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As rightly pointed out by the Ld. DR, amendment to Finance Act, 2003 w.e.f. 01/04/2004 has inserted proviso to section 36(1)(iii) which clearly states that interest on borrowed funds in respect of capital borrowed for acquisition of an asset shall not be allowed as deduction till the date on which the said asset was put to use for the purpose of business. In the instant case, amounts borrowed have been diverted for purchase of an asset which belongs to the assessee’s firm.
MAVOOR TRADE LINKS VERSUS THE ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-1 (1), KOZHIKODE.
(2020) TaxCorp(LJ) 20974 (ITAT-COCHIN) · https://taxcorp.in/FileOpenDT.aspx?ID=81733&Category=ITAT&CategoryType=Zip
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It is not even in dispute that all the exclusive and main source of income of the Assessee was only the rentals and lease money received from the lessees in both the cases and the Assessing Authority took a different and contrary view mainly to deny the claim of depreciation out of such business income in the form of rentals, without assigning any proper and cogent reason.
M/S. PSTS HEAVY LIFT AND SHIFT LTD., M/S. CEEDEEYES IT PARKS PVT. LTD. VERSUS THE DEPUTY COMMISSIONER OF INCOME TAX COMPANY CIRCLE - V (2) CHENNAI.,
(2020) TaxCorp(LJ) 20973 (HC-MADRAS) · https://taxcorp.in/FileOpenDT.aspx?ID=82029&Category=Judgment&CategoryType=Zip
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S. 254(2): The limitation of six months for filing a rectification application was substituted by the Finance Act, 2016 w.e.f. 01.06.2016. Therefore, for assessment years prior thereto, the limitation period may be construed to be four years from the date of the order. Even otherwise, if the view is taken that the limitation period is six months, it is sufficient if the application is filed before that date. It is not necessary that the order has to be passed before that date. The assessee or AO can only bring the mistake to the notice of the Tribunal but have no control over the Tribunal. Neither party can be made to suffer for the inability of the Tribunal to pass an order within the limitation period (All judgements referred)
PCIT vs. ITAT
(2020) TaxCorp(LJ) 20972 (HC-BOMBAY) · Section 254(2)
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S. 68 Cash Credits: The assessee is only required to explain the source of the credit. There is no requirement under the law to explain the source of the source. The fact that the source of the source is suspect and that the creditor had no regular source of income to justify the advancement of the credit to the assessee does not mean that an addition can be made in the hands of the assessee (Veedhata Tower 403 ITR 415 (Bom) followed)
Gaurav Triyugi Singh vs. ITO
(2020) TaxCorp(LJ) 20971 (HC-BOMBAY) · Section 68
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S. 254(1): This manner of disposing appeals by the Tribunal is not expected of it and cannot stand to the scrutiny of law and justice. The Tribunal cannot refer to decisions on its own without giving the litigant an opportunity to distinguish it. This results in a breach of the principles of natural justice. It also cannot omit to deal with the decisions relied upon by the litigant. Not dealing with the cited decisions leads to the order being bad as an order without reasons
Bhavya Construction Co vs. ACIT
(2020) TaxCorp(LJ) 20970 (HC-BOMBAY) · Section 254(1)
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S. 68 Bogus share capital: The identity of the investors were not in doubt. The assessee had furnished PAN, copies of the income tax returns of the investors as well as copy of the bank accounts in which the share application money was deposited in order to prove genuineness of the transactions. In so far credit worthiness of the creditors were concerned, the bank accounts of the investors showed that they had funds to make payments for share application money. The assessee was not required to prove source of the source. Nonetheless, the inquiries through the investigation wing of the department at Kolkata proved source of the source (PCIT vs. NRA Iron & Steel 412 ITR 161 (SC) distinguished)
PCIT vs. Ami Industries (India) P Ltd
(2020) TaxCorp(LJ) 20969 (HC-BOMBAY) · Section 68
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The assessee neither appeared before us, nor filed any details to prove that findings of fact recorded by the Ld.CIT(A) is incorrect. We further noted that the findings recorded by the Ld.CIT(A) is based on the recommendation of the Task force constituted by the Ministry of Commerce and Industry, Government of India and also, the decision of co-ordinate bench of ITAT, in the case of Renisha Impex Pvt.Ltd.
DECENT DIA JEWELS PRIVATE LIMITED VERSUS DCIT, CENTRAL CIRCLE-5 (4), MUMBAI AND (VICE-VERSA)
(2020) TaxCorp(LJ) 20968 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=81709&Category=ITAT&CategoryType=Zip
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Assessee has submitted to the AO that ₹ 8,77,100/- is the sale proceeds of the stock balance he was having as on 31.03.2009 and balance ₹ 1,22,900/- was deposited out of the cash balance available with him. In this regard, the assessee has also filed the balance sheet with the AO which he has filed along with the return of income for preceding assessment year. As per the balance sheet as on 31.03.2009 the assessee was having closing stock of ₹ 9,07,250/- and cash in hand of ₹ 2,30,127/-.
TARA CHAND VERSUS ITO, WARD 62 (4), NEW DELHI
(2020) TaxCorp(LJ) 20967 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=81712&Category=ITAT&CategoryType=Zip
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Prescribed authority viz., the DSIR is the authority in quantifying the expenditure incurred on in-house research and development facility by the company during the previous year and eligible for weighted deduction under sub-section (2AB) of section 35 of the Act in “Part B” of Form No. 3CL. There is no vested right of the tax payer in the procedures.
M/S. WABCO INDIA LIMITED VERSUS THE ASSISTANT COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE 3 (2) , CHENNAI.
(2020) TaxCorp(LJ) 20966 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=81713&Category=ITAT&CategoryType=Zip
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In this case, there is no doubts with regard to the fact that the assessee has followed a consistent method of accounting for accounting project management expenses in the past, but due to changed circumstances, it has changed its method of accounting from a particular date and such changes was bonafide and need of the hour.
HIGHSTREET DEVELOPERS PRIVATE LIMITED VERSUS ITO-3 (1) (4) AAYKAR BHAWAN M.K. ROAD MUMBAI
(2020) TaxCorp(LJ) 20965 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=81723&Category=ITAT&CategoryType=Zip
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Lower authorities erred in questioning the need and benefit arrived by the assessee from payment in respect of availing of services from its AE. All that is required to be seen is as to whether there was actual rendition of services or not. We have carefully gone through the emails and invoices placed in the paper book vis a vis TSA Agreement. In our considered opinion, these documentary evidences clearly show the rendition of services by the AE to the appellant company.
GBT INDIA PVT. LTD VERSUS THE A.C.I.T CIRCLE 10 (1) NEW DELHI
(2020) TaxCorp(LJ) 20964 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=81726&Category=ITAT&CategoryType=Zip
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As recorded in the books, no question of law arises in the present case, much less substantial question of law, giving rise to the maintainability of the appeal under Section 260A, by the Assessee. The admission on the part of the Assessee was the best evidence to be used by the Assessing Authority in the present case.
MR. SUJITH CHERIAN, PROP. KERALA FASHION JEWELLERY CHENNAI 4. VERSUS THE ASST. COMMISSIONER OF INCOME TAX, BUSINESS CIRCLE II
(2020) TaxCorp(LJ) 20963 (HC-MADRAS) · https://taxcorp.in/FileOpenDT.aspx?ID=82001&Category=Judgment&CategoryType=Zip
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When transaction was between two persons on principal to principal basis, deduction of tax at source as per Section 194H would not be made since the payment was not for commission or for brokerage. The Tribunal was justified in holding that the provisions of Section 194H of the Act was not applicable on discounts given by the assessee to the distributors of prepaid SIM cards.
Vodafone Cellular Ltd Vs Commissioner of Income Tax(TDS)
(2020) TaxCorp(LJ) 20962 (HC-BOMBAY) · Section 194H
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Since there is no specific provision in the DTAA as regards the computation of 'Book Profit' for the purpose of levy of MAT, the basic tax laws in force in the country (Sec.115JB) will get attracted.
IRCON International Limited Vs Dy. C.I.T.
(2020) TaxCorp(LJ) 20961 (ITAT-DELHI)
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Where any person, including the principal officer of a company,(a) who is required to deduct any sum in accordance with the provisions of this Act; or (b) referred to in sub-section (1A) of section 192, being an employer, does not deduct, or does not pay, or after so deducting fails to pay, the whole or any part of the tax, as required by or under this Act, then, such person, shall, be an assessee in default in respect of such tax. Any person who was required to deduct any sum in accordance with the provisions of Act did not deduct or did not pay the whole or part of the amount so deducted failed to pay, such person should be deemed to be assessee in default.
RSV Global Vs ITO
(2020) TaxCorp(LJ) 20960 (ITAT-INDORE) · Section 195
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What has also to be appreciated is that the provisional attachment is only an arrangement done to preserve the property until the authority completes the proceedings under the Act. The petitioner-assessee as well as the respondent No.5 also could appear before the authorities and put forward their defence and establish the fact that the property could not be termed as a benami property. Given the aforesaid facts and circumstances of the case, this Court does not find any strong case made out by the petitioner calling for an interference with the impugned order.
Laxmi Narayan Agrawal Vs Assistant Commissioner Of Income Tax
(2020) TaxCorp(LJ) 20959 (HC-CHHATTISGARH)
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A combined reading of the above provision of article 5(2)(l) read with related protocol clause clearly shows is that the service PE being triggered on account of rendition of services by a Swiss entity in India, or vice versa, can never make the assessee worse off so far as the tax liability in source jurisdiction is concerned. Unless the assessee has a lower tax liability on taxability of PE on net basis under article 7 vis-à-vis taxability of FTS on gross basis under article 12(2), the PE being triggered is in fact tax neutral. Nothing, therefore, turns in favour of the income tax department on account of service PE being triggered by the rendition of services.
AGT International GmbH Vs Deputy Commissioner of Income Tax (IT)
(2020) TaxCorp(LJ) 20958 (ITAT-MUMBAI)
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There are certain undisputed facts in this case i.e. the AO has not admittedly sent any notice issued u/s 148 to the registered office address of the assessee company either through registered post or speed post and further the AO has made no efforts to serve notice through Affixture at the above registered office address.
THE INCOME TAX OFFICER, WARD 2 (2), JAIPUR. VERSUS M/S. MAHLA REAL ESTATE PVT. LTD.
(2020) TaxCorp(LJ) 20957 (ITAT-JAIPUR) · https://taxcorp.in/FileOpenDT.aspx?ID=81670&Category=ITAT&CategoryType=Zip
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As decided in own case AO is competent to compute the income of an assessee under a head of income, other than what was claimed by the assessee, of course, after marshalling the facts properly and furnishing proper reasons. Merely by computing the interest accrued as income of the assessee instead of non taxable as claimed,, the inter-se rights of the assessee under any other statutory framework does not get affected.
THE ITO-23 (1) (2) , MUMBAI VERSUS M/S. INDIAN CORPORATE LOAN SECURITIES TRUST 2008 SERIES 14 IL & FS FINANCIAL CENTRE, MUMBAI
(2020) TaxCorp(LJ) 20956 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=81672&Category=ITAT&CategoryType=Zip
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The amount which has been made liable to tax in the impugned order dated 29.12.2016 was subject matter of discussion with the respondent prior to passing of the impugned notice dated 31.03.2016 vide communications exchanged pursuant to letter dated 05.02.2014 seeking clarification from the petitioner.
MRS. HEMALATHA RAMAIAH VERSUS ASSISTANT COMMISSIONER OF INCOME TAX, NON CORPORATE CIRCLE 3, CHENNAI
(2020) TaxCorp(LJ) 20955 (HC-MADRAS) · https://taxcorp.in/FileOpenDT.aspx?ID=81992&Category=Judgment&CategoryType=Zip
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