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ITAT - Share income from partnership firm to be excluded while computing book profit u/s. 115JB.
M/s. Shloka Traders Pvt. Ltd. Versus DCIT Central Circle-13, Mumbai
(2017) TaxCorp(LJ) 12566 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=55435&Category=ITAT&CategoryType=Zip
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Additional Evidence: Ordinarily an application seeking admission of additional evidence under Rules 18 and 29 of ITAT Rules requires an order to be passed. If the ITAT rejects the application, reasons thereof have to be stated.
Rasiklal M. Parikh vs. ACIT
(2017) TaxCorp(LJ) 12565 (HC-BOMBAY)
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Bogus Purchases: If the assessee has not discharged the onus of producing the documentation and the suppliers, the AO is entitled to estimate the gross profit. The GP estimate should be fair, honest and rational and cannot be arbitrarily applied at the discretion of the AO. Industry comparisons or other rational comparability vis-à vis preceding years GP ratio should be brought on record. The books should be rejected. On facts, GP ratio of 12.5% as applied in Simit P Sheth 356 ITR 451(Guj) is fair, reasonable and rational after giving credit for the GP already declared
Ratnagiri Stainless Pvt. Ltd. vs. ITO
(2017) TaxCorp(LJ) 12564 (ITAT-MUMBAI)
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Bogus penny stock capital gains: Failure to provide a copy of the statement relied upon and of cross-examination renders the assessment order void. The claim of capital gains from penny stocks cannot be denied on presumption and surmises by disregarding direct evidences relating to the sale/purchase transactions of shares supported by broker’s contract notes, confirmation of receipt of sale proceeds through regular banking channels and the demat account
Sunita Jain vs. ITO, (ITAT Ahmedabad)
(2017) TaxCorp(LJ) 12563 (ITAT-AHMEDABAD)
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S. 132: It is but natural that concealed income found at the time of search and survey has to be distributed among all the family members who were carrying on business. It is also a reasonable conclusion that the income had been earned over a period of time and should be spread over various years
CIT vs. Rekha Bai
(2017) TaxCorp(LJ) 12550 (SC) · Section 132
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S. 132/ 158BC, 158BD: The fact that the search was invalid because the warrant was in the name of a dead person does not make the s. 158BC/158BD proceedings invalid if the assessee participated in them. Information discovered in the search, if capable of generating the satisfaction for issuing a s. 158BD notice, cannot altogether become irrelevant because the search is invalid
Gunjan Girishbhai Mehta vs. DIT
(2017) TaxCorp(LJ) 12549 (SC) · Sections 132, 158BC, 158BD
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S. 132/ 158BC, 158BD: The fact that the search was invalid because the warrant was in the name of a dead person does not make the s. 158BC/158BD proceedings invalid if the assessee participated in them. Information discovered in the search, if capable of generating the satisfaction for issuing a s. 158BD notice, cannot altogether become irrelevant because the search is invalid
Gunjan Girishbhai Mehta vs. DIT
(2017) TaxCorp(LJ) 12530 (SC) · Sections. 132, 158BC,158BD
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S. 132: It is but natural that concealed income found at the time of search and survey has to be distributed among all the family members who were carrying on business. It is also a reasonable conclusion that the income had been earned over a period of time and should be spread over various years
CIT. vs. Rekha Bai
(2017) TaxCorp(LJ) 12529 (SC) · Section. 132
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Strike by Advocates: Giving a call to protest when the Bill is still at a draft stage is premature. Wisdom has to prevail on the Advocates in the light of the law laid down in Harish Uppal AIR 2003 SC 739. The law laid down by the Supreme Court is binding on the Advocates as well under Article 141 of the Constitution. The lawyers' community has to appreciate their responsibility in discharging the duties of their profession
Adv. Manoj Laxman Shirsat vs. Bar Council of India
(2017) TaxCorp(LJ) 12514 (HC-BOMBAY)
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SC - Premium" collected by the appellant-Company on its subscribed share capital cannot be treated “capital employed in the business of the Company", therefore benefit of deduction u/s 35D not allowed.
M/s Berger Paints India Ltd. Versus C.I.T., Delhi
(2017) TaxCorp(LJ) 12495 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=68778&Category=Judgment&CategoryType=Zip
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SC - SLP Dismissed - HC had held that invalid search warrant u/s 132 is not a ground to invalidate block assessment u/s. 158BD on ‘other person’.
Gunjan Girishbhai Mehta vs. Director Of Investigation & Ors.
(2017) TaxCorp(LJ) 12494 (SC) · Section. 132, 158BD
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HC - Writ Dismissed - Revenue justified in adjusting u/s. 245 of Rs. 900 cr. refund for AY 2012-13 against demand for subsequent AYs 2013-14 & 2014-15.
Northern Coal Fields Limited vs. ACIT and Ors.
(2017) TaxCorp(LJ) 12493 (HC-MP) · Section. 245
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HC - Compensation given to employees of sick Govt company under special package is exempt u/s 10(10B) and payment is not subject to TDS.
Hindustan Photo Film Workers' Welfare Centre vs. UOI and others
(2017) TaxCorp(LJ) 12492 (HC-MADRAS) · Section. 10(10B)
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S. 68 bogus gains from penny stocks: If the AO relies upon the statement of a third party to make the addition, he is duty bound to provide a copy of the statement to the assessee and afford the opportunity of cross-examination. Failure to do so vitiates the assessment proceedings. A transaction evidenced by payment/receipt of share transaction value through banking channels, transfer of shares in and from the D-mat account, etc cannot be treated as a bogus transaction so as to attract s. 68
Sunil Prakash vs. ACIT
(2017) TaxCorp(LJ) 12491 (ITAT-MUMBAI) · Section 68
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S. 35D: Premium collected by a company on subscribed share capital is not “capital employed in the business of the Company" within the meaning of s. 35D so as to enable the claim of deduction of the said amount as prescribed u/s 35D
Berger Paints India Ltd vs. CIT
(2017) TaxCorp(LJ) 12490 (SC) · Section 35D
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ITAT - Addition u/s 68 in the absence of any seized material are not sustainable.
Kinjalben R. Thakkar Versus Dy. Comm. Of Income Tax, Central Circle-1 (1), ITO, Ward-7 (2), Ahmedabad
(2017) TaxCorp(LJ) 12489 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=55227&Category=ITAT&CategoryType=Zip
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ITAT - Since the claim of depreciation is not payment or expenditure in strict sense but the same is statutory allowance, so strictly the claim of depreciation will not be covered u/s 40(a)(ia). There is no question of deducting the TDS on capital expenditure..
DCIT, Central Circle-VII, Kolkata Versus M/s Saltee Infrastructure Ltd. and Vice-Versa
(2017) TaxCorp(LJ) 12488 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=55231&Category=ITAT&CategoryType=Zip
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ITAT - If bank has charged 12% and it got subsidy of 5%, then it had charged the rate of 7% on the profit & loss account, then it would have enhanced its profit to this extent, and therefore, this interest subsidy is to be considered as eligible for grant of deduction under section 80IB(11).
M/s. AL Reza Food Versus ITO, Ward-2 (4), Bhavnagar
(2017) TaxCorp(LJ) 12487 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=55232&Category=ITAT&CategoryType=Zip
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ITAT - Interest income on surplus funds deployed in fixed deposits and other investments etc. partakes the character of income attributable to business of production, sale or marketing of khadi and allied products in terms of section 10(23B).
Income-tax Officer (Exemption) Ward-1 Rajkot Versus Udhyog Bharati
(2017) TaxCorp(LJ) 12485 (ITAT-RAJKOT) · http://taxcorp.in/FileOpenDT.aspx?ID=55240&Category=ITAT&CategoryType=Zip
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ITAT - Benefit of deduction u/s 80P cannot be denied merely on belated filing of return of income.
M/s Cheekilode Service Coop Bank Versus The Income Tax Officer, Ward 2 (3), KOZHIKODE
(2017) TaxCorp(LJ) 12484 (ITAT-COCHIN) · http://taxcorp.in/FileOpenDT.aspx?ID=55242&Category=ITAT&CategoryType=Zip
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