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In case of important pan India issues of far reaching consequence, it is desirable to have the benefit of arguments from stakeholders in different part of the country.
Tata Education and Development Trust vs ACIT
(2020) TaxCorp(LJ) 22730 (ITAT-MUMBAI) · Section 254(2A)
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ITAT - Penalty u/s.271A for non-maintenance of books of account u/s.44AA justified even though assessee was covered u/s. 44AA(2)(i) and although the assessee was not supposed to maintain specified books of account as mentioned in Rule 6F.
Smt. Sanghamitra Pattnaik Vs Income Tax Officer
(2020) TaxCorp(LJ) 22729 (ITAT-CUTTACK) · Sections 44AA, 271A
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ITAT - Where interest payable to individual depositor was less than Rs. 2500/- then no TDS u/s 194A applicable on “provision of interest payable to depositors” .
The Dy. Commissioner of Income-Tax Vs Sahara India Financial Corporation Ltd
(2020) TaxCorp(LJ) 22728 (ITAT-DELHI) · Section 194A
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ITAT - Guarantee fee to Dutch holding co. is neither interest under Article 11 of the India-Netherlands DTAA nor Fees for Technical Services [FTS] under Article 12 of the DTAA. TDS u/s. 195 is not applicable.
Lease Plan India Pvt. Ltd Vs DCIT
(2020) TaxCorp(LJ) 22727 (ITAT-DELHI)
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ITAT - Valuation of shares for Sec. 56(2)(viib) - AO can scrutinize the valuation report and he can determine a fresh valuation either by himself or by calling a determination from an independent valuer to confront the assessee but the basis has to be DCF method and he cannot change the method of valuation which has been opted by the assessee.
VBHC Value Homes Pvt. Ltd Vs ITO
(2020) TaxCorp(LJ) 22726 (ITAT-BANGALORE) · Section 56(2)(viib)
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ITAT - Sec.10A deduction granted on TP-adjustment in respect to enhanced income pursuant to MAP resolution.
M/s. Dell International Services India Private Limited Vs The Deputy Commissioner of Income Tax
(2020) TaxCorp(LJ) 22725 (ITAT-BANGALORE) · Section 10A
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HC - Adjusting cash seized during search proceedings towards advance tax liability for AY 2007-08 allowed since explanation 2 to Sec. 132B is prospective in nature.
MARBLE CENTRE INTERNATIONAL P LTD Vs The ACIT
(2020) TaxCorp(LJ) 22724 (HC-KARNATAKA) · Sections 132, 132B
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HC - Assessee's claim allowed towards diminution in the value of investment in the sister-concern as a capital loss u/s 46(2) also allowed claim of bad-debts u/s. 36(1)(vii) towards advances made to its sister-concern.
M/S ABB LTD Vs The CIT, The ACIT
(2020) TaxCorp(LJ) 22723 (HC-KARNATAKA)
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HC - ATMs constitute computers, eligible for 60% depreciation.
NCR CORPORATION PVT LTD Vs CIT, ACIT
(2020) TaxCorp(LJ) 22722 (HC-KARNATAKA)
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HC - Non-compete fees paid to the employees falls under the term 'salary' or 'profit in lieu of salary', taxable only in USA as per Article 16 of India-USA DTAA and not business income u/s. 28(va). Indian company not liable to TDS.
SASKEN COMMUNICATION TECHNOLOGIES LTD Vs THE ITO
(2020) TaxCorp(LJ) 22721 (HC-KARNATAKA)
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Prior to introduction of Finance Bill, 2018 by which provisions of the Act have been amended to provide for taxability of in cases where stock in trade is converted into capital asset, there was no provision to tax the same.
KEMFIN SERVICES PVT. LTD Vs The ACIT
(2020) TaxCorp(LJ) 22720 (HC-KARNATAKA)
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Needless to mention that the Special Bench decision would have binding precedent over the Division Bench decision.
Mahindra & Mahindra Limited Vs Dy. Commissioner of Income-Tax
(2020) TaxCorp(LJ) 22719 (ITAT-MUMBAI)
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To estimate the separate profit in addition to profit shown in the audited books of accounts is not tenable without any tangible material or corroborative evidence.
Shri Bijan Kalita Vs DCIT
(2020) TaxCorp(LJ) 22718 (ITAT-KOLKATA)
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In the present case, the AO only made a statutory disallowance u/s 14Aand under the circumstances, disallowance of salary was enhancement of income from a new source which was not considered by the AO.
TS-293-ITAT-2020(Kol)-Sugota_Industries_Pvt._Ltd
(2020) TaxCorp(LJ) 22717 (ITAT-KOLKATA)
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Only dividend bearing securities should be considered for the purpose of disallowance under rule 8D(2) (iii) of the Income Tax Rules.
M/s PricewaterhouseCoopers Private Limited Vs ACIT
(2020) TaxCorp(LJ) 22716 (ITAT-KOLKATA) · Section 14A
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Since the deduction u/s. 80IE of the Act was otherwise allowable on merits, the assessee should not be denied the deduction merely because the assessee had filed its return of income belatedly.
Manish Soni Vs The ITO
(2020) TaxCorp(LJ) 22715 (ITAT-GAUHATI) · Section 80IE
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Expenditure incurred in connection with acquisitions, shall have to be treated as capital expenditure and shall form part of cost of investment which the assessee could claim as cost at the time of sale of investment. A sum as represent expenditure incurred in respect of acquisitions which never materialised and hence, squarely allowable as revenue expenditure in as much as no capital asset came into existence of the assessee which would derive enduring benefit of the assessee.
MAHINDRA & MAHINDRA LIMITED VERSUS DY. COMMISSIONER OF INCOME-TAX CIRCLE-2 (2) (2), ASST. COMMISSIONER OF INCOME-TAX CIRCLE-2 (2) (2) , MUMBAI
(2020) TaxCorp(LJ) 22714 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83708&Category=ITAT&CategoryType=Zip
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As regards the quarterly TDS statements for the F.Y. 2016-17, the assessee initially filed statements on 12/06/2017 and consequently the A.O. issued intimation u/s 200A of the Act on 15/06/2017 whereby the adjustment on account of late filing fee u/s 234E of the Act was made by the A.O. These facts are not in dispute in so far as the delay in filing the quarterly statements. Since the assessee has filed rectification statements on 05/04/2018, therefore, the A.O. has again issued intimation U/s 154 r.w.s. 200A.
BLOCK DEVELOPMENT OFFICER VERSUS A.C.I.T., CPC-TDS, GAZIABAD.
(2020) TaxCorp(LJ) 22713 (ITAT-JAIPUR) · https://taxcorp.in/FileOpenDT.aspx?ID=83709&Category=ITAT&CategoryType=Zip
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GP so declared in the earlier years is not in dispute as there is no finding that in the past, the assessee has obtained any accommodation entries as in the instant year and therefore, the contention of the ld DR that the past history cannot form the basis for estimating current year GP cannot be accepted. Once the past year results have attained finality and not in dispute, the same can form the basis for estimating the GP rate for the current year. It is clear from the details of the GP declared by the assessee for the preceding three years that the average of past three years of GP declared by the assessee comes to 10.22%.
M/S KEDIA EXPORTS PVT. LTD., JAIPUR VERSUS ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-01, JAIPUR AND DY. COMMISSIONER OF INCOME TAX, CIRCLE-01, JAIPUR
(2020) TaxCorp(LJ) 22712 (ITAT-JAIPUR) · https://taxcorp.in/FileOpenDT.aspx?ID=83710&Category=ITAT&CategoryType=Zip
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In the present scenario where the assessee is dealing in items, which were available in international market also, then same practice has to be adopted worldwide and hence the necessity of availment of management services. Merely because the assessee was increasing expenditure on its personnel and other expenses, cannot be the yardstick for deciding whether assessee had any need to avail the services. It is outside the domain of Assessing Officer to traverse in such direction. AO categorically states that assessee had availed services in various fields, but it is outside his domain to decide whether there was any necessity to avail such services or not.
MICHELIN INDIA PVT. LTD., (FORMERLY KNOWN AS MICHELIN INDIA TYRES PVT. LTD.) VERSUS THE JCIT (OSD) , CIRCLE-6 (1) , NEW DELHI. AND DCIT, CIRCLE-6 (1) , NEW DELHI VERSUS MICHELIN INDIA TYRES PVT. LTD.
(2020) TaxCorp(LJ) 22711 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83712&Category=ITAT&CategoryType=Zip
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