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HC - If a practice is followed (arbitrage transactions) and the same does not violate any law then the impugned loss amounts to hedging loss and constitutes business loss.
The Commissioner of Income Tax (Central) - IV Versus M/s. Riddi Siddhi Bullions Ltd.
(2017) TaxCorp(LJ) 13491 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=69838&Category=Judgment&CategoryType=Zip
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Bogus Purchases: If the AO has not disputed the genuineness of sales and the quantitative details and the day to day stock register maintained by the assessee, a trader, he cannot make an addition in respect of peak balance of the bogus purchases. He can only determine the element of profit embedded in the bogus purchases. On facts, the addition is restricted to 2% of the bogus purchase
ACIT vs. Steel Line (India)
(2017) TaxCorp(LJ) 13490 (ITAT-MUMBAI)
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S. 263: Lack of inquiry vs. Inadequate inquiry: Revision on the ground that the AO did not conduct a detailed inquiry on account of paucity of time is unfair to the assessee and invalid (Amitabh Bachhan 384 ITR 200 (SC) & Maithan International 375 ITR 123 (Cal) distinguished
Pr CIT vs. Mera Baba Reality Associates Pvt Ltd
(2017) TaxCorp(LJ) 13489 (HC-DELHI) · Section 263
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ITAT - The section of public to whom benefit is intended is farmers constituting approx. 60% - 70% of population of country and the protection of interests of farmers will invariably confer several benefits. Society meets 'general public utility' criteria.
Bhartiya Kisan Sangh Sewa Niketan vs. CIT(Exemptions)
(2017) TaxCorp(LJ) 13488 (ITAT-DELHI)
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HC - Embezzlement loss by employees, to be allowed in year of ‘discovery' and not in the year of ‘detection'.
J and K Bank Ltd vs. ACIT
(2017) TaxCorp(LJ) 13487 (HC-J&K)
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HC - Television news software exported falls within the definition ‘customized electronic data’ occurring in clause (b) of the Explanation to Sec. 80HHE.
CIT vs. NDTV
(2017) TaxCorp(LJ) 13486 (HC-DELHI) · Section 80HHE
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S. 153A/ 153C: The seized incriminating material have to pertain to the AY in question and have co-relation, document-wise, with the AY. This requirement u/s 153C is essential and becomes a jurisdictional fact. It is an essential condition precedent that any money, bullion or jewellery or other valuable articles or thing or books of accounts or documents seized or requisitioned should belong to a person other than the person referred to in S. 153A. Kamleshbhai Dharamshibhai Patel 31 TM.com 50 (Guj) approved. SSP Aviation 20 TM.com 214 (Del) distinguished
CIT vs. Sinhgad Technical Education Society
(2017) TaxCorp(LJ) 13473 (SC) · Sections 153A, 153C
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S. 115JB: As Insurance companies are required to prepare accounts as per the Insurance Act and not as per Schedule VI to the Companies Act, s. 115JB does not apply. Insurance companies are not taxed on commercial profits but on profits as computed under the Insurance Act. Accordingly, income earned on sale/redemption of investments is not chargeable to tax
Oriental Insurance Co Ltd vs. DCIT
(2017) TaxCorp(LJ) 13472 (HC-DELHI) · Section 115JB
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S. 68: The use of deceptive loan entries to bring unaccounted money into banking channels plagues the legitimate economy of our country. The mere fact that the identity of the lenders is established & payments are made by cheques does not mean they are genuine. If the lenders do not have the financial strength to lend such huge sums and if there is no explanation as to their relationship with the assessee, no collateral security and no agreement, the transactions have to be treated as bogus unexplained credits
Pr CIT vs. Bikram Singh
(2017) TaxCorp(LJ) 13471 (HC-DELHI) · Section 68
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S. 68: Argument that the assessee did not maintain "books of account" and so s. 68 will not apply is not acceptable. It is incumbent on every assessee doing business to maintain proper books of account. It may be in any form. If the assessee has not done so, he cannot be allowed to take advantage of his own wrong. Burden lies on the assessee to show from where he has received the amount and what is its nature
Arunkumar J. Muchhala vs. CIT
(2017) TaxCorp(LJ) 13470 (HC-BOMBAY) · Section 68
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ITAT - Deduction allowable u/s 43B for stamp-duty paid on demerger.
Mahyco Seeds Ltd vs. Dy.CIT
(2017) TaxCorp(LJ) 13469 (ITAT-MUMBAI) · Sections 35DD, 43B
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ITAT - No TDS u/s 194J on payment for subscription of e-magazine/journal by assessee engaged in carrying out research for private equity investments as the same is neither royalty nor FTS.
Kitara capital Private Limited vs. ITO
(2017) TaxCorp(LJ) 13468 (ITAT-MUMBAI) · Section 194J
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ITAT - In case of remand of quantum addition to AO, penalty u/s. 271(1)(c) should also be remanded.
ST Microelectronics Pvt. Ltd., Vs. ACIT
(2017) TaxCorp(LJ) 13467 (ITAT-DELHI)
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ITAT - Providing free air travel, stay and food in hotels, local car conveyance etc. for prescribing medicines of the assessee (a pharma company) is akin to giving commission and certainly in contravention of the public policy. Disallowance of 50% of sales promotion expenses justified.
OCHOA Laboratories Ltd. vs. DCIT
(2017) TaxCorp(LJ) 13466 (ITAT-DELHI)
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ITAT - Alleged gift of immovable property to her daughter should be treated as ‘sale’ and Sec. 50C applicabile.
Smt. Balwant Kaur Mangat Vs ITO
(2017) TaxCorp(LJ) 13465 (ITAT-DELHI)
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ITAT - DRP has powers to propose TP-adjustment even though AO/TPO did not propose such adjustment in the draft order.
Bausch & Lomb India Pvt. Ltd vs. ACIT
(2017) TaxCorp(LJ) 13464 (ITAT-DELHI) · Section 263
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ITAT - Delay in furnishing information under the various codes asked by issuing notice by the ITO was not willful but it was due to lack of required infrastructure and man power. No Penalty U/s 272A(2)(c) on bank.
Branch Manager, State Bank of Bikaner & Jaipur Versus JDIT, (I&CI), Jaipur
(2017) TaxCorp(LJ) 13463 (ITAT-JAIPUR) · http://taxcorp.in/FileOpenDT.aspx?ID=57584&Category=ITAT&CategoryType=Zip
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ITAT - Where the tax has been deducted on the strength of beneficial provisions of DTAA, provisions of section 206AA cannot be invoked to insist that the tax deduction should be @ 20%.
The Dy. Commissioner of Income Tax (International Taxation) -Circle 1, Pune Versus Calderys France, C/o Calderys India Refractories Ltd.
(2017) TaxCorp(LJ) 13462 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=57585&Category=ITAT&CategoryType=Zip
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ITAT - Where in case of transfer of rights in favour of the Developer (JDA), assessee contended that, in subsequent years he has paid the taxes and therefore, there was no loss to revenue or escapement of income. Re-assessment is void.
Asstt. Commissioner of Income Tax Versus Shri Y. Mohan Rao
(2017) TaxCorp(LJ) 13447 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=57525&Category=ITAT&CategoryType=Zip
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ITAT - In case of gift of immovable property to daughter, assessee failed to prove that mistakenly instead of gift deed, sale deed was made, no exemption allowed u/s 47(iii) as gift. Addition u/s 50C confirmed.
Smt. Balwant Kaur Mangat Versus ITO, Ward-1 (2), Ghaziabad
(2017) TaxCorp(LJ) 13446 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=57528&Category=ITAT&CategoryType=Zip
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