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Revenue would be recognized by the assessee on commissioning of a plant, however, in the backdrop of the complex nature of its business certain expenditure would certainly be required to be incurred between the stage of commissioning of the plant and final acceptance of the same by its customer. Assessee had to carry out estimation of such future expenditure and create a provision for cost on the completed projects.
THYSSENKRUPP INDUTRIAL SOLUTIONS (INDIA) PRIVATE LIMITED (FORMERLY KNOWN AS UHDE INDIA PRIVATE LIMITED) VERSUS ADDITIONAL COMMISSIONER OF INCOME-TAX 10 (3); MUMBAI
(2020) TaxCorp(LJ) 22823 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83911&Category=ITAT&CategoryType=Zip
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It is the date of search that has to be considered to be the relevant date for the purpose of applying the amended provisions of Sec. 153C(1) of the Act. As such, in the case before us as the search proceedings were conducted on Cosmos group on 24.09.2014, therefore, the provisions of pre-amended Sec. 153C (i.e prior to amendment w.e.f 01.06.2015) would be applicable. On the basis of our aforesaid observations, we vacate the view taken by the CIT(A) to the contrary that the post-amended Sec. 153C would applicable in the present case.
RIDDHI SIDDHI DEVELOPERS P. LTD VERSUS DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE – 6 (4) , MUMBAI
(2020) TaxCorp(LJ) 22811 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83886&Category=ITAT&CategoryType=Zip
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As relying on own case we restore the matter back to the file of learned AO on similar lines. The learned AO is directed to reappreciate the disallowance made by the assessee and invoke Rule 8D only if not satisfied with assessee's working of disallowance. It is made clear that if the disallowance is computed in terms of Rule 8D(2)(iii) then apart from the directions of Ld. CIT(A) to exclude certain investments, those investments which have not yielded any exempt income during the year under consideration would also be excluded as per the decision of ACIT Vs. Vireet Investment (P.) Ltd. Accordingly, Ground No.1 of assessee's appeal may be treated as partly allowed for statistical purposes.
VOLTAS LIMITED VERSUS ASST. CIT RANGE-8 (3) (2) , MUMBAI AND DCIT-8 (3) (2) , MUMBAI VERSUS VOLTAS LIMITED
(2020) TaxCorp(LJ) 22805 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83826&Category=ITAT&CategoryType=Zip
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The order was passed within the time limit laid down under rule 34(5) of ITAT Rules considering the extraordinary situation of Covid 19 epidemic, the period of lockdown is required to be excluded in computation of the 90 days.
Newtech (India) Developers Vs Income Tax Officer
(2020) TaxCorp(LJ) 22784 (ITAT-MUMBAI)
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ITAT - Once an agent has been paid arm's length remuneration, and the income embedded in such remuneration has been taxed in India, no further profits can be taxed in the hands of the Dependent Agency PE.
OT Africa Line Limited Vs Deputy Director of Income Tax- International Taxation
(2020) TaxCorp(LJ) 22747 (ITAT-MUMBAI)
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In case of important pan India issues of far reaching consequence, it is desirable to have the benefit of arguments from stakeholders in different part of the country.
Tata Education and Development Trust vs ACIT
(2020) TaxCorp(LJ) 22730 (ITAT-MUMBAI) · Section 254(2A)
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Needless to mention that the Special Bench decision would have binding precedent over the Division Bench decision.
Mahindra & Mahindra Limited Vs Dy. Commissioner of Income-Tax
(2020) TaxCorp(LJ) 22719 (ITAT-MUMBAI)
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Expenditure incurred in connection with acquisitions, shall have to be treated as capital expenditure and shall form part of cost of investment which the assessee could claim as cost at the time of sale of investment. A sum as represent expenditure incurred in respect of acquisitions which never materialised and hence, squarely allowable as revenue expenditure in as much as no capital asset came into existence of the assessee which would derive enduring benefit of the assessee.
MAHINDRA & MAHINDRA LIMITED VERSUS DY. COMMISSIONER OF INCOME-TAX CIRCLE-2 (2) (2), ASST. COMMISSIONER OF INCOME-TAX CIRCLE-2 (2) (2) , MUMBAI
(2020) TaxCorp(LJ) 22714 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83708&Category=ITAT&CategoryType=Zip
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It is very clear that payment made to M/s Metcon India is a bogus expenditure which was routed through own associated company in order to reduce profit from sale of land at Nagpur. The AO had also obtained external information and conducted field enquiry which clearly proves the fact of not carrying out any development work at Nagpur Land. In fact the position of land was unchanged when compared to date of purchase and date of inspection and this fact was further strengthened by the letter of Jt. MD, MSHCL. The ld. CIT(A) has ignored all these facts while allowing relief to the assessee.
ACIT, CENTRAL CIRCLE-4, THANE VERSUS M/S. HALLMARK DEVELOPERS AND M/S. HALLMARK DEVELOPERS VERSUS JCIT, PALGHAR RANGE, PALGHAR.
(2020) TaxCorp(LJ) 22706 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83701&Category=ITAT&CategoryType=Zip
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Assessee had earned profit from F & O transactions in A.Y.2010-11 which was duly taxed by the ld. AO as regular business income. During the year, there is no change in the facts or there is no emergence of any fresh development in the case of the assessee company, enabling the ld AO to take a divergent view. Hence, revenue is not justified in taking a divergent view for the year under consideration alone.
M/S. MEGHA PROPERTY DEVELOPERS LTD. VERSUS ITO-4 (2) (4) , MUMBAI
(2020) TaxCorp(LJ) 22703 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83704&Category=ITAT&CategoryType=Zip
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Even in cases of financial leases, the depreciation allowance contemplated under Section 32(1) of the Act is allowable to the lessor. It has not been shown by the Ld. CIT-DR that any of such precedents in assessee's own case has been altered by any higher authority. Therefore, so far as this aspect of the matter is concerned, we do not find any hesitation in directing the Assessing Officer to allow the claim of depreciation on lease of assets where it involves financial lease.
INDUSTRIAL DEVELOPMENT BANK OF INDIA, IDBI BANK LTD VERSUS THE DY. COMMISSIONER OF INCOME TAX, THE ADDL. COMMISSIONER OF INCOME TAX
(2020) TaxCorp(LJ) 22676 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83608&Category=ITAT&CategoryType=Zip
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None of the conditions is fulfilled in favour of the Revenue for imposing penalty. As it appears on record that at the very onset of filing of return the assessee explained the reasons for not including the amount in question being 3.79 crores received as “arbitration award” in its taxable income by annexing Note 7 relying upon the content of the India-Netherlands Treaty. Such Explanation has not been found to be false by the authorities below neither there is any finding to that effect as on record. Even assuming the assessee fails to substantiate the explanation, he has been able to demonstrate that the explanation is bona fide.
VAN OORD DREDGING AND MARINE CONT RACTORS BV VERSUS ASST DIT (IT) 2 (2) NOW TRANSFERRED TO DCIT (IT) 4 (3) (1) , MUMBAI
(2020) TaxCorp(LJ) 22626 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83478&Category=ITAT&CategoryType=Zip
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The assessee is State under Article 289 of the constitution of India, and is entitled to immunity from taxation under the Income Tax Act 1961.
MAHARASHTRA STATE BOARD OF TECHNICAL EDUCATION VERSUS INCOME TAX OFFICER 23 (2) (2) MUMBAI
(2020) TaxCorp(LJ) 22625 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83479&Category=ITAT&CategoryType=Zip
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As decided in own case Revenue received by the assessee from offshore supply of goods to ONGC could not be taxed in India. We thus finding no infirmity in the order of the CIT(A) in context of the issue under consideration uphold the same to the said extent. If the service provider does not make available the technical knowledge, experience, skill know how or process etc., then the consideration received for rendering of such services cannot be characterised as royalty for the purpose of Article XII(3)(g) of India-Australia DTAA.
DEPUTY COMMISSIONER OF INCOME TAX (IT) -2 (1) (1) MUMBAI VERSUS CAMERON AUSTRALASIA PTY LTD. C/O PRICEWATERHOUSECOOPERS PVT. LTD.
(2020) TaxCorp(LJ) 22624 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83480&Category=ITAT&CategoryType=Zip
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There is no provision for levying capital gains on consideration received by the partner for reduction in the share in the partnership firm.
Anik Industries Ltd Vs DCIT
(2020) TaxCorp(LJ) 22616 (ITAT-MUMBAI)
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Assessee's case falls under 55(2)(b) of the Act, wherein assessee is entitled to substitute the actual cost of acquisition with fair market value as on 01/04/1981.
Piramal Enterprises Limited Vs Addl. Commissioner of Income Tax
(2020) TaxCorp(LJ) 22615 (ITAT-MUMBAI) · Section 55(2)(b)
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Raising a legal claim, even if it is ultimately found to be legally unacceptable, the same cannot amount to furnishing of inaccurate particulars of income just because the AO did not accept the interpretation, such an interpretation is not rendered incorrect.
Van Oord Dredging and Marine Contractors BV Vs Asst DIT (IT)2(2)
(2020) TaxCorp(LJ) 22614 (ITAT-MUMBAI) · Section 271(1)(c)
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The roaming charges paid by the appellant to other telecom companies are not covered under fees for technical services and out of the purview of TDS provision of 194J.
THE DY. CIT (TDS) -2 (3) MUMBAI VERSUS M/S. VODAFONE INDIA LTD., MUMBAI
(2020) TaxCorp(LJ) 22611 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83461&Category=ITAT&CategoryType=Zip
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Since assessee miserably failed to inform the office of Ld. CIT(A) about the change of address and now assessee cannot plead that the order was not served as well as notices were not served.
Kale Entertainment & Resorts Pvt. Ltd Vs ITO
(2020) TaxCorp(LJ) 22601 (ITAT-MUMBAI)
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Wealth tax payable is certainly an ascertained liability, hence, cannot be treated as unascertained liability.
Godrej Consumer Products Ltd Vs DCIT
(2020) TaxCorp(LJ) 22598 (ITAT-MUMBAI) · Section 115JB
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