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ITAT - Addition u/s 69 - AO has no jurisdiction to tax the deposits made by the assessee in a bank account unless the source of deposits are from India, as the assessee is a citizen of USA and is a Non-resident in India.
DY. COMMISSIONER OF INCOMETAX, (INTERNATIONAL TAXATION) , KOCHI VERSUS SRI. BENJAMIN P. VARKEY PADINJATTIL VEEDU AND SMT. ALEYAMMA BENJAMIN PADINJATTIL VEEDU
(2019) TaxCorp(LJ) 17953 (ITAT-COCHIN) · https://taxcorp.in/FileOpenDT.aspx?ID=72238&Category=ITAT&CategoryType=Zip
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ITAT - Foreign Tax Credit - AO to allow the credit to the extent of state taxes paid by the assessee along with the federal taxes paid. The Medicare and Disability taxes are not in the nature of income-tax, hence, this may be disallowed.
PRITESH RAJESH KOTAK VERSUS INCOME-TAX OFFICER, WARD –12 (2), HYDERABAD.
(2019) TaxCorp(LJ) 17952 (ITAT-HYDERABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=72277&Category=ITAT&CategoryType=Zip
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ITAT - Mere rejection of the claim of the assessee cannot be invited with the penalty u/s 271(1)(c).
YUM! RESTAURANTS MARKETING PVT. LTD. VERSUS ITO, WARD-18 (4), NEW DELHI
(2019) TaxCorp(LJ) 17951 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=72280&Category=ITAT&CategoryType=Zip
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ITAT - Interest cost for the period for which the capital asset was retained or held by the assessee prior to being sold/transferred is not deductible u/s. 48 in computing capital gain u/s. 45.
AMITA NARANG VERSUS DY. C.I.T., CIRCLE 2, JAMMU
(2019) TaxCorp(LJ) 17950 (ITAT-AMRITSAR) · https://taxcorp.in/FileOpenDT.aspx?ID=72283&Category=ITAT&CategoryType=Zip
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HC - Revision u/s 263 - There would be no scope for re-examination in the jurisdiction under Section 263 of the Act as the assessment order has merged in the appellate order.
PRINCIPAL COMMISSIONER OF INCOME TAX AND ANR, GOVT. OF INDIA, ASSAM, ADDITIONAL COMMISSIONER OF INCOME TAX, ASSAM VERSUS M/S OIL INDIA LTD.
(2019) TaxCorp(LJ) 17949 (HC-GAUHATI) · https://taxcorp.in/FileOpenDT.aspx?ID=75781&Category=Judgment&CategoryType=Zip
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HC - Revenue cannot invoke Sec. 68 on the ground that assessee had routed its own money through complex web of corporate structures.
Aditya Birla Telecom Ltd Vs Pr. Commissioner of Income Tax -14
(2019) TaxCorp(LJ) 17948 (HC-BOMBAY) · Section 68
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HC - Taxation on FCCBs - In case of conversion of foreign currency convertible bonds, the cost of acquisition in the hands of non-resident Indian investors would be the conversion price determined on the basis of the price of the shares as in this case, the National Stock Exchange, on the date of conversion of foreign currency convertible bonds into shares.
KINGFISHER CAPITAL CLO LTD., VERSUS COMMISSIONER OF INCOME TAX, (INTERNATIONAL TAXATION) -3, MUMBAI, DEPUTY COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION) -3 (1) (2)
(2019) TaxCorp(LJ) 17947 (HC-BOMBAY) · https://taxcorp.in/FileOpenDT.aspx?ID=77166&Category=Judgment&CategoryType=Zip
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ITAT - If the interpretation of law is found to be contrary in the light of judicial pronouncement rendered subsequently, it discloses a mistake apparent from record u/s 254.
SMT. RUBY SINGLA VERSUS THE D.C.I.T., CIRCLE -PARWANOO
(2019) TaxCorp(LJ) 17943 (ITAT-CHANDIGARH) · https://taxcorp.in/FileOpenDT.aspx?ID=72273&Category=ITAT&CategoryType=Zip
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ITAT - Proceeding u/s 158BD - It is mandatory for the Assessing Officer under Section 158BD of the Act to record his satisfaction about the undisclosed income of the person other than the person with respect to whom the search was conducted.
SHRI. NIGAM MATHEW VERSUS THE COMMISSIONER OF INCOME TAX, THRISSUR
(2019) TaxCorp(LJ) 17942 (HC-KERALA) · https://taxcorp.in/FileOpenDT.aspx?ID=77145&Category=Judgment&CategoryType=Zip
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SC - SLP Dismissed - HC had rejected assessee's Sec. 12A registration claim with retrospective effect.
KERALA CRICKET ASSOCIATION Vs COMMISSIONER OF INCOME TAX
(2019) TaxCorp(LJ) 17941 (SC) · Section 12A
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HC - Expenditure in oil exploration u/s 42 allowed even when the block was surrendered.
Hindustan Oil Exploration Company Vs Principal Commissioner of Income Tax
(2019) TaxCorp(LJ) 17940 (HC-BOMBAY) · Section 42
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HC - Actual loss due to cancellation of contract is allowable in the year of loss when arbitration proceedings are pending and have not become final. If at all in conclusion of the arbitration proceedings, the assessee receives any amount it could be adjusted in the loss of that year.
THE COMMISSIONER OF INCOME TAX (CENTRAL), COCHIN VERSUS M/S. CHANDRAGIRI CONSTRUCTION CO.
(2019) TaxCorp(LJ) 17939 (HC-KERALA) · https://taxcorp.in/FileOpenDT.aspx?ID=77135&Category=Judgment&CategoryType=Zip
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HC - Gateway charges are in the nature of fees for banking services and not 'commission' or 'brokerage' - No TDS u/s. 194H on payment gateway charges.
Make My Trip India Pvt. Ltd Vs THE PR. COMMISSIONER OF INCOME TAX-6
(2019) TaxCorp(LJ) 17938 (HC-DELHI) · Section 194H
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HC - Writ petition for stay of demand and release of bank account not admitted as statutory remedy to approach the ITAT is available to assessee.
U.P. RAJYA VIDYUT UTPADAN NIGAM LTD. THRU AUTHORIZED SIGNATORY VERSUS PRINCIPAL COMMISSIONER OF INCOME TAX-II, LKO. & ANR.
(2019) TaxCorp(LJ) 17937 (HC-ALLAHABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=77136&Category=Judgment&CategoryType=Zip
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HC - Sec.260A(6) enables the High Court to determine any issue which has not been determined by the Appellate Tribunal but it should involve a substantial question of law - Revenue's appeal dismissed as Revenue challenged AO's order first time before HC.
Hyundai Heavy Industries Co. Ltd Vs Director Income Tax International Taxation
(2019) TaxCorp(LJ) 17936 (HC-UTTARAKHAND)
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HC - Deduction u/s 43B could not have been disallowed by insisting on a direct correlation between the duty paid and the goods manufactured.
THE PR. COMMISSIONER OF INCOME TAX-5 PUNE. VERSUS SANDVIK ASIA PVT. LTD.
(2019) TaxCorp(LJ) 17935 (HC-BOMBAY) · https://taxcorp.in/FileOpenDT.aspx?ID=77137&Category=Judgment&CategoryType=Zip
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S. 92C(1) Transfer Pricing: Even if the assessee does not report the specified transaction & the AO has no occasion to notice it, the TPO has no jurisdiction to suo moto determine the ALP. He has to call for a reference from the AO. Alternate remedy is not a bar if the action is without jurisdiction & can be severed from the rest
Times Global Broadcasting Company Ltd vs. UOI
(2019) TaxCorp(LJ) 17929 (HC-BOMBAY) · Section 92C(1)
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S. 271(1)(c) Penalty: Merely because the High Court has admitted the Appeal and framed substantial questions of law, it cannot be said that the entire issue is debatable one and under no circumstances, penalty could be imposed (CIT vs. Dharamshi B. Shah 366 ITR 140 (Guj) followed)
PCIT vs. Rasiklal M. Parikh
(2019) TaxCorp(LJ) 17928 (HC-BOMBAY) · Section 271(1)(c)
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S. 68 Bogus Share Capital: Merely because the investment was considerably large and several corporate structures were either created or came into play in routing the investment in the assessee through a Mauritius entity would not be sufficient to brand the transaction as colourable device. The assessee cannot be asked to prove the source of source (PCIT Vs. NRA Iron & Steel 103 TM.com 48 (SC) referred)
PCIT vs. Aditya Birla Telecom Ltd
(2019) TaxCorp(LJ) 17927 (HC-BOMBAY) · Section 68
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ITAT - Labour expenditure related to wife - It is not new that family members helping each other in doing business in their proprietor-ship concerns. If some salary is attributable to them on their working, then it should not be doubted simply for the reason that those family members are not aware about the raising of bills in their names - Expenses allowed.
SHRI SHRIRAJ PANKAJ SHAH VERSUS ACIT, CIR. 5 (2) AHMEDABAD.
(2019) TaxCorp(LJ) 17909 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=72157&Category=ITAT&CategoryType=Zip
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