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HC - Since entire amount due and payable under certificate for which property was attached was paid along with interest, transfer of attached property not void.
Nitaben Harishbhai Shah v. Tax Recovery Officer-I
(2017) TaxCorp(LJ) 12276 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=68406&Category=Judgment&CategoryType=Zip
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HC - Writ Dismissed - ITAT has powers to direct production of file u/s 124 in respect of transfer order passed u/s 127.
Pr. CIT. Vs. ITAT
(2017) TaxCorp(LJ) 12275 (HC-DELHI) · Section. 127
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ITAT - No TDS u/s 195 TDS on software payments to a Singaporean company as the same not royalty under Article 12(3) of India-Singapore DTAA. Assessee has a right to use the computer software but no right to use copyright in the computer software.
I.T.C. Limited vs. ADIT
(2017) TaxCorp(LJ) 12274 (ITAT-KOLKATA)
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HC - Capital gains even though forming part of net profit in the P&L account, should be excluded while computing book profits for the purposes of MAT u/s. 115JB. Further, assessee will be entitled to relief u/s 54EC on said capital gains.
Metal & Chromium Plater (P) Ltd. Vs. CIT
(2017) TaxCorp(LJ) 12273 (HC-MADRAS) · Sections. 115JB, 54EC
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ITAT - Retention money to be excluded from book profits for the purposes of MAT calculation u/s. 115JB.
Mcnally Bharat Engg. Co. Ltd. Vs. DCIT
(2017) TaxCorp(LJ) 12272 (ITAT-KOLKATA)
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HC - Writ Dismissed - A director holding 98% shareholding in a public limited company is in default for company’s income-tax dues by lifting the corporate veil. Sec. 179 applicable by treating the company as 'de facto' private company.
Ajay Surendra Patel vs. DCIT
(2017) TaxCorp(LJ) 12271 (HC-GUJARAT)
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HC - Amount paid by assessee to a professional interior designer to plan temporary access and exit from the Five Star Hotel is allowable u/s 37(1) as revenue expenditure.
Commissioner of Income Tax-2 Versus M/s. Seaprincess Hotels and Properties Pvt. Ltd.
(2017) TaxCorp(LJ) 12269 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=68526&Category=Judgment&CategoryType=Zip
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ITAT - Assessee is old aged and disclosure of amounts in revised and payment of taxes thereon and taking into consideration the submissions, facts and circumstances of the case, penalty u/s. 271(1)(c) is cancelled.
Dr. Kalyan Chaudhuri Versus Income Tax Officer, Ward 19 (3) , Kolkata
(2017) TaxCorp(LJ) 12267 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54782&Category=ITAT&CategoryType=Zip
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ITAT - Where delay in appointment of auditors was by the co-operative department, no penalty u/s 271B as appointment is not in the control of the assessee.
Arambagh Co-op Agricultural Marketing Society Ltd Versus Asstt. Commissioner of Income-tax, Circle-1, West Bengal
(2017) TaxCorp(LJ) 12266 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54781&Category=ITAT&CategoryType=Zip
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ITAT - Explanations of the assessee that he has declared additional income to buy peace and to come out of vexed litigation could be treated as bonafide, therefore penalty u/s 271(1)(c) cannot be levied.
K. Sai Rama Krishnam Raju Versus DCIT, Circle-3 (1) , Visakhapatnam and K. Saritha Versus DCIT, Circle-3 (1) , Visakhapatnam
(2017) TaxCorp(LJ) 12265 (ITAT-VISAKHAPATNAM) · http://taxcorp.in/FileOpenDT.aspx?ID=54778&Category=ITAT&CategoryType=Zip
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HC - Authorities not to cancel the registration of the Charitable Institution only because the proviso to Section 2(15) comes into play as the receipts are in excess of the specified limits therein.
Director of Income Tax (Exemption) Versus The North Indian Association
(2017) TaxCorp(LJ) 12264 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=68557&Category=Judgment&CategoryType=Zip
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HC - No penalty u/s 271D for violating provision of section 269SS where amount received by the wife in cash from the husband by bonafide believing that the said amount need not have routed to her vide a bank transaction.
Smt. Nirmala w/o Surendra Jain Versus The Commissioner of Income Tax, Income Tax Officer
(2017) TaxCorp(LJ) 12263 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=68570&Category=Judgment&CategoryType=Zip
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ITAT - There cannot be wholesale denial of exemption u/s.11 for violations of provisions of section 13(1)(c).
Maharashtra Academy of Engineering and Educational Research Versus DCIT, Central Circle-1 (1), Pune
(2017) TaxCorp(LJ) 12260 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=54769&Category=ITAT&CategoryType=Zip
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ITAT - Assessee cannot be held liable to deduct tax at higher of the rates prescribed in section 206AA in case of payments made to non-resident persons having taxable income in India in spite of their failure to furnish the Permanent Account Numbers.
M/s. Nagarjuna Fertilizers and Chemicals Limited Versus Assistant Commissioner of Income Tax, Circle-15 (1), Hyderabad and Vice-Versa
(2017) TaxCorp(LJ) 12259 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=54665&Category=ITAT&CategoryType=Zip
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ITAT - Addition u/s 68 - Assessee has failed to carry out his obligations and hence, the burden cannot be shifted to the revenue to find out from the creditors about their identity and credit worthiness.
M/s. Malnad Finance Corporation (R) Versus Asst. Commissioner of Income Tax
(2017) TaxCorp(LJ) 12258 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=54772&Category=ITAT&CategoryType=Zip
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ITAT - Expenditure incurred by the assessee even voluntary and without any legal obligation has to be allowed as it was incurred for preserving the reputation of its business..
Kotak Securities Limited Versus Addl. CIT, Mumbai
(2017) TaxCorp(LJ) 12257 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54774&Category=ITAT&CategoryType=Zip
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ITAT - AO/TPO to consider the contract termination fee also as a part of the operational income for computing the ALP of the international transactions.
Invensys Development Centre India Pvt. Ltd Versus Dy. CIT Circle 2 (1), Hyderabad and Vice-Versa
(2017) TaxCorp(LJ) 12256 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=54775&Category=ITAT&CategoryType=Zip
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ITAT - assessee’s main purpose of acquiring second hand windmill was reduction of tax liability, by claiming depreciation on enhanced cost. Expl.3 to Sec. 43(1) applicable. Depreciation disallowance upheld.
Smt. V. Sabithamani vs. ACIT
(2017) TaxCorp(LJ) 12254 (ITAT-CHENNAI) · Section. 43(1)
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ITAT - Once Assessing Officer holds that the sale gives rise to taxability under section 48 as long term capital gains, the matter ends there. It was no longer open to him to examine the details about cost of acquisition and cost of improvement which were examined and accepted in the first round.
Ramesh M. Khurana Versus Asstt. Commissioner of Income Tax, Circle - 6, Ahmedabad.
(2017) TaxCorp(LJ) 12252 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=54731&Category=ITAT&CategoryType=Zip
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ITAT - AO has noted that necessary details and evidences thereof have been furnished by the assessee in respect of STCGs. Revision u/s 263 on the ground of erroneous order not justified.
Komal Ajaykumar Sheth R. Damodia & Co. Versus The CIT-I Rajkot
(2017) TaxCorp(LJ) 12251 (ITAT-RAJKOT) · http://taxcorp.in/FileOpenDT.aspx?ID=54732&Category=ITAT&CategoryType=Zip
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