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Cash advances cannot be deemed as ‘Undisclosed Income’ for the purpose of section 271AAB.
SHRI ASHISH KUMAR KANODIA, SHRI KAILASH KUMAR KANODIA VERSUS A.C.I.T., CENTRAL CIRCLE-1, JAIPUR.
(2019) TaxCorp(LJ) 19599 (ITAT-JAIPUR) · https://taxcorp.in/FileOpenDT.aspx?ID=76190&Category=ITAT&CategoryType=Zip
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The hoardings are temporary structures and are made with angles of steel and iron rods to affix them to the ground since these are vulnerable to rain, storm, theft and other damages. As such, affixation of the same using steel angles and iron rods was a necessity else the assessee would have not received any advertising orders. To receive advertising orders, these hoardings were required to be maintained by the assessee in a good quality condition.
ABHISHEKH KEJRIWAL VERSUS ACIT, CIRCLE-45, KOLKATA
(2019) TaxCorp(LJ) 19598 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=76191&Category=ITAT&CategoryType=Zip
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The contents of the addendum to the contract supports the contention of the assessee that the assessee was entitled to raise the initial bill only after completion of 30% of the work awarded.
M/S SRM SITES PVT. LTD. VERSUS THE COMMISSIONER OF INCOME TAX (APPEALS) -14 MUMBAI, THE INCOME TAX OFFICER-7 (2) (4), MUMBAI
(2019) TaxCorp(LJ) 19597 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=76192&Category=ITAT&CategoryType=Zip
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A perusal of the bank statement shows that only a part of the deposits and withdrawals have been shown in the regular accounts and the assessee has not disclosed the entire deposits and withdrawals. ITAT find neither the assessee has constructed the house property during the year as claimed nor deposited the long term capital gain of above amount in the specified capital gain accounts scheme.
VIPUL KUMAR JAIN VERSUS ACIT CIRCLE 34 (1) NEW DELHI.
(2019) TaxCorp(LJ) 19596 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=76194&Category=ITAT&CategoryType=Zip
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The Tribunal has come to a conclusion, as a matter of fact, that the expenditure incurred by the Assessee in payment of fees to ICICI Ltd. had nothing to do with the expansion of the capital base of the company and that the Assessee had clearly made out a case that it was for restructuring of its loan and was by way of a revenue expenditure.
THE PRINCIPAL COMMISSIONER OF INCOME TAX, PANAJI. VERSUS SESA INDUSTRIES LTD.
(2019) TaxCorp(LJ) 19595 (HC-BOMBAY) · https://taxcorp.in/FileOpenDT.aspx?ID=79022&Category=Judgment&CategoryType=Zip
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From a plain reading of the provisions from 115O to 115QA, it is seen that Section 115 O is a charging section on its own.
COGNIZANT TECHNOLOGY SOLUTIONS INDIA PVT. LTD. VERSUS THE DEPUTY COMMISSIONER OF INCOME TAX
(2019) TaxCorp(LJ) 19594 (HC-MADRAS) · https://taxcorp.in/FileOpenDT.aspx?ID=79023&Category=Judgment&CategoryType=Zip
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Assessee's challenge against reopening notice by Hyderabad based AO is refused.
HSBC Holdings PLC Vs Deputy Commissioner of Income-Tax-1 and ors
(2019) TaxCorp(LJ) 19593 (HC-BOMBAY)
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ITAT should take appropriate steps and expedite hearing of appeals which are pending for a long time, especially in cases wherein the appeal has been pending for over 10 years. ITAT is directed to adjudicate the matter at the earliest, preferably within four months from the passing of the order.
NOKIA SOLUTIONS AND NETWORKS ITALIA SPA Vs THE DEPUTY DIRECTOR OF INCOME TAX
(2019) TaxCorp(LJ) 19592 (HC-DELHI)
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Sec. 271(1)(c) penalty levy in the hands of assessee-individual (a salaried employee),w.r.t treatment of gains arising on sale of stock appreciation rights(SARs) is deleted.
Shri.Soundarrajan Parthasarathy Vs The Commissioner of Income Tax
(2019) TaxCorp(LJ) 19591 (HC-MADRAS) · Section 271(1)(c)
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Since there was no exempt income whatsoever earned by assessee, therefore there could be no disallowance of expenses u/s. 14A.
Chayadeep Enterprises LLP Vs The Income Tax Officer
(2019) TaxCorp(LJ) 19590 (ITAT-BANGALORE) · Section 14A
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Sec.271B penalty levy for non-production of audit report by assessee-society is upholded by ITAT.
Peroorkada Service Co- operative Bank Ltd Vs The Income Tax officer
(2019) TaxCorp(LJ) 19589 (ITAT-COCHIN)
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The appellant had furnished the copies of contract notes, Demat statement, Bank Statement, broker’s ledger. The transactions in listed shares took place through a registered share broker, namely M/s. Sosha Credit Pvt. Ltd. The purchase of shares was acquired through public offer by way of direct subscription in Initial Public offering.
SMT. APARNA MISRA VERSUS ITO, WARD – 23 (4), KOLKATA
(2019) TaxCorp(LJ) 19588 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=76184&Category=ITAT&CategoryType=Zip
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On perusal of the above Instruction, it is noted that the CBDT had only informed the field officers that a button 'Penny Stock' has been added on their Individual Transaction Screen to display information related to penny stock, including the investigation report of the Kolkata Investigation Directorate.
TANISH DEALERS PVT. LTD. VERSUS PRINCIPAL COMMISSIONER OF INCOME-TAX, CIRCLE-4, KOLKATA.
(2019) TaxCorp(LJ) 19587 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=76185&Category=ITAT&CategoryType=Zip
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When there is no exempt income earned by the assessee during the relevant assessment year, no disallowance can be made by invoking the provisions contained u/s 14A. So, finding no illegality or perversity in the impugned order passed by the CIT (A), present appeal filed by the Revenue is hereby dismissed.
DCIT, CIRCLE 20 (1), NEW DELHI. VERSUS M/S. PUNJ LLOYD AVIATION PRIVATE LTD.
(2019) TaxCorp(LJ) 19586 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=76187&Category=ITAT&CategoryType=Zip
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n the instant case, the only circumstance relied on by the respondent in support of the charge levelled against the petitioners is that, even though accused filed the returns, yet, it failed to pay the self-assessment tax along with the returns. This circumstance even if accepted as true, the same does not constitute the offence u/s 276C (2).
M/S. VYALIKAVAL HOUSE BUILDING CO OPERATIVE SOCIETY LTD. VERSUS THE INCOME TAX DEPARTMENT BY DEPUTY COMMISSIONER OF INCOME TAX CENTRAL CIRCLE -1 (1) BANGALORE
(2019) TaxCorp(LJ) 19585 (HC-KARNATAKA) · https://taxcorp.in/FileOpenDT.aspx?ID=79015&Category=Judgment&CategoryType=Zip
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Explanation (2)(iii) and (iv) to Section 115JB of the Act states that for the purposes of Clause (a) of Explanation 1 to Section 115JB of the Act, the amount of income tax shall include surcharge as levied by the Central Acts from time to time and education cess on income-tax, if any, as levied by the Central Acts from time to time.
PRINCIPAL COMMISSIONER OF INCOME TAX-6, CHENNAI VERSUS M/S. SCOPE INTERNATIONAL PVT. LTD.
(2019) TaxCorp(LJ) 19584 (HC-MADRAS) · https://taxcorp.in/FileOpenDT.aspx?ID=79016&Category=Judgment&CategoryType=Zip
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The amendment in Section 32(2) of the Act is applicable from Assessment Year 2002-2003 and subsequent years. It further observed that any unabsorbed depreciation available to an Assessee on 01.04.2002 will be dealt with in accordance with provision of Section 32(2) of the Act, as amended by the Finance Act, 2001 and not by the provisions of Section 32(2) of the Act, as it stood before the said amendment.
THE PR. COMMISSIONER OF INCOME TAX-1 AURANGABAD VERSUS M/S. GOODYEAR SOUTH ASIA TYRES PVT. LTD., WALUJ AURANGABAD
(2019) TaxCorp(LJ) 19583 (HC-BOMBAY) · https://taxcorp.in/FileOpenDT.aspx?ID=79017&Category=Judgment&CategoryType=Zip
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The assessment framed after a detailed scrutiny, could not be re-opened beyond 4 years.
DELOITTE HASKINS AND SELLS Vs DEPUTY COMMISSIONER OF INCOME TAX
(2019) TaxCorp(LJ) 19582 (SC)
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Assessee’s SLP challenging 'Forum-shopping' indulgence is dismissed by SC. However, SC sets aside imposition of cost.
N.R. PORTFOLIO PVT. LTD Vs PR. COMMISSIONER OF INCOME TAX 6
(2019) TaxCorp(LJ) 19581 (SC)
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Where only one of the streams of income from the 'source' was granted exemption by the Legislature upon fulfilment of specified conditions, then the concept of 'income' includes 'loss' would not apply.
United Investments Vs ACIT
(2019) TaxCorp(LJ) 19580 (ITAT-KOLKATA) · Section 10(38)
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