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ITAT - Transfer pricing adjustment - Some reasonable comparables should be selected after considering the FAR analysis of such comparable and only then exercise of determining ALP should be completed.
ASB International Pvt. Ltd. Versus ACIT-Circle-1, Mumbai and Vice-Versa
(2017) TaxCorp(LJ) 12219 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=11144&Category=INTLDecisions&CategoryType=Zip
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ITAT - Receipt in the capacity of beneficiaries on dissolution of trusts cannot be taxed u/s 56(2)(vi) as the money received is not "without consideration".
Asst. Commissioner of Income Tax Versus Mrs. Sandhya A. Pratap
(2017) TaxCorp(LJ) 12218 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54680&Category=ITAT&CategoryType=Zip
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ITAT - Assignment of indigenously developed patent shall be taxable as ‘capital gains’ and shall be subject to applicability of Sec. 55(2).
Bharat Serums & Vaccines Ltd. vs. ACIT
(2017) TaxCorp(LJ) 12214 (ITAT-MUMBAI)
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ITAT - Dubbing Cost of foreign TV programs is a capital expenditure since without incurring dubbing costs, these programs (i.e. assets) could not be utilised for earning revenue.
Deputy Commissioner of Income-tax, 8 (3) (1), Mumbai v. United Home Entertainment (P.) Ltd.
(2017) TaxCorp(LJ) 12212 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54662&Category=ITAT&CategoryType=Zip
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ITAT - If assessee determines the ALV of the vacant property and offer such notional income, assessee will be eligible for the claim of deduction u/s 24(b) on account of interest on borrowed capital.
Anagha Estates Ltd. vs. DCIT
(2017) TaxCorp(LJ) 12112 (ITAT-MUMBAI) · Section 24(b)
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ITAT - Relief under clause (iic) to Explanation 1 to Sec 115JB inserted vide Finance Act, 2015 excluding AOP profits from MAT be applied retrospectively.
Goldgerg Finance Pvt. Ltd. Vs ACIT
(2017) TaxCorp(LJ) 12103 (ITAT-MUMBAI)
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ITAT - Forfeiture of entrance fee received from members would remain capital in nature since the amount was in the nature of deposits, i.e., capital receipts.
Assistant Commissioner of Income-Tax Versus Royal Western India Turf Club Ltd. (And Vice Versa)
(2017) TaxCorp(LJ) 12096 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=53586&Category=ITAT&CategoryType=Zip
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ITAT - Making false claim made towards interest deduction while computing income from house property is not a fit case for levy of 300% penalty, but to levy minimum penalty i.e. 100% u/s 271(1)(c).
Shri Sujata Hemlal Bakhre Versus ITO WD 8 (3) (1), Mumbai
(2017) TaxCorp(LJ) 12095 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54428&Category=ITAT&CategoryType=Zip
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S. 69C Bogus Purchases: Purchases cannot be treated as bogus merely on the basis of the statements and affidavits filed by the alleged vendors before the sales-tax department. The said statements cannot be relied upon without cross-examination of the parties. The fact that the parties did not respond to the s. 133(6) notices is not relevant if the assessee filed copies of purchase invoices, extracts of stock ledger showing entry/exit of materials, copies of bank statements to evidence that payments for these purchases were made through normal banking channels, etc to establish genuineness of the aforesaid purchases
ACIT vs. Mahesh K. Shah
(2017) TaxCorp(LJ) 12088 (ITAT-MUMBAI) · Section 69C
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S. 234C: Though levy of interest for deferment of advance-tax is mandatory and cause & justification for the deferment are irrelevant, the same is not leviable if the income was not predictable and the assessee could not have anticipated its receipt e.g. the receipt of a gift
Kumari Kumar Advani vs. ACIT
(2017) TaxCorp(LJ) 12077 (ITAT-MUMBAI) · Section 234C
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ITAT - Assessee had incurred expenditure of repair and renovations only to preserve and maintain the existing asset and that the expenditure was not of a nature which brought into being a new asset or created a new advantage of an enduring nature. The expenditure is revenue in nature.
M/s Sarang and Associates Versus Dy. Commissioner of Income Tax, Central Circle-36, Mumbai
(2017) TaxCorp(LJ) 12041 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54343&Category=ITAT&CategoryType=Zip
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ITAT - In case the nature of business, which indicates that it cannot be done solely by crossed cheque or bank draft and the payment is proven from bills and cash memos, exceptional circumstances could be inferred u/s.40A(3).
M/s Raj Wines, C/o P.N. Subramanian & Co. Versus ITO, Ward-4 (3), Thane
(2017) TaxCorp(LJ) 12040 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54346&Category=ITAT&CategoryType=Zip
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ITAT - To hold the transactions as mere accommodation entries and not real purchases is quite different from saying that the sources of expenditure for the purchases have not been explained in the context of Sec. 69C. No addition.
ITO, Ward-19 (2) (2), Mumbai Versus Shri Karsan Nandu and Vice-Versa
(2017) TaxCorp(LJ) 12039 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54337&Category=ITAT&CategoryType=Zip
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ITAT - AO levied the maximum penalty prescribed equal to 100% without recording any satisfaction u/s 221(1), CIT(A) was right in restricting penalty to 10% of the total tax payable.
DCIT-17 (2), Mumbai Versus Prashant R. Samdani and Vice-Versa
(2017) TaxCorp(LJ) 12033 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54329&Category=ITAT&CategoryType=Zip
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ITAT - Levy of penalty u/s 271(1)(c) on disallowance of expenses of foreign Travel and inter city travel not justified as revenue has not rejected the explanation and merely levied the penalty on the basis that the expenses are for non-business purposes.
Subhakam Stocks and Shares P. Ltd. Versus Income Tax Officer Ward 4 (2) (3), Mumbai
(2017) TaxCorp(LJ) 12032 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54331&Category=ITAT&CategoryType=Zip
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ITAT - Business loss cannot be treated at par with the expenses / allowances and such business loss can be set off against any type of income (u/s 69) as section 71 do not debar from setting off such losses.
ACIT Central Circle-13, Mumbai Versus M/s. Rahil Agencies
(2017) TaxCorp(LJ) 12031 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54333&Category=ITAT&CategoryType=Zip
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ITAT - Provision for leave salary encashment and gratuity allowed as the same was made on the basis of actuarial valuation done by actuary and are ascertained liabilities.
The Asst. Commissioner of Income Tax-8 (3), Mumbai Versus Sanofi Synthelabo (India) Ltd.
(2017) TaxCorp(LJ) 12030 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54334&Category=ITAT&CategoryType=Zip
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Bogus purchases: As a direct one to one relationship/nexus between the purchases and sales has not been established by the assessee, the purchases have to be treated as bogus and 12% of the purchase cost is assessable as profits (law on the subject noted)
Kiran Navin Doshi vs. ITO
(2017) TaxCorp(LJ) 12025 (ITAT-MUMBAI)
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ITAT - Income on account of licence fees and amenities provided to tenant will be business income and not income from house property income as it is a case of exploiting the asset commercially and not the case of mere letting it out.
DCIT – 1 (2) Mumbai Versus M/s. Nautilus Trading & Leasing Limited
(2017) TaxCorp(LJ) 11885 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54059&Category=ITAT&CategoryType=Zip
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ITAT -TDS u/s 194C and not u/s 194J applicable to supply and installation of HT and LT electrical installation equipments and services for effective and smooth working of the hospital, electrical installation and AMC thereof.
Income Tax Officer (TDS) Versus Mandke Foundation, (Kokilaben Dhirubhai Ambani Hospital)
(2017) TaxCorp(LJ) 11879 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54028&Category=ITAT&CategoryType=Zip
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