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ITAT - Evidences like sale agreement, mode of advance, bank certificate certifying mode of payment by cheque and also declaration of creditors are enough to prove genuineness advances
Dr. Sunil Kumar Sharma v. Income-tax Officer, Ward 2, Hapur
(2015) TaxCorp(LJ) 4944 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=38841&Category=ITAT&CategoryType=Zip
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No penalty due to estimated addition on understatement of sales if assessee had given complete details of stock
Prem Chand v. Assistant Commissioner of Income-tax
(2014) TaxCorp(LJ) 4943 (ITAT-CHANDIGARH) · http://taxcorp.in/FileOpenDT.aspx?ID=38465&Category=ITAT&CategoryType=Zip
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HC - Assessing Officer having allowed interest on refund to assessee, not justified to pass rectification order to allow interest on refund for shorter period without intimating assessee
TCI Industries v. Commissioner of Income-tax
(2014) TaxCorp(LJ) 4942 (HC-AP) · http://taxcorp.in/FileOpenDT.aspx?ID=57945&Category=Judgment&CategoryType=Zip
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ITAT - Under provisions of Sec 90(2), assessee can claim applicability of IT Act if provisions are more beneficial to it. FTS received by non-resident assessee to be taxed at lower beneficial rate of 10% u/s 115A(BB) as against higher rate of 15% under Article 12 of India-USA DTAA
ION Geophysical Corporation vs ADIT
(2015) TaxCorp(LJ) 4941 (ITAT-DELHI) · Sections. 115A(BB), 90(2)
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ITAT - Merely because subsequently another decision of the Coordinate Bench of the ITAT is noticed by the AO, that will not vests the jurisdiction in the AO to exercise his powers u/s 147
Magnum Forge and Machine Works Pvt. Ltd. Versus Assistant Commissioner of Income Tax
(2015) TaxCorp(LJ) 4939 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=39228&Category=ITAT&CategoryType=Zip
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ITAT - Neither the assessee nor the Revenue has the right to flout the decision of the Tribunal and being an officer functioning under the Government of India it is his obligation to follow the directions of the superior authority and even if there is consent he should not have collected the amount. Collection of tax during remand proceedings ignoring the order of Tribunal by the AO cannot be appreciated
Johnson & Johnson Ltd. Versus Additional Commissioner of Income-tax, LTU
(2015) TaxCorp(LJ) 4938 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7596&Category=INTLDecisions&CategoryType=Zip
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ITAT - Merely because subsequently another decision of the Co-ordinate Bench of the ITAT is noticed by the AO, that will not vests the jurisdiction in the AO to exercise his powers u/s 147
Magna Casting and Machine Works Pvt. Ltd. Versus Assistant Commissioner of Income Tax
(2015) TaxCorp(LJ) 4937 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=39222&Category=ITAT&CategoryType=Zip
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ITAT - The maximum exemption u/s 10(10C) of ₹ 5 lakhs is allowable as all the conditions of Section 10(10C) read with rule 2BA are fulfilled. If the sum is received in excess of ₹ 5 lakhs, the same was held eligible for relief under section 89 (1)
Devendra Kumar Verma Versus ITO-1, Kashipur
(2015) TaxCorp(LJ) 4936 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39118&Category=ITAT&CategoryType=Zip
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ITAT - A software purchase as a raw material in export of software is not a capital expenditure
M/s. Lampex Electronics Ltd. Versus DCIT, Circle 16(1), Hyderabad
(2015) TaxCorp(LJ) 4935 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39214&Category=ITAT&CategoryType=Zip
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ITAT - Section 50C is not applicable in respect of profit on sale of development rights in land, as the same are to be applied only where there is transfer of land or building or both
The Income Tax Officer Versus Shri Balkawade Sadanand Dhanaji Kumbharwadi
(2015) TaxCorp(LJ) 4934 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=39212&Category=ITAT&CategoryType=Zip
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ITAT - For exemption u/s 54F, there is no condition that the building plan of the residential house constructed should be approved by the Municipal Corporation or any other competent authority
B. Sivasubramanian Versus Income-tax Officer
(2015) TaxCorp(LJ) 4933 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=36616&Category=ITAT&CategoryType=Zip
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ITAT - When the details are not furnished claim could be disallowed on the ground that the assessee has not established the expenditure
M/s HINDUSTAN FERRO & INDUSTRIES LTD Versus INCOME TAX OFFICER
(2014) TaxCorp(LJ) 4931 (ITAT-LUCKNOW) · http://taxcorp.in/FileOpenDT.aspx?ID=37718&Category=ITAT&CategoryType=Zip
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ITAT - The correct determination of receipts is a part of the duty of the AO and he cannot refuse to determine the correct receipts
Asstt. Director of Income Tax Versus M/s. Global Geophysical Services Ltd., C/o. Shilpi Agarwal & Co.
(2014) TaxCorp(LJ) 4930 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39206&Category=ITAT&CategoryType=Zip
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HC - Once the section is omitted from the statute book, the result is it had never been passed and be considered as a law that never exists
The Commissioner of Income-tax and The Assistant Commissioner of Income-Tax Versus M/s. GE Thermometrics India Pvt., Ltd.,
(2014) TaxCorp(LJ) 4928 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=59014&Category=Judgment&CategoryType=Zip
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HC - Assessee on account of having incurred heavy losses in share trading was not in a position to make payment of self-assessment tax at the relevant time and the revenue itself had granted installments to the assessee - no penalty u/s 140A(3) r.w. Section 221
COMMISSIONER OF INCOME TAX AHMEDABAD III Versus RAVI HANSRAJ GOUTHI (HUF)
(2014) TaxCorp(LJ) 4927 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=59017&Category=Judgment&CategoryType=Zip
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HC - Ex-parte order by TRO holding sale of asset as void is not valid pending application to lift attachment of asset and also it was passed without giving assessee any personal hearing, matter was to be remanded back on principle of natural justice
Shailesh J. Shah v. Tax Recovery Officer
(2014) TaxCorp(LJ) 4926 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=59026&Category=Judgment&CategoryType=Zip
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HC - Since as per sub-section (1) of section 12 of Limitation Act, date of service has to be excluded, notice u/s 158BC requiring filing of return in 15 days of service of notice was valid
Rajendra Kumar Golecha v. Commissioner of Income-tax
(2014) TaxCorp(LJ) 4925 (HC-CALCUTTA) · http://taxcorp.in/FileOpenDT.aspx?ID=59025&Category=Judgment&CategoryType=Zip
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The Transfer Pricing study and certification by the CA does not inspire any confidence. The level of professionalism is “pathetic”. No purpose is served by relying on such reports
Wrigley India Pvt Ltd vs. ACIT
(2014) TaxCorp(LJ) 4917 (ITAT-DELHI)
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HC - Expenditure on IT system maintenance in respect of restructuring of company was not having enduring benefit and as no asset was brought into existence; allowable as revenue expenditure
Commissioner of Income-tax-I v. Gujarat Urja Vikas Ltd.
(2015) TaxCorp(LJ) 4916 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=58230&Category=Judgment&CategoryType=Zip
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HC - Interest earned on margin money with bank for getting performance guarantee could not fell in category of income from other sources; same was income from business
Bharat Oman Refineries Ltd. v. Income-tax Officer, Bhopal
(2015) TaxCorp(LJ) 4915 (HC-MP) · http://taxcorp.in/FileOpenDT.aspx?ID=58335&Category=Judgment&CategoryType=Zip
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