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The assessee has declared income from letting out building as income from business for the assessment year 2010-11 and 2011-12. It is an admitted fact that the assessee had let out 25% of the building in the assessment years under consideration. It cannot be said that the portion of the building is not entitled for depreciation. In our opinion, the order of the Tribunal in assessee’s own case we direct the Assessing Officer to assess the income from letting out building under the head income from business and to grant depreciation for the assessment years 2010-11 and 2011-12.
M/S. MUTHOOTTU MINI FINANCIERS LTD. VERSUS THE DEPUTY COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-2, KOCHI.
(2020) TaxCorp(LJ) 22550 (ITAT-COCHIN) · https://taxcorp.in/FileOpenDT.aspx?ID=83377&Category=ITAT&CategoryType=Zip
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Assessee society has been running a school and that the society is also having recognition from the Department of Education, Government of Haryana. As observed by the Ld. CIT (E) that the school was being run from premises that consisted of one hall and eight rooms only and was actually situated in a Gali. The Ld. CIT (Exemptions) has observed that it was unbelievable that receipts to the tune of nearly ₹ 1 crore are generated from such small premises.Exemptions) has observed that it was unbelievable that receipts to the tune of nearly ₹ 1 crore are generated from such small premises.
LADY FLOREANCE EDUCATION SOCIETY VERSUS CIT (EXEMPTIONS) , CHANDIGARH
(2020) TaxCorp(LJ) 22549 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83379&Category=ITAT&CategoryType=Zip
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Assessee is deceased and the appeal is represented by the legal heir of the assessee. Admittedly, the taxes were not paid by the assessee alongwtih return of income, though repeated pleas, were raised before the authorities below to sell the gold ornaments seized and adjust the sale proceeds against the tax payable by the assessee, but no such exercise was carried out by the Department. Thereafter, the assessee claims that she sold house property and paid the taxes due with interest on returned income before her death during 18.03.2015 to 12.08.2015.
MR. CHANDER MOHAN MERWAH VERSUS THE ACIT, CENTRAL CIRCLE-12, NEW DELHI.
(2020) TaxCorp(LJ) 22548 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83381&Category=ITAT&CategoryType=Zip
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Since the AO has issued the notice u/s. 153C and the assessment has been completed u/s. 153C therefore, we do not find and substance in the additional grounds raised by the assessee. Accordingly the above grounds are dismissed.
MANOJ KUMAR JAIN C/O. O.P. SAPRA & ASSOCIATES VERSUS DCIT CENTRAL CIRCLE INCOME TAX OFFICE, GHAZIABAD
(2020) TaxCorp(LJ) 22547 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83382&Category=ITAT&CategoryType=Zip
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The assessee had not claimed the said professional expenses in its profit & loss account and had capitalized the same under work in progress i.e. Building under Construction in fixed assets schedule. The order of the CIT(A) deleting the addition made by the AO u/s 40(a(ia) on the said capitalised expenses is upheld.
Conwood MedipHarma Pvt. Ltd Vs ACIT
(2020) TaxCorp(LJ) 22546 (ITAT-DELHI) · Section 40(a)(ia)
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By virtue of the said agreement cum GPA, assessee has parted with his right in the property because he had received the entire sale consideration and has also handed over the possession of the said property. The vendee becomes the owner of the property u/s.53A of the TP Act and u/s.2(47) of the IT Act, it is a transfer of the property.
Sama Om Reddy Vs The Income Tax Officer
(2020) TaxCorp(LJ) 22545 (ITAT-HYDERABAD)
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The directions of the co-ordinate bench was limited to grant of registration and cannot be construed otherwise especially where the statue requires that condonation application has to be specifically disposed-off stating clearly the reasons for either condoning the delay or rejecting the application.
Urban Improvement Trust Vs The CIT
(2020) TaxCorp(LJ) 22544 (ITAT-JAIPUR) · Section 12AA
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It is evident that the AO had initiated the penalty duly applying his mind for the addition of undisclosed profits u/s 271(1)(c) of the Act and subsequently issued show cause notice for levying penalty u/s 271AAA of the Act pending finalization of penalty u/s 271(1)(c) which is incorrect action.
T.Saimatha Vs Asst.Commissioner of Income Tax
(2020) TaxCorp(LJ) 22543 (ITAT-VISAKHAPATNAM) · Sections 271AAA, 271(1)(c)
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Where the assessee-bank has relied on the declaration so furnished by the customer, there is no malafide which is reflected in the action of the assessee in not deducting the TDS and the assessee cannot be fastened with the penalty u/s 271C.
Union Bank of India Vs Addl. Commissioner of Income Tax (TDS)
(2020) TaxCorp(LJ) 22542 (ITAT-JAIPUR) · Section 271C
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Where the source of time deposit has been declared by the assessee as sale of the property and where transaction relating to capital gains has been offered in the return of income and ultimately, brought to tax by the AO, the latter is well within his jurisdiction to assess such capital gains as the same has been suo-moto offered to tax by the assessee in the return of income filed in pursuance to notice u/s 148.
Shri Vijay Kumar Vs The ITO
(2020) TaxCorp(LJ) 22541 (ITAT-JAIPUR)
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Since no satisfactory explanation has been offered by the assessee about the nature and source of payment of cash, the value of the investment is deemed to be the income of the assessment of the relevant F.Y. and accordingly, the same was added to the hands of the assessee.
RAMESHWAR LAL, C/O V.N. PUROHIT & CO, CAS VERSUS DCIT, CIRCLE 71 (1) , NEW DELHI
(2020) TaxCorp(LJ) 22540 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83362&Category=ITAT&CategoryType=Zip
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According to the provisions of section 253 (6) of the act, appeal to the appellate tribunal shall be filed in the prescribed form and shall be verified in the prescribed manner. According to rule 47 (1) of The Income Tax Rules 1962, the appeal shall be signed by the persons specified in sub rule 3 of rule 45.
SOUTH STAFFORDSHIRE PLC VERSUS DCIT (INTERNATIONAL TAXATION) , CIRCLE-3 (1) (2) , NEW DELHI
(2020) TaxCorp(LJ) 22539 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83365&Category=ITAT&CategoryType=Zip
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From the reasons recorded, we find that the AO had no clarity as to what he considers as income escaped assessment whether the commission on the entries provided or the total amount of entries - while calculating the assessment proceedings, AO made addition of the entries which he himself has accepted that these entries have been provided to other companies as accommodation entries. In that case, there is an inbuilt contradiction in the action of the Assessing Officer while concluding the assessment proceeding.
M/S HOMEWAY MARKETING PVT. LTD., M/S HOPEWITH ADMARK & CONSULTANCY SERVICES PVT. LTD., VERSUS INCOME TAX OFFICER, WARD-12 (4) , NEW DELHI
(2020) TaxCorp(LJ) 22538 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83369&Category=ITAT&CategoryType=Zip
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The Supreme Court in ASSAM TEXT BOOK PRODUCTION AND PUBLICATION CORPORATION LTD. has interpreted the definition of an educational institution and it is evident that all State controlled educational committees / boards that have been constituted to implement the educational policy of the States have to be treated as educational institutions.
THE DIRECTOR OF INCOME-TAX EXEMPTIONS, BANGALORE., THE ASSISTANT DIRECTOR OF INCOME-TAX (EXEMPTIONS) CIRCLE – 17 (1) BANGALORE. VERSUS KARNATAKA TEXT BOOK SOCIETY
(2020) TaxCorp(LJ) 22537 (HC-KARNATAKA) · https://taxcorp.in/FileOpenDT.aspx?ID=82924&Category=Judgment&CategoryType=Zip
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When the provisions contained in Sec. 40 (a) (iib) is clear in its terms that it will take in only fee or charges' enumerated therein or any fee or charge by whatever name called, it is clear that any levy of tax is outside the ambit and scope of the said provision.
Kerala State Beverages(Manufactoring And Marketing)Corporation Limited Vs ACIT
(2020) TaxCorp(LJ) 22536 (HC-KERALA) · Section 40(a)(iib)
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While exercising plenary powers bestowed under Article 142 of the Constitution to do complete justice, the court should bear in mind the legislative intent and should not render the provision otiose.
Assistant Commissioner (CT) Vs M/s. Glaxo Smith Kline Consumer Health Care Limited
(2020) TaxCorp(LJ) 22535 (SC)
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The requirement under Sec.68 is that the assessee would be required to explain the source of credit in the books of accounts but not the source of the source i.e. source of the creditor.
Kesharwani Sheetalaya Sahsaon Allahabad Vs Commissioner of Income Tax
(2020) TaxCorp(LJ) 22534 (HC-ALLAHABAD) · Section 68
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The obligation to deduct Tax at Source under Section 194E of the Act is not affected by the DTAA and in case the exigibility to tax is disputed by the assesse on whose account the deduction is made, the benefit of DTAA can be pleaded and if the case is made out, the amount in question will always be refunded with interest.
PILCOM Vs C.I.T. WEST BENGAL-VII
(2020) TaxCorp(LJ) 22533 (SC) · Section 194E
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If the return itself is under probe and scrutiny, such return cannot be the foundation to sustain a claim for refund till such scrutiny is not complete.
VODAFONE IDEA LTD. Vs ASSISTANT COMMISSIONER OF INCOME TAX
(2020) TaxCorp(LJ) 22532 (SC) · Section 143(1D)
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Assessee in his averments has made out a clear case that there was sufficient cause which being beyond the control of the assessee, prevented him from filing the appeals in time before the Tribunal. The assessee was diligent and has sought advice from his counsel from time to time and was not guilty of negligence on his part and it cannot be said that the delay was due to the negligence and inaction on the part of the assessee, which could have been avoided by the assessee if he had exercised due care and attention.
SHRI LAXMAN NAINANI M/S NAINANI MEDICO VERSUS THE DCIT, CENTRAL CRICLE-3, JAIPUR.
(2020) TaxCorp(LJ) 22531 (ITAT-JAIPUR) · https://taxcorp.in/FileOpenDT.aspx?ID=83339&Category=ITAT&CategoryType=Zip
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