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S. 263: In challenging the validity of a s. 263 revision order, the validity of the underlying s. 143(3) assessment order which is sought to be revised can be examined even if the said assessment order has not been challenged and has become final. If the assessment order is passed on a non-existent entity, the revision order is void
Westlife Development Ltd vs. Pr. CIT
(2016) TaxCorp(LJ) 10474 (ITAT-MUMBAI) · Section 263
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S. 30/ 37(1): Expenditure on repairs of rented premises, even if huge and accumulated, are allowable as revenue expenditure. Fact that CIT(A) admitted additional evidence is no justification for seeking a set aside to the AO if the CIT(A) called for a remand report from the AO: Savarana Spinning mills Limited 293 ITR 201 (SC) distinguished
DCIT vs. Ikea Trading (India) P Ltd
(2016) TaxCorp(LJ) 10473 (ITAT-DELHI) · Sections 30, 37(1)
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ITAT - Initiation of two parallel proceedings (sec. 154 and 147) on a similar subject matter cannot sustain.
Sushil Kumar Jain vs. ACIT
(2016) TaxCorp(LJ) 10472 (ITAT-DELHI)
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ITAT - When entire income is brought to tax, as a corollary to the same, double taxation relief is to be given in respect of the same. Assessee is entitled to relief u/s 90 for the entire income.
Aker Powergas Pvt Ltd Versus Additional Commissioner of Income Tax, Range 10 (1), Mumbai
(2016) TaxCorp(LJ) 10403 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=10272&Category=INTLDecisions&CategoryType=Zip
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ITAT - TPO and DRP justified in holding that the assessee has not established the quantum of capacity utilization adjustment with evidences and supporting details.
M/s. Biesse Manufacturing Co. Pvt. Ltd. Versus Asst. Commissioner of Income Tax, Circle 2 (1) (1) , Bengaluru
(2016) TaxCorp(LJ) 10402 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenINTL.aspx?ID=9335&Category=INTLDecisions&CategoryType=Zip
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ITAT - No TDS where payments are made to shipping agents of nonresident ship-owners or charterers for carriage of passengers, etc., shipped at a port in India.
M/s. PMS International (P) Ltd. Versus Income Tax Officer (TDS) -II, Jalandhar and Vica-Versa
(2016) TaxCorp(LJ) 10401 (ITAT-AMRITSAR)
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HC - Assessee entitled to sxemption u/s 54F even where builder has not handed over the possession within the time limit prescribed under section 54F.
Principle Commissioner of Income Tax & Assistant Commissioner of Income Tax, Circle 15 (1) , Versus Sri. C. Gopalaswamy
(2016) TaxCorp(LJ) 10400 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=65422&Category=Judgment&CategoryType=Zip
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ITAT - Sec. 206AA providing higher 20% TDS rate absent PAN does not override Sec. 90(2).
DCIT. vs. Pricol Ltd.
(2016) TaxCorp(LJ) 10395 (ITAT-CHENNAI) · Section. 206AA
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S. 68: Long-term capital gains arising from transfer of penny stocks cannot be treated as bogus merely because SEBI has initiating an inquiry with regard to the Company & the broker if the shares are purchased from the exchange, payment is by cheque and delivery of shares is taken & given
ITO vs. Indravadan Jain (HUF)
(2016) TaxCorp(LJ) 10391 (ITAT-MUMBAI) · Section 68
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ITAT - Appeal filed by deductee against Sec 195(2) order not maintainable.
DCIT. vs. Abu Dhabi Ship Building PJSC
(2016) TaxCorp(LJ) 10355 (ITAT-AGRA) · Sections. 195(2), 246A, 248
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ITAT - Business losses can be set off against income u/s 68.
Satish Kumar Goyal vs. JCIT
(2016) TaxCorp(LJ) 10354 (ITAT-AGRA) · Section. 68, 115BBE
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HC – A CA giving 'accommodation entries' is guilty of misconduct and name removed for life from ICAI
ICAI vs. Vivek Kapoor & Ors.
(2016) TaxCorp(LJ) 10353 (HC-P&H) · Sec 21(6) of the ICAI Act
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HC - Upon failure of assessee to establish “reasonable cause” for TDS-failure u/s 194A on interest paid to its sister concerns, levy of penalty u/s 271C justified.
CIT. vs. Muthoot Bankers
(2016) TaxCorp(LJ) 10339 (HC-KERALA) · Section. 271C
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S. 10(38)/ 69: Fact that a small amount invested in "penny" stocks gave rise to huge capital gains in a short period does not mean that the transaction is "bogus" if the documentation and evidences cannot be faulted
CIT vs. Mukesh Ratilal Marolia
(2016) TaxCorp(LJ) 10338 (HC-BOMBAY) · Sections 10(38), 69
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S. 147/ 148: The AO is duty bound to provide to the assessee the reasons recorded for reopening the assessment within a reasonable time. Failure to do so renders the reassessment order unsustainable in law
Inderjeet Singh Sachdeva vs. DCIT
(2016) TaxCorp(LJ) 10337 (ITAT-DELHI) · Sections 147, 148
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S. 10(38)/ 68: Long-term capital gains on sale of "penny" stocks cannot be treated as bogus & unexplained cash credit if the documentation is in order & there is no allegation of manipulation by SEBI or the BSE. Denial of right of cross-examination is a fatal flaw which renders the assessment order a nullity
Farrah Marker vs. ITO
(2016) TaxCorp(LJ) 10336 (ITAT-MUMBAI) · Sections 10(38), 68
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ITAT - Since assessee failed to return capital gains tax and explanation appeared to be only ‘after-thought’, concealment penalty justified.
Shri Sripad Deshpande Vs. Income Tax Officer
(2016) TaxCorp(LJ) 10334 (ITAT-HYDERABAD)
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ITAT - The firm is succeeded by the company, therefore, the cost of acquisition of the company would be as that of acquisition of the firm. The valuation of land and assets of firm though valued by the valuer will not change or alter the cost of acquisition of the firm despite valuation of assets of the firm and would remain the same, and therefore the cost of acquisition of the company would be cost of acquisition of the firm.
M/s. Utsav Cold Storage Pvt. Ltd. Versus The Income Tax Officer
(2016) TaxCorp(LJ) 10325 (ITAT-JAIPUR) · http://taxcorp.in/FileOpenDT.aspx?ID=49523&Category=ITAT&CategoryType=Zip
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ITAT - Receipts on account of supply of software were integrally connected to the supply of hardware and, therefore, AO was not right in taxing such receipts as royalty.
ZTE Corporation Versus Addl. Director of Income-tax And Vice-Versa
(2016) TaxCorp(LJ) 10324 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=49365&Category=ITAT&CategoryType=Zip
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ITAT - No addition on account of variation in the value of closing stock between the value declared in the accounts and the value declared to the Bank where assessee demonstrated with evidence that the closing stock declared in the books of account is correct.
Ratan Singh Ror Prop. Ved Poultry Feed Versus ITO, Ward, Karnal
(2016) TaxCorp(LJ) 10323 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=49528&Category=ITAT&CategoryType=Zip
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