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Such transaction by depositing cash directly in the bank account of the beneficiary is not routed through any clearing house nor is the money send through electronic mode and therefore such a transaction in my considered opinion cannot be covered by Rule 6DD(c)(v).
Ajai Kumar Singh Khaldelial Vs Principal Commissioner Of Income Tax And Anr.
(2020) TaxCorp(LJ) 20874 (HC-ALLAHABAD) · Section 40A(3)
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Such an undue haste in recovery of the disputed demands, in respect of which the hearing of appeal as also the stay petition is already concluded, is indeed inappropriate. The revenue authorities should have at least waited for the disposal of the stay petition.
Cleared Secured Services Pvt Ltd Vs Deputy Commissioner of Income Tax
(2020) TaxCorp(LJ) 20873 (ITAT-MUMBAI)
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When the assessee is a recognized start-up company having filed declaration in Form 2, the provisions of Sec.56(2)(viib) shall not be made applicable.
M/s. Phasorz Technologies Pvt. Ltd. Vs The Income Tax Officer
(2020) TaxCorp(LJ) 20872 (ITAT-CHENNAI) · Section 56(2)(viib)
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The powers of the Tribunal to grant stay on collection/ recovery of demands, during the pendency of appeal, cannot be exercised in a routine manner simply on the basis of an assessment of prima facie merits in the appeal, nonetheless, grants out of turn hearing and fixes the matter for February 24th.
Kersiwood Holdings Limited Vs Asst. Commissioner of Income Tax
(2020) TaxCorp(LJ) 20871 (ITAT-MUMBAI)
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Authorities below have not dissected the various investments vis-à-vis dividend income received by the assessee and the matter need to be remanded back to the file of AO for fresh adjudication after considering and analyzing various investments made by the assessee vis-a-vis dividend income received which was claimed as an exempt income.
M/S. LAKSHMI MACHINE WORKS LTD. VERSUS THE ADDL. CIT, CORPORATE RANGE, COIMBATORE.
(2020) TaxCorp(LJ) 20870 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=81422&Category=ITAT&CategoryType=Zip
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On a consideration of the submissions made on behalf of the assessee, we are of the considered opinion that the payments were made for business purpose and the Revenues earned and declared by the assessee show the proportion of benefit, because the assessee travelled from losses to profit after their collaboration with the Arkadin SA, France.
DCIT, CIRCLE- 3 (1) , NEW DELHI. VERSUS ARKADIN CONFER INDIA PVT. LTD.
(2020) TaxCorp(LJ) 20869 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=81424&Category=ITAT&CategoryType=Zip
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Assessee gifted certain Fixed Deposit receipts and other amounts to his wife not only in this year but also in the earlier years. Interest income arising from such FDRs amounting to Rs 7,21,547/- in addition to Venture capital income of Rs 1,11,252/- accruing to wife from such gifts has been religiously clubbed by the assessee in his hands and offered for taxation. Two possible situations of utilization of the assets transferred by husband to wife triggering the clubbing provisions.
UDAY GOPAL BHASKARWAR VERSUS ACIT, CIRCLE-13, PUNE
(2020) TaxCorp(LJ) 20868 (ITAT-PUNE) · https://taxcorp.in/FileOpenDT.aspx?ID=81425&Category=ITAT&CategoryType=Zip
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We find that the action u/s 147 was sought to be taken in respect of assessment completed u/s 143(3) earlier after expiry of four years from the end of relevant assessment year alleging escapement of income from taxation.
NAWEEN TRANSPORT COMPANY VERSUS ACIT CIRCLE -2, HAZARIBAGH
(2020) TaxCorp(LJ) 20867 (ITAT-RANCHI) · https://taxcorp.in/FileOpenDT.aspx?ID=81426&Category=ITAT&CategoryType=Zip
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In both these definitions as defined by sec.2(d-2) of 1959 Act and Sec. 2(e) of 1997 Act the word ‘co-operative’ is employed not as an adjective but as a noun; the definition of other relative concepts in the dictionary clauses of these Acts strengthens this view. This apart, sec.7 of the 1997 Act provides that the entity registered as a ‘co-operative’ shall be a body corporate, notwithstanding the conspicuous absence of the word ‘society’ as a postfix; sec.9 of the 1959 Act makes the entity once registered u/s.8 thereof a body corporate.
M/S. SWABHIMANI SOUHARDA CREDIT CO. OPERATIVE LTD. VERSUS GOVERNMENT OF INDIA MINISTRY OF FINANCE, DEPARTMENT OF REVNUE
(2020) TaxCorp(LJ) 20866 (HC-ALLAHABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=81883&Category=Judgment&CategoryType=Zip
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It seems that the issue pertaining to the validity of the order under Section 147 of the Act, 1961 was not raised by the assesseee in his application and his only grievance was with regard to the re-assessment order.
AJAI KUMAR SINGH KHALDELIAL VERSUS PRINCIPAL COMMISSIONER OF INCOME TAX AND ANR.
(2020) TaxCorp(LJ) 20865 (HC-ALLAHABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=81884&Category=Judgment&CategoryType=Zip
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While dealing with an application for condonation of delay, the authority must satisfy itself with regard to the genuineness of the claim. However, the same does not mean that the authority should examine the merits of the claim closely and come to the conclusion as it amounts to prejudging the case.
Vasudev Adigas Fast Foods Pvt Ltd Vs The ITO
(2020) TaxCorp(LJ) 20864 (HC-KARNATAKA) · Section 119
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The issue as regards allowability of depreciation on goodwill is no more res integra. Assessee's depreciation claim on the excess of payment over net assets, capitalised as goodwill in the books of accounts is found to be in order.
Tam Media Research Pvt. Ltd. Vs ITO
(2020) TaxCorp(LJ) 20863 (ITAT-MUMBAI)
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AO sought to value shares as on 31.03.12 subsequent to the allotment of shares at premium of Rs. 400 as on 31.03.12, holds the same to be not permissible. Such method of computation is not laid down under any provisions of the Act. Thus the same is not in accordance with law.
Shri Ravi Jalan Vs Income Tax Officer
(2020) TaxCorp(LJ) 20862 (ITAT-KOLKATA) · Section 56(2)(vii)(c)
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Arm’s length price in the case of loans advanced to AE would be determined on the basis of rate of interest being charged in the country where the loan is received/consumed. The action of the assessee in adopting the bank rate prevailing in Australia is correct d the AO erred in adopting the India bank rate. The loan amount was given in Australia currency as per the promissory note the AE has to return the amount in Australia Dollar.
RUSSELL CREDIT LTD. VERSUS DCIT, CRICLE-8/ADDL. CIT RANGE-8, KOLKAKTA
(2020) TaxCorp(LJ) 20861 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=81414&Category=ITAT&CategoryType=Zip
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Hon'ble apex court’s landmark decision in Commissioner of Income Tax vs. K.Y. Pilliah & Sons to affirm both the lower authorities’ action treating the assessee’s share capital in question as unexplained cash credits liable to be added u/s.68 of the Act in entirety. Their lordships have made it clear that when this tribunal fully agrees with the Appellate Assistant Commissioner, it need not record separate reasons than those in the lower appellate discussion. The assessee fails in its solitary grievance therefore.
OVERTOP NINCOM PVT. LTD. VERSUS INCOME TAX OFFICER, WARD-7 (2), KOLKATA
(2020) TaxCorp(LJ) 20860 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=81415&Category=ITAT&CategoryType=Zip
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Arm’s length price in the case of loans advanced to AE would be determined on the basis of rate of interest being charged in the country where the loan is received/consumed. The action of the assessee in adopting the bank rate prevailing in Australia is correct d the AO erred in adopting the India bank rate. The loan amount was given in Australia currency as per the promissory note the AE has to return the amount in Australia Dollar.
NIPHA EXPORTS PRIVATE LIMITED VERSUS PRINCIPAL COMMISSIONER OF INCOME TAX-1, KOLKATA
(2020) TaxCorp(LJ) 20859 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=81416&Category=ITAT&CategoryType=Zip
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Sources of income of the assessee are agriculture and also rental income from HUF properties situated at Nalgonda and Suryapet. Though he mentioned about a petrol bunk, since according to the assessee, the petrol bunk business commenced only in 2012, the income from the petrol bunk business cannot be said to be a source of income for the assessee to deposit in the Bank Accounts for the assessment years 2009-10 and 2010-11.
BEERAVALLI VENKAT SAI RAM REDDY VERSUS PR. COMMISSIONER OF INCOME TAX -1
(2020) TaxCorp(LJ) 20858 (HC-AP) · https://taxcorp.in/FileOpenDT.aspx?ID=81872&Category=Judgment&CategoryType=Zip
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Assessee has failed to produce any material to authenticate his contentions that the cash deposits in his account were on account of the sales being made by him from the Kirana business. In absence of any purchase bill to justify that the deposits in the bank account were sale receipts, the tax authorities cannot be faulted for making the addition of the unexplained cash entries in the bank account.
SHRI RAVINDER KUMAR VERSUS THE INCOME TAX OFFICER
(2020) TaxCorp(LJ) 20857 (HC-AP) · https://taxcorp.in/FileOpenDT.aspx?ID=81873&Category=Judgment&CategoryType=Zip
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Satisfaction arrived at by the authority satisfies all the requirements of law as contemplated under Section 147 of the I.T. Act, 1961 and explained by judicial pronouncements in that regard.
DEEPAK GUPTA VERSUS ASSISTANT COMMISSIONER INCOME TAX AND 2 OTHERS
(2020) TaxCorp(LJ) 20856 (HC-ALLAHABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=81874&Category=Judgment&CategoryType=Zip
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Where the assessee was prohibited from applying for a new PAN where a PAN had already been issued to it, the fact that such a new PAN had been applied and thereafter issued, the new PAN and filing of return of income doesn't confer any jurisdiction to the AO over such matter with such new PAN and the AO with earlier PAN continued to exercise jurisdiction over the assessee company.
Shree Silica Product Pvt. Ltd Vs ITO
(2020) TaxCorp(LJ) 20855 (ITAT-JAIPUR)
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