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It is not practically possible for the AO to allow TDS credit in the year in which corresponding income is offered to tax and it is for the assessee to point out the correct year and thereafter the AO can grant the TDS credit.
M/s. Maharashtra Apex Corporation Ltd., Vs The DCIT
(2019) TaxCorp(LJ) 20251 (ITAT-BANGALORE) · Section 244A
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Deduction u/s. 37(1) with respect to foreign turnover taxes paid during AY 2011-12 is allowed. This amount was deducted by overseas customer, on account of turnover taxes, while releasing payment against invoices raised by the assessee.
R. Systems International Ltd Vs The ACIT
(2019) TaxCorp(LJ) 20250 (ITAT-DELHI) · Section 37(1)
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The method of valuation i.e. NAV method or Discounted Cash Flow (DCF) method to determine the FMV has to be adopted at assessee's option and the AO cannot change the method of valuation opted by the assessee, remits matter for re-calculation of FMV.
Narang Access Pvt. Ltd Vs The DCIT
(2019) TaxCorp(LJ) 20249 (ITAT-MUMBAI) · Section 56(2)(viib)
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It is immaterial whether the assessee has made profit out of such expenditure or not. For claiming deduction u/s 57(iii) of the income tax act it would be sufficient to prove that there is nexus between the income earned and amount expended.
Shri Kailash Chand Soni Vs ACIT
(2019) TaxCorp(LJ) 20248 (ITAT-JAIPUR) · Section 57(iii)
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A prima facie interference from the facts is that the sale transaction of shares on the last day of the financial year without independent corroborative evidences by way of adjustment of losses against the capital gain on lands were not genuine transaction.
Rakeshbhai Karsanbhai Patel Vs The D y. CIT
(2019) TaxCorp(LJ) 20247 (ITAT-AHMEDABAD)
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Transfer of shares of Dish TV as 'gift' by assessee to its group company pursuant to consolidation of onshore media assets, not a colourable device and CIT's revisionary order u/s 263 for AY 2014-15 is quashed.
Direct Media Distribution Ventures Pvt Ltd Vs Pr. Commissioner of Income Tax
(2019) TaxCorp(LJ) 20246 (ITAT-MUMBAI)
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The services were rendered abroad and the payments for the said services were also made abroad by remitting foreign currency. The aforesaid payments cannot be held to be taxable in India as per the India- Singapore DTAA and consequently the assessee was not required to deduct TDS u/s 195.
Sundaram Asset Management Consultancy Ltd Vs The Deputy Commissioner of Income Tax
(2019) TaxCorp(LJ) 20245 (ITAT-CHENNAI)
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If this plea of the Petitioner is not even looked at/ examined by the DRP, it would tantamount to a jurisdictional error. To relegate the Petitioner to the appellate remedies, where he would have to join the queue, in order to obtain an order of remand to DRP, would be unjustified. The DRP 'merely endorsed and followed' the reasoning provided by Delhi ITAT without giving any indication as to how the same was applicable to assessee while dealing with its foremost objection regarding the provisions of the Treaty.
P.D.R SOLUTIONS FZC Vs DISPUTE RESOLUTION PANEL- 2
(2019) TaxCorp(LJ) 20244 (HC-DELHI)
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Proviso to Section 50C of the Act is effective from 01-04-2013 and amendment brought to Section 50C was treated as retrospective. The other decisions of the Tribunal as relied on by the ld.AR of the assessee have also taken consistent view that proviso to section 50C is having retrospective effect being remedial / clarificatory in nature.
M/S. METAL EXTRUSION INDIA LTD. VERSUS THE ADDL. CIT CIRCLE – 1 JAIPUR
(2019) TaxCorp(LJ) 20243 (ITAT-JAIPUR) · https://taxcorp.in/FileOpenDT.aspx?ID=78366&Category=ITAT&CategoryType=Zip
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Contention of the assessee that vide Clause 10 of the partnership deed dt. 01/12/2002 the salary may be increased or decreased from time to time in the interest of partnership business has not been rebutted. It is also noticed that the A.O. himself admitted in the assessment order that the assessee furnished addendum partnership deed which has been reproduced at page no. 6 of the said assessment order.
M/S DEMARTE SILK AND SAREES VERSUS THE ITO WARD-7 (1) LUDHIANA
(2019) TaxCorp(LJ) 20242 (ITAT-CHANDIGARH) · https://taxcorp.in/FileOpenDT.aspx?ID=78368&Category=ITAT&CategoryType=Zip
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Possession is handed over to the builder only for limited purpose to enter upon the property for the purpose of implementation of JDA. In the present case, such permission to enter the scheduled property is granted subject to completion of certain conditions i.e. on approval of the plan and grant of licence for construction of the buildings from BBMP and/or from concerned authorities.
SHRI A.R. PRASAD, SMT. A.P. LAKSHMI GOWRI VERSUS THE ITO, WARD – 6 (2) (4) , BANGALORE.
(2019) TaxCorp(LJ) 20241 (ITAT-BANGALORE) · https://taxcorp.in/FileOpenDT.aspx?ID=78371&Category=ITAT&CategoryType=Zip
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While total deposit in cash was found to be ₹ 33,42,622/-, there is simultaneous withdrawal to the extent of ₹ 30,50,000/- during the year. The cash book filed by the assessee showing day-to-day generation of cash and deposits thereof also makes it clear that the assessee is engaged in systematic activity of retail business.
JAYESH N BARAD, C/O JHS & ASSOCIATES LLP CHARTERED ACCOUNTANTS VERSUS THE DY. COMMISSIONER OF INCOME TAX CIRCLE – 1 (1) (1) , AHMEDABAD
(2019) TaxCorp(LJ) 20240 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=78374&Category=ITAT&CategoryType=Zip
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The role of the appellant was limited to mere supply of hardware components directly from Italy in such a manner that sales stood concluded, title transferred and consideration received outside India. No business connection can be said to have been established. No liability will arise to a non-resident where transaction of sale is on principal to principal basis since the transaction of supply of components by the appellant are on its own account, unaffected by the services to be rendered by SPCNL.
The Dy.C.I.T. Vs M/s Siemens Mobile Communications SPA
(2019) TaxCorp(LJ) 20239 (ITAT-DELHI)
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The occasion to deduct tax at source would not arise. The service providers did not have PE in India. A retrospective amendment cannot cast an obligation to deduct tax when not in force at the relevant time i.e. when payment was made.
KPMG Vs Commissioner of Income Tax
(2019) TaxCorp(LJ) 20238 (HC-BOMBAY)
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Stay of demand u/s 220(6)/254(2A): The Dept is not right in relying upon the decision of the Supreme Court in Asian Resurfing of Road Agency vs. CBI (AIR 2018 SC 2039) to contend that any stay against recovery granted would automatically lapse after six months. This is neither the purport of the judgment of the SC, nor the observations made in the said judgment in the context of civil and criminal litigation can be imported in present set of quasi judicial proceedings. The power of the AO to review the situation every six months, would not authorize him to lift the stay previously granted after full consideration and insist on full payment of tax without the assessee being responsible for delay in disposal of the appeal or any other such similar material change in circumstances
Oracle Financial Services Software Ltd vs. DCIT (Bombay High Court)
(2019) TaxCorp(LJ) 20237 (HC-BOMBAY)
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Service Tax/ GST: The collection of non-refundable deposits by the assessee from prospective flat buyers, for maintaining the building, does not result in the assessee providing management, maintenance or repair service as defined in Section 65(105)(zzg) of Finance Act 1994
CST vs. Crescendo Associates (Bombay High Court)
(2019) TaxCorp(LJ) 20236 (HC-BOMBAY)
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Where assessee running a proprietorship concern, took cash loans from her husband carrying on another proprietorship business on account of business exigencies for making payments to labourers and lenders, there being no violation of provisions of section 269SS, impugned penalty order passed under section 271D was to be set aside.
SRI MALLIDI BHUPATHI REDDY VERSUS JOINT COMMISSIONER OF INCOME TAX RANGE-2 RAJAHMUNDRY
(2019) TaxCorp(LJ) 20235 (ITAT-VISAKHAPATNAM) · https://taxcorp.in/FileOpenDT.aspx?ID=78309&Category=ITAT&CategoryType=Zip
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Section 143(2) states that where a return has been furnished u/s 139, the AO, if he considers it necessary or expedient to ensure that the assessee has not understated the income or has not under paid the tax in any manner, shall serve on the assessee a notice requiring him, on a date to be specified therein, either to attend the office of the AO or to produce, or cause to be produced before the AO any evidence on which the assessee may rely in support of the return.
BHAVESH PRAVINCHANDRA SHETH VERSUS ASSISTANT COMMISSIONER OF INCOME TAX- 12 (2), MUMBAI
(2019) TaxCorp(LJ) 20234 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=78311&Category=ITAT&CategoryType=Zip
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Due to peculiar nature of the product and constant mixing and re-mixing of diamonds obtained from AEs and non-AEs, it would not be feasible to maintain records to determine segmental profitability to work out internal TNMM. The undisputed position that emerges is that the assessee has carried out certain international transactions during the year with its AE and benchmarked the same using TNMM method in its Transfer Pricing Study which has been accepted by Ld. TPO.
DCIT-5 (2) (1), MUMBAI VERSUS M/S. K. GIRDHARILAL INTERNATIONAL LTD.
(2019) TaxCorp(LJ) 20233 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=78315&Category=ITAT&CategoryType=Zip
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In the instant case, the assessee carried on the agricultural activity till 31.03.2008 and subsequently sold the land in plots. Though the assessee has taken permission for conversion of land for plotting into various units, no evidence was brought on record by the AO that the assessee has carried on any developmental activity. The assessee has not incurred any other expenditure except for payment of conversion fees, transport charges, labour charges etc.
NATTA SURYARAO S/O LATE MANGANNA VERSUS INCOME TAX OFFICER WARD-1 TANUKU
(2019) TaxCorp(LJ) 20232 (ITAT-VISAKHAPATNAM) · https://taxcorp.in/FileOpenDT.aspx?ID=78318&Category=ITAT&CategoryType=Zip
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