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HC - The expression used in the Income Tax itself is “a bill of exchange”, which is a class of instruments, that cannot be ignored or disallowed by virtue of Section 40A(3) read with Rules 6 DD of the Income Tax Rules. No disallowance u/s 40A(3) in respect of banker's cheques.
Pr. Commissioner of Income Tax- 11 Versus Shri Inder Pal Singh Wadhawan
(2017) TaxCorp(LJ) 12574 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=68841&Category=Judgment&CategoryType=Zip
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ITAT - Department has merely filed appeal for the sake of filing otherwise it has also not placed any document on record which can suggest that the assessee does not fulfill criterion contemplated in section 10(23C)(iiiab).
ACIT, Cir. 12, Ahmedabad Versus Gujarat State Tribal Development Residential Education Institute
(2017) TaxCorp(LJ) 12573 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=55447&Category=ITAT&CategoryType=Zip
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ITAT - It is not appropriate to include the figure of SAD only in the figure of closing stock as per section 145A without modifying the figures of purchases, sales and opening stock.
M/s. Grohe India Private Ltd. C/o Perfect Accounting and Shared Services Private Limited Versus ACIT, Circle 10 (2), New Delhi
(2017) TaxCorp(LJ) 12572 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=55445&Category=ITAT&CategoryType=Zip
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ITAT - Revenue cannot take undue advantage of the ignorance of the assessee or genuine mistake committed by the assessee and is always duty bound to assess only the real income of the assessee.
C.P.L. Tannery Versus ACIT (CPC), Bangalore
(2017) TaxCorp(LJ) 12571 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=55444&Category=ITAT&CategoryType=Zip
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ITAT - Forex losses (pre search period) are business losses and are allowed to be set off u/s 70(1) with the income surrendered during search.
D.C.I.T., Central Circle-XIX, Kolkata Versus M/s. Atha Mines Pvt. Ltd.
(2017) TaxCorp(LJ) 12570 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=55443&Category=ITAT&CategoryType=Zip
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ITAT - No doubt, if the person (payer) who had to make payments to the non-resident had defaulted in deducting the tax at source from such payments, the non- resident is not absolved from payment of taxes thereupon. However, in such a case, the non-resident is liable to pay tax and the question of payment of advance tax would not arise.
A.D.I.T. (International Taxation) -3 (1) Kolkata Versus M/s. White Industries Australia. Ltd. And Vice-Versa
(2017) TaxCorp(LJ) 12569 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=55441&Category=ITAT&CategoryType=Zip
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ITAT - Since the principal business of the Assessee was giving of loans and advances therefore the Assessee was outside the mischief of Explanation to Sec.73.
I.T.O., Ward-12 (3), Kolkata Versus Amrabathi Investra Pvt. Ltd.
(2017) TaxCorp(LJ) 12568 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=55440&Category=ITAT&CategoryType=Zip
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ITAT - Depreciation available on plant and machinery installed at customer's site free of cost. Not necessary to install at the assessee s factory premises and it can be said that the equipments were used for the purpose of assessee s business.
D.C.I.T., Circle-11, Kolkata Versus M/s. Nalco Water India Ltd.
(2017) TaxCorp(LJ) 12567 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=55439&Category=ITAT&CategoryType=Zip
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ITAT - Share income from partnership firm to be excluded while computing book profit u/s. 115JB.
M/s. Shloka Traders Pvt. Ltd. Versus DCIT Central Circle-13, Mumbai
(2017) TaxCorp(LJ) 12566 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=55435&Category=ITAT&CategoryType=Zip
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Additional Evidence: Ordinarily an application seeking admission of additional evidence under Rules 18 and 29 of ITAT Rules requires an order to be passed. If the ITAT rejects the application, reasons thereof have to be stated.
Rasiklal M. Parikh vs. ACIT
(2017) TaxCorp(LJ) 12565 (HC-BOMBAY)
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Bogus Purchases: If the assessee has not discharged the onus of producing the documentation and the suppliers, the AO is entitled to estimate the gross profit. The GP estimate should be fair, honest and rational and cannot be arbitrarily applied at the discretion of the AO. Industry comparisons or other rational comparability vis-à vis preceding years GP ratio should be brought on record. The books should be rejected. On facts, GP ratio of 12.5% as applied in Simit P Sheth 356 ITR 451(Guj) is fair, reasonable and rational after giving credit for the GP already declared
Ratnagiri Stainless Pvt. Ltd. vs. ITO
(2017) TaxCorp(LJ) 12564 (ITAT-MUMBAI)
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Bogus penny stock capital gains: Failure to provide a copy of the statement relied upon and of cross-examination renders the assessment order void. The claim of capital gains from penny stocks cannot be denied on presumption and surmises by disregarding direct evidences relating to the sale/purchase transactions of shares supported by broker’s contract notes, confirmation of receipt of sale proceeds through regular banking channels and the demat account
Sunita Jain vs. ITO, (ITAT Ahmedabad)
(2017) TaxCorp(LJ) 12563 (ITAT-AHMEDABAD)
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S. 132: It is but natural that concealed income found at the time of search and survey has to be distributed among all the family members who were carrying on business. It is also a reasonable conclusion that the income had been earned over a period of time and should be spread over various years
CIT vs. Rekha Bai
(2017) TaxCorp(LJ) 12550 (SC) · Section 132
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S. 132/ 158BC, 158BD: The fact that the search was invalid because the warrant was in the name of a dead person does not make the s. 158BC/158BD proceedings invalid if the assessee participated in them. Information discovered in the search, if capable of generating the satisfaction for issuing a s. 158BD notice, cannot altogether become irrelevant because the search is invalid
Gunjan Girishbhai Mehta vs. DIT
(2017) TaxCorp(LJ) 12549 (SC) · Sections 132, 158BC, 158BD
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S. 132/ 158BC, 158BD: The fact that the search was invalid because the warrant was in the name of a dead person does not make the s. 158BC/158BD proceedings invalid if the assessee participated in them. Information discovered in the search, if capable of generating the satisfaction for issuing a s. 158BD notice, cannot altogether become irrelevant because the search is invalid
Gunjan Girishbhai Mehta vs. DIT
(2017) TaxCorp(LJ) 12530 (SC) · Sections. 132, 158BC,158BD
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S. 132: It is but natural that concealed income found at the time of search and survey has to be distributed among all the family members who were carrying on business. It is also a reasonable conclusion that the income had been earned over a period of time and should be spread over various years
CIT. vs. Rekha Bai
(2017) TaxCorp(LJ) 12529 (SC) · Section. 132
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Strike by Advocates: Giving a call to protest when the Bill is still at a draft stage is premature. Wisdom has to prevail on the Advocates in the light of the law laid down in Harish Uppal AIR 2003 SC 739. The law laid down by the Supreme Court is binding on the Advocates as well under Article 141 of the Constitution. The lawyers' community has to appreciate their responsibility in discharging the duties of their profession
Adv. Manoj Laxman Shirsat vs. Bar Council of India
(2017) TaxCorp(LJ) 12514 (HC-BOMBAY)
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SC - Premium" collected by the appellant-Company on its subscribed share capital cannot be treated “capital employed in the business of the Company", therefore benefit of deduction u/s 35D not allowed.
M/s Berger Paints India Ltd. Versus C.I.T., Delhi
(2017) TaxCorp(LJ) 12495 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=68778&Category=Judgment&CategoryType=Zip
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SC - SLP Dismissed - HC had held that invalid search warrant u/s 132 is not a ground to invalidate block assessment u/s. 158BD on ‘other person’.
Gunjan Girishbhai Mehta vs. Director Of Investigation & Ors.
(2017) TaxCorp(LJ) 12494 (SC) · Section. 132, 158BD
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HC - Writ Dismissed - Revenue justified in adjusting u/s. 245 of Rs. 900 cr. refund for AY 2012-13 against demand for subsequent AYs 2013-14 & 2014-15.
Northern Coal Fields Limited vs. ACIT and Ors.
(2017) TaxCorp(LJ) 12493 (HC-MP) · Section. 245
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