All landmark rulings

1. Direct Tax ·ITAT Mumbai · 19 Jun 2019
   Bogus Purchases: The CIT(A) is not justified in enhancing the assessment to disallow 100% of the bogus purchases. The only addition which can be made is to account for profit element embedded in the purchase transactions to factorize for profit earned by assessee against possible purchase of material in the grey market and undue benefit of VAT against such bogus purchases (PCIT vs. Mohommad Haji Adam (Bom HC) followed

   V.R.Enterprises vs. ITO

   (2019) TaxCorp(LJ) 19496 (ITAT-MUMBAI) · Section 143(1)

2. Direct Tax ·ITAT Amritsar · 21 Jun 2019
   ITAT - Since playschool is not an integral part of the term 'education', as such registration u/s 12AA is denied to assessee.

   Green Educational Society Vs Commissioner of Income Tax (Exemptions)

   (2019) TaxCorp(LJ) 19489 (ITAT-AMRITSAR) · Section 12AA

3. Direct Tax ·ITAT Jaipur · 21 Jun 2019
   Depreciation on Assets received by the assessee via transfer will be allowed, even though asset is not physically verifiable.

   Ajmer Vidyut Vitran Nigam Ltd Vs Assistant Commissioner of Income Tax

   (2019) TaxCorp(LJ) 19488 (ITAT-JAIPUR)

4. Direct Tax ·ITAT Chennai · 21 Jun 2019
   Religious trust is is eligible for Sec 11 exemption even though it had filed its tax return belatedly.

   Sri Kanyaka Parameswari Devasthanam & Charities Vs The Income Tax Officer

   (2019) TaxCorp(LJ) 19487 (ITAT-CHENNAI) · Section 11

5. Direct Tax ·ITAT Jaipur · 21 Jun 2019
   When property is beneficially owned by the company, capital-gains is not taxable in the hands of director.

   Sanjay Jindal Vs ACIT

   (2019) TaxCorp(LJ) 19486 (ITAT-JAIPUR)

6. Direct Tax ·ITAT Kolkata · 21 Jun 2019
   As per Rule 11UA(2), deduction of revaluation reserve is not required while calculating FMV of shares .

   Jupiter International Vs DCIT

   (2019) TaxCorp(LJ) 19485 (ITAT-KOLKATA)

7. Direct Tax ·ITAT Delhi · 21 Jun 2019
   If one of the prescribed methods has been adopted by the assessee, then AO has to accept the same and in case he is not satisfied, then there is no express provision under the Act or rules, where AO can adopt his own valuation in DCF method or get it valued by some different Valuer.

   Cinestaan Entertainment P. Ltd Vs ITO

   (2019) TaxCorp(LJ) 19484 (ITAT-DELHI)

8. Direct Tax ·ITAT Chennai · 21 Jun 2019
   Dismissing the appeal in the guise of disposing of the same in a fast manner ('low-tax' appeal) would amount to burial of justice.

   Faridha Begum Vs The Deputy Commissioner of Income Tax

   (2019) TaxCorp(LJ) 19483 (ITAT-CHENNAI)

9. Direct Tax ·ITAT Delhi · 20 Jun 2019
   ITAT - SEZ deduction claim u/s. 80IAB allowed however interest u/s. 14A disallowed.

   DLF Limited Vs The Addl. Commissioner of Income Tax

   (2019) TaxCorp(LJ) 19476 (ITAT-DELHI) · Section 80IAB

10. Direct Tax ·Madras High Court · 20 Jun 2019
    HC - The statutory condition imposed for availment of the extended period of limitation has not been satisfied in the present case and as such, the proceedings for re-assessment for AY 2011-12 are barred by limitation.

    Asianet Star Communications Private Limited Vs Assistant Commissioner of Income Tax

    (2019) TaxCorp(LJ) 19475 (HC-MADRAS)

11. Direct Tax ·ITAT Mumbai · 19 Jun 2019
    ITAT - Upheld addition as fictitious loss being inflicted by manipulative client code modification by treating F&O loss as bogus loss.

    Time Media & Entertainment LLP Vs ITO

    (2019) TaxCorp(LJ) 19474 (ITAT-MUMBAI) · Section 131(1A)

12. Direct Tax ·Gujarat High Court · 19 Jun 2019
    HC - Deduction u/s. 80IB - composite development of housing project - Combining two projects into one will lead to a result which manifestly will be unjust and absurd and defeat the very provisions of the deduction sections. Unless there is a clear intention of the legislature the Revenue cannot be permitted to do so.

    PRINCIPAL COMMISSIONER OF INCOME TAX VERSUS NAGJUA DEVELOPERS

    (2019) TaxCorp(LJ) 19473 (HC-GUJARAT) · https://taxcorp.in/FileOpenDT.aspx?ID=78909&Category=Judgment&CategoryType=Zip

13. Direct Tax ·ITAT Kolkata · 19 Jun 2019
    ITAT - Cancellation of Registration u/s 12AA(3) - For cancellation u/s 12AA(3) is that the activities of the trust should not be genuine or the activities of the trust are not being carried out in accordance with the objects of the trust. There is neither an allegation in the impugned order nor finding that any of the aforesaid conditions exist in the case of the assessee. Order is quashed.

    SHIVLAL ZADIADEVI JAN-KALYAN NIDHI VERSUS COMMISSIONER OF INCOME-TAX (EXEMPTION), KOLKATA.

    (2019) TaxCorp(LJ) 19472 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=75891&Category=ITAT&CategoryType=Zip

14. Direct Tax ·ITAT Mumbai · 19 Jun 2019
    ITAT - Deduction u/s 10AA - The onus is on AO to prove the presence of any arrangement between the parties which have resulted in extraordinary profits to the eligible unit. The AO could have, at least, brought variation in price of supply of commodity from different units on record to establish collusion/arrangement. The onus remains undischarged except for presence of suspicious circumstances.

    M/S. SJR COMMODITIES AND CONSULTANCIES PVT. LTD. VERSUS INCOME TAX OFFICER WARD - 8 (3) (2) MUMBAI

    (2019) TaxCorp(LJ) 19471 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=75892&Category=ITAT&CategoryType=Zip

15. Direct Tax ·ITAT Delhi · 18 Jun 2019
    ITAT - Upholds LTCG-addition on the ground that the assessee entered into complex agreements with the lenders to realize the sale consideration in guise of loans from lenders.

    Radhika Roy Vs DCIT

    (2019) TaxCorp(LJ) 19470 (ITAT-DELHI) · Section 56(2)(vii)(c)

16. Direct Tax ·ITAT Kolkata · 18 Jun 2019
    ITAT - Since It was only account of disallowance of the forex loss u/s 37(1) that the returned loss stood converted into positive business income and as a consequence, the assessee became eligible to claim deduction, therefore statutory bar provided in Section 80A(5) did not operate as there was no “failure” on the assessee’s part to claim deduction.

    M/S. DIC FINE CHEMICALS PVT. LTD. VERSUS DCIT, CIRCLE – 11 (1), KOLKATA

    (2019) TaxCorp(LJ) 19469 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=75852&Category=ITAT&CategoryType=Zip

17. Direct Tax ·ITAT Hyderabad · 17 Jun 2019
    The charges paid to shipping companies were not taxable, they were not expected to come under TDS provision.

    BGS SGS Soma Joint Venture Vs Dy. Commissioner of Income-tax

    (2019) TaxCorp(LJ) 19463 (ITAT-HYDERABAD)

18. Direct Tax ·ITAT Delhi · 14 Jun 2019
    For availing exemption u/s 54 on purchase of land-plot for house construction, there is no time limit.

    Shri Varun Seth Vs ACIT

    (2019) TaxCorp(LJ) 19462 (ITAT-DELHI) · Section 54

19. Direct Tax ·ITAT Delhi · 13 Jun 2019
    Since there was a violation of natural justice principles, therefore CIT's Sec. 263 order was quashed.

    National Association of Software and Services Companies (‘NASSCOM’) Vs CIT (Exemptions)

    (2019) TaxCorp(LJ) 19455 (ITAT-DELHI) · Section 263

20. Direct Tax ·ITAT Mumbai · 13 Jun 2019
    Management advisory services rendered by a singapore company to its Indian group company and management fee received by Singapore company therein cannot be taxed in India as Fees for Technical Services under Singapore DTAA.

    Dimension Data Asia Pecific Pte. Ltd Vs DCIT

    (2019) TaxCorp(LJ) 19454 (ITAT-MUMBAI)

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