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A liberal view must be taken in matters of condonation of delay. A delay of 2191 days caused by an employee leaving the services of the assessee and not handing over papers to the assessee deserves to be condoned
Lahoti Overseas Ltd vs. DCIT
(2016) TaxCorp(LJ) 10243 (ITAT-MUMBAI)
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S. 143(1)/ 147: Entire law on the reopening of s. 143(1) assessments in the light of Zuari Estate Development 373 ITR 661 (SC) explained
Indu Lata Rangwala vs. DCIT
(2016) TaxCorp(LJ) 10242 (HC-DELHI) · Sections 143(1), 147
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S. 40(a)(ia): Payments by a CA firm to foreign professional entities for services rendered abroad is not taxable under Articles 12 and 15 of the India-USA DTAA. The retrospective amendment to s. 9(1)(vii) to tax services rendered outside India does not apply in the context of a disallowance u/s 40(a)(ia) in the hands of the payer
ACIT vs. M/s. BSR & Co
(2016) TaxCorp(LJ) 10241 (ITAT-MUMBAI) · Sections 9(1)(vii), 40(a)(ia)
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Bogus purchase and sale of shares: Law explained as to on whom the onus is to show that the purchase and sale of shares are bogus and the circumstances required to be proved by the AO
Arvind Asmal Mehta vs. ITO
(2016) TaxCorp(LJ) 10240 (ITAT-MUMBAI)
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HC - Interest on income-tax refund to an Italy-based company u/s 244A is not taxable in India under India-Italy DTAA.
Ansaldo Energia SPA Vs. The Commissioner of Income Tax
(2016) TaxCorp(LJ) 10239 (HC-MADRAS)
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SC - Assessee is entitled to interest u/s 244(1A) on refund utilised by the revenue against outstanding tax demand.
CIT. vs. Jyotsna Holdings Pvt. Ltd.
(2016) TaxCorp(LJ) 10238 (SC)
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HC - Cost-Accountants competent to audit cooperative society’s accounts u/s 63 of the Karnataka Co-operative Societies Act, 1959.
Karnataka State Chartered Accountants vs. State of Karnataka
(2016) TaxCorp(LJ) 10237 (HC-KARNATAKA) · Section. 244(1A)
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ITAT - Payment to residents of different countries for supply of embedded software not royalty under respective DTAAs. TDS inappliable
DDIT. vs. Reliance Industries Ltd.
(2016) TaxCorp(LJ) 10235 (ITAT-MUMBAI)
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“Administrative” CBDT instruction did not have the effect of over-riding, modifying or amending any provisions of the Act.
Udbhav Constructions vs. DCIT
(2016) TaxCorp(LJ) 10234 (ITAT-BANGALORE)
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Entire law on what constitutes a Permanent Establishment (PE) in India in terms of Article 5(1), 5(2)(l) or Article 5(5) of the Indo-USA DTAA explained. If the alleged PE has been assessed on ALP basis in terms of Article 7, no income has escaped escapement so as to justify issue of s. 148 notice
Adobe Systems Inc vs. ADIT
(2016) TaxCorp(LJ) 10233 (HC-DELHI)
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S. 143(1D): Instruction No.1 of 2015 dated 13.01.2015 which curtails the discretion of the AO by 'preventing' him from processing the return and granting refund, where notice has been issued to the assessee u/s 143(2), is unsustainable in law and quashed
Tata Teleservices Limited vs. CBDT
(2016) TaxCorp(LJ) 10232 (HC-DELHI) · Section. 143(1D)
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S. 271(1)(c) penalty on Bogus Purchases: If the assessment order in the quantum proceedings is altered by an appellate authority in a significant way, the very basis of initiation of the penalty proceedings is rendered non-existent and the AO cannot continue the penalty proceedings on the basis of the same notice
Pr. CIT. vs. Fortune Technocomps (P) Ltd.
(2016) TaxCorp(LJ) 10231 (HC-DELHI) · Section. 271(1)(c)
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HC - Once income is offered, then the same cannot be withdrawn. CIT has rightly rejected the application u/s 264 on this ground.
M/s. S. Thanislas Nadar & Sons Versus The Commissioner of Income Tax-II
(2016) TaxCorp(LJ) 10228 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=65297&Category=Judgment&CategoryType=Zip
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HC - Since assessee has failed to explain the genuine credits/liability in books of account on the matter in issue and has furnished inaccurate particulars of income therefore, penalty u/s 271(1)(c) justified.
Jasbir Singh, Prop. M/s Jasbir Singh Gurcharan Singh Versus Commissioner of Income Tax, Patiala and another
(2016) TaxCorp(LJ) 10227 (HC-P&H) · http://taxcorp.in/FileOpenDT.aspx?ID=65295&Category=Judgment&CategoryType=Zip
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HC - Once it is found that the amount realized by sale of carbon credit is not taxable as profit, naturally it will have no adverse effect on the Revenue. Revision u/s 263 not justified.
Commissioner of Income Tax-III Versus M/s. Subhash Kabini Power Corporation Limited
(2016) TaxCorp(LJ) 10226 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=65293&Category=Judgment&CategoryType=Zip
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ITAT - Set-off of share-trading loss on delivery based transactions against brokerage/commission income is allowable for AY 2009-10 as amendment vide Finance (No. 2) Act, 2014 excluding companies having ‘share-trading’ as their principal business is curative & retrospective.
Fiduciary Shares & Stock P. Ltd. vs. ACIT
(2016) TaxCorp(LJ) 10225 (ITAT-MUMBAI) · Section. 73
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ITAT - Rental income received by a multiplex upon leasing out portion of building qualifies for deduction u/s 80IB(7A).
Sameer Rajendra Shah Vs. The Jt. Commissioner of Income Tax
(2016) TaxCorp(LJ) 10224 (ITAT-PUNE) · Section. 80IB(7A)
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Inability of the assessee, an Advocate, to reconcile the professional receipts with the TDS certificates and to give a detailed party-wise breakup of fees receipts does not mean that the difference can be assessed as undisclosed income
CIT. vs. S. Ganesh
(2016) TaxCorp(LJ) 10223 (HC-BOMBAY)
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ITAT - Contribution to Bata Workers Sickness Benefit Society was constituted bona fidely for the welfare of its employees in the smooth running of the business. Contribution allowable u/s 37(1).
D.C.I.T., Circle-2, Kolkata Versus M/s. Bata India Ltd.
(2016) TaxCorp(LJ) 10222 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=49065&Category=ITAT&CategoryType=Zip
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ITAT - Merely because subsidy received was equivalent to a substantial percentage of the sales tax paid is not a ground to construe the same as a form of refund of sales tax paid. Not exigible to tax.
D.C.I.T., Circle-3, Kolkata Versus M/s. Barjora Steel & Rerolling Mills Pvt. Ltd.
(2016) TaxCorp(LJ) 10221 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=49066&Category=ITAT&CategoryType=Zip
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