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S. 54EC: Investment in specified bonds from the amounts received as an advance is eligible for s. 54EC deduction. The fact that the investment is made prior to the transfer of the asset is irrelevant
CIT vs. Subhash Vinayak Supnekar
(2017) TaxCorp(LJ) 11871 (HC-BOMBAY) · Section 54EC
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S. 271(1)(c): Omission by the AO to explicitly specify in the penalty notice as to whether penalty proceedings are being initiated for furnishing of inaccurate particulars or for concealment of income makes the penalty order liable for cancellation
CIT vs. SSA’s Emerald Meadows
(2017) TaxCorp(LJ) 11870 (SC) · Section 271(1)(c)
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S. 143(3): An addition towards income cannot be made merely on the basis of the statement of a third party that an amount has been paid to the assessee in the absence of conclusive evidence
Sharad U. Mishra vs. DCIT
(2016) TaxCorp(LJ) 11869 (ITAT-JAIPUR) · Section 143(3)
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S. 37(1): The loss on sale of shares of a wholly-owned subsidiary is allowable as a business loss if the investment in the subsidiary was made for commercial purposes
Apollo Tyres Ltd vs. ACIT
(2016) TaxCorp(LJ) 11868 (ITAT-COCHIN) · Section 37(1)
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ITAT (SB) - Appeal before ITAT u/s 253 against CIT(A)’s refusal to grant interim stay of demand would only be "academic".
Oriental Bank of commerce vs. ITO (TDS)
(2017) TaxCorp(LJ) 11867 (ITAT-PANAJI)
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ITAT - Loss on Forward Contracts in foreign exchange is a genuine business loss as transactions were carried out in the normal course of business to guard against the fluctuation in foreign exchange.
The Deputy Commissioner of Income Tax 5 (2), Mumbai Versus London Star Diamond Company (India) Private Limited
(2017) TaxCorp(LJ) 11866 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54013&Category=ITAT&CategoryType=Zip
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ITAT - Both the tour expenses and fashion show expenses incurred by the assessee society would have to be construed as application of income.
Assistant Director of Income-tax (E) -1, Kolkata Versus Bhowanipur Gujarati Education Society
(2017) TaxCorp(LJ) 11865 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54009&Category=ITAT&CategoryType=Zip
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ITAT - Computer is an integral part of CCTV camera and is eligible for depreciation at the rate of 60% as prescribed for Computers.
M/s Megasoft Solutioins (India) Pvt. Ltd. Versus DCIT, Circle 16 (2), New Delhi
(2017) TaxCorp(LJ) 11864 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=54015&Category=ITAT&CategoryType=Zip
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ITAT - It cannot be believee that any non-related party will given loan of ₹ 50 lakh without taking any interest, hence CIT(A) rightly estimated interest @1% per month (i.e. 12% per year simple interest rate).
ITO, WARD 5 (2), NEW DELHI Versus M/s KATHURIA CASTING (P) LTD. AND VICE-VERSA
(2017) TaxCorp(LJ) 11863 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=54017&Category=ITAT&CategoryType=Zip
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HC - Processes adopted by the Respondent Assessee to obtain front guard, luggage, carrier, rear gear etc. were manufacturing processes. Eligible for deduction u/s 80IC.
Commissioner of Income Tax 20, Mumbai Versus M/s. Kumar Auto Sales
(2017) TaxCorp(LJ) 11862 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=68198&Category=Judgment&CategoryType=Zip
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ITAT - No additio u/s sec. 40(a)(ia) for non-deduction of TDS while making payment on account of commission as the said commission was paid to his staff.
M/s D.D. Infotech Versus ITO, Ward-50 (1), Kolkata
(2017) TaxCorp(LJ) 11861 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54022&Category=ITAT&CategoryType=Zip
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ITAT - Merely interest has been disallowed does not mean that the assessee has filed inaccurate particulars of income. Also there is no finding that any details furnished by the assessee in its return were found to be incorrect or false.
M/s. Twenty First Century Securities Ltd Versus Income Tax Officer, Ward 4 (I), Kolkata
(2017) TaxCorp(LJ) 11860 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54025&Category=ITAT&CategoryType=Zip
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ITAT - The explanation filed by the assessee about not disclosing interest income in the return of income was not bona fide, therefore levy of concealment penalty confirmed.
Suvratanand S. Haridas Versus The ACIT, Circle-26 (1), Mumbai
(2017) TaxCorp(LJ) 11859 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54026&Category=ITAT&CategoryType=Zip
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ITAT - No TDS u/s 195 as payment to Non-Resident for online access to the database system was not in the nature of royalty.
Income Tax Officer (International Taxation) -I, Ahmedabad Versus Cadila Healthcare Limited
(2016) TaxCorp(LJ) 11858 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=53980&Category=ITAT&CategoryType=Zip
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ITAT - Charitable objects can also be promoted with own efforts and by donating other trust having charitable objects. Benefit of exemption 11 available.
Thermax Social Initiative Foundation Versus Income-tax Officer (Exemptions) Ward-1, Pune
(2016) TaxCorp(LJ) 11857 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=53868&Category=ITAT&CategoryType=Zip
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ITAT - In the cases of public sector companies, even as all or majority of shareholdings may be by the Union or State Governments, these companies, for that reason alone, cannot be said to be associated enterprises for the purposes of Section 92A.
Deputy Commissioner of Income Tax Circle-4, Ahmedabad Versus Hazira LNG Private Limited
(2016) TaxCorp(LJ) 11856 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=53981&Category=ITAT&CategoryType=Zip
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ITAT - No penalty u/s 271(1)(c) where addition was made on protected assessment/addition on estimated basis.
Sheela Jain Versus ITO, Ward 39 (5), New Delhi
(2016) TaxCorp(LJ) 11855 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=53923&Category=ITAT&CategoryType=Zip
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ITAT - Absence of receipt of any reply from the suppliers cannot by itself demonstrate any bogus claim unless any of the attendant facts bear out any bogus nature of the claim of expenditure. No disallowance of alleged unverified purchases/expenditure.
M/s. Simplex Casting Ltd. Versus DCIT (OSD) -3 (1), Mumbai and Vice-Verssa
(2016) TaxCorp(LJ) 11854 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=53983&Category=ITAT&CategoryType=Zip
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ITAT - Rental receipts from letting out commercial properties is assessable under the head income from profits & gains of business or profession and not as income from house property.
Sri Bharathi Ware Housing Corporation Versus CIT (A), Guntur
(2017) TaxCorp(LJ) 11846 (ITAT-VISAKHAPATNAM) · http://taxcorp.in/FileOpenDT.aspx?ID=53977&Category=ITAT&CategoryType=Zip
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HC - Section 44BB is a complete code in itself and the amount received, be it by way of reimbursement, is not, in any way, excluded from the ambit of Section 44BB.
M/s Ensco Maritime Ltd. Versus Additional Director of Income Tax
(2017) TaxCorp(LJ) 11845 (HC-UTTARAKHAND) · http://taxcorp.in/FileOpenDT.aspx?ID=68171&Category=Judgment&CategoryType=Zip
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