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HC - Assessee’s reliance on SC ruling appears to be a lame excuse in order to avoid the tax liability and depriving the Revenue its due share in the taxable income. Confirms penalty levy u/s. 273(2)(a).
Trustee of Saurashtra Trust vs. DIT
(2017) TaxCorp(LJ) 13356 (HC-BOMBAY)
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HC - Wealth-tax to be levied on assets held by assessee despite assessee co. amalgamated with another co..
Balaji Industries Ltd. Vs. The Deputy Commissioner of Wealth Tax
(2017) TaxCorp(LJ) 13355 (HC-MADRAS)
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HC - Depreciation not to be deducted while computing exempt income from operating warehouses under erstwhile Sec. 10(29).
Central Warehousing Corporation vs. PCIT
(2017) TaxCorp(LJ) 13342 (HC-DELHI)
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SC - The co-operative society (providing credit facilities beyond members) cannot be treated as a co-operative society meant only for its members and providing credit facilities to its members. Such a society cannot claim the benefit of Section 80P of the Act
The Citizen Co-Operative Society vs. ACIT
(2017) TaxCorp(LJ) 13341 (SC) · Section. 80P
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Transfer Pricing: A party is not barred in law from withdrawing from its list of comparables a company found to have been included on account of mistake of fact. The Transfer Pricing Mechanism requires comparability analysis to be done between like companies and controlled and uncontrolled transactions by carrying out of FAR analysis. The assessee's submission in arriving at the ALP is not final. It is for the TPO to examine and find out the companies listed as comparables which are in fact comparable
CIT. vs. Tata Power Solar Systems Ltd.
(2017) TaxCorp(LJ) 13334 (HC-BOMBAY)
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Interest on interim compensation received pending final disposal by the High Court is income if there is no direction given by the Court. The source of funds to earn income cannot determine the taxability of the income. The fact that the assessee may have to return the compensation and interest on the principle of restitution as provided under S. 144 of the Civil Procedure Code is not relevant because restitution is not a certainty. Paragon Construction 274 ITR 413 (Del) distinguished
Premlata Purshottam Paldiwal vs. CIT
(2017) TaxCorp(LJ) 13333 (HC-BOMBAY)
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Imp law on theory of ‘preponderance of probability’ and to what extent it can be used to make adverse inferences and estimates of undisclosed income, the necessity of tangible material, the rejection of books of account and the scope of a best judgement assessment u/s 145(2) explained
GTC Industries Limited vs. ACIT
(2017) TaxCorp(LJ) 13332 (ITAT-MUMBAI) · Section. 145(2)
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HC - Writ admitted - Interim direction issued to Income-Tax officer to allow petitioner to manually file Income tax return without insisting for Aadhaar/Enrolment no.
Prasanth Sugathan vs. Union of India
(2017) TaxCorp(LJ) 13317 (HC-KERALA)
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S. 80-IA: Difference between 'manufacturing' and 'production' explained. The word ‘production’ has a wider connotation in comparison to ‘manufacture’. Any activity which brings a commercially new product into existence constitutes production. The process of bottling of LPG renders it capable of being marketed as a domestic kitchen fuel and, thereby, makes it a viable commercial product
CIT. vs. Hindustan Petroleum Corporation Ltd.
(2017) TaxCorp(LJ) 13303 (SC) · Section. 80-IA
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For purposes of filing a rectification application, the period of limitation of six months commences from the date of receipt of the order sought to be rectified by the assessee and not from the date of passing of the order
Liladhar T Khushlani vs. Commissioner of Customs
(2017) TaxCorp(LJ) 13302 (HC-GUJARAT)
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S. 254(2): The amendment by the Finance Act 2016 w.e.f. 01.06.2016 to specify the time limit of 6 months to file a rectification application applies even to applications filed with respect to appeal orders passed prior to the date of the amendment. The Tribunal has no power to condone the delay in filing a Miscellaneous Application
DCIT. vs. Hita Land Private Limited
(2017) TaxCorp(LJ) 13284 (ITAT-MUMBAI) · Section. 254(2)
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S. 145A: Irrespective of the method of accounting followed, the unutilized Cenvat credit does not constitute income and cannot be directly added to the closing stock. The assessee is entitled to follow the exclusive method and value the closing stock by excluding the modvat credit
CIT. vs. Diamond Dye Chem Ltd.
(2017) TaxCorp(LJ) 13270 (HC-BOMBAY) · Section. 145A
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S. 40(a)(ia): Amounts paid by way of reimbursement of expenses do not constitute income in the hands of the recipient. Consequently, the payer is under no obligation to deduct TDS u/s 194C and no disallowance of the expenditure can be made u/s 40(a)(ia). CBDT Circular No.715 dated 08.08.1995 distinguished
ACIT. vs. St. Mary’s Rubbers Private Ltd.
(2017) TaxCorp(LJ) 13269 (ITAT-COCHIN) · Section. 40(a)(ia)
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S. 271(1)(c): If the basis on which penalty is initiated by the AO and the basis on which the quantum is confirmed on merits by the Tribunal are different, penalty cannot be levied
Indermal Manaji vs. CIT
(2017) TaxCorp(LJ) 13253 (HC-BOMBAY) · Section. 271(1)(c)
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S. 115JB: The AO is not entitled to add to the "book profits" the amounts arising from sale of land which are directly credited to the Capital Reserve Account in the balance sheet rather than routing it through Profit and Loss Account in the manner provided as per Part II and Part III of Schedule VI to the Companies Act, 1956
Pr CIT. vs. Bhagwan Industries Ltd.
(2017) TaxCorp(LJ) 13252 (HC-BOMBAY) · Section. 115JB
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S. 254(2): The period of limitation for filing a rectification application is six months from the end of the month in which the “order is passed” and not from the date of “receipt of the order”. Even if a liberal view is taken, it can be considered as the date of uploading of the order on the ITAT website. The uploaded orders can be accessed by the assessee and constitutes service of the order upon the assessee
Srinivas Sashidhar Chaganty vs. ITO
(2017) TaxCorp(LJ) 13244 (ITAT-HYDERABAD) · Section. 254(2)
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S. 50C: The AO is not entitled to make an addition to the sale consideration declared by the assessee if the difference between the valuation adopted by the Stamp Valuation Authority and that declared by the assessee is less than 10%
John Fowler (India) Pvt. Ltd. vs. DCIT
(2017) TaxCorp(LJ) 13239 (ITAT-MUMBAI) · Section. 50C
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S. 12AA(3): The CIT is not entitled to withdraw s. 12A registration on the ground that the activities of the trust are no longer charitable after the insertion of the proviso to s. 2(15). The registration can be withdrawn only if a finding is given that the activities of the institution are not genuine or that the activities carried out are not in consonance with the object of the institution
CIT. vs. The Mumbai Metropolitan Regional Iron and Steel Market Committee
(2017) TaxCorp(LJ) 13238 (HC-BOMBAY) · Section. 12AA(3)
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GST on legal services: Finance Ministry directed to explain legal sanctity of Press Release dated 15th July 2017 that all legal services will be governed by Reverse Charge Mechanism. In the interim no coercive action would be taken against advocates providing legal services for non compliance with any legal requirement under the CGST, DGST, or IGST Act
JK Mittal & Co. vs. UOI (No. 2)
(2017) TaxCorp(LJ) 13235 (HC-DELHI)
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S. 69A: NDTV indulged in a clear cut case of "abuse of organization form/ legal form and without reasonable business purpose” and therefore, no fault can be found with the order of the AO in charging to tax Rs. 642 crores by re-characterizing the conditions according to its economic substance and imposing the tax on the actual controlling Indian entity. There is no doubt that the transaction used principally as a devise for the distribution/ diversion of sum to the Indian entity. The beneficial owner of the money is the assessee
New Delhi Television Ltd. vs. ACIT
(2017) TaxCorp(LJ) 13234 (ITAT-DELHI) · Section. 69A
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