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ITAT - Deduction u/s 43B is allowed even where no sales tax liability was shown in the balance sheet where the same has been paid before due date of filing of return.
D.C.I.T, CC-V, Kolkata Versus M/s. Sai Iron India Ltd and Vica-Versa
(2016) TaxCorp(LJ) 11333 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=51727&Category=ITAT&CategoryType=Zip
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ITAT - Where the objects of the assessee society are not in respect of educational purposes (for the purpose of exemption u/s 10(23C)(vi)) because the same amounts to rendering consultancy services.
M/s Southern India Banks Staff Training College Versus The Income Tax Officer, Ward-14 (2), Bangalore
(2016) TaxCorp(LJ) 11332 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=51728&Category=ITAT&CategoryType=Zip
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ITAT - Compensation received for cancellation of development agreement is contractual receipt and not short term capital gain.
Income Tax Officer-32 (1) (5) , Mumbai Versus M/s Empire Developers
(2016) TaxCorp(LJ) 11331 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=51729&Category=ITAT&CategoryType=Zip
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ITAT - LIC premium and the Tuition Fees paid from the banking channels are enough documentary evidence for deduction u/s 80C.
SH. DEVENDER KUMAR Versus ITO, WARD 26 (3), NEW DELHI
(2016) TaxCorp(LJ) 11330 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=51304&Category=ITAT&CategoryType=Zip
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ITAT - Since nothing has been brought on record that the assessee agreed to the addition to buy peace of mind and to avoid litigation, levy of penalty confirmed.
Genus Commu Trade Limited Versus DCIT, Central Circle 2 (2), Ahmedabad
(2016) TaxCorp(LJ) 11329 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51730&Category=ITAT&CategoryType=Zip
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ITAT - Protective addition cannot be converted into substantive addition in the hands of an assessee simply because substantive addition was not made in the hands of another assessee.
Moti Lal Gupta Versus ITO, Ward – 38 (2), New Delhi
(2016) TaxCorp(LJ) 11328 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=51306&Category=ITAT&CategoryType=Zip
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ITAT - Where exhaustive exercise has been done by the AO, then order could not be held to be erroneous.
M/s Cartier Leaflin Pvt Ltd Versus ITO, Wd. 1 (1) (2), Mumbai
(2016) TaxCorp(LJ) 11327 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=51731&Category=ITAT&CategoryType=Zip
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HC - If the notice is found to be illegal and is found to be unsustainable in law and the consequences would be that there is breach of natural justice. Levy of Penalty u/s 271 (1)(c) is not justified.
Shri Muninaga Reddy Versus The Asst. Commissioner of Income Tax
(2016) TaxCorp(LJ) 11326 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=66552&Category=Judgment&CategoryType=Zip
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ITAT - Penalty u/s 271(1)(c) upheld upon furnishing inaccurate particulars to claim capital expenditure towards acquisition of fixed asset as a deduction in addition to depreciation claim on the same.
State Bank of Mauritius Ltd. vs. DDIT
(2016) TaxCorp(LJ) 11325 (ITAT-MUMBAI) · Section. 271(1)(c)
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HC - withdrawal of settlement Commission application permitted where tax-arrears settled under KVSS.
Hasmukhlal Thakordas Dalwala vs. CIT
(2016) TaxCorp(LJ) 11324 (HC-GUJARAT)
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ITAT - Where the association’s primary purpose was advancement of objects of general public utility it would remain charitable even if an incidental or ancillary activity or purpose, for achieving the main purpose was profitable in nature. Proviso to section 2(15) not applicable.
D.C.I.T (E) , Cir-I, Kolkata Versus Indian Chamber of Commerce
(2016) TaxCorp(LJ) 11323 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=51706&Category=ITAT&CategoryType=Zip
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ITAT - Open access charges paid by the assessee towards transmission of electricity from its plants to various parts of the country is not royalty u/s 9(1)(vi). No TDS u/s 194J.
DCIT, Circle-3 (1) (TDS) , Vijayawada Versus M/s. Nava Bharat Ventures Ltd.
(2016) TaxCorp(LJ) 11322 (ITAT-VISAKHAPATNAM) · http://taxcorp.in/FileOpenDT.aspx?ID=51707&Category=ITAT&CategoryType=Zip
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ITAT - It is difficult to gather all the required information as required in sec. 142(1) within a short period i.e 7 to 15 days - No penalty u/s 271(1)(b).
Pillala Ramakrishna Rao Versus ACIT, Central Circle-2, Visakhapatnam
(2016) TaxCorp(LJ) 11321 (ITAT-VISAKHAPATNAM) · http://taxcorp.in/FileOpenDT.aspx?ID=51708&Category=ITAT&CategoryType=Zip
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ITAT - Difference between the rate stated in the letter of intent and the sale agreement is the undisclosed income. Principle of extrapolation of ‘on-money’ on the other shops sold/booked rejected in the absence of any material on record.
Raviraj Kothari Associates Versus Deputy Commissioner of Income Tax, Circle – 2, Pune
(2016) TaxCorp(LJ) 11320 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=51709&Category=ITAT&CategoryType=Zip
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ITAT - When a partner retires from the firm and receives share of amount calculated on the value of partnership asset including goodwill of the firm, there is no transfer of interest of the partner in the goodwill and no part of the amount received is exigible as capital gain u/s 45.
Shri Sachin Bhausaheb Nikam Versus The Dy. Commissioner of Income Tax, Circle 11 (2), Pune.
(2016) TaxCorp(LJ) 11319 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=51710&Category=ITAT&CategoryType=Zip
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ITAT - Mere disallowance of a claim (claim for deduction u/s 54B was made by filing inaccurate particulars) will not automatically attract the levy of penalty.
M/s. Soldier Scholars Study Versus Income Tax Officer, Ward 6 (3), Hyderabad
(2016) TaxCorp(LJ) 11318 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51711&Category=ITAT&CategoryType=Zip
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ITAT - Depreciation should be excluded from estimated income but the interest and remuneration to working partners are allowable as deduction as it does not fall under section 30 to 38.
M/s Sai Sree Developers Pvt. Ltd. Versus Asst. Commissioner of Income-tax, Circle – 3 (1) , Hyderabad.
(2016) TaxCorp(LJ) 11317 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51712&Category=ITAT&CategoryType=Zip
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ITAT - Entire disallowance of payment made to hutment dwellers for vacating the land while computing long term capital gains not justified.
Smt. Ujjawala Sitaram Baheti Versus Asstt. Commissioner of Income Tax, Circle – 1, Jalgaon and Vica-Versa
(2016) TaxCorp(LJ) 11316 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=51687&Category=ITAT&CategoryType=Zip
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ITAT - Principal amount of loan waived by the lender on account of one time settlement of loan not a revenue receipt.
The Asst. Commissioner of Income Tax-3 (3) , Mumbai Versus M/s. Vibhadeep Investment and Trading Ltd. and Vica-Versa
(2016) TaxCorp(LJ) 11315 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=51692&Category=ITAT&CategoryType=Zip
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ITAT - DIT has no powers to cancel registration of a charitable institution on the ground that it is carrying on commercial activities which are in breach of the amended definition of “charitable purpose” in section 2(15).
M/s. Hyderabad Cricket Association Hyderabad Versus Commissioner of Income Tax (Exemptions) Hyderabad
(2016) TaxCorp(LJ) 11313 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51699&Category=ITAT&CategoryType=Zip
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