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HC - There is no need to distinguish between capital and revenue expenditure in case of deduction u/s. 35(2AB) and entire in-house R&D expenditure to be allowed without bifurcating the same into revenue and capital expenditure.
Eicher Motors Vs. CIT
(2017) TaxCorp(LJ) 13636 (HC-DELHI) · Section. 35(2AB)
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HC - Revenue cannot contend that even though no intimation under sub-section (1) of section 143 was issued within the time envisaged and no notice under sub-section (2) of section 143 was issued, the Assessing Officer can sit tight over the refund claimed by the assessee arising out of the return filed.
Corrtech International Pvt. Ltd. vs. DCIT
(2017) TaxCorp(LJ) 13635 (HC-GUJARAT)
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ITAT - Share application money from directors' daughter is not a transaction between two strangers and since there is prima facie evidence of the means of the shareholder, 'unexplained credit' addition to be deleted.
Namision Powertech Pvt. Ltd. vs. ACIT
(2017) TaxCorp(LJ) 13634 (ITAT-AHMEDABAD)
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SC - SLP Dismissed - Trust can be registered u/s 12A/12AA even though there is no formal deed.
Tsurphu Labrang vs. CIT
(2017) TaxCorp(LJ) 13633 (SC) · Sections.12A, 12AA
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ITAT - Where it is difficult to comply to notices on short dates, the same constitutes reasonable cause falling within the scope and ambit of section 273B. Penalty u/s 271(1)(b) levied for non-compliance with statutory notices deleted.
Jwala Prasad Aggarwal vs. DCIT
(2017) TaxCorp(LJ) 13632 (ITAT-DELHI) · Section. 271(1)(b)
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ITAT - Claim of receipt of bogus donation cannot be a ground for cancelling registration u/s 12AA as long as the objects of the trust are within the provisions of law.
Dr. B.G. Memorial Trust vs. CIT
(2017) TaxCorp(LJ) 13631 (ITAT-KOLKATA) · Section. 2AA
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S. 69C Bogus purchases: If the AO has not rejected the books of accounts and has only doubted the genuineness of the suppliers but not the genuineness of the purchases and if the payments are made by account payee cheques, s. 69C is not attracted. S. 69C cannot be applied where all purchase and sales transactions are part of regular books of accounts. The basic precondition for invoking s. 69C is that the expenditure incurred by the assessee should be out of books of accounts
M/s. Fancy Wear vs. ITO
(2017) TaxCorp(LJ) 13630 (ITAT-MUMBAI) · Section. 69C
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S. 45(5): Enhanced compensation and interest thereon under an interim order passed by the High Court in pending appeals relating to land acquisition matter are liable to be assessed for income tax in the year in which it has been received
CIT. vs. Chet Ram (HUF)
(2017) TaxCorp(LJ) 13629 (SC) · Section. 45(5)
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S. 132: The plea that the search proceedings initiated u/s 132 are invalid and that the block assessment proceedings are without jurisdiction cannot be entertained because s. 132A provides that the 'reason to believe' or 'reason to suspect', as the case may be, shall not be disclosed to any person or any authority or the Appellate Tribunal as recorded by Income Tax Authority u/s 132 or 132A
M/s N. K. Jewellers vs. CIT
(2017) TaxCorp(LJ) 13628 (SC) · Section. 132
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SC - The person who has received enhanced compensation and interest thereon even by an interim order passed by the Court would be assessed to tax for that enhanced compensation.
Commissioner of Income Tax Versus Chet Ram (HUF)
(2017) TaxCorp(LJ) 13627 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=70011&Category=Judgment&CategoryType=Zip
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HC - AO cannot generally say in respect of prior permission request u/s Sec. 281(1) that no proposed transaction or charge over any asset, though unencumbered, can be permitted because there is a possibility of another demand, or on account of the vagaries of litigation, etc.
Vedanta Ltd. vs. ACIT
(2017) TaxCorp(LJ) 13623 (HC-BOMBAY) · Section. 281
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ITAT - ‘Signature bonus’ received for demitting of rights in the oil fields is a non-taxable capital receipt.
Oil & Natural Gas Corporation Ltd. vs. DCIT
(2017) TaxCorp(LJ) 13622 (ITAT-DELHI)
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S. 69C "On Money": If the unaccounted expenditure incurred is from the 'on money' received by the assessee, then, the question of making any addition u/s 69C does not arise because the source of the expenditure is duly explained. It is only the 'on money' which can be considered for the purpose of taxation. Once the 'on money' is considered as a revenue receipt, then any expenditure out of such money cannot be treated as unexplained expenditure, for that would amount to double addition in respect of the same amount
CIT. vs. M/s Golani Brothers
(2017) TaxCorp(LJ) 13621 (HC-BOMBAY) · Section. 69C
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Search assessment u/s 153C: Proceedings u/s 153C of the Act can be initiated against a person only if the seized materials "belongs" to that person. It is not sufficient for the Revenue to urge that the seized document "pertains" to the person. Sinhgad Technical Education Society [2017] 84 Taxmann.com 290 (SC) followed
CIT. vs. Renu Constructions Pvt. Ltd.
(2017) TaxCorp(LJ) 13620 (HC-DELHI) · Section. 153C
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S. 195 TDS: Entire law explained on whether payment of commission to non-resident agents for services rendered outside India is liable to tax in India u/s 5(2)(b) and 9(1)(i) on the ground that the "source" of the payment is in India and that the insertion of the Explanation to s. 9(2) with retrospective effect by the Finance Act 2010 makes such payments taxable
Divya Creation vs. ACIT
(2017) TaxCorp(LJ) 13619 (HC-DELHI) · Section 195
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SC - Receipt of enhanced compensation and interest thereon under an interim order passed by the High Court in pending appeals relating to land acquisition matter, would be assessed to tax for that enhanced compensation.
Commissioner of Income Tax Versus Chet Ram (HUF)
(2017) TaxCorp(LJ) 13618 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=70011&Category=Judgment&CategoryType=Zip
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ITAT - Any entry found on loose papers ("bahi") in the premises of the third party without any corroborative evidence, would not be made basis for addition.
Cosmos Infra Engineering (India) Ltd. Versus Deputy Commissioner of Income-Tax
(2017) TaxCorp(LJ) 13617 (ITAT-CHANDIGARH) · http://taxcorp.in/FileOpenDT.aspx?ID=57970&Category=ITAT&CategoryType=Zip
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HC - The moment a favourable order is passed by SC pursuant to which amount is deposited with the Court Registry, the amount became assessable to tax in assessee’s hands. Sec. 234C interest applicable.
Canbank Financial Services Ltd. vs. CCIT
(2017) TaxCorp(LJ) 13616 (HC-KARNATAKA) · Section. 234C
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ITAT - Exemption u/s 11 cannot be denied in toto with regard to the voluntary donations received by the assessee. Only donations, which are not voluntary can be disallowed.
Dy. Commissioner of Income Tax (E), Hyderabad Versus M/s. Vignana Jyothi And M/s. Vignana Jyothi Versus Asstt. Director of Income Tax (Exemptions) - III Hyderabad
(2017) TaxCorp(LJ) 13615 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=58043&Category=ITAT&CategoryType=Zip
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ITAT - Where account appeared to be in the nature of current adjustment accommodation account and there was movement of funds in both ways on need basis, amount cannot be regarded as deemed dividend u/s. 2(22)(e).
Ravindra R Fotedar Versus ACIT 10 (2), Mumbai
(2017) TaxCorp(LJ) 13614 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=58041&Category=ITAT&CategoryType=Zip
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