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ITAT - Substantive addition was not on estimated basis but was made specifically on the indulgence of mal-practices and bogus purchases committed by the assessee. Penalty u/s 271(1)(c) confirmed.
Ibkey Plastic Pvt. Ltd. Versus The DCIT, Circle-1 (2), Baroda
(2017) TaxCorp(LJ) 12250 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=54733&Category=ITAT&CategoryType=Zip
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ITAT - Where AO has allowed the claim u/s 10(38) without examining whether the STT has been paid on the sale of the shares or not, revision u/s 263 justified.
Arun Kumar Aggarwal Versus CIT, New Delhi
(2017) TaxCorp(LJ) 12249 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=54734&Category=ITAT&CategoryType=Zip
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ITAT - When actual rent received is more than the fair rent the actual rent would be the annual value and therefore the notional interest would not form part of actual rent received or receivable u/s 23(1)(b).
DCIT 29 (1), Mumbai Versus Dinesh M Shah Prop. M/s Mehula Enterprises
(2017) TaxCorp(LJ) 12247 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54740&Category=ITAT&CategoryType=Zip
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ITAT - To bring any sum to tax u/s 68, a sum has to be credited. It is well settled law that in order to discharge the onus, the assessee must prove the identity of the creditor, capacity of the creditor and genuineness of the transaction.
Dy. Commissioner of Income-tax, Circle – 1 (1), Hyderabad Versus M/s Asrani Inns and Resorts Pvt. Ltd.,
(2017) TaxCorp(LJ) 12246 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=54742&Category=ITAT&CategoryType=Zip
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ITAT - Director fees /capital gains were not ‘meager’ amounts which can be claimed to have skipped assessee’s attention while filing return of income when the assessee was deriving income mainly from salaries. Penalty u/s 271(1)(c) valid.
Shri Mahesh M. Gandhi vs. ACIT
(2017) TaxCorp(LJ) 12245 (ITAT-MUMBAI) · Section. 271(1)(c)
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ITAT - Loan waiver is neither taxable under the normal provisions of the IT Act, nor can be recorded as operational profit in the P&L account as per Companies Act and relevant Accounting Standards. Not 'book-profit' under MAT.
JSW Steel Limited vs. ACIT
(2017) TaxCorp(LJ) 12244 (ITAT-MUMBAI)
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HC - Amount paid for royalty paid on the basis of sale price and not for acquiring know-how with enduring benefit is revenue in nature.
Commissioner of Income-tax-I, Lucknow v. UPCOM Cables Ltd.
(2017) TaxCorp(LJ) 12243 (HC-ALLAHABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=68369&Category=Judgment&CategoryType=Zip
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ITAT - Special discount though not claimed by filing revised return and claimed by way of a letter during the course of assessment proceedings, still the claim of the assessee is to be allowed.
M/s Truetzschler India Pvt. Ltd (Formerly Known as Trumac Engineering Co. P. Ltd.) Versus Asst. Commissioner of Income-Tax, Circle 2 (3), Mumbai
(2017) TaxCorp(LJ) 12232 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54685&Category=ITAT&CategoryType=Zip
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ITAT - TPA - Corporate Guarantee given by the assessee being a domestic transaction is outside the purview of TP provisions.
Rubamin Ltd. Versus ITO, Ward 4 (2), Baroda, ACIT, Circle-4, Baroda, DCIT, Circle-4, Baroda
(2017) TaxCorp(LJ) 12231 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=54687&Category=ITAT&CategoryType=Zip
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ITAT - Depreciation on computer systems was already allowed at 60%, on the principles of consistency depreciation 60% is to be allowed in the impugned assessment years as well.
The Deputy Commissioner of Income Tax, Circle-2 (2) Hyderabad, The Asst. Commissioner of Income Tax Versus M/s. Hyderabad Race Club Vice Versa
(2017) TaxCorp(LJ) 12230 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=54099&Category=ITAT&CategoryType=Zip
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ITAT - Unexplained cash deposited in bank - Penalty levied u/s 271(1)(c) cannot be sustained as the assessee had came forward with an explanation which is a reasonable and bonafide explanation complying with the mandate of Section 271(1)(c) read with explanation 1.
Murli Dodeja Versus Income Tax Officer Ward 21 (3) (3), Mumbai
(2017) TaxCorp(LJ) 12229 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54691&Category=ITAT&CategoryType=Zip
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ITAT - No addition for unaccounted cash for the purchase of property as in the absence of any other corroborative evidence to establish a direct nexus, it cannot be said that the notings in the loose paper are genuine.
ITO (IT) 2 (1) Mumbai Versus Ashok Bastimal Siroya, Lalita Ashok Siroya
(2017) TaxCorp(LJ) 12228 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54693&Category=ITAT&CategoryType=Zip
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ITAT - Deduction u/s 80IB allowed as assessee was not manufacturing proto-type of jewellery but it has produced variety of items containing numerous designs, shape, size and specification and it is not feasible or possible to maintain any quantitative records on daily basis.
ITO, Vapi-Ward-4, Daman Versus M/s. Padmavati Arts
(2017) TaxCorp(LJ) 12227 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=54697&Category=ITAT&CategoryType=Zip
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ITAT - No tax is needed to be deducted at source u/s 195 as the amount paid does not amount to ‘royalty’. Therefore, the disallowance under section 40(a)(i) for non-deduction at source on the amount paid to FSC for the time charter hire is erroneous.
M/s. Sical Logisticts Ltd. Versus The Assistant Director of Income-tax, International Taxation, Chennai
(2017) TaxCorp(LJ) 12226 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=11287&Category=INTLDecisions&CategoryType=Zip
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ITAT - Additional depreciation on diagnostic/service equipments allowed.
M/s Abbott Healthcare Pvt. Ltd. Versus The Asst. Commissioner of Income-Tax – Range 2 (1), Mumbai
(2017) TaxCorp(LJ) 12225 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54699&Category=ITAT&CategoryType=Zip
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ITAT - Mere mistake in the language in the notice for non-striking off of ‘inaccurate particular’ or marking on ‘concealment of income’ portion cannot by itself invalidate the notice u/s 274. Mere not striking off specific limb cannot by itself invalidate notice issued u/s 274.
M/s Trishul Enterprises Versus ACIT, Circle- (1), Thane
(2017) TaxCorp(LJ) 12224 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54670&Category=ITAT&CategoryType=Zip
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ITAT - Consultancy charges incurred on designing and implementation of TDS and other systems is revenue expenditure.
Bayer CropScience Limited Versus Asst. Commissioner of Income Tax 15 (1) (2), Mumbai
(2017) TaxCorp(LJ) 12222 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54675&Category=ITAT&CategoryType=Zip
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ITAT - AO has not followed the correct procedure as provided u/s 143(3) r.w.s. 92C(4) and 144C and has passed final assessment order without passing draft assessment order hence, the same is invalid in law.
Soktas India Pvt. Ltd. Versus The Asst. Commissioner of Income Tax, Circle 1, Kolhapur
(2017) TaxCorp(LJ) 12221 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=53926&Category=ITAT&CategoryType=Zip
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ITAT - As assessee was able to prove conclusively that the CCPS issued by it to Biometrix is directly financed by ICICI Bank, Singapore, therefore AO made addition of unexplained cash credit without any basis.
Dy. Commissioner of Income Tax, Central Circle-3 (3) (1), Mumbai Versus M/s Reliance Utilities P Ltd., and M/s Reliance Ports and Terminals Ltd.
(2017) TaxCorp(LJ) 12220 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54669&Category=ITAT&CategoryType=Zip
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ITAT - Transfer pricing adjustment - Some reasonable comparables should be selected after considering the FAR analysis of such comparable and only then exercise of determining ALP should be completed.
ASB International Pvt. Ltd. Versus ACIT-Circle-1, Mumbai and Vice-Versa
(2017) TaxCorp(LJ) 12219 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=11144&Category=INTLDecisions&CategoryType=Zip
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