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ITAT - Wife of son of the partner does not fall within the definition of the relative as defined under sub-section (2) of section 41 of the Act. Therefore, provisions of section 40A(2)(b) are not applicable.
Shree Tirupati Motors Versus Assistant Commissioner of Income-Tax
(2017) TaxCorp(LJ) 12828 (ITAT-LUCKNOW) · http://taxcorp.in/FileOpenDT.aspx?ID=55543&Category=ITAT&CategoryType=Zip
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ITAT - When the name of the assessee does not appear in the panchanama and no material is seized with respect to the assessee, it is conclusive proof that no search was at all conducted. Proceedings under section 153A is without any valid jurisdiction.
M/s Unique Star Developers Versus Dy. Commissioner of Income Tax-Central Circle-7, Mumbai
(2017) TaxCorp(LJ) 12827 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=55981&Category=ITAT&CategoryType=Zip
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ITAT - It was proved that the persons who paid rent of community hall and who paid the corpus donation were same. This is an act of quid pro for hiring the hall and no question of voluntary contribution in this payment. Exemption u/s 11 denied.
The Deputy Commissioner of Income-tax (Exemptions) -II, Chennai Versus M/s. Chennai Kammavar Trust
(2017) TaxCorp(LJ) 12826 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=55983&Category=ITAT&CategoryType=Zip
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HC - It is the right of every assessee to seek for the certified copy of entire order sheet of any assessment proceeding. Revenue directed to supply the copy of entire order sheet on deposit of applicable fee as computed and intimated to the assessee.
Shankarlal Khaitan Versus Assistant Commissioner of Income-Tax and others
(2017) TaxCorp(LJ) 12825 (HC-ORISSA) · http://taxcorp.in/FileOpenDT.aspx?ID=69094&Category=Judgment&CategoryType=Zip
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ITAT - CIT (A) rightly held the asset as short term capital asset and the gains should be taxed as short term capital gains since the holding period was less than 36 months from the date of conversion of stock in trade in to the capital asset.
Deensons Trading Co. (P.) Ltd. Versus Income Tax Officer, Co. Circle - I (4), Chennai
(2017) TaxCorp(LJ) 12824 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=55971&Category=ITAT&CategoryType=Zip
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ITAT - Assessee is always obliged to prove the receipt of share capital with premium etc. to the satisfaction of the AO, failure of which calls for addition u/s 68.
M/s. Classic Flour & Food Processing Pvt. Ltd. Versus C.I.T., Kol-IV, Kolkata
(2017) TaxCorp(LJ) 12823 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=55972&Category=ITAT&CategoryType=Zip
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ITAT - Assessee has not obtained the approval under section 11(1)(c) of the Act and in absence of the same, the application under section 80G(5)(vi) has rightly been rejected.
Barefoot College International Versus The Commissioner of Income-tax (Exemption), Jaipur
(2017) TaxCorp(LJ) 12822 (ITAT-JAIPUR) · http://taxcorp.in/FileOpenDT.aspx?ID=55974&Category=ITAT&CategoryType=Zip
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SC - Addition based on seized documents - It is but natural that if any concealed income has been found at the time of search and survey, it has to be distributed among all the family members who were carrying on business.
Commissioner of Income-Tax Versus Rekha Bai
(2017) TaxCorp(LJ) 12821 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=68853&Category=Judgment&CategoryType=Zip
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Valid service of notice: Law explained on whether sending a notice by RPAD and its return by the postal authorities with the remark "addressee refused to accept" amounts to a valid service or not
CST vs. Sunil Haribhau Pote
(2017) TaxCorp(LJ) 12820 (HC-BOMBAY)
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ITAT - Agreement for acquiring media rights was pursuant to assessee’s normal business activity, therefore forfeited media rights advance is a revenue loss. Despite arbitration proceedings, as assessee did not visualize any sign of recovery, it wrote-off the forfeited amount, which is valid.
Zee Entertainment Enterprises Ltd. vs. Additional ACIT
(2017) TaxCorp(LJ) 12819 (ITAT-MUMBAI)
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HC - No TDS u/s 195 on payment of export commission for using technology licensed by by a foreign company as the same is neither royalty nor FTS,
CIT vs. Hero Motocorp Limited
(2017) TaxCorp(LJ) 12818 (HC-DELHI)
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ITAT - Penalty u/s 271(1)(c) valid for addition u/s 68 since opportunities were provided by the AO to the assessee to substantiate its claim and to disprove the contention of the non-confirming party but the assessee failed to show any initiative for cross verification and cross-examination of the said party.
Akik Tiles Pvt. Ltd Versus The ACIT, Mehsana Circle, Mehsana
(2017) TaxCorp(LJ) 12817 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=55964&Category=ITAT&CategoryType=Zip
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ITAT - Amount received on account of reimbursement which has been received over and above the amount of FTS cannot be included and taxed as part of FTS.
Gemological Institute International Inc, C/o GIA India Laboratory P Ltd. Versus Dy. CIT 2 (2) (1), Mumbai
(2017) TaxCorp(LJ) 12816 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=55970&Category=ITAT&CategoryType=Zip
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SC - Income earned from the shopping center - Having regard to the terms and conditions on which the leasehold rights were taken by the assessee in auction, constructed the market area thereupon and gave the same to various persons on sub-licensing basis, the assessee would be treated as deemed owner of these premises in terms of Section 27(iiib).
RAJ DADARKAR & ASSOCIATES Versus ACIT – CC-46
(2017) TaxCorp(LJ) 12815 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=69111&Category=Judgment&CategoryType=Zip
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ITAT - No deduction u/s. 80-IA on ‘Clean Development Mechanism’ (CDM) receipt by the assessee in respect of it’s two power generating units.
S.P. Spinning Mills Pvt. Ltd. Versus Asst. Commissioner of Income Tax, Circle-1 (1), Salem
(2017) TaxCorp(LJ) 12814 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=55950&Category=ITAT&CategoryType=Zip
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ITAT - Pending disputed sale price assessee justified in keeping the sales in contingent sales account as it does not accrue to the assessee for the relevant financial year.
ACIT, Circle-1 (1), Guntur Versus M/s. JOCIL Limited
(2017) TaxCorp(LJ) 12813 (ITAT-VISAKHAPATNAM) · http://taxcorp.in/FileOpenDT.aspx?ID=55873&Category=ITAT&CategoryType=Zip
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HC - Though FDR was for obtaining letter of credit to purchase machinery but so far as interest earned thereon is concerned, that is nothing but income through other sources.
The Commissioner of Income Tax Versus M/s Bhawal Synthetics (India) Udaipur
(2017) TaxCorp(LJ) 12812 (HC-RAJASTHAN) · http://taxcorp.in/FileOpenDT.aspx?ID=69105&Category=Judgment&CategoryType=Zip
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Transfer Pricing: Law explained as to when the “Resale Price Method” (RPM) can be used with respect to related parties under Rule 10B (1)(b) + Law on determining arm’s length rate of the corporate guarantee commission/fee explained
Zee Entertainment Enterprises Ltd vs. ACIT
(2017) TaxCorp(LJ) 12811 (ITAT-MUMBAI)
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S. 271(1)(c) penalty proceedings are “quasi-criminal” and ought to comply with the principles of natural justice. The non-striking of the irrelevant portion in the show-cause notice means that the AO is not firm about the charge against the assessee and the assessee is not made aware as to which of the two limbs of s. 271(1)(c) he has to respond. The fact that the assessment order is clear about the charge against the assessee is irrelevant (Samson Perinchery (Bom) followed, Kaushalya 216 ITR 660 (Bom) distinguished)
Meherjee Cassinath Holdings Pvt. Ltd vs. ACIT
(2017) TaxCorp(LJ) 12810 (ITAT-MUMBAI) · Section 271(1)(c)
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Severe strictures passed against the High Court for "inconsistent decision-making" and passing orders which are "palpably illegal, faulty and contrary to the basic principles of law" and by ignoring "large number of binding decisions of the Supreme Court" and giving "impermissible benefit to accused". Law on condonation of delay explained. CBI directed to implement mechanism to ensure that all appeals are filed in time
State Of Jharkhand vs. Lalu Prasad Yadav
(2017) TaxCorp(LJ) 12809 (SC)
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