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As the system is not working and is required to be corrected, taxpayers who are unable to log-in should inform the concerned officials. No coercive action (penal interest, late fees and prosecution) shall be levied against the clients of the Petitioners' members referred in the petition and those who inform by email. The composition Scheme is extended upto 30.9.2017 and desirous assessee can apply
Rajasthan Tax Consultants Association vs. UOI
(2017) TaxCorp(LJ) 13593 (HC-RAJASTHAN)
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ITAT - Addition made simply believing the Form 26AS will be an arbitrary exercise of power which cannot be sustained.
B.S. Consultancy Services Versus Income-tax Officer, Ward-51 (1), Kolkata
(2017) TaxCorp(LJ) 13592 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=57878&Category=ITAT&CategoryType=Zip
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ITAT - Since FDR was inextricably linked with power project set-up, interest thereon is a capital receipt.
Solarfield Energy Two Pvt. Ltd. Vs. ITO
(2017) TaxCorp(LJ) 13591 (ITAT-MUMBAI)
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ITAT - Exemption u/s 10B is available on duty drawback since manner of computing profits u/s 10B(4) does not require direct nexus with business unlike Sec 80(IB).
Ambika Sadh Vs. ITO
(2017) TaxCorp(LJ) 13590 (ITAT-DELHI) · Section. 10B
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ITAT - Once the property is let out and at any point of time this remained vacant during the same cannot be brought to tax resorting to provisions of section 23(1)(c).
Monisha R Jaising Versus Dy. Commissioner of Income Tax, Central-Circle-24 and 26, Mumbai
(2017) TaxCorp(LJ) 13589 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=57854&Category=ITAT&CategoryType=Zip
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ITAT - Since provision was made on scientific basis and in compliance with Accounting Standards, the same is deductible.
AT& T Global Network Services (India) Pvt. Ltd. vs. DCIT
(2017) TaxCorp(LJ) 13588 (ITAT-DELHI)
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HC - The Settlement Commission not having disclosed the reasons for arriving at the figures which to its best judgment are the figures to be added to the income of the private respondent, the impugned order is set aside.
Assistant Commissioner of Income Tax, Central Circle - 3 (1), Kolkata & Others Versus Emta Coal Limited
(2017) TaxCorp(LJ) 13587 (HC-CALCUTTA) · http://taxcorp.in/FileOpenDT.aspx?ID=69950&Category=Judgment&CategoryType=Zip
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ITAT - Second limb or requirement of section 2(22)(e) of the assessee having substantial interest in the concern to which loan or advance has been given has not been established and, therefore, the said advance cannot be treated as deemed dividend in the hands of the assessee.
Sh. Roshan Lal Jindal Versus The D.C.I.T., Central Circle-1, Chandigarh And Vice-Versa
(2017) TaxCorp(LJ) 13586 (ITAT-CHANDIGARH) · http://taxcorp.in/FileOpenDT.aspx?ID=57848&Category=ITAT&CategoryType=Zip
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ITAT - Where electrical installations are treated as plant and machinery, depreciation allowable @ 25%.
HCL Technologies BPO Services Ltd. (now stands amalgamated with HCL Technologies Limited) Versus ACIT, CC 2, New Delhi
(2017) TaxCorp(LJ) 13585 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=57845&Category=ITAT&CategoryType=Zip
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HC - Reassessment valid based on fresh material unearthed by the IT Department through the investigation wing in respect of 'bogus purchases'.
Gujarat Ambuja Exports vs. DCIT
(2017) TaxCorp(LJ) 13584 (HC-GUJARAT)
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HC - No income accrued to JV-company as there was diversion of income by overriding title in respect of contracts receipts.
Soma TRG Joint Venture vs. CIT
(2017) TaxCorp(LJ) 13583 (HC-J&K)
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HC - Allotment of PAN u/s 139A to open a new bank account will not make allottee a separate taxable entity for the purpose of assessment of tax.
Sardar Vallabhbhai Patel Education Society Vs. ITO
(2017) TaxCorp(LJ) 13576 (HC-GUJARAT) · Section. 139A
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ITAT - Since assessee’s tenancy right was extinguished upon purchase of property vide sale agreement, gains arising on sale of shop to be treated as short term capital gains not eligible for Sec. 54 exemption.
Jayantilal K. Jain vs. ITO
(2017) TaxCorp(LJ) 13575 (ITAT-MUMBAI)
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ITAT - CIT(A)’s rationale for deleting addition that assessee offered capital gains on transactions with accommodation entry provider, was not proper.
Esha Securities Pvt. Ltd. vs. DCIT
(2017) TaxCorp(LJ) 13574 (ITAT-DELHI)
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HC - Sections 245D(2A), 245D(2D) and 245HA inserted by the Finance Act, 2007 w.e.f. June 1, 2007, constitutionally valid.
Ashish Prafulbhai Patel vs. Income Tax Settlement Commission
(2017) TaxCorp(LJ) 13568 (HC-GUJARAT)
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ITAT - Only net interest income to be excluded while determining deduction u/s. 10A in respect of profit derived from exports.
Balaji Export Co. vs. ACIT
(2017) TaxCorp(LJ) 13567 (ITAT-MUMBAI) · Section. 10
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ITAT - Compounding fine paid to Municipal Corporation for regularising the building plan is not for offence nor prohibition of any law hence allowable u/s 37(1).
Keerthi Estates (P) Ltd. vs. DCIT
(2017) TaxCorp(LJ) 13560 (ITAT-HYDERABAD) · Section. 37
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S. 153A: Argument of the Dept that the law laid down in Continental Warehousing/ All Cargo Global Logistics 374 ITR 645 (Bom) that assessment u/s 153A can be made only on the basis of incriminating material found in the search and no other issue can be taken is per incuriam in view of Rajesh Jhaveri Stock Brokers 291 ITR 500 (SC) is not correct. Bhola Shankar Cold Storage 270 ITR 487 (Cal) distinguished
CIT. vs. Deepak Kumar Agarwal
(2017) TaxCorp(LJ) 13542 (HC-BOMBAY) · Section. 153A
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S. 263 Revision: For the purposes of exercising jurisdiction u/s 263, the conclusion of the CIT that the order of the AO is erroneous and prejudicial to the interests of the Revenue has to be preceded by some minimal inquiry. If the PCIT is of the view that the AO did not undertake any inquiry, it becomes incumbent on the PCIT to conduct such inquiry. The second option available u/s 263 (1) of sending the entire matter back to the AO for a fresh assessment can be exercised by the PCIT only after he undertakes an inquiry himself and not otherwise
PCIT. vs. Delhi Airport Metro Express Pvt. Ltd.
(2017) TaxCorp(LJ) 13541 (HC-DELHI) · Section. 263
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S. 12AA: At the time of registration of a charitable institution u/s 12AA, the CIT is not required to look into the activities, where such activities have not or are in the process of its initiation. The registration cannot be refused on the ground that the trust has not yet commenced the charitable or religious activity. At this stage, only the genuineness of the objects has to be tested and not the activities, unless such activities have commenced
CIT. vs. Shreedhar Sewa Trust
(2017) TaxCorp(LJ) 13540 (HC-ALLAHABAD)
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