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ITAT - Invocation of ‘Deeming fiction’ under Exp 1 to Sec 271(1) (c) was not justified as asseseee’s explanation regarding ‘bonafides’ of claim did not suffer from any apparent inconsistencies or factual errors.
Vipul Life Sciences Vs. DCIT
(2015) TaxCorp(LJ) 6483 (ITAT-MUMBAI) · Section. 271(1)(c)
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ITAT - Under section 32, assessee can claim Depreciation on ‘goodwill’
M/s. PPG Asian Paints Pvt. Ltd. Vs. ACIT
(2015) TaxCorp(LJ) 6465 (ITAT-MUMBAI) · Section 32
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ITAT - Since the department itself has accepted assessee’s claim for writing off of preliminary expenses in the immediately preceding assessment year, disallowance of similar claim in subsequent year will not make it a fit case for levy of concealment penalty
Lexicon Finance Ltd Versus Joint Commissioner Of Income Tax
(2015) TaxCorp(LJ) 6458 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=40379&Category=ITAT&CategoryType=Zip
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ITAT - In the case of lab results, the TSPs/ collectors / aggregators are not going to be benefited by the test results and it is the patient who is going to be benefitted by the lab results. AO to examine the fact to ascertain true relationship in respect of payment made to TSPs are commission or brokerage (For TDS u/s 194H)
ITO Versus M/s Thyrocare Technologies Ltd.
(2015) TaxCorp(LJ) 6446 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=40360&Category=ITAT&CategoryType=Zip
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ITAT - Denial of registration u/s 12AA on ground that no activity has been carried out by trust subsequent to its creation and even up to time of disposal of its application is not justified.
Matru Vandana Trust v. Director of Income-tax (Exemption), Mumbai
(2015) TaxCorp(LJ) 6436 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=40513&Category=ITAT&CategoryType=Zip
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ITAT - No relief under Article 8 of Indo-US DTAA to US Airline company on revenue attributable to the usage of third party carriers.
Delta Air Lines vs. ADIT
(2015) TaxCorp(LJ) 6434 (ITAT-MUMBAI)
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ITAT - In case of import/export business, where the transactions are demonetarized in the foreign currencies and for the purpose of hedging of the anticipated loss resulting from such import-export business and not otherwise, if the assessee enters into a forward contract in foreign exchange, then such forward contracts are to be treated as integral part or incidental to the business of export/import and cannot be said to be the speculative contracts attracting the provisions of section 43(5) of the Act. in case of import/export business, where the transactions are demonetarized in the foreign currencies and for the purpose of hedging of the anticipated loss resulting from such import-export business and not otherwise, if the assessee enters into a forward contract in foreign exchange, then such forward contracts are to be treated as integral part or incidental to the business of export/import and cannot be said to be the speculative contracts attracting the provisions of section 43(5) of the Act. The loss from such hedging transactions would be treated as business loss.
M/s. Perfect Circle India Ltd. Versus DCIT
(2015) TaxCorp(LJ) 6424 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=40496&Category=ITAT&CategoryType=Zip
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ITAT - Where CIT sanctioned initiation of reassessment without recording his satisfaction (CIT simply put 'approved' and signed report), reassessment proceedings initiated in pursuance to said sanction deserved to be quashed.
Hirachand Kanuga v. Deputy Commissioner of Income-tax
(2015) TaxCorp(LJ) 6421 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=40503&Category=ITAT&CategoryType=Zip
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ITAT - Before invoking section 164 AO to determine whether settler and beneficiary of trust are same and whether income arising from sale of shares by assessee-trust and distributed to beneficiaries was offered to tax by beneficiaries and assessed accordingly.
IL & FS Orix Trust v. Income-tax Officer, Ward-19 (3)-2, Mumbai
(2015) TaxCorp(LJ) 6418 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39774&Category=ITAT&CategoryType=Zip
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ITAT - Credit of foreign tax paid in Japan against tax levied on corresponding income is eligible for deduction u/s 10B of the Act in India. After amendment by Finance Act, 2000 w.e.f. 1-4-2001 deduction u/s 10A being from the total income leads to the conclusion that there is charge of income tax in India also on the income that has been subjected to tax in Japan
Blue Star Infotech Ltd. vs ACIT
(2015) TaxCorp(LJ) 6396 (ITAT-MUMBAI) · Section. 10B
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ITAT - Shares were purchased out of assessee's own funds and kept as investment all along, therefore profit on sale of shares was to be taxed as Capital Gain.
Assistant Commissioner of Income Tax-25(3), Mumbai v. Mrs. Kinnary Sanghavi
(2015) TaxCorp(LJ) 6395 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=40482&Category=ITAT&CategoryType=Zip
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ITAT - Gift of residential property by assessee to her husband (prior to transfer date of original asset) is legitimate, Sec 54F benefit available.
Maya A. Ajwani vs. ITO
(2015) TaxCorp(LJ) 6393 (ITAT-MUMBAI) · Section. 54F
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ITAT - Services rendered by NR were in nature of corporate advisory services and, therefore, even if received at cost, receipt would assume nature of income in hands of payee-company.
Cotecna Inspection India (P.) Ltd. v. Assistant Commissioner of Income-tax, Range-10(3), Mumbai
(2015) TaxCorp(LJ) 6390 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7774&Category=INTLDecisions&CategoryType=Zip
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ITAT - Where services of assessee could not be bifurcated on such basis then TPO not justified in making additions due to differential man hour rate.
Melstar Information Technologies Ltd. v. Assistant Commissioner of Income-tax, Circle- 8(2), Mumbai
(2015) TaxCorp(LJ) 6347 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7930&Category=INTLDecisions&CategoryType=Zip
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ITAT - No merit in the Revenue’s case for disregarding the gift of a house property by the assessee to her spouse prior to the transfer date (of the original asset) for the purpose of reckoning eligibility to exemption u/s.54F.
Smt. Maya A. Ajwani Vs. ITO
(2015) TaxCorp(LJ) 6345 (ITAT-MUMBAI) · Section. 54F
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ITAT - If suo motu disallowance was made by assessee below the limit prescribed under rule 8D then no sec. 14A disallowance can be made.
Fali S. Nariman v. Additional Commissioner of Income-tax, Range-11 (2), Mumbai
(2015) TaxCorp(LJ) 6316 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=40477&Category=ITAT&CategoryType=Zip
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ITAT - Additional Depreciation - Assessee is entitled to depreciation in the subsequent year if the entire depreciation is not allowed in the first year of installation
M/s. MITC Rolling Mills P. Ltd. Vs. ACIT
(2015) TaxCorp(LJ) 6302 (ITAT-MUMBAI)
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ITAT - The fact that suppliers names appear in the list of hawala dealers of the sales-tax dept and that assessee is unable to produce them does not mean that the purchases are bogus if the payment is through banking channels & GP ratio becomes abnormally high
ACIT. vs. Ramila Pravin Shah
(2015) TaxCorp(LJ) 6297 (ITAT-MUMBAI)
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ITAT - Additions made solely on the basis of AIR information are not sustainable in the eyes of law if the Revenue has not made any enquires to find out whether the AIR information was correct or not
Kroner Investments Limited vs. DCIT
(2015) TaxCorp(LJ) 6294 (ITAT-MUMBAI)
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ITAT - No malafide intention of concealment as furnishing of inaccurate particulars was simply a mistake as also there was no 'detection' by Revenue, concealment penalty on income addition on share application money is deleted.
Heranba Industries Ltd. vs. DCIT
(2015) TaxCorp(LJ) 6287 (ITAT-MUMBAI)
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