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ITAT - Where AO has not issued any notice u/s 143(2) of the I.T. Act to the assessee, the entire assessment proceedings then the assessment order in dispute is invalid, void abnitio.
ACIT, CC-9, NEW DELHI Versus M/s RAVNET SOLUTIONS PVT. LTD. and Vice-Versa
(2017) TaxCorp(LJ) 12634 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=55559&Category=ITAT&CategoryType=Zip
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ITAT - No penalty u/s 271(1)(c) for addition on remission/cessation of liability as per the provisions of section 41(1)(a) because the income was merely estimated without finding any concealment.
Ravindra Nath Chatterjee Versus ITO, Ward 22 (1), New Delhi
(2017) TaxCorp(LJ) 12633 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=55563&Category=ITAT&CategoryType=Zip
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HC - Application for compounding of offences u/s 279(2) cannot be rejected on the ground of limitation or on the ground that application was not accompanied by compounding fees/charges prescribed by CBDT circular.
Vikram Singh Vs. Union Of India & Ors.
(2017) TaxCorp(LJ) 12631 (HC-DELHI)
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ITAT - Section 44BBB is computational provision and hence, it cannot enlarge the scope of total income which is otherwise provided in Section 4,5, & 9 of the Income Tax Act.
M/s. ATOMSTROY EXPORT C/o NUCLEAR POWER CORPORATION OF INDIA LTD. Versus DEPUTY DIRECTOR OF INCOME TAX (INTERNATIONAL TAXATION) Range 1 (1), Mumbai
(2017) TaxCorp(LJ) 12630 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=55534&Category=ITAT&CategoryType=Zip
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ITAT - What has been transferred by the assessee is a right of allotment in the property and not the actual property itself and in respect of such rights, the deeming provisions of section 50C are not applicable.
Mrs. Rekha Agarwal Versus The Income Tax Officer, Ward 4 (4), Jaipur
(2017) TaxCorp(LJ) 12629 (ITAT-JAIPUR) · http://taxcorp.in/FileOpenDT.aspx?ID=55371&Category=ITAT&CategoryType=Zip
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ITAT - Delay in filing an appeal before the CIT(A) - Keeping in view the Principle of Natural Justice and to provide the assessee an opportunity of hearing on merit, it is appropriate to accept the appeal of assessee. There should be pedantic approach and the doctrine that is to be kept in mind that the appeal has to be deal with rational common sense and the cause of substantial justice must be kept in mind.
Mr. Vishwanath K. Acharya Versus ACIT Ward- 16 (1), Mumbai
(2017) TaxCorp(LJ) 12628 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=55536&Category=ITAT&CategoryType=Zip
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Though Explanation 2 of s. 147 authorizes the AO to reopen an assessment wherever there is an "understatement of income", the AO is not entitled to assume that there is "understatement of income" merely because the assessee's income is "shockingly low" and others in the same line of business are returning a higher income. The invocation of the jurisdiction u/s 147 on the basis of suspicions and presumptions cannot be sustained
Rajendra Goud Chepur vs. ITO
(2017) TaxCorp(LJ) 12584 (HC-AP) · Section. 147
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A disallowance u/s 14A & Rule 8D has to be made even in respect of securities that are held as stock-in-trade by the assessee. However, the disallowance has to be computed by taking into consideration only those shares which have yielded dividend income in the year under consideration
Kalyani Barter (P) Ltd. vs. ITO
(2017) TaxCorp(LJ) 12583 (ITAT-KOLKATA) · Section. 14A
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Capital gains: An amount received from a wholly-owned subsidiary in consideration of transfer of shares of the WOS to a group of shareholders is not taxable as capital gains. The Department cannot subject a transaction under the Gift-tax Act and also levy tax under the Income-tax Act.
CIT. vs. Annamalaiar Mills
(2017) TaxCorp(LJ) 12582 (SC)
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ITAT - Interest is disallowed in the hands of individual partner in respect of interest-free advances made to the firm, to the extent relatable to share of profit derived from firm which is exempt u/s 10(2A).
Vineet Maini vs. ITO
(2017) TaxCorp(LJ) 12577 (ITAT-DELHI)
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A question relating to jurisdiction which goes to the root of the matter can always be raised at any stage. Issues relating to initiation of s. 147 proceedings and/or service of notice are questions relating to assumption of jurisdiction. If an issue has not been decided in appeal and has simply been remanded, the same can be raised again notwithstanding with the fact that no further appeal has been preferred (Sun Engineering Works 198 ITR 297 (SC) explained)
Teena Gupta vs. CIT
(2017) TaxCorp(LJ) 12576 (HC-ALLAHABAD)
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Bogus share capital/ premium: The proviso to s. 68 (which creates an obligation on the issuing Co to explain the source of share capital & premium) has been introduced by the Finance Act 2012 with effect from 01.04.2013 and does not have retrospective effect. Prior thereto, as per Lovely Exports 317 ITR 218 (SC), if the AO regards the share premium as bogus, he has to assess the shareholders but cannot assess the same as the issuing company's unexplained cash credit
CIT. vs. Gagandeep Infrastructure Pvt. Ltd.
(2017) TaxCorp(LJ) 12575 (HC-BOMBAY)
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HC - The expression used in the Income Tax itself is “a bill of exchange”, which is a class of instruments, that cannot be ignored or disallowed by virtue of Section 40A(3) read with Rules 6 DD of the Income Tax Rules. No disallowance u/s 40A(3) in respect of banker's cheques.
Pr. Commissioner of Income Tax- 11 Versus Shri Inder Pal Singh Wadhawan
(2017) TaxCorp(LJ) 12574 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=68841&Category=Judgment&CategoryType=Zip
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ITAT - Department has merely filed appeal for the sake of filing otherwise it has also not placed any document on record which can suggest that the assessee does not fulfill criterion contemplated in section 10(23C)(iiiab).
ACIT, Cir. 12, Ahmedabad Versus Gujarat State Tribal Development Residential Education Institute
(2017) TaxCorp(LJ) 12573 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=55447&Category=ITAT&CategoryType=Zip
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ITAT - It is not appropriate to include the figure of SAD only in the figure of closing stock as per section 145A without modifying the figures of purchases, sales and opening stock.
M/s. Grohe India Private Ltd. C/o Perfect Accounting and Shared Services Private Limited Versus ACIT, Circle 10 (2), New Delhi
(2017) TaxCorp(LJ) 12572 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=55445&Category=ITAT&CategoryType=Zip
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ITAT - Revenue cannot take undue advantage of the ignorance of the assessee or genuine mistake committed by the assessee and is always duty bound to assess only the real income of the assessee.
C.P.L. Tannery Versus ACIT (CPC), Bangalore
(2017) TaxCorp(LJ) 12571 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=55444&Category=ITAT&CategoryType=Zip
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ITAT - Forex losses (pre search period) are business losses and are allowed to be set off u/s 70(1) with the income surrendered during search.
D.C.I.T., Central Circle-XIX, Kolkata Versus M/s. Atha Mines Pvt. Ltd.
(2017) TaxCorp(LJ) 12570 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=55443&Category=ITAT&CategoryType=Zip
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ITAT - No doubt, if the person (payer) who had to make payments to the non-resident had defaulted in deducting the tax at source from such payments, the non- resident is not absolved from payment of taxes thereupon. However, in such a case, the non-resident is liable to pay tax and the question of payment of advance tax would not arise.
A.D.I.T. (International Taxation) -3 (1) Kolkata Versus M/s. White Industries Australia. Ltd. And Vice-Versa
(2017) TaxCorp(LJ) 12569 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=55441&Category=ITAT&CategoryType=Zip
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ITAT - Since the principal business of the Assessee was giving of loans and advances therefore the Assessee was outside the mischief of Explanation to Sec.73.
I.T.O., Ward-12 (3), Kolkata Versus Amrabathi Investra Pvt. Ltd.
(2017) TaxCorp(LJ) 12568 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=55440&Category=ITAT&CategoryType=Zip
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ITAT - Depreciation available on plant and machinery installed at customer's site free of cost. Not necessary to install at the assessee s factory premises and it can be said that the equipments were used for the purpose of assessee s business.
D.C.I.T., Circle-11, Kolkata Versus M/s. Nalco Water India Ltd.
(2017) TaxCorp(LJ) 12567 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=55439&Category=ITAT&CategoryType=Zip
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