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ITAT - Where purchases and payments made to many sundry creditors continuing from earlier years were accepted by AO then the same could not be treated as bogus.
Income-tax Officer, Ward-12(1), Kolkata v. Standard Leather (P.) Ltd.
(2016) TaxCorp(LJ) 11653 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=53522&Category=ITAT&CategoryType=Zip
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HC - Since there was no full disclosure of material facts, reopening of assessment valid.
Aravali Infrapower Ltd. Versus Deputy Commissioner of Income Tax
(2016) TaxCorp(LJ) 11652 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=67957&Category=Judgment&CategoryType=Zip
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ITAT - The renovation made by the assessee company is in the nature of permanent structure by way of Brick Wall partitions, panelling of Aluminium, Flooring etc. which cannot be covered under current repairs and only depreciation can only be allowed.
Ripe Component Technologies Pvt. Ltd. Versus Asstt. Commissioner of Income Tax, Circle- 15 (1), New Delhi
(2016) TaxCorp(LJ) 11651 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=53514&Category=ITAT&CategoryType=Zip
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HC - In view of para 4(A) of Office Memorandum (‘O.M’) dated Feb 29, 2016, AO is obliged to grant stay on payment of 15% of disputed amount where outstanding demand is disputed before the CIT(A).
Andrew Telecommunications India Pvt. Ltd. vs. Principal CIT and Others
(2016) TaxCorp(LJ) 11650 (HC-BOMBAY)
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ITAT - Only peak credit to be taken for making addition of unexplained cash deposits and entire amount of cash deposits could not be added u/s 68.
S. Venkat Reddy v. Income-tax Officer, Ward-8 (2), Hyderabad
(2016) TaxCorp(LJ) 11649 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51816&Category=ITAT&CategoryType=Zip
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HC - Validity of reopening of assessment cannot be challenged merely in the absence of the words “failure to disclose fully and truly all material particulars” in to the recording of the reasons. Analysis of data (material) would alone determine whether, prima facie, income chargeable to tax has escaped assessment.
M/s. Paramount Enterprises Versus Assistant Commissioner of Income Tax
(2016) TaxCorp(LJ) 11648 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=67950&Category=Judgment&CategoryType=Zip
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HC - Deduction towards the Central Excise on the basis of provision made cannot be denied because matter was under dispute as the revenue will not suffer any prejudice since the department can bring the provisional amount to tax, u/s 41(1).
Modi Revlon Pvt. Ltd. (Formally known as Kamakhya Cosmetics & Pharmaceuticals Pvt. Ltd.) Versus Commissioner of Income Tax
(2016) TaxCorp(LJ) 11647 (HC-GAUHATI) · http://taxcorp.in/FileOpenDT.aspx?ID=67952&Category=Judgment&CategoryType=Zip
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HC - Writ dismissed - If the stand of the writ petitioner company is bona fide and indeed if no international transaction is involved, see no reason why the company should shy away from the proceeding before the TPO and not urge and establish the same in the proceeding before the TPO.
Price Water House & Another, Lovelock & Lewes & Another Versus Commissioner of Income Tax-XIX & Others
(2016) TaxCorp(LJ) 11646 (HC-CALCUTTA) · http://taxcorp.in/FileOpenDT.aspx?ID=67956&Category=Judgment&CategoryType=Zip
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ITAT - If the expense has incurred expenses for business expediency and third party also gets some benefit in the process, then also, the expenditure is allowable.
M/s. Ananthapur Mining Corporation Versus The Joint Commissioner of Income Tax, Central Range 1, Bangalore
(2016) TaxCorp(LJ) 11645 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=53505&Category=ITAT&CategoryType=Zip
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ITAT - Where estimation of GP has been made on the unaccounted sales it covers unexplained expenditure also to this extent, therefore no addition u/s 69C.
M/s Choksi Metal Refinery Versus DCIT, Circle-2, Surat
(2016) TaxCorp(LJ) 11644 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=53508&Category=ITAT&CategoryType=Zip
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ITAT - Since provision of loan and guarantee was not that of a lender or guarantor, but to protect assessee's investment interest, no TP adjustment for corporate guarantee.
Tega Industries Ltd. v. Deputy Commissioner of Income Tax, Circle-12
(2016) TaxCorp(LJ) 11642 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=53503&Category=ITAT&CategoryType=Zip
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ITAT - Where assessment for relevant years had already been completed under section 143(1) and no incriminating material was found in course of search relating to amount deposited in foreign bank, no addition can be made for such deposit.
Bishwanath Garodia v. Deputy Commissioner of Income-tax , Central Circle-3(3), Kolkata
(2016) TaxCorp(LJ) 11641 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=53502&Category=ITAT&CategoryType=Zip
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ITAT - Under charging of interest on excess period of credit allowed to AE for realization of invoices is an international transaction u/s 92B, read with section 92C.
CPA Global Services (P.) Ltd. v. Income-tax Officer, Ward-6(4), New Delhi
(2016) TaxCorp(LJ) 11640 (ITAT-DELHI) · http://taxcorp.in/FileOpenINTL.aspx?ID=10956&Category=INTLDecisions&CategoryType=Zip
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HC - From lease deed, it was clear that assessee wanted to resume its business operations after expiry of period of lease and, therefore, income from leasing out business assets for a limited period to carry out production activity is business income.
Maltex Malsters Ltd. v. Commissioner of Income-tax, Patiala
(2016) TaxCorp(LJ) 11639 (HC-P&H) · http://taxcorp.in/FileOpenDT.aspx?ID=66332&Category=Judgment&CategoryType=Zip
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HC - Two attempts to serve on the old address and claim good service on the basis of affixture of notice at the old address, cannot be upheld as a good service under Section 263.
M/s. GOLDEN INVESTMENT MANAGEMENT PVT LTD AND ANR Versus INCOME TAX OFFICER, WARD-1 (4), KOL & ORS.
(2016) TaxCorp(LJ) 11638 (HC-CALCUTTA) · http://taxcorp.in/FileOpenDT.aspx?ID=66947&Category=Judgment&CategoryType=Zip
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HC - Prosecution proceedings launched u/s 276(C)(2) read with Sec 277 for filing false declaration alongwith the return of income upheld.
Magdum Dundappa Lokappa, Suresh Sholapurmath vs ITO
(2016) TaxCorp(LJ) 11637 (HC-KARNATAKA)
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SC - Subvention for subsidiary’s losses from holding company is capital in nature.
Siemens Public Communication Networks Ltd
(2016) TaxCorp(LJ) 11636 (SC)
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ITAT - Payments made to a particular transporter during year under consideration had to be aggregated for purpose of section 194C(3).
Sri Shivamurthy v. Additional Commissioner of Income-tax, Shimoga Range, Shimoga
(2016) TaxCorp(LJ) 11635 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=52501&Category=ITAT&CategoryType=Zip
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HC - Writ quashed - Writ to quash the notice u/s 148 is not maintainable as the petitioner had been communicated with the reasons for reopening and liberty is granted to the petitioner to submit their objections and the first respondent shall take a decision thereon on merits.
Sella Synergy India (P.) Ltd. v. Income-tax Officer, Company Circle VI (2) Chennai
(2016) TaxCorp(LJ) 11633 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=66023&Category=Judgment&CategoryType=Zip
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HC - Since once charge of additional post was held by Joint CIT in lawful manner he would be entitled for additional charge allowance.
Union of India v. R.S. Naik
(2016) TaxCorp(LJ) 11632 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=66944&Category=Judgment&CategoryType=Zip
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