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ITAT - No TDS u/s 194I on compensation paid for the use of the building / premises / place of the members for construction activities.
M/s Shanish Construction Pvt Ltd Versus Income Tax Officer, 8 (3) (1), Mumbai
(2017) TaxCorp(LJ) 12298 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54814&Category=ITAT&CategoryType=Zip
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ITAT - Assessee has rightly claimed short term capital loss which is eligible to be set off against long term capital gain as the transaction is neither “sham” nor speculative in nature.
Suraj Limited Versus ACIT (OSD), Circle-8, Ahmedabad
(2017) TaxCorp(LJ) 12297 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=54813&Category=ITAT&CategoryType=Zip
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HC - AO being an investigator and adjudicator, when coming to an adverse finding is required to record such finding adequately as duly supported by material and evidence taking into account that principles of preponderance of probabilities.
Devi Kamal Trust Estate Versus Director of Income Tax (Exemption) Kolkata & Others
(2017) TaxCorp(LJ) 12296 (HC-CALCUTTA) · http://taxcorp.in/FileOpenDT.aspx?ID=68595&Category=Judgment&CategoryType=Zip
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ITAT - Retention money cannot be regarded as income even for the purpose of book profits u/s.115JB even though credited in the profit and loss account.
D.C.I. T-Circle-1, Kolkata Versus M/s. McNally Bharat Engineering Co. Ltd. and Vice-Versa
(2017) TaxCorp(LJ) 12294 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54835&Category=ITAT&CategoryType=Zip
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Capital gains: While s. 2(42A) uses the term "held", the other provisions use the terms "acquired", "purchased" and "owner". Accordingly, for considering whether an asset is a "long-term capital asset", the period of holding must be computed on a de facto basis. The letter of allottment, even though not "ownership", must be taken as the date of holding the asset
Anita D Kanjani vs. ACIT
(2017) TaxCorp(LJ) 12293 (ITAT-MUMBAI)
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ITAT - Merely because the assessee is not maintaining books of accounts, he cannot get rid of offering the income earned by him during the year. Penalty u/s 271(1)(c) valid for non disclosure of income earned by way of Director Sitting Fee.
Shri Mahesh M. Gandhi, Mumbai Versus Asst. Commissioner of Income Tax – 20 (2), Mumbai
(2017) TaxCorp(LJ) 12292 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54796&Category=ITAT&CategoryType=Zip
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ITAT - Sum incurred for sanitary fittings etc., done by the assessee as a fresh exercise to renovate the premises and POP ceiling is, again, not in the nature of repairs and maintenance and has to be treated as cost of improvement for computation of capital gains.
Veena Gupta Versus ITO, Ward-46 (5), New Delhi.
(2017) TaxCorp(LJ) 12291 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=54798&Category=ITAT&CategoryType=Zip
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ITAT - AO does not have powers to charge fees under section 234E by way of intimation issued u/s 200A in respect of defaults before 01.06.2015 and consequently allow the ground of appeal raised by the assessee.
M/s. Sprigtime Clubs and Hospitality Services Pvt. Ltd. Versus Assessing Officer, TDS Ward, Kalyan (W)
(2017) TaxCorp(LJ) 12290 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54800&Category=ITAT&CategoryType=Zip
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ITAT - The absence of the word “erroneous order” u/s 263 is not very fatal where order of the AO was erroneous because the AO failed to make proper enquiries which were warranted in the facts and circumstances of the case.
M/s. Neelakantha Commosales Pvt. Ltd. Versus Commissioner of Income Tax, Kolkata-I, Kolkata
(2017) TaxCorp(LJ) 12289 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54802&Category=ITAT&CategoryType=Zip
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ITAT - There is no justification of allowing expenses against the house property income other than that provided as deduction under the scheme of computation of house property income.
Akola Trading Company P. Ltd Versus ITO WD 2 (1) (1), Mumbai
(2017) TaxCorp(LJ) 12288 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54803&Category=ITAT&CategoryType=Zip
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ITAT - Entry relating to the loss of cash at the end of financial year is not a very vital circumstance. Thus the claim of the assessee for loss on account of cash destroyed by fire allowed as deduction.
M/s. Aparna Agency Ltd. Versus I.T.O., Ward-12 (3), Kolkata
(2017) TaxCorp(LJ) 12287 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54805&Category=ITAT&CategoryType=Zip
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ITAT - No TDS U/S 195 as amount paid for grant of license is not in the nature of royalty within the meaning of the DTAA and also there was no PE in India.
I.T.C. Limited Versus A.D.I.T.(I.T.) -2 (1), Kolkata
(2017) TaxCorp(LJ) 12286 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54806&Category=ITAT&CategoryType=Zip
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ITAT - On the very same material which was available when the original assessment proceedings u/s 143(3) were completed, the AO has sought to reopen the assessment proceedings u/s 148 merely on the basis of change of opinion.
D.C.I. T-Circle-1, Circle-1 (2) , Kolkata Versus M/s. Gloster Jute Mills Ltd. and Vice-Verssa
(2017) TaxCorp(LJ) 12285 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54807&Category=ITAT&CategoryType=Zip
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ITAT - If deposit of unutilized capital gain is made within the time limit made in Sec.139(4) of the Act, the deduction u/s 54G cannot be denied.
D.C.I.T. Circle-6, Kolkata Versus M/s. Kilburn Engineering Ltd.
(2017) TaxCorp(LJ) 12284 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54809&Category=ITAT&CategoryType=Zip
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ITAT - Deduction of expenditure incurred in earning income u/s 56 allowed where the source is inextricable to the nature of the expenditure.
Pr. Commissioner of Income Tax-21 Versus The Mantola Cooperative Thrift & Cradit Society Ltd.
(2017) TaxCorp(LJ) 12283 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=68587&Category=Judgment&CategoryType=Zip
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HC - Entire issue was gone into by AO while framing scrutiny assessment u/s 143(3), thereafter reopening on very same issue is only a change of opinion, which is not permissible.
Manan Exports (P.) Ltd. v. Income-tax Officer
(2017) TaxCorp(LJ) 12281 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=68407&Category=Judgment&CategoryType=Zip
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ITAT - Cost related to replacement of old machines with new ones, was to be excluded from operating margin under transfer pricing, it being an extraordinary item event.
Tetra Pak India (P.) Ltd. v. Commissioner of Income-tax, Pune
(2017) TaxCorp(LJ) 12280 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=54787&Category=ITAT&CategoryType=Zip
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HC - Condition precedent under section 153C not satisfied where seized documents did not belong to assessee.
Commissioner of Income-tax, Central-III, Mumbai v. Arpit Land (P.) Ltd.
(2017) TaxCorp(LJ) 12279 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=68427&Category=Judgment&CategoryType=Zip
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HC - Even though shares were determinable amongst beneficiaries, income cannot be taxed in hands of beneficiaries for their share of income and not in hands of Trustees. Therefore, tax on trustees at maximum marginal rate treating them as AOP was not valid.
Commissioner of Income Tax, Bengaluru v. India Advantage Fund-VII
(2017) TaxCorp(LJ) 12278 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=68449&Category=Judgment&CategoryType=Zip
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ITAT - Rent equalization reserve debited to Profit and Loss Account should be added back while computing book profit u/s 115JB.
Stryker Global Technology Center (P.) Ltd. v. Assistant Commissioner of Income-tax, Circle-9(1), New Delhi
(2017) TaxCorp(LJ) 12277 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=54786&Category=ITAT&CategoryType=Zip
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