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HC - Section 40(a)(ia) for TDS default can be invoked in assessee-Trust’s case only from 01.04.2019.
SRI. ADICHUNCHANAGIRI SHIKSHANA TRUST Vs THE COMMISSIONER OF INCOME TAX
(2019) TaxCorp(LJ) 16628 (HC-KARNATAKA) · Section 40(a)(ia)
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ITAT - There is no restriction placed in section 54 that exemption is allowable only in respect of sale of one residential house.
Bipin N. Sagar Vs ACIT
(2019) TaxCorp(LJ) 16627 (ITAT-MUMBAI) · Section 54
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ITAT - Assessee permitted to raise an additional ground before CIT(A) but subject to payment of cost of Rs. 2 lakh as there were several ‘unjustifiable’ adjournments.
Euromonitor Research & Consulting (India) P. Ltd Vs Asst. Commissioner of Income-tax
(2019) TaxCorp(LJ) 16625 (ITAT-BANGALORE)
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ITAT - Where assessee firm's partners held shares in closely held company, on their own account and not on behalf of the firm, assessee firm is neither registered not beneficial shareholder to attract provisions of Sec 2(22)(e)
Golani Brothers Vs DCIT
(2019) TaxCorp(LJ) 16624 (ITAT-MUMBAI)
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HC - Merely stating that the case is covered under Section 153-C of the Act and the case has been notified under Section 153 of the Act would not be suffice and the same cannot be construed as the satisfaction recorded under Section 153-C of the Act.
MR. SHYAMRAJ SINGH, S/O SRI B.S. BALAJI SINGH, M/S SVK MINERALS, M/S SVK MINERALS VERSUS THE DEPUTY COMMISSIONER OF INCOME TAX, THE PRINCIPAL COMMISSIONER OF INCOME TAX
(2019) TaxCorp(LJ) 16623 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=75576&Category=Judgment&CategoryType=Zip
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HC - Assessee did not have a business wholly or partly in securities - The loss claimed by the assessee on the sale of securities shall be allowed without any dis-allowance made under sub-section (4) of Section 94.
THE COMMISSIONER OF INCOME TAX, COCHIN VERSUS HARRISONS MALAYALAM LTD.
(2019) TaxCorp(LJ) 16622 (HC-KERALA) · http://taxcorp.in/FileOpenDT.aspx?ID=75577&Category=Judgment&CategoryType=Zip
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HC - Reopening of assessment u/s 147 - Assessee not having filed return of income AO would have much wider latitude to reopen the assessment. However, in such a case also, the primary requirement of the AO having a reason to believe that the income chargeable to tax had escaped assessment would apply.
MOHANLAL CHAMPALAL JAIN VERSUS THE INCOME TAX OFFICER - WARD 1 (2), THANE & ORS.
(2019) TaxCorp(LJ) 16621 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=75579&Category=Judgment&CategoryType=Zip
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HC - Having accepted that the expenditure claimed was bogus, the ITAT cannot apply the GP Ratio which was entirely unwarranted.
PRINCIPAL COMMISSIONER OF INCOME TAX, DELHI-17, VERSUS M/S. WADHAWAN DESIGNS
(2019) TaxCorp(LJ) 16620 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=75581&Category=Judgment&CategoryType=Zip
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HC - Second limb of section 2(22)(e) contemplates is that, the creditor companies give a loan not directly to its shareholder but to any concern in which such shareholder has a substantial interest.
PRINCIPAL COMMISSIONER OF INCOME TAX 11, VERSUS M/S SUNJEWELS INTERNATIONAL LTD.
(2019) TaxCorp(LJ) 16619 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=75582&Category=Judgment&CategoryType=Zip
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S. 68 Bogus share capital in form of accommodation entries: The transactions are clearly sham and make-believe with excellent paper work to camouflage their bogus nature. The reasoning is contrary to human probabilities. In the normal course of conduct, no one will make investment of such huge amounts without being concerned about the return and safety of such investment. The Tribunal's order is clearly superficial and adopts a perfunctory approach and ignores evidence and material referred to in the assessment order
PCIT vs. NDR Promoters Pvt. Ltd
(2019) TaxCorp(LJ) 16618 (HC-DELHI) · Section 68
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Capital Gains vs. Business Profits: As per CBDT Circular No. 6 of 2016 dated 29.2.2016 gains on shares held for more than 12 months are treated as long-term capital gains and not as business profits. The fact that the amount invested in shares were out of borrowed funds and there were frequent and voluminous transactions is irrelevant
PCIT vs. Hardik Bharat Patel
(2019) TaxCorp(LJ) 16617 (HC-BOMBAY)
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The word 'tax' used in Section 179 of the Income Tax Act, 1961 includes both the penalty and the interest. In view of the explanation added to Section 179 the tax includes penalty and interest.
Nandkishor Kagliwal vs. Assistant Commissioner of Income Tax & Ors.
(2019) TaxCorp(LJ) 16616 (HC-BOMBAY) · Sections 170, 177, 188A and 189
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HC - Notice u/s 148 based on information received from Investigation Wing placed before AO at 6.30 p.m. on the last date for issuing notice of reopening is quashed as AO acted under great constraint of time.
Frigerio Conserva Allana Pvt Ltd Vs Asst. Commissioner of Income Tax
(2019) TaxCorp(LJ) 16615 (HC-BOMBAY) · Section 147
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HC - AO is required to apply its mind and decide the Stay Application on merits without seeking any pre-deposit for consideration for application for exemption/stay of demand.
Turner General Entertainment Networks India Pvt. Ltd Vs ITO
(2019) TaxCorp(LJ) 16614 (HC-DELHI)
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HC - Assessee is entitled to interest u/s. 244A(1)(b) on refund of cash seized pursuant to search-seizure operation from the date of passing of assessment order till the date of actual remittance of refund.
Agarwal Enterprises Vs Dy. Commissioner of Income Tax
(2019) TaxCorp(LJ) 16613 (HC-BOMBAY)
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HC - Writ allowed - In absence of ‘live-link’ between investigation wing data and Revenue’s belief that there has been escapement of income, notice u/s 148 set aside.
Asset Reconstruction Company India Pvt. Ltd Vs Deputy Commissioner of Incometax
(2019) TaxCorp(LJ) 16612 (HC-BOMBAY)
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ITAT - When the matter in assessment proceedings was with respect to claim u/s 54/54F, CIT(A) cannot enhance assessee’s income on altogether ‘new source’ u/s 68.
Hari Mohan Sharma Vs ACIT
(2019) TaxCorp(LJ) 16611 (ITAT-DELHI)
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ITAT - Exemption u/s 54 towards residential house property purchased before the sale of another house property allowed.
Dr Rajinder Kumar Gupta Vs Asstt Commissioner of Income-tax
(2019) TaxCorp(LJ) 16610 (ITAT-DELHI) · Section 54
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ITAT - No disallowance u/s 43B for an insurance company in respect of contribution to Environment Relief Fund collecting as a channel between proposed insured and the Government.
Bajaj Allianz General Insurance Company Ltd Vs The Dy. Commissioner of Income Tax
(2019) TaxCorp(LJ) 16609 (ITAT-PUNE) · Section 43B
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ITAT - In the absence of necessary documentary evidence the AO had no alternative except to make the disallowance on an ad-hoc basis.
M/S. SHINE PHARMACEUTICALS LTD. VERSUS THE DCIT CIRCLE (2) (1) (1) BARODA
(2019) TaxCorp(LJ) 16608 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=70223&Category=ITAT&CategoryType=Zip
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