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S. 145: The average cost method of valuing inventories is an accepted method of valuation approved by the accounting standards issued by the ICAI. The AO is not entitled to disregard the method if the assessee has consistently followed the method
CIT vs. Uday M. Ghare
(2017) TaxCorp(LJ) 12339 (HC-BOMBAY) · Section 145
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S. 9(1)(i): The capital gains arising on transfer by a foreign company of shares in another foreign company holding assets in India is liable to tax in India. The argument that the transfer is a mere re-organisation of assets within the group and that there is no “real income” is not acceptable. The argument that the India-UK DTAA should be given a “static” interpretation and that the retrospective amendment to s. 9 by the Finance Act 2012 should be ignored is also not acceptable. Where the DTAA provides that the income shall be chargeable to tax in accordance with the provision of the domestic law, the said domestic law has to be the amended law
Cairn UK Holdings Ltd vs. DCIT
(2017) TaxCorp(LJ) 12338 (ITAT-DELHI) · Section 9(1)(i)
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S. 271(1)(c): If the quantum appeal is admitted by the High Court, it means that the issue is debatable and penalty cannot be levied. Argument of the Dept that Nayan Builders 368 ITR 722 (Bom) does not lay down this proposition is not correct
CIT vs. Advaita Estate Development Pvt. Ltd
(2017) TaxCorp(LJ) 12337 (HC-BOMBAY) · Section 271(1)(c)
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S. 195-I: S. 105 of the Transfer of Property Act distinguishes between 'premium' for acquiring the lease and 'rent' for enjoying user of the property. Payment towards 'premium' for the lease (even if paid annually) is a capital payment and is not subject to s. 194-I TDS. CBDT Circular No. 35/2016 dated 13.10.2016 referred
Rajesh Projects (India) Pvt. Ltd vs. CIT
(2017) TaxCorp(LJ) 12329 (HC-DELHI) · Sections 105, 195
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S. 271(1)(c): Entire law explained on whether levy of penalty is automatic if return filed by the assessee u/s 153A discloses higher income than in the return filed u/s 139(1) in the context of the law as it stood prior to, and after, the insertion of Explanation 5 to s. 271(1)(c). Also, the law on levy of penalty on revised returns explained
Pr. CIT vs. Neeraj Jindal
(2017) TaxCorp(LJ) 12328 (HC-DELHI)
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ITAT - In the absence of any demonstrable loss of revenue, interference in exercise of power under Section 263 cannot be justified.
Gujarat Engineering Co. Versus Commissioner of Income-tax-I, Vadodara, Income-Tax Officer, Ward-2 (2), Vadodara
(2017) TaxCorp(LJ) 12327 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=54874&Category=ITAT&CategoryType=Zip
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HC - Where the carbon receipts were not sold and/or transferred in favour of foreign companies in the year under consideration, the same cannot be included as receipt / income in the that year.
PR COMMISSIONER OF INCOME TAX Versus KALPATARU POWER TRANSMISSION LTD
(2017) TaxCorp(LJ) 12322 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=68622&Category=Judgment&CategoryType=Zip
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HC - Solely on the basis of the DVO’s report, the AO is not justified in reopening the assessment, which was, as such, scrutiny assessment u/s 143(3).
AKSHAR INFRASTRUCTURE PVT LTD Versus INCOME TAX OFFICER - WARD 1 (1)
(2017) TaxCorp(LJ) 12321 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=68624&Category=Judgment&CategoryType=Zip
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HC - Assessee having got 15 flats along with his two sons will not disentitle him from getting the benefit u/s 54-F only on the ground that all the 15 flats are not in the same Block, particularly when all the 15 flats are located at the same address.
Commissioner of Income Tax Versus Shri Gumanmal jain
(2017) TaxCorp(LJ) 12320 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=68625&Category=Judgment&CategoryType=Zip
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HC - Since on termination of the licence agreement, all rights created in favour of the assessee under the licence agreement stood extinguished, expenditure towards royalty and fee for technical assistance were revenue in nature.
Commissioner of Income Tax, Noida Versus H-One India Pvt. Ltd.
(2017) TaxCorp(LJ) 12318 (HC-ALLAHABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=68627&Category=Judgment&CategoryType=Zip
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ITAT - Generating surplus year after year is not the deciding factor to determine eligibility u/s 11 and what is relevant to examine is whether the surplus so generated is ploughed back in furthance of its educational objectives and related activities or not.
ACIT (Exemption) vs. Mahima Shiksha Samiti
(2017) TaxCorp(LJ) 12317 (ITAT-JAIPUR) · Section. 11
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ITAT - ‘Retainership fees’ payment under the service contract is ‘salary’ and TDS u/s 192 applicable.
Red Chillies Entertainment Pvt. Ltd. vs. ACIT
(2017) TaxCorp(LJ) 12316 (ITAT-MUMBAI) · Sections. 192, 194J
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ITAT - Where assessee was registered as an AOP of Corporations which are Japanese companies and came together for construction project, then assessee cannot be treated as a foreign company in terms of Sec. 144C(15).
Mitsui Marubeni Corporation vs. DDIT
(2017) TaxCorp(LJ) 12315 (ITAT-DELHI) · Section. 144C(15)
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SC - SLP Dismissed - HC had held that no rectification u/s 154 for matters decided in appeal.
Indus Finance Corporation Ltd. vs. CIT
(2017) TaxCorp(LJ) 12314 (SC)
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ITAT - No addition u/s 41 where the matter is in dispute and sub-judice, therefore assessee cannot be expected to get a confirmation from the creditor.
ITO 2 (1) (1) Aayakar Bhavan, Mumbai Versus ALFA Distilleries Pvt. Ltd.
(2017) TaxCorp(LJ) 12313 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54837&Category=ITAT&CategoryType=Zip
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ITAT - No penalty levied u/s 271C as transaction by the assessee on principal to principal basis does not attract TDS u/s 194H/194J.
JCIT (OSD), TDS Circle-1, Visakhapatnam Versus M/s. National Mineral Development Corporation
(2017) TaxCorp(LJ) 12311 (ITAT-VISAKHAPATNAM) · http://taxcorp.in/FileOpenDT.aspx?ID=54838&Category=ITAT&CategoryType=Zip
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ITAT - Sec. 292BB of the Act can cure only were a notice is claimed by a assessee not to have been served on him or served on him out of time or served in an improper manner. It cannot cure a situation were there was no issue of notices u/s.148 or u/s.143(2).
Shri. Deen Dayal Kothari Versus The Income Tax Officer, Business Ward VIII (3), Chennai
(2017) TaxCorp(LJ) 12310 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54840&Category=ITAT&CategoryType=Zip
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ITAT - The interest income earned on deposits made with other co-operative banks/society are fully deductible u/s. 80P(2)(a)(i) from the income liable to tax though the assessee has claimed the same as exempt u/ s. 80P(2) (d) and the same is also exempt u/ s. 80P(2)(d).
The Income Tax Officer, Ward-3, Shivamogga Versus M/s. Malnadu Credit Co-operative Society Ltd.,
(2017) TaxCorp(LJ) 12309 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=54841&Category=ITAT&CategoryType=Zip
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ITAT - Provision of section 40(a)(ia) of the Act are applicable not only to the amounts which is shown as payable on the date of balance sheet but it is applicable to such expenditure which becomes payable at any time during the relevant previous year and was actually paid within the previous year.
I.T.O., Ward-8 (3) , Kolkata Versus M/s. Ruia Sons Pvt. Ltd. Kolkata
(2017) TaxCorp(LJ) 12308 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54843&Category=ITAT&CategoryType=Zip
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ITAT - Provisions for interest on turnover tax is determined as an ascertained liability and once it is so, the same cannot be added to the book profit u/s. 115J.
Kesoram Industries Limited (Successor of Hindustan Heavy Chemicals Ltd.) Versus Assistant Commissioner of Income-tax, Central Circle-X, Kolkata, Deputy Commissioner of Income-tax, Circle-4, Kolkata
(2017) TaxCorp(LJ) 12307 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54845&Category=ITAT&CategoryType=Zip
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