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ITAT - Even if there is delay in filing return u/s 148, Sec. 54F exemption cannot be denied.
Amina Ismil Rangari vs. ITO
(2017) TaxCorp(LJ) 13610 (ITAT-MUMBAI) · Section. 148
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S. 271(1)(c) penalty: Voluntary disclosure of Rs. 557.50 crores. Entire law on levy of penalty discussed in the context of declaration made during survey, bogus purchases, bogus share capital, accommodation entries, non-application of mind by the AO etc. All important judgements incl Kaushalya 216 ITR 660 (Bom), MAK Data 358 ITR 593 (SC) explained/ ditinguished
Uttam Value Steels Limited vs. ACIT
(2017) TaxCorp(LJ) 13608 (ITAT-MUMBAI) · Section. 271(1)(c)
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ITAT - CIT had gathered that the loan from assessee's mother was utilized for payment to another entity and not to the seller of property, therefore revision u/s 263 justified.
Parth Ajit Pawar vs. Pr. CIT
(2017) TaxCorp(LJ) 13606 (ITAT-MUMBAI) · Section. 263
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ITAT - Interest u/s 234C is to be charged on the returned income and not on assessed income.
Morgan Stanley Investment Management Private Limited Versus Dy. Commissioner of Income Tax – 1 (2), Mumbai
(2017) TaxCorp(LJ) 13601 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=57935&Category=ITAT&CategoryType=Zip
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ITAT - In case of sale of right to develop and sell incentive FSI under LOI, no accrual of income till the conditions of LOI are fulfilled as there is no transfer.
Jawahar B. Purohit, M/s M.R. Construction Versus Asst. Commissioner of Income Tax And Dy. Commissioner of Income Tax, CC-22, Mumbai And Vice-Versa
(2017) TaxCorp(LJ) 13600 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=57934&Category=ITAT&CategoryType=Zip
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ITAT - Rule 8D(2) with respect to Sec. 14A inapplicable as in absence of failure by AO to establish nexus between the exempt income and the impugned expenditure.
Leena Kasbekar vs. ACIT
(2017) TaxCorp(LJ) 13596 (ITAT-MUMBAI) · Section. 14A
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ITAT - Sec. 54G, being a benevolent provision should be interpreted liberally and there is no precondition that new machinery should be purchased at the time of shifting of industrial undertaking. Most important and decisive factor for claiming the deduction is ‘transfer’ of capital asset.
Everest Industries Ltd. vs. ACIT
(2017) TaxCorp(LJ) 13595 (ITAT-MUMBAI) · Section. 54G
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ITAT - Since FDR was inextricably linked with power project set-up, interest thereon is a capital receipt.
Solarfield Energy Two Pvt. Ltd. Vs. ITO
(2017) TaxCorp(LJ) 13591 (ITAT-MUMBAI)
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ITAT - Once the property is let out and at any point of time this remained vacant during the same cannot be brought to tax resorting to provisions of section 23(1)(c).
Monisha R Jaising Versus Dy. Commissioner of Income Tax, Central-Circle-24 and 26, Mumbai
(2017) TaxCorp(LJ) 13589 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=57854&Category=ITAT&CategoryType=Zip
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ITAT - Since assessee’s tenancy right was extinguished upon purchase of property vide sale agreement, gains arising on sale of shop to be treated as short term capital gains not eligible for Sec. 54 exemption.
Jayantilal K. Jain vs. ITO
(2017) TaxCorp(LJ) 13575 (ITAT-MUMBAI)
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ITAT - Only net interest income to be excluded while determining deduction u/s. 10A in respect of profit derived from exports.
Balaji Export Co. vs. ACIT
(2017) TaxCorp(LJ) 13567 (ITAT-MUMBAI) · Section. 10
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An additional ground with respect to additional evidence is admissable. The approach of the Tribunal in matters where the revenue seeks to fasten liability should be different, The Tribunal is the last fact-finding authority and the assessee has no other avenue to raise its grievances so far as facts are concerned. Ultimately if it is discovered that assessee is not liable to tax the revenue cannot have grievances Ultratech Cement vs. ACIT (2017) 81 TM.com 72 (Bom) distinguished
Nivea India Private Ltd vs. DCIT
(2017) TaxCorp(LJ) 13507 (ITAT-MUMBAI)
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ITAT - Where books of account and other relevant documents were destroyed by natural calamity, i.e. flood, No Penalty u/s 271B .
Kanjan Marketing Versus ITO, Ward25 (3) (2), Mumbai
(2017) TaxCorp(LJ) 13504 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=57637&Category=ITAT&CategoryType=Zip
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ITAT - In case of professional doctors / Honorary Consultants, the real intention of the parties is appointment of consultants and not to create employer-employee relationship, TDS is liable to be deducted u/s 194J.
Jaslok Hospital & Research Centre Versus Dy. Commissioner of Income Tax (TDS) -2 (1), Mumbai
(2017) TaxCorp(LJ) 13503 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=57638&Category=ITAT&CategoryType=Zip
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Bogus Purchases: If the AO has not disputed the genuineness of sales and the quantitative details and the day to day stock register maintained by the assessee, a trader, he cannot make an addition in respect of peak balance of the bogus purchases. He can only determine the element of profit embedded in the bogus purchases. On facts, the addition is restricted to 2% of the bogus purchase
ACIT vs. Steel Line (India)
(2017) TaxCorp(LJ) 13490 (ITAT-MUMBAI)
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ITAT - Deduction allowable u/s 43B for stamp-duty paid on demerger.
Mahyco Seeds Ltd vs. Dy.CIT
(2017) TaxCorp(LJ) 13469 (ITAT-MUMBAI) · Sections 35DD, 43B
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ITAT - No TDS u/s 194J on payment for subscription of e-magazine/journal by assessee engaged in carrying out research for private equity investments as the same is neither royalty nor FTS.
Kitara capital Private Limited vs. ITO
(2017) TaxCorp(LJ) 13468 (ITAT-MUMBAI) · Section 194J
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ITAT - In case of capital contribution by the partners in the partnership firm, the assessee could not be expected to prove the source of source and no addition u/s 68 could be made on this account. It could be made in the hands of the respective partners only.
Shivam Impex Versus Deputy Commissioner of Income Tax
(2017) TaxCorp(LJ) 13444 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=57532&Category=ITAT&CategoryType=Zip
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ITAT - TDS u/s 194C applicable on payments to various T.V channels for broadcasting its serials during fixed time slots.
DCIT TDS 1 (1) , Mumbai Versus Balaji Telefilms Ltd.
(2017) TaxCorp(LJ) 13436 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=57501&Category=ITAT&CategoryType=Zip
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ITAT - As ‘Web Hosting Charges’ can safely be construed as a facility which is provided to facilitate hosting of a website, therefore, the fee provided by the assessee for availing such service cannot be characterized as a ‘as a fee for technical service’. No TDS u/s 194J.
Metro Shoes Ltd. Versus Income Tax officer (TDS) -2 (2) , Mumbai And Vice-Versa
(2017) TaxCorp(LJ) 13413 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=57461&Category=ITAT&CategoryType=Zip
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