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Trust Deed of the assessee clearly explained that at the time of winding up what procedure has to be followed of the corpus fund and other funds including movable and immovable property.
SUVIPRA SHIKSHA SANSTHAN VERSUS ITO EXEMPTION WARD GHAZIABAD, UTTAR PRADESH
(2020) TaxCorp(LJ) 22657 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83573&Category=ITAT&CategoryType=Zip
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Assessee has a regular trading account of M/s Sona Trading Company to which regular sales are made and payments received through banking channel. The revenue authorities have not raised any question on the genuineness of the transactions. We, therefore, find no inconsistency in the finding of Ld. CIT(A) and the same is upheld. Ground no.1 of the revenue's appeal is dismissed.
INCOME TAX OFFICER-2, RATLAM VERSUS SHRI PRAVIN KUMAR JAIN
(2020) TaxCorp(LJ) 22656 (ITAT-INDORE) · https://taxcorp.in/FileOpenDT.aspx?ID=83555&Category=ITAT&CategoryType=Zip
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If the assessee has overvalued its closing stock of the earlier assessment year which suggests that amount of profit was increased by that amount or the loss was decreased by the same amount of that assessment year. As such the effect of the closing stock of the earlier assessment year has already been given effect in that particular year which cannot be challenged in the year under consideration. The assessee before the CIT (A) has contended that it has valued its closing stock at the market rate being lower than the cost as per the Accounting Standard 2 notified under the Companies Act, 1956.
M/S. SHYAM COTSYN INDIA LTD. VERSUS INCOME TAX OFFICER, WARD-4 (1) (3) , AHMEDABAD
(2020) TaxCorp(LJ) 22655 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=83557&Category=ITAT&CategoryType=Zip
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Where the assessee is a farmer and a senior citizen, the claim of deduction u/s 54F cannot be denied without verification of the fact of utilization of the sale consideration for construction of the house. Since it is a case of non-filing of return of income and the A.O. has issued notice u/s 148 for assessing the capital gain in the hands of the assessee, therefore, there is no bar in claiming the deduction u/s 54F of the Act against the capital gain proposed to be taxed by the A.O. in the proceedings U/s 147 of the Act.
SHRI PYARE LAL SAINI VERSUS I.T.O., WARD-BHIWADI.
(2020) TaxCorp(LJ) 22654 (ITAT-JAIPUR) · https://taxcorp.in/FileOpenDT.aspx?ID=83558&Category=ITAT&CategoryType=Zip
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None of the authority below has brought out anything on record on the aspects as discussed above but arrived at the conclusion that the assessee has been carrying on business of property development on the basis that the assessee has been incurring the expenditure on continuous basis for the development of the land. The contention as raised by the assessee before the authorities below that it wanted to development the impugned land for its business activities has not been challenged.
M/S ANIL DYE CHEM INDUSTRIES PVT. LTD. VERSUS A.C.I.T. (OSD) RANGE-1, AHMEDABAD.
(2020) TaxCorp(LJ) 22653 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=83562&Category=ITAT&CategoryType=Zip
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The basis of the above reason was a report of survey and the details of the transaction carried out by the assessee. The report shows that it is not a genuine error because of the reason that it is not wrong punching of one or two keys but, code has been replaced. Therefore, it cannot be considered as a genuine loss. There is no assessment of income of the assessee u/s 143 (3) prior to issue of notice u/s 148 of the act. He perused the above information with the return of income filed by the assessee.
ARUNACHAL PROPERTIES PVT LTD VERSUS THE INCOME TAX OFFICER WARD -3 (2) NEW DELHI
(2020) TaxCorp(LJ) 22652 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83563&Category=ITAT&CategoryType=Zip
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Where the assessee had invested the long term capital gains in purchase of land towards construction of house but could not complete the construction before the expiry of 3 years as to pretend under law in the case of Sri Prasad Nimmagadda held that on examination of section 54 and 54F it is found that the provisions contained in section 54 including the proviso are pari materia with section 54F.
DEEPAK BHARDWAJ VERSUS INCOME TAX OFFICER, WARD-1 (3) , NOIDA
(2020) TaxCorp(LJ) 22651 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83564&Category=ITAT&CategoryType=Zip
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(i) The sweeping proposition in some Supreme Court decisions that when two views are possible, the one favourable to assessee has to be preferred & that a tax incentive provision must receive liberal interpretation, is disapproved by the Constitution Bench in Dilip Kumar (2018) 9 SCC 1 (FB). The burden is on the assessee to prove eligibility to an incentive or exemption provision and it is subject to strict interpretation.
Ramnath & Co vs. CIT
(2020) TaxCorp(LJ) 22650 (SC) · https://taxcorp.in/FileOpenDT.aspx?ID=83564&Category=ITAT&CategoryType=Zip
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(i) The sweeping proposition in some Supreme Court decisions that when two views are possible, the one favourable to assessee has to be preferred & that a tax incentive provision must receive liberal interpretation, is disapproved by the Constitution Bench in Dilip Kumar (2018) 9 SCC 1 (FB). The burden is on the assessee to prove eligibility to an incentive or exemption provision and it is subject to strict interpretation. If there is ambiguity, the benefit of the ambiguity has to go to the Revenue. However, if the assessee proves eligibility, a wide and liberal construction of the provision has to be done (ii) Merely having a contract with a foreign enterprise and mere earning foreign exchange does not ipso facto lead to the application of s. 80-O of the Act (All judgements considered in detail)
Ramnath & Co vs. CIT
(2020) TaxCorp(LJ) 22649 (SC) · https://taxcorp.in/FileOpenDT.aspx?ID=83564&Category=ITAT&CategoryType=Zip
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The profit of the undertaking should be computed independently before adjusting any carried forward business. The profit thus arrived should be given benefit under eligible sections 10A/10B of the Act even though the assessee has had unabsorbed business loss of previous years besides not commenting on the unabsorbed depreciation.
THE INCOME TAX OFFICER, CORPORATE WARD 4 (1) , CHENNAI VERSUS M/S. MEDUSA SERVICES PVT. LTD.
(2020) TaxCorp(LJ) 22648 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83523&Category=ITAT&CategoryType=Zip
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There is no dispute that the seller of the share is a resident of Cyprus, holding necessary tax residency certificate, therefore, the recipient of the income is entitled to take the benefit of the Double Taxation Avoidance Agreement between India and Cyprus. AO and the assessee both agree that under the Indian income tax act, the transaction is taxable in India by virtue of the provisions of section 5 (2) and 9, but taxability is to be determined as per DTAA.
DCIT, CIRCLE-17 (2) , NEW DELHI VERSUS NARMIL INFOSOLUTIONS PVT. LTD, C/O AAR & ASSOCIATES, CA
(2020) TaxCorp(LJ) 22647 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83524&Category=ITAT&CategoryType=Zip
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Basic requirements of section 68 have been discharged by the assessee by furnishing the relevant evidences. The evidences which were furnished by the assessee were confirmation letters of the partners, copies of I.T.Returns, PAN Nos, and income declared. By furnishing the above, the preliminary onus was discharged by the assessee. There is no dispute to the fact that all the partners have owned the introduction of capital in assessee's firm. The AO has not challenged the correctness of the evidences filed by the assessee.
R.N. SAHOO AND OTHERS VERSUS DCIT, CIRCLE 4 (1) , BHUBANESWAR.
(2020) TaxCorp(LJ) 22646 (ITAT-CUTTACK) · https://taxcorp.in/FileOpenDT.aspx?ID=83528&Category=ITAT&CategoryType=Zip
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The statement of facts submitted by the assessee before the CIT(A) that the assessee is obtaining loan from Government for attaining the objects.
M/S ORISSA STATE CO-OPERATIVE HANDICRAFTS CORPORATION LIMITED VERSUS ITO WARDD-4 (1) , BHUBANESWAR
(2020) TaxCorp(LJ) 22645 (ITAT-CUTTACK) · https://taxcorp.in/FileOpenDT.aspx?ID=83529&Category=ITAT&CategoryType=Zip
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As relying on BHARTI AIRTEL LTD. AND OTHERS assessee is not required to deduct tax under section 194H of the Act on the prepaid SIM Cards and hence, the assessee is not in default as per provisions of section 201(1) of the Act. This issue is squarely covered in favour of the assessee by the judgment of Hon’ble Delhi High Court in the case of Bharti Cellular Ltd and respectfully following the same, we hold that the assessee is not required to deduct tax u/s.194J of the Act and consequently, the assessee shall not be treated as an assessee in default u/s 201(1) of the Act.
VODAFONE IDEA LIMITED (FORMERLY KNOWN AS VODAFONE MOBILE SERVICES LIMITED) VERSUS ACIT -TDS, BHUBANESWAR
(2020) TaxCorp(LJ) 22644 (ITAT-CUTTACK) · https://taxcorp.in/FileOpenDT.aspx?ID=83532&Category=ITAT&CategoryType=Zip
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Valuation of closing stock has been changed due to Uniform Accounting Policy of Coal India Limited. We found that a reference made by the AO on the audited accounts that Reduction in value of stock is due to overall adjustment is as per the Uniform Accounting Policy adopted by the Coal India Limited. Ld A.R. demonstrated before us with a copy of letter of Uniform Accounting Committee recommendation and supported with paper book.
MAHANADI COALFIELDS LTD. VERSUS DCIT, CIRCLE-2 (1) , SAMBALPUR
(2020) TaxCorp(LJ) 22643 (ITAT-CUTTACK) · https://taxcorp.in/FileOpenDT.aspx?ID=83534&Category=ITAT&CategoryType=Zip
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We have two rates for quantifying the additional profits i.e. 0.61% of CIT(A) and 0.51% of the Tribunal for the assessment year 2006-07. The turnover is found increased for the assessment year 2007-08. Considering the same, we are of the opinion that the additional profits at 0.51% needs to be revised marginally. If the same is done, we find the decision of the CIT(A) with 0.61% of additional profits should be considered proper and appropriate.
S.C. THAKUR & BROTHERS AND THAKUR INFRAPROJECT P. LTD. VERSUS ACIT, CENTRAL CIRCLE, MUMBAI AND (VICE-VERSA) AND DCIT, PANVEL CIRCLE, PANVEL
(2020) TaxCorp(LJ) 22642 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83497&Category=ITAT&CategoryType=Zip
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There is no dispute about the payment of the interest and the utilization of the loans received by the business entity. The invocation of the Section 40A(2)(b) by the AO in this case is on a wrong interpretation/application of the provisions. The provisions of Section 40A(2)(b) entitles disallowance on account of any expenditure being excessive are unreasonable having regard to the fair market value. In the instant case, we find that the amounts have been received from the partnership firm by the loan parties and if at all any disallowance is to be made, the same needs to be considered in the hands of the partnership firms but not in the proprietary concern.
AMIT MEHRA VERSUS INCOME TAX OFFICER
(2020) TaxCorp(LJ) 22641 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83498&Category=ITAT&CategoryType=Zip
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CIT(A) has noted the fact that the assessee had been incurring expenditure on running of school which being for the purpose of education qualified as charitable activities u/s 2(15) and has spent on the activities of running medical camps and old age homes which also qualified as charitable activities in the nature of medical relief to the poor u/s 2(15).
THE J.C.I.T. (OSD) , (EXEMPTIONS) , CIRCLE-2, CHANDIGARH. VERSUS M/S VISHAV MANAV RUHANI KENDRA, NAWAN NAGAR, CIRCLE-2, CHANDIGARH.
(2020) TaxCorp(LJ) 22640 (ITAT-CHANDIGARH) · https://taxcorp.in/FileOpenDT.aspx?ID=83499&Category=ITAT&CategoryType=Zip
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Assessee has placed reliance on the decision of the Coordinate Bench of the Tribunal in the case of Unique Educational Society, Yamunanagar vs CIT wherein, in almost similar facts and circumstances, the similar activity of Vocational Education/Training programme through ITI has been held to fall within the purview and scope of term education. It has been further held that the receipt from the said activity was in the course of carrying out of educational activity of the assessee.
MARKANDASHWAR SHIVJI EDUCATION TRUST VERSUS THE CIT (EXEMPT ION) , CENTRAL REVENUE BUILDING, CHANDIGARH
(2020) TaxCorp(LJ) 22639 (ITAT-CHANDIGARH) · https://taxcorp.in/FileOpenDT.aspx?ID=83501&Category=ITAT&CategoryType=Zip
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BIPL leaves no confusion that BIPL being subsidiary/group company of Buhler AG, Switzerland is having regular business activity in India and apart from the trading business it also regularly providing marketing services to Buhler AG, Switzerland.
M/S. SANGHVI FOODS PRIVATE LIMITED VERSUS ITO (IT & TP) , BHOPAL
(2020) TaxCorp(LJ) 22638 (ITAT-INDORE) · https://taxcorp.in/FileOpenDT.aspx?ID=83507&Category=ITAT&CategoryType=Zip
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