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ITAT - Penalty u/s 221(1) to be levied for non-payment of self-assessment tax u/s 140A even after the tax has been paid by revising the return.
Claris Life Sciences Limited Versus Deputy Commissioner of Income Tax (OSD), Range 1, Ahmedabad
(2017) TaxCorp(LJ) 13645 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=58116&Category=ITAT&CategoryType=Zip
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ITAT - Where software is incorporated in a CD it becomes a tangible property and the payment made for acquiring the same is not a payment by way of royalty. No disallowance u/s 40(a)(i) for non payment of TDS.
Dy. CIT (IT) -4 (2) (2), Mumbai Versus M/s. Societe Generale
(2017) TaxCorp(LJ) 13644 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=58112&Category=ITAT&CategoryType=Zip
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ITAT - The PAN follows the jurisdiction. It is not the jurisdiction that follows the PAN. The effective date of transfer of jurisdiction is the date of order passed by Commissioner of Income Tax and not the transfer of PAN.
Capstone Securities Analysis Pvt. Ltd. Versus Dy. Commissioner of Income Tax, Circle – 1 (1), Pune
(2017) TaxCorp(LJ) 13643 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=58110&Category=ITAT&CategoryType=Zip
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ITAT - Once Key Man Insurance Policy is sold as a life insurance policy, as long as it is in the nature of life insurance policy, whether pure life cover or term cover or a growth or guaranteed return policy, it is eligible for coverage of Section 10(10D).
M/s. Capital Local Area Bank Ltd. Versus Addl. CIT-III, Dy. CIT-III, DCIT, Range-III, Dy CIT, Range-III, Dy CIT, Range-III, And ACIT, Circle-3, Jalandhar
(2017) TaxCorp(LJ) 13642 (ITAT-AMRITSAR) · http://taxcorp.in/FileOpenDT.aspx?ID=57036&Category=ITAT&CategoryType=Zip
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HC - Interest on FDRs used as borrowing margin money (LC opening) for funds used for setting up the business is taxable as 'income from other sources'.
Bhawal Synthetics (India) Udaipur vs. CIT
(2017) TaxCorp(LJ) 13641 (HC-RAJASTHAN)
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High Court states that it is “most unhappy” with the manner in which the Tribunal has decided the appeal. The Tribunal remanded the matter to the AO without any discussion as to why the order of the CIT(A) is perverse or is contrary to law. It also did not pint out infirmities or errors of fact and law in the order of the CIT(A). The Tribunal failed to perform its duty of rendering a complete decision. It is obliged in law to examine the matter and reappraise and reappreciate all the factual materials
Thyrocare Technologies Limited
(2017) TaxCorp(LJ) 13640 (HC-BOMBAY)
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S. 271(1)(c) penalty: The quantum of returned income (Rs. 34.94 crore) and tax paid (Rs.10.85 crore) vis-a-vis the addition/ disallowance (Rs. 13 lakh) indicates whether there was a mala fide intention to conceal. Deferral of depreciation allowance does not result in concealment of income or furnishing of furnishing of any inaccurate particulars. No penalty can be levied for a sheer accounting error of debiting loss incurred on sale of a fixed asset to the P&L A/c instead of reducing the sale consideration from the WDV of the block
Harish Narinder Salve vs. ACIT
(2017) TaxCorp(LJ) 13639 (ITAT-DELHI) · Section. 271(1)(c)
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HC - Writ dismissed - Transfer of case u/s 127 to facilitate co-ordinated investigation in search and seizure cases involving group companies, is valid.
Sarjoo Sahkari Chini Mills Vs. CIT
(2017) TaxCorp(LJ) 13638 (HC-GUJARAT) · Section. 127
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HC - Excise duty paid but where proof (evidence for payment) is not submitted then Sec 43B disallowance justified.
CIT. vs. Sarjoo Sahkari Chini Mills Ltd.
(2017) TaxCorp(LJ) 13637 (HC-ALLAHABAD) · Section. 43B
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HC - There is no need to distinguish between capital and revenue expenditure in case of deduction u/s. 35(2AB) and entire in-house R&D expenditure to be allowed without bifurcating the same into revenue and capital expenditure.
Eicher Motors Vs. CIT
(2017) TaxCorp(LJ) 13636 (HC-DELHI) · Section. 35(2AB)
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HC - Revenue cannot contend that even though no intimation under sub-section (1) of section 143 was issued within the time envisaged and no notice under sub-section (2) of section 143 was issued, the Assessing Officer can sit tight over the refund claimed by the assessee arising out of the return filed.
Corrtech International Pvt. Ltd. vs. DCIT
(2017) TaxCorp(LJ) 13635 (HC-GUJARAT)
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ITAT - Share application money from directors' daughter is not a transaction between two strangers and since there is prima facie evidence of the means of the shareholder, 'unexplained credit' addition to be deleted.
Namision Powertech Pvt. Ltd. vs. ACIT
(2017) TaxCorp(LJ) 13634 (ITAT-AHMEDABAD)
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SC - SLP Dismissed - Trust can be registered u/s 12A/12AA even though there is no formal deed.
Tsurphu Labrang vs. CIT
(2017) TaxCorp(LJ) 13633 (SC) · Sections.12A, 12AA
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ITAT - Where it is difficult to comply to notices on short dates, the same constitutes reasonable cause falling within the scope and ambit of section 273B. Penalty u/s 271(1)(b) levied for non-compliance with statutory notices deleted.
Jwala Prasad Aggarwal vs. DCIT
(2017) TaxCorp(LJ) 13632 (ITAT-DELHI) · Section. 271(1)(b)
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ITAT - Claim of receipt of bogus donation cannot be a ground for cancelling registration u/s 12AA as long as the objects of the trust are within the provisions of law.
Dr. B.G. Memorial Trust vs. CIT
(2017) TaxCorp(LJ) 13631 (ITAT-KOLKATA) · Section. 2AA
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S. 69C Bogus purchases: If the AO has not rejected the books of accounts and has only doubted the genuineness of the suppliers but not the genuineness of the purchases and if the payments are made by account payee cheques, s. 69C is not attracted. S. 69C cannot be applied where all purchase and sales transactions are part of regular books of accounts. The basic precondition for invoking s. 69C is that the expenditure incurred by the assessee should be out of books of accounts
M/s. Fancy Wear vs. ITO
(2017) TaxCorp(LJ) 13630 (ITAT-MUMBAI) · Section. 69C
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S. 45(5): Enhanced compensation and interest thereon under an interim order passed by the High Court in pending appeals relating to land acquisition matter are liable to be assessed for income tax in the year in which it has been received
CIT. vs. Chet Ram (HUF)
(2017) TaxCorp(LJ) 13629 (SC) · Section. 45(5)
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S. 132: The plea that the search proceedings initiated u/s 132 are invalid and that the block assessment proceedings are without jurisdiction cannot be entertained because s. 132A provides that the 'reason to believe' or 'reason to suspect', as the case may be, shall not be disclosed to any person or any authority or the Appellate Tribunal as recorded by Income Tax Authority u/s 132 or 132A
M/s N. K. Jewellers vs. CIT
(2017) TaxCorp(LJ) 13628 (SC) · Section. 132
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SC - The person who has received enhanced compensation and interest thereon even by an interim order passed by the Court would be assessed to tax for that enhanced compensation.
Commissioner of Income Tax Versus Chet Ram (HUF)
(2017) TaxCorp(LJ) 13627 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=70011&Category=Judgment&CategoryType=Zip
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HC - AO cannot generally say in respect of prior permission request u/s Sec. 281(1) that no proposed transaction or charge over any asset, though unencumbered, can be permitted because there is a possibility of another demand, or on account of the vagaries of litigation, etc.
Vedanta Ltd. vs. ACIT
(2017) TaxCorp(LJ) 13623 (HC-BOMBAY) · Section. 281
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