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S. 147 Reopening: If the assessee delays filing objections to the reasons and leaves the AO with little time to dispose of the objections and pass the assessment order before it gets time barred, it destroys the formula provided in Asian Paints 296 ITR 90 (Bom) that the AO should not pass the assessment order for 4 weeks. A writ petition to challenge the reopening will not be entertained
Cenveo Publisher Services India Ltd vs. UOI
(2019) TaxCorp(LJ) 16651 (HC-BOMBAY) · Section 147
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HC - The ingredients of Sec. 153-C should be explicitly expressed in recording the satisfaction report by the AO of the searched person. In absence quashes assessment u/s 153C.
SHYAMRAJ SINGH Vs THE DEPUTY COMMISSIONER OF INCOME TAX
(2019) TaxCorp(LJ) 16648 (HC-KARNATAKA) · Section 153C
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ITAT - Assessee was under a 'bonafide belief ' for TDS non-deduction on leave encashment payments made to employees on retirement. Sec. 201(1)/(1A) proceedings quashed.
Karnataka Power Transmission Corporation Ltd Vs ITO
(2019) TaxCorp(LJ) 16647 (ITAT-BANGALORE)
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ITAT - Since there was non-application of mind by AO while initiating special audit, period taken for special audit u/s 142(2A) cannot be excluded to quash reassessment on the ground of limitation.
Consulting Engineering Services Pvt. Ltd Vs ACIT
(2019) TaxCorp(LJ) 16646 (ITAT-DELHI)
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ITAT - After disposal of the appeal by the Tribunal if the department comes with fresh evidence, certainly it cannot be entertained, much less by taking recourse of Section 254(2).
Acme Dwellers Pvt. Ltd Vs Jt. Commissioner of Income Tax
(2019) TaxCorp(LJ) 16645 (ITAT-MUMBAI)
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ITAT - Reassessment beyond 4 years not jusified, based on information received from Mauritius Revenue Authorities as the same was not enough to hold that investment by Mauritius company.represented unaccounted income .
Mahakali Developers & Resorts Pvt Ltd Vs ITO
(2019) TaxCorp(LJ) 16644 (ITAT-CHANDIGARH)
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S. 68 Bogus share capital: In the case of a private company, Onus is on assessee to prove identity, creditworthiness of subscribers and most importantly genuineness of transactions. Even if AO does not make inquiry, CIT(A) should do so. Relief cannot be given merely on basis of Ration Card, Share Application forms, Voter ID etc of the subscribers
ITO vs. Yadu Steels & Power Pvt. Ltd
(2019) TaxCorp(LJ) 16643 (ITAT-DELHI) · Section 68
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An adjournment cannot be sought on the ground that Counsel is out of station. The appeal has to be dismissed for non-prosecution. Under no circumstances, application for restoration shall be entertained
Ram Siromani Tripathi vs. State of U.P.
(2019) TaxCorp(LJ) 16642 (SC)
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ITAT - PE in India - The establishment of PE in India is in respect of each assessment year only. There is no bar in carrying on the activities year after year. The determination of existence of PE in India is to be made by reference to provision in DTAA.
M/S ULO SYSTEMS LLC. C/O S.R. BATLIBOI AND CO. VERSUS ASSISTANT D.I.T, INTERNATIONAL TAXATION, DEHRADUN
(2019) TaxCorp(LJ) 16641 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=70349&Category=ITAT&CategoryType=Zip
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ITAT - There are no clear findings which have been recorded by the Assessing officer to depart from the settled position to hold that the assessee firm is not a ‘Kachha Arahtia’ but a ‘Pacca Arahtia’ - Privity of contract and underlying transaction documentation are critical for the purposes of present analysis.
M/S ROOPCHAND KODANDAS (ALUWALA) VERSUS INCOME-TAX OFFICER, WARD-7 (2) , JAIPUR
(2019) TaxCorp(LJ) 16640 (ITAT-JAIPUR) · http://taxcorp.in/FileOpenDT.aspx?ID=70350&Category=ITAT&CategoryType=Zip
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ITAT - Transfer pricing adjustment - Where the assessee was acting as contract manufacturer in respect of export of components to associated enterprises then, CUP method was not correct method to be applied to benchmark international transactions of the assessee - AO directed to apply TNMM method to benchmark.
A. RAYMOND FASTENERS PVT. LTD., VERSUS THE ASST. COMMISSIONER OF INCOME TAX, CIRCLE 9, PUNE
(2019) TaxCorp(LJ) 16639 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=70361&Category=ITAT&CategoryType=Zip
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HC - Application of the proviso to Section 92C(2) - Provisions amended vide Finance Act, 2002 w.e.f. 1.4.2002 - The substituted proviso, which applied from 01.04.2002 erased the earlier proviso from the statute totally and granted an option to the assessee; but only insofar as adopting one of the prices from which the average price is determined; that too in cases of more than one price being determined under the most appropriate method.
M/S. TORRY HARRIS SEA FOODS (PVT) LTD. VERSUS THE DY. COMMISSIONER OF INCOME TAX, CIRCLE-1, ALAPPUZHA
(2019) TaxCorp(LJ) 16638 (HC-KERALA) · http://taxcorp.in/FileOpenDT.aspx?ID=75645&Category=Judgment&CategoryType=Zip
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HC - Undisclosed investment u/s 69 - Loose papers related to the sale transactions of flats - Loose document is a dumb document as it does not give any particulars of the persons involved in the alleged transaction.
PR. COMMISSIONER OF INCOME TAX-19 VERSUS ASHOK MEHTA
(2019) TaxCorp(LJ) 16637 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=75651&Category=Judgment&CategoryType=Zip
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HC - Unabsorbed depreciation of earlier years to be set-off against current year's long term capital gains.
Gunnebo India Pvt. Ltd Vs Pr. Commissioner of Income Tax
(2019) TaxCorp(LJ) 16636 (HC-BOMBAY)
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ITAT - Cash purchases of land to be disallowed u/s 40A(3) even though not claimed as 'business expense'; treating land purchase & sale transaction by assessee-individual as a business venture.
Shiv Raj Singh Bawa Vs Income Tax Officer
(2019) TaxCorp(LJ) 16635 (ITAT-AMRITSAR) · Section 40A(3)
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HC - Determination of agricultural land sold - Though the certificate from Tehsildar may state that there is no cultivation carried on the lands as per the land records, but there is nothing on record to show that the land in question was put to use for any non-agricultural purposes. Assessee has also paid taxes. Land sold agricultural in nature.
THE COMMISSIONER OF INCOME TAX, CHENNAI VERSUS P. ASHOK KUMAR
(2019) TaxCorp(LJ) 16634 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=75492&Category=Judgment&CategoryType=Zip
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HC - Additions made, to the extent confirmed, definitely leads to a finding of inaccurate particulars having been furnished which would enable invocation of Section 271(1)(c).
PARISONS ROLLER FLOUR MILLS PVT LTD. VERSUS COMMISSIONER OF INCOME TAX, KOCHI
(2019) TaxCorp(LJ) 16632 (HC-KERALA) · http://taxcorp.in/FileOpenDT.aspx?ID=75612&Category=Judgment&CategoryType=Zip
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ITAT - Claim of long term capital gains arising on sale of shares received as gift accepted and Sec 54F exemption granted.
Dev Kumar Roy Vs The Income-tax- Officer
(2019) TaxCorp(LJ) 16631 (ITAT-BANGALORE) · Section 54F
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ITAT - Gain earned as acquired from IPO is to be assessed as Business Income since investments were made by the assessee as a trader and not as an investor.
NIRPAN SECURITIES PRIVATE LIMITED VERSUS DEPUTY COMMISSIONER OF INCOME TAX-4 (2) (1), MUMBAI
(2019) TaxCorp(LJ) 16630 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=69033&Category=ITAT&CategoryType=Zip
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SC - Assessee to comply with ‘PAN-Aadhaar linking’ requirement for return filing for AY 2019-20.
Shreya Sen & Anr Vs UNION OF INDIA & ORS
(2019) TaxCorp(LJ) 16629 (SC)
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