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AO cannot reject the suo motu disallowance offered by the assessee on the ground that such a disallowance under rule 8D will be more; that's putting cart before the horse. Quite to the contrary, an AO can resort to rule 8D only when, as per the prescription of Section 14A(2) “the Assessing Officer, having regard to the accounts of the assessee, is not satisfied with the correctness of the claim of the assessee in respect of such expenditure in relation to income which does not form part of the total income under this Act”.
TATA INDUSTRIES LTD VERSUS DEPUTY COMMISSIONER OF INCOME TAX CIRCLE (3) (1), MUMBAI AND (VICE-VERSA)
(2020) TaxCorp(LJ) 22595 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83427&Category=ITAT&CategoryType=Zip
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Geographical difference, by itself, does not render an independent transaction uncomparable with controlled transaction. Geographical location, by itself, is not an important factor for deciding comparability of an uncontrolled transaction, its importance lies in being one of the factors which could affect the market conditions in which respective parties operate.
MOTT MACDONALD PVT LTD (SUCCESSOR TO MOTT MACDONALD CONSULTANTS INDIA PRIVATE LIMITED) VERSUS DEPUTY COMMISSIONER OF INCOME TAX CIRCLE 2 (2) , MUMBAI
(2020) TaxCorp(LJ) 22593 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83430&Category=ITAT&CategoryType=Zip
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The belief of income escapement based purely on audit objection is nothing but a shame believe in the garb of audit objection raised by the Revenue which cannot be the basis for reopening of the assessment in the absence of any changed circumstances on the part of the assesse.
Lionbridge Technologies P. Ltd. Vs Asst. CIT.
(2020) TaxCorp(LJ) 22583 (ITAT-MUMBAI)
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Assessee has two main stream of revenues, one from NOP Project and from other project. Assessee is basically construction contractor and also indulged in developing and sale of project named NOP. On overall basis, assessee is following percentage completion method. Whether the method of percentage of completion method can be applied for construction contract as well as real estate development project with reference Guidance Note GN(A) 23 (R2012).
SHAKTI PROPERTY DEVELOPERS PVT. LTD. VERSUS DCIT CEN CIR-8 (1) , MUMBAI
(2020) TaxCorp(LJ) 22573 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83410&Category=ITAT&CategoryType=Zip
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The Kaybee Exim Pte Ltd, which is alleged to be an associated enterprises of the assessee, is not an associated enterprise of the assessee.
KAYBEE PVT LTD VERSUS INCOME TAX OFFICER WARD 10 (1) (3) , MUMBAI
(2020) TaxCorp(LJ) 22562 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83398&Category=ITAT&CategoryType=Zip
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Given the pandemic situation in the country, it is, all the more necessary for every employer company to take care of its employees as also advised by Ministry of Labour and Employment.
Pandhes Infracon Pvt Ltd Vs Assistant Commissioner of Income Tax
(2020) TaxCorp(LJ) 22555 (ITAT-MUMBAI)
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On a plain literal interpretation of Sec.54F, it can safely be gathered that the same only contemplates ownership of more than one residential house on the date of transfer of the Original' asset, for rendering the assessee ineligible for claim of deduction under the said statutory provision.
Chandramohan Manohar Potdar Vs ACIT
(2020) TaxCorp(LJ) 22553 (ITAT-MUMBAI) · Section 54F
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The coronavirus should be considered a case of natural calamity and Force majeure clause maybe invoked, wherever considered appropriate, following the due procedure, also cites SC orders dated March 23rd and May 6th extending limitation period for filing appeals.
Deputy Commissioner of Income Tax Vs JSW Limited
(2020) TaxCorp(LJ) 22523 (ITAT-MUMBAI)
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Assessee sold all the shares and incurred a huge loss and as per the records submitted before us, assessee has claimed it as the business loss considering the fact that assessee has treated the above shares which was sold during the year as stock-in-trade. As per the records brought to our notice by Ld. AR, it clearly indicates that all this information of conversion of shares into stock-in-trade were brought to the notice of the AO in the original assessment itself.
DCIT CIR 6 (1) (1) , MUMBAI VERSUS M/S AGARWAL TEXTILES INDUSTRIES PVT. LTD. AND (VICE-VERSA)
(2020) TaxCorp(LJ) 22514 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83324&Category=ITAT&CategoryType=Zip
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It would be grossly unfair and unjust to deny the assessee the credit of TDS where the corresponding income has been assessed in its hand.
M/s. Easylink Insurance Services Pvt. Ltd. Vs DCIT
(2020) TaxCorp(LJ) 22505 (ITAT-MUMBAI)
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Undisputed facts of this case that there was no tax exempt income in the relevant previous year, we hold that no disallowance under section 14A could have been made, on the facts of this case and in the year before us. We, therefore, uphold the plea of the assessee and delete the disallowance.
DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 3 (2) , MUMBAI VERSUS JSW LIMITED AND (VICE-VERSA)
(2020) TaxCorp(LJ) 22485 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83277&Category=ITAT&CategoryType=Zip
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There is merit in the submission of the Ld. counsel that the reliance placed by the Tribunal on the decision in the matter of Bovis Lend Lease (I) Pvt. Ltd. (supra), which was not cited or discussed by either the applicant or the respondent at any stage nor mentioned by the Hon’ble Members during the original hearing before the Tribunal or even when the appeal was re-fixed for clarifications by the Tribunal amounts to violation of principles of natural justice.
SODEXO SVC INDIA PVT. LTD. VERSUS DEPUTY COMMISSIONER OF INCOME TAX (TDS) -2 (2) , MUMBAI
(2020) TaxCorp(LJ) 22434 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83053&Category=ITAT&CategoryType=Zip
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As the assessee had been shown beyond doubt to be the owner of the residential house/Bungalow situated at Lonawala, therefore, irrespective of the fact that the said property was not occupied by him due to its poor quality of construction, the same continued to be a residential house which was owned by the assessee.
CHANDRAMOHAN MANOHAR POTDAR VERSUS ACIT-21 (3) MUMBAI
(2020) TaxCorp(LJ) 22424 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83012&Category=ITAT&CategoryType=Zip
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In view of the attachment of asessee’s bank accounts and assessee’s debtors, the assessee is stated to be not in a position to perform these obligations. Given this situation, we are satisfied that this situation calls for our interference. In any case, even though we refrain from commenting upon merits of the case at this stage, we find that prima facie the assessee has an arguable case in appeal.
PANDHES INFRACON PVT LTD VERSUS ASSISTANT COMMISSIONER OF INCOME TAX CENTRAL CIRCLE 1 (3) , MUMBAI
(2020) TaxCorp(LJ) 22416 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83005&Category=ITAT&CategoryType=Zip
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If any income is assessable under the head income from house property, it should be out of property let out or deemed to be let out for the relevant period. In this case, the property is neither let out nor vacant.
REDWOOD IT SERVICES P. LTD. VERSUS ITO-10 (2) (2) , MUMBAI
(2020) TaxCorp(LJ) 22404 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=82960&Category=ITAT&CategoryType=Zip
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AO has recorded clear satisfaction as required under the law during the course of assessment proceedings, before initiate penalty proceedings u/s 271(1)(c). Therefore, we are of the considered view that there is no merit in legal arguments taken by the assessee and accordingly, ground of assesee appeal is rejected.
MUNIR KHAN VERSUS DCIT, CENTRAL CIRCLE-7 (1), MUMBAI AND (VICE-VERSA)
(2020) TaxCorp(LJ) 22386 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=82909&Category=ITAT&CategoryType=Zip
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Maintenance charges claimed by the assessee can only be treated as separate source of income and it can be charged as a separate head under income from other sources as claimed by the assessee and if there is any expenditure in connection with the above income, can only be allowed to be claimed by the assessee against the maintenance receipts.
YJ REALITY AND AVIATION PVT LTD. VERSUS THE DCIT, CENTRAL CIRCLE - 1 (4), MUMBAI
(2020) TaxCorp(LJ) 22385 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=82911&Category=ITAT&CategoryType=Zip
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In the present case, admittedly, the assessee inherited the property on the death of her parents. Therefore, the assessee is entitled for the benefit of indexation cost from the date of acquisition of asset or from 01-04- 1981. The ld CIT(A) while passing the order followed the ratio of decision of Manjula J Shah. No infirmity in the order passed by Ld. CIT(A). In the result the first issue is decided in favour of assessee.
ITO (IT) -4 (2) (1) , MUMBAI VERSUS ANURADHA SHIVPRAKASH SETH
(2020) TaxCorp(LJ) 22382 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=82894&Category=ITAT&CategoryType=Zip
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The facts of the present case is quite similar to the facts of the case New Shailaja Co-operative Housing Society Ltd wherein also the assessee acquired the land in the year 1972 and constructed the building and subsequently by virtue of Regulation 33(7) of the Development Control Regulations of the Municipal Corporation of Greater Bombay, 1991 (DCR).
SBI STAFF CHITRALEKHA CHS LTD. VERSUS CIT-40, MUMBAI
(2020) TaxCorp(LJ) 22381 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=82896&Category=ITAT&CategoryType=Zip
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As assessee’s own funds far exceeded the investments held by the assessee which is evident from the fact that the assessee has year-end share capital and free reserves aggregating to ₹ 17.25 Crores as against investments of ₹ 9.16 Crores held by the assessee. Incremental reserves during the year far exceeds the incremental investments made by the assessee during the year.
M/S. RAMGOPAL TEXTILES LTD. VERSUS DCIT-3 (3) (1) , MUMBAI
(2020) TaxCorp(LJ) 22380 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=82898&Category=ITAT&CategoryType=Zip
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