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ITAT - Principal amount of loan waived by the lender on account of one time settlement of loan not a revenue receipt.
The Asst. Commissioner of Income Tax-3 (3) , Mumbai Versus M/s. Vibhadeep Investment and Trading Ltd. and Vica-Versa
(2016) TaxCorp(LJ) 11315 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=51692&Category=ITAT&CategoryType=Zip
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S. 69C Bogus purchases: The AO cannot treat purchases as bogus (accommodation entries) merely on the basis of information received from the sales-tax department and without conducting independent inquires especially when the assessee has discharged its primary onus of showing books of account, payment by way of account payee cheque and producing bills for purchase of goods
DCIT vs. Shivshankar R. Sharma
(2016) TaxCorp(LJ) 11311 (ITAT-MUMBAI) · Section 69C
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S. 2(47)(v): Entire law on whether entering into a "joint development agreement" with the builder and handing over possession/ power of attorney amounts to a "transfer" and gives rise to capital gains explained. Chaturbuj Dwarkadas Kapadia 260 ITR 491(Bom) explained/ distinguished
ACIT vs. Jawaharlal Agicha
(2016) TaxCorp(LJ) 11310 (ITAT-MUMBAI) · Section 2(47)(v)
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ITAT - Even where part payment was made for the acquisition of asset, assessee is eligible for depreciation.
M/s V Hotels Ltd Versus DCIT- Rg -3 (3) , Mumbai and Vica-Versa
(2016) TaxCorp(LJ) 11306 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=51670&Category=ITAT&CategoryType=Zip
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ITAT - In terms of the developer agreement, the possession of the land was to be given to developer only upon fulfillment of certain conditions, therefore receipt of Rs. 10 cr. does not result into transfer u/s 2(47)(v).
ACIT Vs Shri Jawaharlal L. Agicha
(2016) TaxCorp(LJ) 11285 (ITAT-MUMBAI)
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ITAT - No TDS u/s 194-I on PSF and X-Raycharges paid by the assessee on behalf of its customer.
DCIT (OSD) TDS-1 (2) , Mumbai Versus M/s. Emirates And Vice-Versa
(2016) TaxCorp(LJ) 11267 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=50610&Category=ITAT&CategoryType=Zip
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ITAT - Premium paid to MMRDA for acquiring lease hold rights and additional FSI for the leased plot was not in the nature u/s 194I and is not liable for TDS.
The ACIT Central Circle -13, Mumbai Versus M/s. Parinee Developers Pvt. Ltd. and Vica-Versa
(2016) TaxCorp(LJ) 11253 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=51613&Category=ITAT&CategoryType=Zip
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ITAT - Although the expenses relates to earlier years it cannot be classified as prior period expenses because they arose in the subject year on account of merger.
ICICI Bank Ltd. vs. DCIT
(2016) TaxCorp(LJ) 11219 (ITAT-MUMBAI)
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ITAT - Loss suffered by assessee on account of fluctuation in the rate of foreign exchange as on the date of the balance- sheet is an item of expenditure under section 37(1).
ACIT. vs. Leighton India Contractors Private Ltd.
(2016) TaxCorp(LJ) 11218 (ITAT-MUMBAI)
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ITAT - Grants extension of stay for a period of 180 days or till appeal disposal, whichever is earlier subject to a payment of Rs. 20 lakhs.
ICICI Securities Ltd. vs. DCIT
(2016) TaxCorp(LJ) 11217 (ITAT-MUMBAI)
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ITAT - Income from mall operation taxable as business income and not income from house property.
City Centre Mall Nashik Pvt. Limited vs. ACIT
(2016) TaxCorp(LJ) 11216 (ITAT-MUMBAI)
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ITAT - Since asset is not depreciable asset, provisions of section 50 are not applicable.
Khanna Ice and Cold Storage Pvt. Ltd. Versus ITO 10 (3) (4), Mumbai
(2016) TaxCorp(LJ) 11202 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=51496&Category=ITAT&CategoryType=Zip
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ITAT - The presumption shall arise that loan is on capital field until the same is rebutted by the assessee. Notional loss arising on restatement/revaluation of foreign currency loans cannot be allowed as deduction u/s 37(1).
Likproof India Private Ltd. Versus Addl. Commissioner of Income Tax – Ward 1 (2), Mumbai
(2016) TaxCorp(LJ) 11201 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=51497&Category=ITAT&CategoryType=Zip
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ITAT - Payment of legal fees to UK based firm not royalty/FTS under India-UK DTAA. TDS u/s 195 not applicable.
M/s. Kotak Mahindra Bank Limited Vs. The Income Tax Officer
(2016) TaxCorp(LJ) 11192 (ITAT-MUMBAI) · Section. 195
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ITAT - Diminution of value of shares is to be treated as business loss following egular method of valuation of stock.
IL and FS Employees Welfare Trust Versus Addl. Commr. Of Income Tax 19 (3), Mumbai and Vica-Versa
(2016) TaxCorp(LJ) 11191 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=51487&Category=ITAT&CategoryType=Zip
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ITAT - No disallowance u/s 14A can be made more than the exempt income.
M/s CNI Research Ltd. Versus DCIT-5 (1), Mumbai
(2016) TaxCorp(LJ) 11190 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=51361&Category=ITAT&CategoryType=Zip
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S. 10B: Export of Legal Services by a law firm to its overseas clients by transfer of customized electronic data constitutes export of "computer software" as per Explanation 2 to s. 10B and is eligible for deduction
ACIT vs. M/s. Majmudar & Co
(2016) TaxCorp(LJ) 11182 (ITAT-MUMBAI) · Section 10B
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S. 80P(2)(d): Interest and dividend earned by a co-op society on investments with other co-operative societies is eligible for deduction. The question whether the co-op society is engaged in the business of banking for providing credit facilities to its members and the head under which the income is assessable is not material (Totagar’s Co-op Society 322 ITR 283 (SC) distinguished)
Lands End Co-operative Housing Society Ltd vs. ITO
(2016) TaxCorp(LJ) 11181 (ITAT-MUMBAI) · Section 80P(2)(d)
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ITAT - Addition to additional income offered during the survey due to threat, undue influence or coercion not justified. Department directed to refund the taxes.
Shri Pandoo P. Naig, Prakash B. Bandarkar, Pravin B. Bandarkar Versus ACIT, CC-32, Mumbai Vice-Versa
(2016) TaxCorp(LJ) 11180 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=51370&Category=ITAT&CategoryType=Zip
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ITAT - There is no requirement that the windmill should be used in any manufacturing activity therefore assessee is entitled to the claim of additional depreciation 31(1)(iia).
Ultramarine and Pigments Limited Versus ACIT Range-7 (3), Mumbai
(2016) TaxCorp(LJ) 11166 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=51446&Category=ITAT&CategoryType=Zip
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