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CIT(A) have taken a wrong view by holding that the assessee cannot grow tax-free income u/ss 10(34) and 10(35) of the Acts unless additional tax has been paid as per the provisions of Sections 115-0 and 115-R of the Act and as such the exemption claimed u/ss 10(34) and 10(35) is to be allowed only if the dividend income distributed as per the provisions of Sections 115-O and 115-R whereas, the conditions laid down u/s 115-O to avail the exemption u/s 10(34), is to be complied with at the level of venture capital undertaking and not at the stage when the investor, the assessee in this case, received the dividend income from VCF.
M/S JAPAN INTERNATIONAL CO-OPERATION AGENCY [JBIC] VERSUS THE DY. C.I.T CIRCLE 3 (1) NEW DELHI
(2020) TaxCorp(LJ) 22909 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=84066&Category=ITAT&CategoryType=Zip
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It is well settled principle that the AO is required to make reasonable, sufficient and adequate enquiry of impugned issues during assessment proceedings and in case of no enquiry or insufficient or inadequate enquiry, Pr.CIT is empowered to revise the order holding the same as erroneous and prejudicial to the interest of the revenue. But if this proposition is evaluated in the facts and circumstances of the present case then, it is clearly discernible that the AO by way of notice u/s.142(1) dated 26.10.2015 and 30.7.2015 called the documents/information from the assessee which includes copy of the audited balance sheet, profit and loss account.
SUREKHA BUILDERS AND DEVELOPERS PVT LTD. VERSUS PR. CIT-1, BHUBANESWAR
(2020) TaxCorp(LJ) 22908 (ITAT-CUTTACK) · https://taxcorp.in/FileOpenDT.aspx?ID=84067&Category=ITAT&CategoryType=Zip
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The essence of the matter is to examine as to whether a particular expenditure/loss is deductible and not whether the same is recorded in the books of account. If a particular amount is deductible as per law, the same has to be allowed as deduction irrespective of the fact that it was not recorded in the books of account. It is further noticed that the assessee did not record such diminution of value of securities to the extent of ₹ 2.65 crores in its books of account so as to satisfy the RBI norms, which provide for valuing the securities as such without any diminution in their value at the year end.
M/S. VISHWAS CO-OPERATIVE BANK LTD. VERSUS DCIT, CIRCLE-1, NASHIK
(2020) TaxCorp(LJ) 22907 (ITAT-PUNE) · https://taxcorp.in/FileOpenDT.aspx?ID=84068&Category=ITAT&CategoryType=Zip
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Assessee is a construction company engaged in the construction of flats/residential units on the land owned by it without any contract with the customers for construction of flats/residential units. It is ample clear that the assessee company is consistently following revenue recognition method by adopting completed project method, wherein, the revenue is recognised at the time of sale of flats/residential units by way of registered sale deed in favour of the customers and advance from customer and work in progress is recognised at cost in the balance sheet.
HI-TECH ESTATES AND PROMOTERS PVT LTD. VERSUS PR. CIT-1, BHUBANESWAR.
(2020) TaxCorp(LJ) 22906 (ITAT-CUTTACK) · https://taxcorp.in/FileOpenDT.aspx?ID=84069&Category=ITAT&CategoryType=Zip
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The manner of determination of quantum of deduction as provided under s.80IA(5) has since been clarified by the CBDT Circular No.1 of 2016 dated 15.02.2016 and is devoid of controversy any more. Having regard to the wide ranging controversies, the CBDT circular has given categorical interpretation on exercise of option of choosing initial assessment year referred to sub-section (5) of Section 80IA of the Act in favour of the assessee.
THE DEPUTY COMMISSIONER OF INCOME-TAX, KHEDA VERSUS M/S. CHHOTABHAI JETHABHAI PATEL AND CO.
(2020) TaxCorp(LJ) 22905 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=84070&Category=ITAT&CategoryType=Zip
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There was no sharing of knowledge or know-how or any technology to the assessee during the provision of Web Hosting Services as prescribed under Article 12(4) of the DTAA.
M/s. Esm Sys Pvt. Ltd. Vs The ITO
(2020) TaxCorp(LJ) 22904 (ITAT-AHMEDABAD)
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The term concealment of particular of income has not been defined under the provisions of section 271(1)(c) or elsewhere in the Act. The meaning of the term concealed /inaccurate has been discussed in the case of Reliance Petroproducts (P) Ltd Wherein it was held that the term inaccurate signifies deliberate act or omission on the part of the assessee. As such, the details/informations contained in the return of income /financial statements /audit report which are not correct according to truth, and were furnished by the assessee with the dishonest intent shall be treated as inaccurate particulars.
SHRI PRANAV KUMAR RAJNIKANTBHAI KANKHARA SHRI RAM VERSUS INCOME TAX OFFICER, WARD- 1 (1) , JAMNAGAR
(2020) TaxCorp(LJ) 22903 (ITAT-RAJKOT) · https://taxcorp.in/FileOpenDT.aspx?ID=84043&Category=ITAT&CategoryType=Zip
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In quantum appeals before the Tribunal in The Tribunal held that the assessee and KEPL Singapore is not associated enterprises (AE). It was held that no arms length price adjustment could be made on the transaction between assessee and KEPL.
KAYBEE PRIVATE LIMITED VERSUS ITO-10 (1) (3) , MUMBAI
(2020) TaxCorp(LJ) 22902 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=84046&Category=ITAT&CategoryType=Zip
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As established beyond doubt that the re–opening of assessment is not on the basis of any tangible material but on a mere change of information. AO has re–opened the assessment after expiry of four years there is no allegation either in the assessment order or anywhere else stating that the escapement of income was due to failure on the part of the assessee to disclose all material facts relating to his income truly and correctly. Accordingly, the condition enshrined in section 147 is not fulfilled. For the aforesaid reasons, we agree with Commissioner (Appeals) that the re–opening of assessment under section 147 of the Act in the present case is invalid.
ASSTT. COMMISSIONER OF INCOME TAX CIRCLE–3, THANE VERSUS THE THANE BHARAT SAHAKARI BANK LTD.
(2020) TaxCorp(LJ) 22901 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=84050&Category=ITAT&CategoryType=Zip
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In the case in hand a show-cause notice for cancellation of lease was issued on 25.8.2013 and ultimately lease of plot was cancelled vide order dated 31.12.2015, therefore, we find force in the submission of assessee that after issuance of show-cause notice for cancellation of lease on which building was developed, the assessee was not entitled to let out occupied/constructed portion.
AKSHAR COMMERCIAL COMPLEX LTD. (ERSTWHILE M/S. AKSHAR COMMERCIAL COMPLEX PVT. LTD.) VERSUS DY. COMMISSIONER OF INCOME TAX, CIRCLE 15 (1) (1) , MUMBAI
(2020) TaxCorp(LJ) 22900 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=84051&Category=ITAT&CategoryType=Zip
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The income tax return filed by the assessee, which was available at the time of recording the reasons for reopening the assessment, did not show the status of non-resident. The recording of reasons cannot thus be faulted. Whatever claim is made subsequently is required to be dealt with in the subsequent proceeding but it will not vitiate the validity of reasons recorded for reopening the assessment.
RENU T THARANI VERSUS DY COMMISSIONER OF INCOME TAX INTERNATIONAL TAXATION CIRCLE 4 (2) (1) , MUMBAI
(2020) TaxCorp(LJ) 22899 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=84057&Category=ITAT&CategoryType=Zip
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The essence of the matter was to examine whether a particular expenditure was deductible and not whether the same was recorded in the books of account. If a particular amount was deductible as per law, the same had to be allowed as deduction irrespective of the fact that it was not recorded in the books of account.
M/s. Vishwas Co-operative Bank Ltd., Vs DCIT
(2020) TaxCorp(LJ) 22898 (ITAT-PUNE)
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On the principle of the Noscitur a sociis, the asset transferred under slump sale would fall under the sweep of this section, i.e., 5th proviso to Section 32(1), despite the word slump sale not used therein specifically.
ITO Vs M / s. Archroma India Pvt. Ltd.
(2020) TaxCorp(LJ) 22897 (ITAT-MUMBAI) · Section 32
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Job workers in their statement recorded under section 131(1) have confirmed that they provided services of job work, received charges based on competitive market rate and offered the same for the taxation. CIT (A) further given the finding that the there was no evidence brought by the Revenue suggesting that the amount paid to the job worker returned to the assessee in any manner.
DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-1 (1) , RAJKOT VERSUS M/S TIRTH AGRO TECHNOLOGY PVT. LTD.
(2020) TaxCorp(LJ) 22896 (ITAT-RAJKOT) · https://taxcorp.in/FileOpenDT.aspx?ID=84033&Category=ITAT&CategoryType=Zip
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Assessee is eligible for exemption under Section 11 and 12 of the Act and the activities of the assessee are not hit by proviso to Section 2(15) of the Act.
THE ASSISTANT COMMISSIONER OF INCOME TAX (EXEMPTION) CIRCLE : 2 (1) , NEW DELHI. VERSUS NEW DELHI YOUNG MEN’S CHRISTIAN ASSOCIATION
(2020) TaxCorp(LJ) 22895 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=84034&Category=ITAT&CategoryType=Zip
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It is apparent that outstanding receivable from the above party debited by admass Builders to the account of the assessee towards various charges. The gross sale price of the above project has already been offered for taxation in the earlier year.
SUPREME BUILD CAP PRIVATE LIMITED VERSUS ACIT, CENTRAL CIRCLE-05, NEW DELHI
(2020) TaxCorp(LJ) 22894 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=84035&Category=ITAT&CategoryType=Zip
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On receipt of reply alongwith 34 documents from M/s. Utkal Export, neither the AO or the CIT(A) show caused the assessee by way of written notice or note sheet entry and proceeded to make addition u/s.69A by treating the impugned amount of three bills and processing charges paid to the assessee in cash. This act of the revenue authorities is clearly contrary to the principles of natural justice as on receipt of reply from M/s. Utkal Export before making addition, the assessee should have been show caused informing him regarding reply received from M/s. Utkal Export and asking the assessee to reconcile the same.
ODISHA AQUA TRADERS & MARINE EXPORTERS PVT LTD. VERSUS ACIT, CORPORATE CIRCLE-1 (2) , BHUBANESWAR.
(2020) TaxCorp(LJ) 22893 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=84038&Category=ITAT&CategoryType=Zip
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The AMP expenditure incurred by the assessee in India cannot come within the purview of the international transaction. Hence, the Transfer Pricing Officer has no jurisdiction to determine the arm's length price of AMP expenditure.
JT. COMMISSIONER OF INCOME TAX CIRCLE–14 (1) (2) , MUMBAI VERSUS GENERAL MILLS INDIA PVT. LTD.
(2020) TaxCorp(LJ) 22892 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=84040&Category=ITAT&CategoryType=Zip
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Rental income offered by the assessee in the sum of ₹ 57,500/- was only in respect of 100 sq.ft of premises let out for five months. Hence, the corresponding flat deduction @30% towards repairs under the head income from house property was also given only for a period of five months. No deduction for the remaining 7 months has been given, in terms of the provisions of Section 38(2) of the Act. We find that assessee is entitled for proportionate deduction for the remaining period of seven months of these repairs and maintenance in respect of 100 Sq.ft of property.
M/S. WILHELMSEN SHIP MANAGEMENT INDIA PVT. LTD. VERSUS THE DEPUTY CIT 8 (3) , MUMBAI
(2020) TaxCorp(LJ) 22891 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=84042&Category=ITAT&CategoryType=Zip
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Purpose of issue of notice is to make the noticee aware of the nature of the proceedings. Once the nature of the proceedings is made known and understood by the assessee, he should not be allowed to take advantage of certain procedural defects. That was the purpose behind the enactment of Section 292BB.
SAVITA KAPILA, LEGAL HEIR OF LATE SHRI MOHINDER PAUL KAPILA VERSUS ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 43 (1) DELHI
(2020) TaxCorp(LJ) 22890 (HC-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83102&Category=Judgment&CategoryType=Zip
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