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For levy of fringe benefit tax, relationship of employer and employees is the sine qua non and the fringe benefits has to be provided by the employer to the employees in the course of such relationship. In Tata Consultancy Services Ltd this Court referred to Circular No. 8/2005 of CBDT which indicated that the objective of taxing perquisite of fringe benefit is both on the ground of equity and economic efficiency.
PR. COMMISSIONER OF INCOME TAX-2 VERSUS M/S. ARISTO PHARMACEUTICALS P. LTD.
(2020) TaxCorp(LJ) 20934 (HC-BOMBAY) · https://taxcorp.in/FileOpenDT.aspx?ID=81967&Category=Judgment&CategoryType=Zip
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All the three questions are covered by the decision of the Supreme Court in Commissioner of Income Tax Vs. Yokogawa India Ltd as held from a reading of the relevant provisions of Section 10A it is more than clear to us that the deductions contemplated therein is qua the eligible undertaking of an assessee standing on its own and without reference to the other eligible or non-eligible units or undertakings of the assessee.
PR. COMMISSIONER OF INCOME TAX-1, PUNE VERSUS AESSEAL INDIA PVT. LTD.
(2020) TaxCorp(LJ) 20933 (HC-BOMBAY) · https://taxcorp.in/FileOpenDT.aspx?ID=81971&Category=Judgment&CategoryType=Zip
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Section 132(1) is a serious invasion on the privacy of the citizens, and has to be resorted to when there are pre-existing and pre-recorded good reasons to believe that the action under section 132(1) is called for.
KHEM CHAND MUKIM Vs PR. DIRECTOR OF INCOME TAX
(2020) TaxCorp(LJ) 20932 (HC-DELHI)
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MAT inapplicable to assessee-bank prior to amendment to Sec 115JB(2) by the Finance Act, 2012 effective from AY 2013-14.
ING Vysya Bank Limited Vs The CIT
(2020) TaxCorp(LJ) 20931 (HC-KARNATAKA)
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The assessee cannot get the benefit of immunity from the penalty merely there was no specific charge in the penalty notice issued u/s. 274 of the Act or in the assessment order.
Ajay Salt & Chemicals Vs ITO
(2020) TaxCorp(LJ) 20930 (ITAT-RAJKOT)
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The income from sale of shares has to be treated as capital gains and not business income on the basis that the investment was in a single company and held for long term and hence, cannot be assessed as business income.
IL And Orix Trust Vs The ITO
(2020) TaxCorp(LJ) 20929 (ITAT-MUMBAI)
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Petitioner may file appeal u/s. 246-A before the first appellate authority within a period of four weeks from today. It is also open to the petitioner to file an application for stay along with the appeal in which event the same shall be considered by the appellate authority in accordance with law.
Deepak Kochhar Vs Deputy Commissioner of Income Tax
(2020) TaxCorp(LJ) 20928 (HC-BOMBAY)
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The amount was received by the assessee only because of handing over the old flat for the purpose of re-development. Therefore, the amount of 53,50,500, received by the assessee is integrally connected with the transfer of his old flat to the developer for re- development. The amount has to be treated as income under the head Capital Gains.
Pradyot B. Borkar Vs ACIT
(2020) TaxCorp(LJ) 20927 (ITAT-MUMBAI)
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There is no dispute that assessee earned interest on deposit in Bank. Further, there is no dispute that the assessee is under the process of setting up of infrastructure facility of Expressway from Sikar to Bikaner. The assessee reduced the interest from its work-in- progress.
SHRI BIKANER HIGHWAY LTD. VERSUS ITO 14 (3) (4), MUMBAI
(2020) TaxCorp(LJ) 20926 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=81583&Category=ITAT&CategoryType=Zip
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AO has alleged that the assessee has incurred an expense in connection with the conversion of land from agriculture to NA with respect to survey numbers. However, the AO without verifying the fact from the parties in whose name the survey number was registered has treated the expenditure as unexplained u/s 69C - AO was under the obligation to carry out the necessary verification before reaching to the conclusion that the assessee has incurred unexplained expenditure.
SHRI RAJESHBHAI JIVRAJ DESAI VERSUS D.C.I.T., CENTRAL CIRCLE-2 (1), AHMEDABAD.
(2020) TaxCorp(LJ) 20925 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=81584&Category=ITAT&CategoryType=Zip
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Regarding the use of the machineries in the manufacturing of CT/PT products, we note that the AO has not brought anything on record evidencing that the assessee was not in possession of the requisite machineries. Though the assessee during the assessment proceedings has claimed that it is using APG machines and vacuum casting machines for the manufacture of its alleged products, but the AO has not controverted the submission of the assessee based on any documentary evidence.
D.C.I.T., CIRCLE-1 (2) , BARODA. VERSUS M/S KAIZEN SWITCHGEAR PRODUCTS
(2020) TaxCorp(LJ) 20924 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=81586&Category=ITAT&CategoryType=Zip
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The provisions of section 68 cannot be applied. Asking the assessee to prove to the satisfaction of the Assessing Officer, the expenditure to the extent of 92% of gross receipts, would also defeat the purpose of presumptive taxation as provided under section 44AD of the Act or other such provision. Since the scheme of presumptive taxation has been formed in order to avoid the long drawn process of assessment in cases of small traders or in cases of those businesses where the incomes are almost of static quantum of all the businesses.
SRI. GIRISH V. YALAKKISHETTAR SUJATHA BUILDINGS YALAKKISHETTAR COLONY DHARWAD VERSUS THE INCOME TAX OFFICER WARD 2 (4) HUBLI.
(2020) TaxCorp(LJ) 20923 (ITAT-BANGALORE) · https://taxcorp.in/FileOpenDT.aspx?ID=81588&Category=ITAT&CategoryType=Zip
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Reasons were, firstly, not recorded before undertaking the search and was, therefore, completely unauthorized and a high-handed action on the part of the Respondents. The Respondents do not state that jewellery was concealed, or was kept by the Petitioner surreptitiously. Merely because the assessee was in possession of the same, it cannot be said that the same represents income or property which has not been disclosed or will not be disclosed.
KHEM CHAND MUKIM VERSUS PR. DIRECTOR OF INCOME TAX, (INV.) -2, A.I.U. & ORS.
(2020) TaxCorp(LJ) 20922 (HC-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=81940&Category=Judgment&CategoryType=Zip
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The machinery provisions provided in Sub- Section (2) of Section 115JB of the Act would be rendered wholly unworkable in case of a Banking company. It is also pertinent to mention here that the Companies Act, 1956 has excluded insurance, banking companies or the companies engaged in the generation or supply of electricity from the purview of Section 211(1) of the Companies Act, 1956 and resultantly from the purview of Section 115JB of the Act.
THE COMMISSIONER OF INCOME TAX BANGALORE. VERSUS M/S. ING VYSYA BANK LIMITED
(2020) TaxCorp(LJ) 20921 (HC-KARNATAKA) · https://taxcorp.in/FileOpenDT.aspx?ID=81942&Category=Judgment&CategoryType=Zip
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It is the settled law that the assessee should be vigilant enough to pursue the appeal filed by it. Merely filing the appeal before the authorities is not sufficient enough on the part of the assessee but following it up for its prosecution is equally important. Thus, there remains no ambiguity to the fact that the assessee should certainly be penalize for not availing the opportunities provided by the authorities.
Deschem Technologies Resources Pvt. Ltd Vs ITO
(2020) TaxCorp(LJ) 20920 (ITAT-AHMEDABAD)
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The substance of the restrictive covenants of the agreement is to restrict the assessee to associate in any manner whatsoever with anybody or person engaged or proposed to engage in the similar business. Therefore, this agreement in its plain reading cannot constitute to be related to termination of employment or to compensate the loss of salary due to termination of employment.
Shri Sunderraj Srinivasan Vs ITO
(2020) TaxCorp(LJ) 20919 (ITAT-MUMBAI)
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Since, the assessee has filed original return within the due date prescribed u/s 139(1), then any revised return filed, subsequently within the due date prescribed u/s 139(5) partaks, the nature of original return filed u/s 139(1) and consequently, the conditions prescribed u/s 139(3) of the Act, is fulfilled and accordingly, loss claimed shall be allowed to be carried forward under the relevant provision of the Act.
Marks & Spencer Reliance India Pvt. Ltd Vs ACIT
(2020) TaxCorp(LJ) 20918 (ITAT-MUMBAI) · Section 80
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In order to avail benefit of deduction, twin conditions have to be satisfied, namely, that industry should be located in Industrial Backward District as prescribed by the Central Government vide Notification in the Official Gazette and the aforesaid Industry has to commence the production during the period beginning from 1st October 1994 and ending on 31st March 1999.
THE COMMISSIONER OF INCOME TAX, BANGALORE. VERSUS M/S. ENDEKA CERAMICS (INDIA) PVT. LTD., FORMERLY KNOWN AS JOHNSON MATHEY CERAMICS INDIA LTD.,
(2020) TaxCorp(LJ) 20917 (HC-KARNATAKA) · https://taxcorp.in/FileOpenDT.aspx?ID=81931&Category=Judgment&CategoryType=Zip
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AO has accepted genuineness of the loan transaction. The reasons are completely silent as to how, and on what basis, material or evidence, the AO has come to the conclusion that the loan transaction was an amount received without consideration, so as to bring the same within the ambit of Section 56 of the Act. The nature of the transaction depends solely on the intention of the parties.
VANITA SANJEEV ANAND VERSUS INCOME TAX OFFICER WARD 45 (1)
(2020) TaxCorp(LJ) 20916 (HC-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=81933&Category=Judgment&CategoryType=Zip
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Before recovery in respect of the dues from a private company can be initiated against the directors, to make them jointly and severally liable for such dues, it is necessary for the Revenue to establish that such recovery cannot be made against the company and then alone it can reach to the directors who were responsible for the conduct of the business during the previous year in relation to which liability exists.
SONAL NIMISH PATEL VERSUS ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 4 (1) (2)
(2020) TaxCorp(LJ) 20915 (HC-GUJARAT) · https://taxcorp.in/FileOpenDT.aspx?ID=81934&Category=Judgment&CategoryType=Zip
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