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ITAT - No TDS u/s. 194-I on wharfage charges payment to the Maharashtra Maritime Board as the same is not akin to 'rent'.
Angre Port (P) Ltd Vs The Income Tax Officer
(2019) TaxCorp(LJ) 19124 (ITAT-PUNE)
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S. 201(1) TDS: The time limit specified in s. 201(3) & (4) for passing orders does not apply to cases where payments are made to non-residents. In cases of payments made to non-residents, an order passed after one year from the end of the FY in which the proceedings were initiated is void ab initio and liable to be quashed
Atlas Copco (India) Limited vs. DCIT
(2019) TaxCorp(LJ) 18030 (ITAT-PUNE) · Section 201(1)
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ITAT - Local Body Tax related to prior period is allowable u/s 43B even though no provision was made in the earlier years.
VINOD PAHUMAL RAMCHANDANI VERSUS THE INCOME TAX OFFICER, WAD 1 (2), SOLAPUR
(2019) TaxCorp(LJ) 16811 (ITAT-PUNE) · https://taxcorp.in/FileOpenDT.aspx?ID=70961&Category=ITAT&CategoryType=Zip
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S. 10(38) Bogus Capital Gains from Penny Stocks: Though the AO did not find any mistake in the documentation furnished by the assessee, there is need for finding of fact on (i) the nature of the shares transactions; (ii) make-believe nature of paper work; (iii) Camouflage the bogus nature; and, (iv) the relevance of human probabilities etc (NDR Promoters 410 ITR 379 (Del) referred)
Shamim Imtiaz Hingora vs. ITO
(2019) TaxCorp(LJ) 16791 (ITAT-PUNE) · Section 10(38)
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ITAT - Allows Revenue's MA as relevant judgment was not available to ITAT at the time of passing order.
Anand Shelters Vs The Assistant Commissioner of Income Tax
(2019) TaxCorp(LJ) 16729 (ITAT-PUNE) · Section 80-IB
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S. 22/ 23(4): The annual letting value (ALV) of unsold units of properties lying as stock in trade is not assessable as income under the head "Income from house property". The deeming provision of s. 23 cannot be extended beyond its ambit so as to cover the heads of income to which it does not operate. Taxing hypothetical income, which is otherwise not sanctioned by any provision under Chapter IV-D, cannot be permitted
M/s. Shree Balaji Ventures vs. ITO
(2019) TaxCorp(LJ) 16677 (ITAT-PUNE) · Section 22, 23(4)
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ITAT - Transfer pricing adjustment - Where the assessee was acting as contract manufacturer in respect of export of components to associated enterprises then, CUP method was not correct method to be applied to benchmark international transactions of the assessee - AO directed to apply TNMM method to benchmark.
A. RAYMOND FASTENERS PVT. LTD., VERSUS THE ASST. COMMISSIONER OF INCOME TAX, CIRCLE 9, PUNE
(2019) TaxCorp(LJ) 16639 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=70361&Category=ITAT&CategoryType=Zip
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ITAT - No disallowance u/s 43B for an insurance company in respect of contribution to Environment Relief Fund collecting as a channel between proposed insured and the Government.
Bajaj Allianz General Insurance Company Ltd Vs The Dy. Commissioner of Income Tax
(2019) TaxCorp(LJ) 16609 (ITAT-PUNE) · Section 43B
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ITAT - Depreciation @25% is applicable on the asset ‘Right to Collect Toll’.
ITO, WARD-1 (1), NASHIK VERSUS M/S. ASHOKA HIGHWAYS (DURG) AND (BHANDARA) LIMITED
(2019) TaxCorp(LJ) 16603 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=70234&Category=ITAT&CategoryType=Zip
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ITAT - Levy of penalty under section 158BFA(2) is discretionary and not mandatory.
M/S. NATIONAL TEMPO HOUSE VERSUS THE JT. COMMISSIONER OF INCOME TAX (OSD) , CIRCLE – 2, PUNE
(2019) TaxCorp(LJ) 16586 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=70156&Category=ITAT&CategoryType=Zip
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Bogus Capital Gains From Penny Stocks: The assessee completed paper-trail by producing contract notes for purchase and sale of shares. of PIL. Mere furnishing of contract notes etc does not inspire any confidence in the light of facts. Test of human probability should be applied and apparent should be ignored to unearth the harsh reality (Sumati Dayal 214 ITR 801 (SC) & Durga Prasad More 82 ITR 540 (SC) applied)
Rajkumar B. Agarwal vs. DCIT
(2019) TaxCorp(LJ) 16576 (ITAT-PUNE)
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ITAT - The amount paid for removing encumbrances and settlement of claim is expenditure incurred in connection with transfer of a capital asset deductible u/s.48(1). The value of flat of 405 sq.ft. to be allotted in the new building should be accordingly reduced from the full value of consideration u/s 48(i).
SHRI DINAR UMESHKUMAR MORE VERSUS ITO, WARD-3 (3), MALEGAON
(2019) TaxCorp(LJ) 16565 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=70028&Category=ITAT&CategoryType=Zip
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ITAT - Exemption u/s 54F - Where assessee invested entire sale consideration in construction of a residential house within three years from date of transfer of land, deduction u/s.54F cannot be denied just because he did not deposit the said amount in capital gains account scheme.
SHRI GOVIND GANGADHAR SABANE, L/H. LT. SHRI GANGADHAR GOVINDRAO SABANE VERSUS THE INCOME TAX OFFICER, WARD-1 (4), PARBHANI
(2019) TaxCorp(LJ) 16560 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=70008&Category=ITAT&CategoryType=Zip
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ITAT - Gain arising on the sale of land whether to be taxed as business income - Specific verification needs to be conducted to verify whether actual intention of the assessee was to procure the land for investment or to sale it at higher profit.
JAGDISH NANDKISHOR KHANDELWAL AND VASANT SHANKAR WALANJ VERSUS THE INCOME TAX OFFICER, WARD 8 (3) AND WARD 8 (4) , PUNE
(2019) TaxCorp(LJ) 16464 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=69671&Category=ITAT&CategoryType=Zip
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ITAT - Assessee obtained only accommodation entries in the garb of STCG from transfer of penny stock since assessee could not furnish Demat account details - Also paper-trail through contract- notes not relevant.
Rajkumar B. Agarwal Vs DCIT
(2019) TaxCorp(LJ) 16440 (ITAT-PUNE)
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ITAT - Reassessment is carried out for the benefit of the Revenue and not the assessee as such assessee cannot raise fresh independent claims having the effect of reducing the income already declared.
RATNAGIRI DIST. CENTRAL CO-OP. BANK LTD. VERSUS DCIT, RATNAGIRI CIRCLE, RATNAGIRI/ACIT, RATNAGIRI CIRCLE, RATNAGIRI
(2019) TaxCorp(LJ) 16413 (ITAT-PUNE)
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ITAT - For deduction u/s.80IC the test of new machinery vis-à-vis old machinery is the year of the formation of the new undertaking.
THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-8, PUNE VERSUS ANUSAYA AUTO PRESS PARTS PVT. LTD.
(2019) TaxCorp(LJ) 16411 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=69478&Category=ITAT&CategoryType=Zip
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ITAT - No addition on the basis of cheques found during survey u/s 133A can be made since the validity period of six months from the date of issuance of cheques has already been expired.
KACHRULAL NATHAMAL MUTHA VERSUS DY. COMMISSIONER OF INCOME TAX, CENTRAL, AURANGABAD
(2019) TaxCorp(LJ) 16400 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=69304&Category=ITAT&CategoryType=Zip
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ITAT - It is the income of the eligible projects alone which should be considered on standalone basis, rather than the income under the head `Profits and gains of business or profession for Builder’s Sec. 80IB(10) claim.
V.B Patil Vs The Income Tax Officer
(2018) TaxCorp(LJ) 16293 (ITAT-PUNE) · Section 80IB(10)
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S. 9(1)(vi) Royalty/ 40(a)(i): Law explained on whether payment of web hosting charges to Amazon Web Services LLC (USA) (AWS) constitutes "royalty" under Explanation 2 to s. 9(1)(vi) read with the India USA DTAA and whether there is any obligation to deduct TDS thereon u/s 195
EPRSS Prepaid Recharge Services India P. Ltd vs. ITO
(2018) TaxCorp(LJ) 16071 (ITAT-PUNE) · Sections 9(1)(vi), 40(a)(i)
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