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ITAT - Where unsecured loan advanced by minor son and minor daughter were explained, the same cannot be added as unexplained cash credit u/s. 68.
Shri Bobbie Phillips Versus Income Tax Officer, Ward-10 (3) (4) , Mumbai and Shri Bennie Phillips Versus Income Tax Officer, Ward- 10 (3) (4) , Mumbai
(2016) TaxCorp(LJ) 10220 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=49067&Category=ITAT&CategoryType=Zip
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ITAT - Except the fact that assessee has received the so called 1/4th share out of the total consideration from sale of property, there is no indication of any ownership on the property, either to full extent or to 1/4th extent. Deductions claimed u/s. 54EC and 54F denied.
N.R. Krishna Murthy Versus Income Tax Officer, Ward-5 (2) , Hyderabad
(2016) TaxCorp(LJ) 10219 (ITAT-AMRITSAR) · http://taxcorp.in/FileOpenDT.aspx?ID=48381&Category=ITAT&CategoryType=Zip
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ITAT - It was a mere suspicion of the AO, that prompted him to initiate assessment proceedings under section 147, which is neither countenanced, nor sustainable in law.
Sh. Amrik Singh, S/o Sh. Surinder Singh Versus Income Tax Officer, Ward-1, Kapurthala
(2016) TaxCorp(LJ) 10218 (ITAT-AMRITSAR) · http://taxcorp.in/FileOpenDT.aspx?ID=49038&Category=ITAT&CategoryType=Zip
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SC - Assessment order valid even though passed beyond limitation period of two years prescribed u/s 153 as ssessment pendency before IAC to be excluded from limitation period.
CIT. vs. Saurashtra Cement & Chem. Industries Ltd.
(2016) TaxCorp(LJ) 10217 (SC)
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ITAT - There is no such provision under the law that permits the AO to make adjustment on account of transfer pricing addition to the amount of profit shown by the assessee in its profit and loss account, for the purpose of computing book profit u/s 115JB.
Owens Corning (India) Pvt Ltd. vs. DCIT
(2016) TaxCorp(LJ) 10216 (ITAT-MUMBAI) · Section. 115JB
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ITAT - Foreign exchange fluctuation loss on outstanding foreign currency loan allowable u/s 37(1) as such loss has direct nexus to saving in interest-costs.
Cooper Corporation Pvt. Ltd. vs. DCIT
(2016) TaxCorp(LJ) 10215 (ITAT-PUNE)
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ITAT - Reassessment proceedings were initiated by the AO on the back drop of Satyam episode without applying mind or without cogent evidence on record. Hence, quashed.
Satyam Venture Engg. Services Pvt. Ltd. Versus Asst. Commissioner of Incometax, Central Circle – 3 (2), Hyderabad
(2016) TaxCorp(LJ) 10213 (ITAT-CUTTACK) · http://taxcorp.in/FileOpenDT.aspx?ID=49033&Category=ITAT&CategoryType=Zip
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ITAT - Even in case of inability of the assessee to provide direct evidence to establish that these expenses wholly and exclusively incurred for the purpose of business,.cannot be restricted without any rhyme and reason.
Mangalam Timber Products Ltd. Versus Income-Tax Officer
(2016) TaxCorp(LJ) 10212 (ITAT-CUTTACK) · http://taxcorp.in/FileOpenDT.aspx?ID=48824&Category=ITAT&CategoryType=Zip
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ITAT - Assessee can produce technical expert opinions before the Tribunal in second round of litigation but subject to verification and scrutiny by the Revenue.
Mr. Kishore Ramchandani Versus ITO 19 (3) (2) , Mumbai
(2016) TaxCorp(LJ) 10211 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=45125&Category=ITAT&CategoryType=Zip
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ITAT - Receipt of accommodation entries duly accounted, disclosed and assessed, notice that income to that extent has escaped assessment is not valid.
Renuka Financial Services Ltd. Versus ITO, Ward 15 (4) , New Delhi
(2016) TaxCorp(LJ) 10210 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=49013&Category=ITAT&CategoryType=Zip
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ITAT - Adoption of USD Corporate Bond Rate and LIBOR interest rate based on external commercial borrowing is not justified. The interest rates for bonds or loan has to be seen from the point of view of borrowers creditworthiness and not the lender’s creditworthiness.
India Debt Management Pvt Ltd Versus The Deputy Commissioner Of Income Tax Circle-3 (2) (1) , Mumbai
(2016) TaxCorp(LJ) 10209 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=10207&Category=INTLDecisions&CategoryType=Zip
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ITAT - Deduction claimed before completion of assessment allowed but deduction not claimed before completion of assessment disallowed.
Prathima Estates Ltd. Versus Asst. Commissioner of Income-tax, Central Circle – 1, Hyderabad
(2016) TaxCorp(LJ) 10207 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=49034&Category=ITAT&CategoryType=Zip
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ITAT - Claim of the assessee that she had entered into a sale agreement with the company towards sale of property is not supported by any valid evidence and hence, the amount received from the company attracts deeming provisions u/s 2(22)(e).
Smt. Nishi Devi Versus DCIT, Central Circle, Rajahmundry
(2016) TaxCorp(LJ) 10206 (ITAT-VISAKHAPATNAM) · http://taxcorp.in/FileOpenDT.aspx?ID=48254&Category=ITAT&CategoryType=Zip
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HC - Expenses incurred after closure of unit arising out of statutory compulsion are allowable u/s 37(1).
Commissioner of Income Tax-7 Versus M/s. Nicholas Piramal (India) Ltd.
(2016) TaxCorp(LJ) 10205 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=65285&Category=Judgment&CategoryType=Zip
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HC - Where the issuance of a notice itself was not within the prescribed period, the question of whether it was served correctly or otherwise, would be of no relevance whatsoever.
Commissioner of Income Tax (Exemption) , Lucknow Versus M/s Sushila Umrao Singh Charitable & Educational Trust, Allah
(2016) TaxCorp(LJ) 10203 (HC-ALLAHABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=65287&Category=Judgment&CategoryType=Zip
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HC - AO’s belief that assessee’s India subsidiary constituted its PE cannot be 'reason' for reopening of assessment in the hands of the assessee.
ADOBE SYSTEMS INCORPORATED Vs. ASSISTANT DIRECTOR OF INCOME TAX AND ANR
(2016) TaxCorp(LJ) 10200 (HC-DELHI)
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ITAT - No deduction for ESOP expenses incurred through ESOP trust for buying equity shares from its employees.
Shriram Insight Share vs. DCIT
(2016) TaxCorp(LJ) 10199 (ITAT-CHENNAI)
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S. 50C/ 54F: In allowing exemption u/s 54F, the deemed consideration u/s 50C has to be taken into consideration and it cannot be restricted to the consideration mentioned in the sale deed
ITO vs. Kondal Reddy Mandal Reddy
(2016) TaxCorp(LJ) 10198 (ITAT-HYDERABAD) · Sections 50C, 54F
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Transfer Pricing: High Court irked at fact that Dept is unaware of which of its matters are admitted/ dismissed. Chief CIT directed to streamline the procedure for filing appeal before the High Court. Adjustment can be made only for transactions attributable to the International taxation
CIT vs. TCL India Holdings Pvt. Ltd
(2016) TaxCorp(LJ) 10197 (HC-BOMBAY)
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HC - CBDT Instruction No. 1/2015 dated January 13, 2015, shall not be relied upon to deny tax refund to an assessee where notice for scrutiny assessment u/s. 143(3) has been issued to the assessee.
TATA TELESERVICES LIMITED Vs. CENTRAL BOARD OF DIRECT TAXES & ANR.
(2016) TaxCorp(LJ) 10196 (HC-DELHI) · Section. 119
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