesse from provision of Section 2 (22)(e).
CIT Vs. Sh. Chandrakant V. Gosalia
(2015) TaxCorp(LJ) 8940 (ITAT-MUMBAI) · Section 2(22) (e)
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ITAT - Following CBDT circular No. 225/45/96, interest on Deep discount bonds is not taxable on “accrual” basis for AY 2000-01.
ICICI Securities Primary Dealership Limited vs. ACIT
(2015) TaxCorp(LJ) 8887 (ITAT-MUMBAI)
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ITAT - Presumption u/s 132(4A) is not applicable as neither was the loose paper found in the premises of assessee nor was it in assessee’s possession. Addition deleted.
Ketan V. Shah vs. ACIT
(2015) TaxCorp(LJ) 8877 (ITAT-MUMBAI)
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ITAT - Forex loss in forward contract made to hedge loss in export-import transaction is business loss subject to condition that maturity of hedge does not exceed maturity of underlying transaction.
Perfect Circle India Ltd. v. Deputy Commissioner of Income-tax, 5(2), Mumbai
(2015) TaxCorp(LJ) 8780 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=40496&Category=ITAT&CategoryType=Zip
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ITAT - Reversal of a fictitious credit would not result in income accruing to assessee as book entry do not create income but only recognizes it.
Panna S. Khatau v. Income-tax Officer-2(3)(2), Mumbai
(2015) TaxCorp(LJ) 8779 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=41676&Category=ITAT&CategoryType=Zip
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ITAT - Expenditure incurred towards overseas travel of doctors available in the hands of a pharmaceutical company
ACIT. vs. Liva Healthcare Ltd.
(2015) TaxCorp(LJ) 8757 (ITAT-MUMBAI)
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ITAT - Approval to the assessment order granted by the Addl. CIT in a casual and mechanical manner and without application of mind renders the assessment order void
Shreelekha Damani vs. DCIT
(2015) TaxCorp(LJ) 8743 (ITAT-MUMBAI) · Sections 153A, 153D
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