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It is not in dispute that the assessee had paid the impugned retention money as per the terms and conditions of the corresponding agreement with the other parties. Hon’ble apex court’s landmark decision in Chainrup Sampatram vs CIT settled the law long back that although anticipated losses can be allowed to be deducted from commercial proceeds at the first sign of its reasonable probability, the converse is not true regarding anticipated profits to be treated as income unless the same are realized going by the principles of conservatism and commercial prudence.
ACIT, CIRCLE-1 (1), KOLKATA VERSUS M/S. MCNALLY BHARAT ENGINEERING CO. LTD.
(2020) TaxCorp(LJ) 20774 (ITAT-BANGALORE) · https://taxcorp.in/FileOpenDT.aspx?ID=81213&Category=ITAT&CategoryType=Zip
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The organization to which the assessee paid interest viz., Karnataka Building & Other Construction Workers Welfare Board was an entity falling within section 194A(3)(iii)(f) of the Act and therefore there was no obligation on the part of assessee to deduct tax at source on payment of interest to the aforesaid organization.
STATE BANK OF INDIA [FORMERLY STATE BANK OF TRAVANCORE] , COX TOWN BRANCH VERSUS THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 16 (2), BANGALORE.
(2020) TaxCorp(LJ) 20773 (ITAT-BANGALORE) · https://taxcorp.in/FileOpenDT.aspx?ID=81212&Category=ITAT&CategoryType=Zip
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At the outset, it is to be noted that the Explanation 5A to the section 271(1)(c) is relevant only when there is a search and seizure action under section 132 of the Act carried out after 1st June, 2007 and consequently during the course of search and seizure action if assessee is found to be owner of money, bullion, jewellery and other valuables or any income based on the entries in the books of account etc.
SHRI RAJENDRA SHRINGI VERSUS THE DCIT, CENTRAL CIRCLE, KOTA.
(2020) TaxCorp(LJ) 20772 (ITAT-JAIPUR) · https://taxcorp.in/FileOpenDT.aspx?ID=81209&Category=ITAT&CategoryType=Zip
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Section 54B of the Act requires the assessee to purchase any other land for being used for agricultural purposes within a period of two years from the date of the sale from transfer of the capital being land. In view of the clear provisions, investment made by any other person particularly the spouse of the assessee, cannot be entitled for deduction under section 54B of the Act.
SHRI RANDHIR SINGH, KIRTI KARAN GOEL & ASSOCIATES VERSUS INCOME TAX OFFICER, WARD-3, KARNAL
(2020) TaxCorp(LJ) 20771 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=81208&Category=ITAT&CategoryType=Zip
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The circle rate of the proportionate land occupied for the rear portion will work out to ₹ 1,69,35,765/-. Further, circle rate of per sq. mtr for the construction would be ₹ 17,400 per sq. mtr which worked out to ₹ 36,37,122/- and accordingly, the actual circle rate as per the Government Notification as on 31.03.2013 would be at ₹ 2,05,72,887/- as compared to the book value of the impugned property which has been taken at a much higher figure, i.e., ₹ 3,37,63,104/-.
SWASTIK BUILD SOLUTIONS P. LTD. VERSUS ITO, WARD-22 (4), NEW DELHI.
(2020) TaxCorp(LJ) 20770 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=81207&Category=ITAT&CategoryType=Zip
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Fundamental premise is now shaken, since Moral has been found to be a completely tainted entity embroiled in very large scale dubious transactions of providing accommodation entries. If the transactions undertaken by SIPL with Moral are indeed not genuine, as now reasonably believed by the AO, it would not be correct to say that SIPL had disclosed fully and truly all the material facts for its assessment for the relevant assessment year.
Vedanta Limited Vs Assistant Commissioner of Income Tax
(2020) TaxCorp(LJ) 20769 (HC-DELHI)
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If you go through the provisions, it may be seen that normal and additional depreciation are two separate deductions available to the assessee and both are independent and cumulative.
M/ s Welspun Corp Ltd. Vs DCIT
(2019) TaxCorp(LJ) 20768 (ITAT-MUMBAI)
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On mere reading of provisions of Section 54 of the Act, it would be clear that statute has not laid down condition for the assessee in order to get the benefit of Section 54 of the Act, the actual sale consideration received on sale of original asset should be utilized for acquisition of new house property.
RAJYASHREE SHYAM VERSUS THE ASSISTANT COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE 18 (1) CHENNAI
(2019) TaxCorp(LJ) 20767 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=81184&Category=ITAT&CategoryType=Zip
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A plain reading of Sections 51 and 43(6) of the Act in a harmonious manner, and keeping in mind learned CIT(A)’s finding that assessee has indulged in dubious transaction of claiming forfeiture, it would show that the amount involved has been correctly reduced from the value of assets of the assessee. It is settled law that revenue authorities are not supposed to put on blinkers.
THE SUPREME INDUSTRIES LIMITED VERSUS ACIT (LTU) , MUMBAI AND DCIT (LTU), MUMBAI VERSUS THE SUPREME INDUSTRIES LIMITED
(2019) TaxCorp(LJ) 20766 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=81187&Category=ITAT&CategoryType=Zip
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Reassessment proceedings were initiated on the basis of information received from investigation wing regarding alleged accommodation entries and it has been held by jurisdictional Delhi High Court that mere information received from DDIT(Inv) cannot constitute valid reasons for initiating reassessment proceedings in the absence of anything to show that A.O. had independently applied his mind to arrive at a belief that the income had escaped assessment.
M/S GIGGLE INFOTECH PVT. LTD., C/O D. OSTWAL AND ASSOCIATES VERSUS ITO, WARD 10 (1), NEW DELHI
(2019) TaxCorp(LJ) 20765 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=81190&Category=ITAT&CategoryType=Zip
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In the present case, the petitioner has, admittedly, not defaulted in the filing of a return of income. Thus, the only condition to be satisfied by the revenue would be the establishment of the fact that there has been a failure by the assessee to make a full and true disclosure of material particulars. Adverting to paragraph 8 of this order setting out the reasons for re-assessment, I note that items (i) and (ii), have, admittedly, been considered by the Commissioner of Income Tax in his order under Section 263 dated 26.03.2010.
M/S. MOHAN BREWERIES AND DISTILLERIES LTD. VERSUS THE CHIEF COMMISSIONER OF INCOME TAX, THE COMMISSIONER OF INCOME TAX, THE ASSISTANT COMMISSIONER OF INCOME TAX
(2019) TaxCorp(LJ) 20764 (HC-MADRAS) · https://taxcorp.in/FileOpenDT.aspx?ID=81788&Category=Judgment&CategoryType=Zip
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The grant of approval would only require a satisfaction of the Officer in regard to the existence of the University and the avowed objects. The question of whether the Society has, in fact, complied with the statutory provisions strictly is a matter of assessment and would be dealt with by the Assessing Officer in the course of assessment itself. Respondent has, in the impugned orders adopted a view that is premature and Writ Petitions are allowed.
HINDUSTAN ENGINEERING TRAINING CENTRE, HINDUSTAN INSTITUTE OF TECHNOLOGY AND SCIENCE VERSUS THE CHIEF COMMISSIONER OF INCOME TAX -III, THE DIRECTOR OF INCOME TAX (EXEMPTIONS)
(2019) TaxCorp(LJ) 20763 (HC-MADRAS) · https://taxcorp.in/FileOpenDT.aspx?ID=81789&Category=Judgment&CategoryType=Zip
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The present issue that has been raised by the appellant in the present appeal is that once the Appellate Tribunal had determined profit on the basis of net profit basis @ 8% of the contract value, it was no longer open for the Income Tax Appellate Tribunal to re-do computation on the 12.5% of net profit.
MANDA BUILDERS VERSUS INCOME TAX OFFICER WARD 2 (1) BIKANER
(2019) TaxCorp(LJ) 20762 (HC-RAJASTHAN) · https://taxcorp.in/FileOpenDT.aspx?ID=81790&Category=Judgment&CategoryType=Zip
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The power to suspend an order of conviction should be exercised only in exceptional cases. I am not inclined to accept the instant application for stay on conviction which is dismissed as being devoid of merit.
Mukesh Kumar Meena Vs Union of India through CBI.
(2019) TaxCorp(LJ) 20761 (HC-RAJASTHAN)
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Paragraph 7(3) GDR Scheme provided for considering the price of share as prevailing in the stock exchange on the date of advice as the cost of acquisition. Therefore, the provision specifically refers to a particular price and not the weighted average price as adopted by the revenue authorities.
Nomura India Investment Fund Mother Fund Vs Addl. DIT (IT)
(2020) TaxCorp(LJ) 20760 (ITAT-MUMBAI)
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When there are material evidences to substantiate that the shares were issued to foreign investors, and the conversion of the share was in accordance with the terms of issue of the preference shares appropriately justified with the fair valuation, there is no case treating such an issue / conversion as a means of tax avoidance.
Brand Marketing India (P) Ltd Vs DCIT
(2020) TaxCorp(LJ) 20759 (ITAT-MUMBAI) · Section 56(1)
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Entire assessment order is devoid of any reference to the statement of Shri S.K. Gupta. It is not known as to what question Shri S.K. Gupta said that M/s CFAM Soft Pvt Ltd and M/s BT TechNet Ltd. were providing accommodation bills. Further, we find that the entire transactions have been done through A/c payee cheques and it is not the case of the Revenue that the appellant has purchased the accommodation bills by making payments through cheques and receiving cash through back door.
INTEGRATED GLOBAL SOLUTIONS PVT LTD [FORMERLY KNOWN AS SPICE GLOBAL PVT LTD VERSUS THE A.C.I.T CENTRAL CIRCLE – 9, NEW DELHI
(2019) TaxCorp(LJ) 20758 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=81170&Category=ITAT&CategoryType=Zip
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No clarification to the doubts in the mind of the learned Assessing Officer as to the genuineness of the identity and creditworthiness of the share applicants or genuineness of the transaction. Unless and until satisfactory answers are obtained to these questions, it would be difficult to reach a positive conclusion as to the identity and creditworthiness of the share applicants and the genuineness of the transaction.
INCOME-TAX OFFICER, WARD 3 (1) , NEW DELHI VERSUS APJ CONSTRUCTION PVT. LTD.
(2019) TaxCorp(LJ) 20757 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=81171&Category=ITAT&CategoryType=Zip
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So long as the view taken by the AO is a possible view, the same ought not to be interfered with by the Commissioner u/s 263 merely on the ground that there is another possible view of the matter. Permitting exercise of revisional power in a situation where two views are possible would really amount to conferring some kind of an appellate power in the revisional authority. This is a course of action that must be desisted from.
M/S. ASIAN HOMES PRIVATE LIMITED VERSUS PR. CIT-9, MUMBAI
(2019) TaxCorp(LJ) 20756 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=81175&Category=ITAT&CategoryType=Zip
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It is for the Court to declare what a particular provision of the Statute states and not go by what the Executive has or has not stated. The procedure set out under Section 144C is a mandatory procedure and thus, in any case where the said procedure has not been complied with by the Assessing Authority, such assessment would be liable to be set aside.
M/S. VEDANTA LIMITED VERSUS ASSISTANT COMMISSIONER OF INCOME TAX COMPANY CIRCLE V (4), COMMISSIONER OF INCOME-TAX -III, CHENNAI
(2020) TaxCorp(LJ) 20755 (HC-MADRAS) · https://taxcorp.in/FileOpenDT.aspx?ID=81782&Category=Judgment&CategoryType=Zip
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