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ITAT - ITAT SB issued guidelines with a view to ensure the expeditious hearing of cases referred to Special Benches and Third Members.
Doshi Accounting Services Pvt Ltd. Vs Deputy Commissioner of Income Tax
(2018) TaxCorp(LJ) 16363 (ITAT-AHMEDABAD)
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ITAT - Fees levied u/s 234E for delay in filing TDS statements for period prior to June 1, 2015 deleted.
Madhya Pradesh Power Transmission Ltd Vs DCIT ( Centralized processing Cell-TDS )
(2018) TaxCorp(LJ) 16362 (ITAT-INDORE) · Section 234E
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ITAT - Exemption u/s 54F available to the assessee where the property was jointly held by him with his brother.
Shri Immnuel Charles Vs Income Tax officer
(2018) TaxCorp(LJ) 16361 (ITAT-CHENNAI) · Section 54F
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ITAT - There was no cogent material to support assessee’s plea that 'cash deposits' were made out of old savings. Addition sustained.
Rakeshkumar P. Patel Vs DCIT (International Taxation)-1
(2018) TaxCorp(LJ) 16360 (ITAT-AHMEDABAD)
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ITAT - No TDS U/s 194H on commission to retailers/dealers by distributors on behalf of Principal.
Shri Rahul Singhal Vs Income Tax Officer
(2018) TaxCorp(LJ) 16359 (ITAT-JAIPUR) · Section 40(a)(ia)
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ITAT - Advertisement expenses incurred for exhibiting film cannot be allowed in the hands of the director u/s 37(1).
Shri M. Perarasu Vs The Assistant Commissioner of Income Tax
(2018) TaxCorp(LJ) 16358 (ITAT-CHENNAI) · Section 37(1)
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Severe strictures issued against DCIT for illegal tax recovery. DCIT directed to pay costs of Rs. 1.50 lakh from salary to the assessee. Dept directed to make entry of lapse & error in the Annual Confidential Report of the AO. Strictures also passed against DCIT for overreaching authority & power by not allowing Dept's Counsel to argue. Such conduct of DCIT does not enhance the image and reputation of Dept
Nu-Tech Corporate Services Ltd vs. ITO (Bombay High Court)
(2018) TaxCorp(LJ) 16357 (HC-BOMBAY)
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S. 220(6) Stay of demand: If the assessee has exercised on time its statutory remedy of filing an appeal and also filed a stay petition, procedural fairness demands that the authorities may wait, before taking further steps, until the appellate authority decides on the stay petition
Kerala State Co-op Agricultural And Rural Development Bank Ltd vs. ITO (Kerala High Court)
(2018) TaxCorp(LJ) 16338 (HC-KERALA) · Section 220(6)
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S. 50C Capital Gains: The valuation of the stamp authority cannot be adopted for the purpose of collecting capital gain tax in the hands of the assessee if there is a long gap between the date of execution of the MOU and the execution of a formal development agreement
PCIT vs. The Executor of Estate of Late Smt. Manjula A. Shah (Bombay High Court)
(2018) TaxCorp(LJ) 16337 (HC-BOMBAY) · Section 50C
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HC - CBDT to consider applications u/s 119(2)(a)/(b) by assessees in Kerala towards claim of waiver of interest, penalty etc..
Alwaye Chartered Accountants Association Vs UNION OF INDIA
(2018) TaxCorp(LJ) 16330 (HC-KERALA) · Section 119
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HC - Even where return was accepted u/s. 143(1), if the issue is legally concluded, there would be no point in allowing the AO to resort to full fledged reassessment.
Amarjeet Thapar Vs Income Tax Officer
(2018) TaxCorp(LJ) 16329 (HC-BOMBAY)
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ITAT - Notice for reassessment was served upon the part time accountant, who was not authorized to receive any document on behalf of the assessees - Quashes re-assessment.
Smt. Sarojben Manubhai Shah Vs The ITO
(2018) TaxCorp(LJ) 16328 (ITAT-AHMEDABAD)
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S. 147 Reopening: If the assessee's son contends in his assessment that certain investments belong to the assessee, that gives "reason to believe" to the AO to reopen the assessment. The subjective satisfaction of the AO has to seen and whether that satisfaction suffers from any perversity (Maniben Valji Shah 283 ITR 354 (Bom) distinguished)
S. Rajalakshmi vs. ITO
(2018) TaxCorp(LJ) 16321 (HC-BOMBAY) · Section 147
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Bogus Purchases: The fact that the vendors are not available at the given address is not sufficient to treat the purchases as bogus if the assessee has discharged primary onus and substantiated the purchases through documentary evidence and payment is made through banking channels. None of these documents have been proved to be false or untrue and thus the initial burden cast on the assessee was duly discharged
ACIT vs. Karam Chand Rubber Industries
(2018) TaxCorp(LJ) 16320 (ITAT-DELHI)
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S. 147 Reopening of s. 143(1) assessment: Law on whether reopening to assess alleged Bogus Capital gains from penny stocks is permissible explained in the context of Rajesh Jhaveri 291 ITR 500 (SC) & Zuari Estate 373 ITR 661 (SC)
Purviben Snehalbhai Panchhigar vs. ACIT
(2018) TaxCorp(LJ) 16305 (HC-GUJARAT) · Sections 147, 143(1)
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S. 260A Condonation of delay of 1662 days: The High Court should not take a technical approach and refuse to condone the delay when appeals for earlier years with identical issues are already pending before it
Anil Kumar Nehru vs. ACIT
(2018) TaxCorp(LJ) 16304 (SC) · Section 260A
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ITAT - It is the income of the eligible projects alone which should be considered on standalone basis, rather than the income under the head `Profits and gains of business or profession for Builder’s Sec. 80IB(10) claim.
V.B Patil Vs The Income Tax Officer
(2018) TaxCorp(LJ) 16293 (ITAT-PUNE) · Section 80IB(10)
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HC - Stamp-duty cannot be the basis for valuation u/s. 50C for computing capital-gains on assignment of development rights but it should based on the amount actually received by assessee.
The Executor of Estate of Late Smt. Manjula Shah Vs The Pr. Commissioner of Income Tax
(2018) TaxCorp(LJ) 16292 (HC-BOMBAY) · Section 50C
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HC - Prosecution u/s. 276C(2) for non-payment of determined tax was not valid since assessee was agitating his case before CIT(A) / ITAT.
Sayarmull Surana Vs The Income Tax Officer
(2018) TaxCorp(LJ) 16291 (HC-MADRAS)
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S. 56(2)(vii) is a counter evasion mechanism to prevent money laundering of unaccounted income & does not apply to bona fide business transaction done out of business exigency. The difference between alleged fair market value of share and the subscribed value of shares cannot be assessed as income u/s 56(2)(vii)(c) (CBDT Circulars & case laws referred)
ACIT vs. Subhodh Menon
(2018) TaxCorp(LJ) 16290 (ITAT-MUMBAI) · Section 56(2)(vii)
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