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If the proportion of the expenditure are in conformity with the maintenance charges collected from the licensee, then it cannot be considered as part of the rental income.
YJ Reality and Aviation Pvt Ltd Vs The DCIT
(2020) TaxCorp(LJ) 21180 (ITAT-MUMBAI)
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The mere issuance of draft assessment order, when it was legally not required to be issued, cannot end up enhancing the time limit for completing the assessment under section 143(3).
IPF India Property Cyprus (No.1) Ltd Vs Deputy Commissioner of Income Tax International Taxation
(2020) TaxCorp(LJ) 21171 (ITAT-MUMBAI)
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Availing of net based services are outside the ambit of FTS provisions particularly when it cannot chargeable to tax in India and further as per the information submitted before us, the assessee has utilized these information outside India.
Triton Communications Pvt. Ltd Vs ACIT
(2020) TaxCorp(LJ) 21170 (ITAT-MUMBAI)
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When the assessee was providing services to its members as well as non members, it can never be categorized under mutuality concept. The mutuality concept can be applied only when a mutual concern or AOP, who agree to contribute funds for common purpose and receive back the surplus left out in the same capacity in which they made the contribution. Therefore, the capacity as contributors and participants remain same. When they cannot separate the activities of participants and non members, they can never be considered as mutual concern.
FIXED INCOME MONEY MARKET AND DERIVATIVES ASSOCIATION OF INDIA VERSUS ITO (E) – 1 (3), MUMBAI
(2020) TaxCorp(LJ) 21169 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=82195&Category=ITAT&CategoryType=Zip
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The Ld.PCIT has questioned the issue of suppression of turnover, which is also a matter of deliberation by the Ld. AO during the reassessment proceedings and hence, we are of the considered view that the Ld. PCIT was completely erred in invoking jurisdiction to revise the assessment order passed by the Ld. AO u/s 143(3) r.w.s. 147 of the I.T.Act, 1961, in respect of very same issue of suppression of turnover, which was very much deliberated by the Ld. AO during the assessment proceedings.
K.R. CONSTRUCTION BASEMENT VERSUS PRINCIPAL COMMISSIONER OF INCOME TAX-CENTRAL-3, MUMBAI
(2020) TaxCorp(LJ) 21167 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=82197&Category=ITAT&CategoryType=Zip
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Admittedly, AS-14 nowhere prescribed for different method of computation of net worth of undertaking acquired by way of slump sale for different purposes.
Abhishri Packaging Pvt.Ltd Vs DCIT
(2020) TaxCorp(LJ) 21161 (ITAT-MUMBAI)
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Once the tribunal has held that the amounts collected by Ferani during the pendency of the suit and kept in FD's are amounts kept in custody of the court and not accessible to the Administrator till disposal of the suit and to be governed by the final order of the high court, then the amounts so collected cannot be considered to be income of the assessee. AO has brought to tax advances which the assessee had received during the period 1996-97 to 2008-09 totally ₹ 269,48,90,856/- under the head other source.
ITO (INTERNATIONAL TAXATION) -2 (1) (1) VERSUS ADMINISTRATOR OF THE ESTATE OF LATE MR. E.F. DINSHAW
(2020) TaxCorp(LJ) 21157 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=82157&Category=ITAT&CategoryType=Zip
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While we restrain from making any observations on the conduct of the representatives of the assessee, we find it difficult to believe that a big-4 accounting firm, as the assessee's representative before the DRP, as indeed before us, is, would really be oblivious of the correct legal position and it was anything less than a calculated ignorance, before the DRP, on the basic legal position.
Technimont Pvt Ltd Vs Assistant Commissioner of Income Tax (IT)
(2020) TaxCorp(LJ) 21151 (ITAT-MUMBAI)
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Assessment on non-existing amalgamated entity void-ab-initio & unsustainable; Follows Maruti Suzuki SC-ruling
Siemens Limited, (Successor in Interest to Siemens VIA Metals Technologies Private Limited) Vs The ACIT
(2020) TaxCorp(LJ) 21136 (ITAT-MUMBAI)
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A plain reading of the order passed by the Dispute Resolution Panel shows that the issue in appeal is squarely covered by a decision of the coordinate bench, in assessee’s own case for the assessment year 2010-11 in favour of the assessee. The only reason, on account of which the DRP has declined relief to the assessee, is to keep the matter alive for the SLP, if any, before the Hon’ble Supreme Court. We, therefore, uphold the plea of the assessee and hold that the receipts in question cannot be treated as royalty.
IMG MEDIA LTD. VERSUS ASSISTANT COMMISSIONER OF INCOME TAX (IT) - 2 (2) (1) MUMBAI
(2020) TaxCorp(LJ) 21131 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=82109&Category=ITAT&CategoryType=Zip
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There is no material whatsoever to indicate, leave aside establish, that the Assessing Officer had examined the application of Section 56(2)(vii)(b) at all. Learned counsel’s plea that this provision to section 56(2)(vii)(b) comes into play, overlooks the fact that application of proviso is entirely a factual matter which has not been examined at all.
KIRTIDEVI S. TEJWANI VERSUS PRINCIPAL COMMISSIONER OF INCOME TAX-22 MUMBAI
(2020) TaxCorp(LJ) 21128 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=82090&Category=ITAT&CategoryType=Zip
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The sole reliance upon the FIRC which is only a certificate of remittance from abroad in absence of the overwhelming surrounding circumstances by the learned CIT appeals not at all sustainable.
Shri Arun Madhvachari Rangachari Vs DCIT
(2020) TaxCorp(LJ) 21123 (ITAT-MUMBAI)
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Coming to the facts of the present case, when the fats are not at variance as the assessee has shown the unsold unit as opening stock. The AO was not justified in bringing the unsold flat to bring it under income from house property. The submission of the ld DR that the legislature has already brought the amendment in section 23(5) to bring the unsold unit after a vacancy period of one year is not acceptable to us as the said amendment was brought by Finance Act, 2017 and is applicable from 01.04.2018, thus, the said amendment is not applicable for the year under consideration.
M/S KIRAN PROMOTERS & DEVELOPERS VERSUS DY. CIT, CENT. CIR. 5 (4), MUMBAI
(2020) TaxCorp(LJ) 21108 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=82055&Category=ITAT&CategoryType=Zip
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Rules are enacted to facilitate the assessee and the same should not be used as a tool and techniques to deprive the assesses from their right of hearing.
Sriram Kapur Vs ACIT
(2020) TaxCorp(LJ) 21103 (ITAT-MUMBAI)
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Pertinently in the statement of facts filed with the memorandum of appeal in form No. 35 before learned Commissioner (Appeals), the assessee has specifically stated that it has carried out its transactions in derivatives in future and option segments of National Stock Exchange. From the impugned order if learned Commissioner (Appeals) it is patent obvious that he has completely overlooked the aforesaid factual position while observing that the assessee has entered into over the counter derivative transaction and not in any recognized stock exchanges, while treating it as speculative loss u/s. 43(5) of the Act.
DARASHAW & COMPANY PVT., LTD VERSUS DY. CIT, RANGE 4 (1), MUMBAI AND (VICE-VERSA)
(2020) TaxCorp(LJ) 21100 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=82015&Category=ITAT&CategoryType=Zip
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S. 2(47)/45: A reduction of capital results in an "extinguishment of rights" in the shares and constitutes a "transfer‟. The fact that the percentage of shareholding remains unchanged even after the reduction is irrelevant. The loss arising from the cancellation of shares is entitled to indexation and is allowable as a long-term capital loss (Bennett Coleman 133 ITD 1 (Mum)(SB) distinguished, all imp verdicts referred)
Carestream Health Inc vs. DCIT
(2020) TaxCorp(LJ) 21094 (ITAT-MUMBAI) · Sections 2(47), 45
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Assessee has filed complete set of documents with regard to each and every amount of loan given to assessee right from 03/01/2012 to 02/11/2012 and also explained corresponding source of income for amount transferred to the assessee. We further noted that the loan creditor has explained the source of income out of encashment of mutual funds investments, sale of listed equity shares for which necessary contract notes from brokers and bank statement has been filed.
ITO-25 (3) (1), MUMBAI VERSUS M/S MECHAN RESORTS LLP, MUMBAI
(2020) TaxCorp(LJ) 21084 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=81989&Category=ITAT&CategoryType=Zip
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The requirement of supply of reasons u/s 148 of the Act when the assessee has specifically requested for the same after complying with the notice u/s 148 is sine qua non and goes to the root of the jurisdiction of the AO. In our opinion, the assessment framed without supplying reasons recorded u/s 148 deprives the assessee from filing the objections to the said reopening.
BABULAL H. JAIN VERSUS ITO-19 (1) (2), MUMBAI
(2020) TaxCorp(LJ) 21065 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=81955&Category=ITAT&CategoryType=Zip
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It is not in dispute that the assessee had received the sum of ₹ 2 Crores as compensation for wrongful possession of the erstwhile tenant in the property belonging to the assessee, though the same had been characterized by the revenue as arrears of rent taxable u/s.25B r.w.s. 25AA of the Act.
M/S. TRANS FREIGHT CONTAINERS LTD. VERSUS DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 3 (3) (2), MUMBAI
(2020) TaxCorp(LJ) 21060 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=81928&Category=ITAT&CategoryType=Zip
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Transfer Pricing: (i) If the "arms length‟ principle is satisfied qua the relevant transaction between the assessee and its Indian subsidiary, no further profits can be attributed to the assessee in India even if it was to be held that the latter had a PE in India (ii) If the subsidiary has subsequently entered into an "APA‟ with the CBDT & the FAR analysis and overall functions remain unchanged, the "APA‟ would have a bearing on the ALP of the earlier years
Celltick Technologies Ltd vs. DCIT
(2020) TaxCorp(LJ) 21047 (ITAT-MUMBAI)
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