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S. 153A, 153C search assessments: (i) A statement recorded u/s 132(4) has evidentiary value but cannot justify the additions in the absence of corroborative material. (ii) The statement also cannot, on a standalone basis, constitute 'incriminating material' so as to empower the AO to frame a block assessment u/s 153A (iii) If the statement was recorded in the course of search conducted in the case of a third party, and assuming the statement is construed as 'incriminating material belonging to or pertaining to a person other than person searched', the only legal recourse available to the department is to proceed in terms of S. 153C of the Act by handing over the same to the AO who has jurisdiction over such person. An assessment framed u/s 153A on the basis of alleged incriminating material (being the statement recorded under 132(4) of the Act) is not valid. The Assessee also had no opportunity to cross-examine the said witness (All imp judgements referred)
PCIT (Central) – 3 vs. Anand Kumar Jain (HUF)
(2021) TaxCorp(LJ) 26306 (HC-DELHI) · Sections 153A, 153C
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The permission to enter by way of license so granted shall not however be construed as delivery of possession of the scheduled property in part performance of any conduct as defined u/s. 53A of the Transfer of Property Act r.w.s.2(47)(v) & (vi) of the Income Tax Act, 1961.
Prestige Estates Projects Ltd Vs The Asst.Commissioner of Income-tax
(2021) TaxCorp(LJ) 26299 (ITAT-BANGALORE) · Section 194-IA
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The shares in the present scenario were not subscribed to by any sister concern or closely related person, but by outside investors and if they have seen certain potential and accepted this valuation, then Appellant-Revenue cannot question their wisdom.
Cinestaan Entertainment Pvt Ltd Vs PR. COMMISSIONER OF INCOME TAX-2
(2021) TaxCorp(LJ) 26298 (HC-DELHI)
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In the instant case assessee is not payer of money but only the remitter which is collected from the users on behalf of Uber B.V., as it entered into contract with driver-partners and not the assessee.
Uber India Systems Private Limited Vs Jt. CIT (TDS)(OSD)-2(3)
(2021) TaxCorp(LJ) 26297 (ITAT-MUMBAI) · Section 194C
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Seismic survey equipment used in the project of exploration of mineral oils by OIL and ONGC is eligible for special rate of depreciation at 60% falling under clause (xii) of Depreciation Schedule relating to Mineral oil concerns.
Asian Oilfield Services Limited Vs DCIT
(2021) TaxCorp(LJ) 26296 (ITAT-MUMBAI)
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Amendment to Sec.201(3) extending the period of limitation to 7 years by Finance Act 2014 is applicable prospectively.
Life Insurance Corporation Of India Vs Income Tax Officer
(2021) TaxCorp(LJ) 26295 (ITAT-BANGALORE) · Section 192
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There is no dispute that the search officials did not unearth any material to show that the agricultural income declared in the returns of income filed prior to the date of search and other receipts declared by the assessee are bogus, i.e., there is no incriminating material to disprove the claim of the assessee.
V. Ramprasad Raju Vs Commissioner of Income Tax (A)-VI
(2021) TaxCorp(LJ) 26294 (ITAT-BANGALORE)
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When Hon’ble jurisdictional High Court holds the law in a particular way, it is our bounden duty to follow the same in letter and in spirit.
Bank of India Vs Assistant Commissioner of Income Tax
(2021) TaxCorp(LJ) 26293 (ITAT-MUMBAI)
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Matter attains Limited Finality in the first stage (before AO) when assessee explains his case to the satisfaction of AO because Revenue has no right of appeal against the order of the AO barring exceptional circumstances u/s 147, 263, 264, 154 etc.
Energy Infratech Pvt. Ltd Vs DCIT
(2021) TaxCorp(LJ) 26292 (ITAT-DELHI)
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ROC fees paid are to be considered as preliminarily expenditure within the meaning of Section 35D and directs the Revenue to delete the disallowance.
Rockland Diagnostics Services Pvt. Ltd Vs Income Tax Officer
(2021) TaxCorp(LJ) 26291 (ITAT-DELHI)
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Service tax paid out of pocket is an item of expenses deductible u/s 37(1).
FIH India Private Limited Vs The DCIT
(2021) TaxCorp(LJ) 26290 (ITAT-CHENNAI) · Section 37
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Expenses towards gifts given to the doctors by the assessee are nothing but sales promotion, which, are allowable under section 37(1).
ICARUS Health Care P Ltd Vs The Assistant Commissioner of Income Tax
(2021) TaxCorp(LJ) 26289 (ITAT-CHENNAI) · Section 37
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There was no requirement to ascertain that the amount paid under section 115BBA was chargeable to tax or not. Even if it was not chargeable it did not absolve the Applicant from the liability to deduct TDS under section 194E.
LG Electronics India Private Ltd Vs Pr. CIT
(2021) TaxCorp(LJ) 26282 (AAR)
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What is of importance is that once a DTAA applies, the provisions of the Income Tax Act can only apply to the extent that they are more beneficial to the assessee and not otherwise.
Engineering Analysis Centre of Excellence Private Limited Vs THE COMMISSIONER OF INCOME TAX & ANR.
(2021) TaxCorp(LJ) 26281 (SC)
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The existence of incriminating material found during the course of the search is a sine qua non for making additions pursuant to a search and seizure operation.
Anand Kumar Jain (HUF) Vs PCIT (CENTRAL) – 3
(2021) TaxCorp(LJ) 26280 (HC-DELHI) · Section 153A
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Application under Rule 24 of ITAT Rules is not guided by any time limit and sufficient cause for non-appearance is the only requirement.
Rameshbhai V. Prajapati Vs The DCIT
(2021) TaxCorp(LJ) 26279 (ITAT-AHMEDABAD)
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The parties should have performed or should have shown willingness to perform obligations mentioned in the contract to attract provisions of Sec. 53A of Transfer of Property Act, 1882 to fall under the scope of deemed transfer u/s 2(47)(v).
N. A. Haris Vs The Additional Commissioner of Income Tax
(2021) TaxCorp(LJ) 26278 (ITAT-BANGALORE) · Section 2(47)
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Statutory expenses should not be considered as operational expenditure.
BG Asia Pacific Holding Pte. Limited Vs CIT
(2021) TaxCorp(LJ) 26265 (AAR)
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Income attributable to PE in India being less than the remuneration paid to the dependent agent, it extinguishes the assessment and requires no further exercise for computation of income.
Ricardo UK Limited Vs DCIT
(2021) TaxCorp(LJ) 26264 (ITAT-DELHI)
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Non-disposal of appeal could not be attributed to assessee.
Indianoil Skytanking Pvt. Ltd Vs The Asst. Commissioner of Income Tax
(2021) TaxCorp(LJ) 26263 (ITAT-BANGALORE)
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