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HC - Capital gain u/s 45 arises in the year of execution of deed and not when the same was registered with the office of the Sub-Registrar.
RAJENDRA KANTILAL PATEL Versus INCOME TAX OFFICER
(2017) TaxCorp(LJ) 12306 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=68599&Category=Judgment&CategoryType=Zip
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HC - Statements of two farmers upon which reliance was placed by the Department were not furnished/given to the assessee to controvert the same. No addition u/s. 69B for unexplained investment in land.
PRINCIPAL COMMISSIONER OF INCOME TAX AHMEDABAD 3 Versus KANUBHAI MAGANLAL PATEL
(2017) TaxCorp(LJ) 12305 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=68602&Category=Judgment&CategoryType=Zip
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HC - Where income and assets are disclosed in the books of account and no incriminating material is found during search and seizure, addition in the block assessment not justified.
Commissioner of Income Tax, Delhi (central-I) Versus Pinaki Misra & Sangeeta Misra
(2017) TaxCorp(LJ) 12304 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=68608&Category=Judgment&CategoryType=Zip
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S. 9(1)(vii)/ Article 12: In order to constitute “technical services”, services catering to the special needs of the person using them must be rendered. The provision of a common facility is not “technical services”. Amount paid towards reimbursement of a common technical computer facility is not “fees for technical services”. Amount received by way of reimbursement of expenses does not have the character of income
DIT vs. A. P. Moller Maersk AS
(2017) TaxCorp(LJ) 12303 (SC) · Section 9(1)(vii)
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HC - Absence of any material seized during the search proceeding could not have justified afresh examination of the valuation issue.
Anita Rani Vs. Principal Commissioner Of Income Tax
(2017) TaxCorp(LJ) 12302 (HC-DELHI)
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ITAT - No disallowance u/s 40A(3) where payments were made in cash to land owners to develop the land, where there is no banking facilities.
M/s PCR Developers (P) Ltd. Versus Dy. Commissioner of Incometax, Circle – 16 (3), Hyderabad and vice-Verssa
(2017) TaxCorp(LJ) 12301 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=54821&Category=ITAT&CategoryType=Zip
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ITAT - No addition of unexplained purchases u/s 68 on the basis of a witness who examined at the back of the assessee.
Veda Commercial Pvt. Ltd. Versus Addl. CIT, Range-10, Kolkata, Income Tax Officer, Kolkata
(2017) TaxCorp(LJ) 12300 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54822&Category=ITAT&CategoryType=Zip
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HC - Expenditure of software stock and maintenance charges is a revenue expenditure.
COMMISSIONER OF INCOME TAX-II Versus H NYALCHAND FINANCIAL SERVICES LTD
(2017) TaxCorp(LJ) 12299 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=68591&Category=Judgment&CategoryType=Zip
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ITAT - No TDS u/s 194I on compensation paid for the use of the building / premises / place of the members for construction activities.
M/s Shanish Construction Pvt Ltd Versus Income Tax Officer, 8 (3) (1), Mumbai
(2017) TaxCorp(LJ) 12298 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54814&Category=ITAT&CategoryType=Zip
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ITAT - Assessee has rightly claimed short term capital loss which is eligible to be set off against long term capital gain as the transaction is neither “sham” nor speculative in nature.
Suraj Limited Versus ACIT (OSD), Circle-8, Ahmedabad
(2017) TaxCorp(LJ) 12297 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=54813&Category=ITAT&CategoryType=Zip
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HC - AO being an investigator and adjudicator, when coming to an adverse finding is required to record such finding adequately as duly supported by material and evidence taking into account that principles of preponderance of probabilities.
Devi Kamal Trust Estate Versus Director of Income Tax (Exemption) Kolkata & Others
(2017) TaxCorp(LJ) 12296 (HC-CALCUTTA) · http://taxcorp.in/FileOpenDT.aspx?ID=68595&Category=Judgment&CategoryType=Zip
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ITAT - Retention money cannot be regarded as income even for the purpose of book profits u/s.115JB even though credited in the profit and loss account.
D.C.I. T-Circle-1, Kolkata Versus M/s. McNally Bharat Engineering Co. Ltd. and Vice-Versa
(2017) TaxCorp(LJ) 12294 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54835&Category=ITAT&CategoryType=Zip
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Capital gains: While s. 2(42A) uses the term "held", the other provisions use the terms "acquired", "purchased" and "owner". Accordingly, for considering whether an asset is a "long-term capital asset", the period of holding must be computed on a de facto basis. The letter of allottment, even though not "ownership", must be taken as the date of holding the asset
Anita D Kanjani vs. ACIT
(2017) TaxCorp(LJ) 12293 (ITAT-MUMBAI)
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ITAT - Merely because the assessee is not maintaining books of accounts, he cannot get rid of offering the income earned by him during the year. Penalty u/s 271(1)(c) valid for non disclosure of income earned by way of Director Sitting Fee.
Shri Mahesh M. Gandhi, Mumbai Versus Asst. Commissioner of Income Tax – 20 (2), Mumbai
(2017) TaxCorp(LJ) 12292 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54796&Category=ITAT&CategoryType=Zip
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ITAT - Sum incurred for sanitary fittings etc., done by the assessee as a fresh exercise to renovate the premises and POP ceiling is, again, not in the nature of repairs and maintenance and has to be treated as cost of improvement for computation of capital gains.
Veena Gupta Versus ITO, Ward-46 (5), New Delhi.
(2017) TaxCorp(LJ) 12291 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=54798&Category=ITAT&CategoryType=Zip
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ITAT - AO does not have powers to charge fees under section 234E by way of intimation issued u/s 200A in respect of defaults before 01.06.2015 and consequently allow the ground of appeal raised by the assessee.
M/s. Sprigtime Clubs and Hospitality Services Pvt. Ltd. Versus Assessing Officer, TDS Ward, Kalyan (W)
(2017) TaxCorp(LJ) 12290 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54800&Category=ITAT&CategoryType=Zip
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ITAT - The absence of the word “erroneous order” u/s 263 is not very fatal where order of the AO was erroneous because the AO failed to make proper enquiries which were warranted in the facts and circumstances of the case.
M/s. Neelakantha Commosales Pvt. Ltd. Versus Commissioner of Income Tax, Kolkata-I, Kolkata
(2017) TaxCorp(LJ) 12289 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54802&Category=ITAT&CategoryType=Zip
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ITAT - There is no justification of allowing expenses against the house property income other than that provided as deduction under the scheme of computation of house property income.
Akola Trading Company P. Ltd Versus ITO WD 2 (1) (1), Mumbai
(2017) TaxCorp(LJ) 12288 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54803&Category=ITAT&CategoryType=Zip
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ITAT - Entry relating to the loss of cash at the end of financial year is not a very vital circumstance. Thus the claim of the assessee for loss on account of cash destroyed by fire allowed as deduction.
M/s. Aparna Agency Ltd. Versus I.T.O., Ward-12 (3), Kolkata
(2017) TaxCorp(LJ) 12287 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54805&Category=ITAT&CategoryType=Zip
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ITAT - No TDS U/S 195 as amount paid for grant of license is not in the nature of royalty within the meaning of the DTAA and also there was no PE in India.
I.T.C. Limited Versus A.D.I.T.(I.T.) -2 (1), Kolkata
(2017) TaxCorp(LJ) 12286 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54806&Category=ITAT&CategoryType=Zip
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