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ITAT - Receipt in the capacity of beneficiaries on dissolution of trusts cannot be taxed u/s 56(2)(vi) as the money received is not "without consideration".
Asst. Commissioner of Income Tax Versus Mrs. Sandhya A. Pratap
(2017) TaxCorp(LJ) 12218 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54680&Category=ITAT&CategoryType=Zip
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HC - No TDS u/s 194I here the agreement was not of letting out but was for conduct of business.
Principal Commissioner of IT Jaipur Versus M/s Ajit And Company
(2017) TaxCorp(LJ) 12217 (HC-RAJASTHAN) · http://taxcorp.in/FileOpenDT.aspx?ID=68500&Category=Judgment&CategoryType=Zip
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ITAT (TM) - Process of generation of electricity through windmill amounts to ‘manufacture or production of article or thing’ u/s 32(1)(iia). ‘Additional depreciation ’ claim on windmills allowed.
Giriraj Enterprises Vs. The Dy. Commissioner of Income Tax
(2017) TaxCorp(LJ) 12216 (ITAT-PUNE) · Section. 32(1)(iia)
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ITAT - Provisions of Sec 14A applicable in respect of strategic investments made by assessee-company in subsidiary / associate companies for business purposes. Investment or as stock-in-trade becomes inconsequential or irrelevant for Sec 14A application as what is relevant is not the object for which the investment was made, but the nature of income.
Voltech Engineers P. Ltd. Vs. The Deputy Commissioner of Income Tax
(2017) TaxCorp(LJ) 12215 (ITAT-CHENNAI) · Section. 14A
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ITAT - Assignment of indigenously developed patent shall be taxable as ‘capital gains’ and shall be subject to applicability of Sec. 55(2).
Bharat Serums & Vaccines Ltd. vs. ACIT
(2017) TaxCorp(LJ) 12214 (ITAT-MUMBAI)
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ITAT - Area development authority isn't an extension of State under article 289 of Constitution of India and not immune from taxation.
Baddi Barotiwala Nalagarh Development Authority v. Deputy Commissioner of Income-tax, Circle Parwanoo
(2017) TaxCorp(LJ) 12213 (ITAT-CHANDIGARH) · http://taxcorp.in/FileOpenDT.aspx?ID=54579&Category=ITAT&CategoryType=Zip
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ITAT - Dubbing Cost of foreign TV programs is a capital expenditure since without incurring dubbing costs, these programs (i.e. assets) could not be utilised for earning revenue.
Deputy Commissioner of Income-tax, 8 (3) (1), Mumbai v. United Home Entertainment (P.) Ltd.
(2017) TaxCorp(LJ) 12212 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54662&Category=ITAT&CategoryType=Zip
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S. 206AA does not have an overriding effect over the other provisions of the Act. By virtue of s. 90(2), the provisions of the Treaty override s. 206AA to the extent they are beneficial to the assessee. Consequently, the payer cannot be held liable to deduct tax at higher of the rates prescribed in s. 206AA in case of payments made to non-resident persons in spite of their failure to furnish the PAN
Nagarjuna Fertilizers and Chemicals Limited vs. ACIT
(2017) TaxCorp(LJ) 12200 (ITAT-HYDERABAD) · Section 206AA
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The Commissioner and his officials are playing a blame game. To cover up their lapses and deficiencies, they turned around and blamed their Advocates .. We are sorry to say that this is not what was expected from the Commissioner of Service Tax. If the officers are unaware of legal procedures, then, they have to be in touch with their Advocates and periodically. They cannot expect that the Advocate himself comes to their office and apprise them as to what further has to be done after the filing of an Appeal
CCE vs. Vansum Industries
(2017) TaxCorp(LJ) 12186 (HC-BOMBAY)
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S. 164: The explanation to s. 164 cannot be read for determinability of the shares of the beneficiary with the quantum on the date when the Trust deed is executed. The real test is whether shares are determinable even when even or after the Trust is formed or may be in future when the Trust is in existence
CIT vs. India Advantage Fund-VII
(2017) TaxCorp(LJ) 12185 (HC-KARNATAKA) · Section 164
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Entire law on Permanent Establishment, Force of Attraction principle, taxability of software embedded in hardware as royalty, make available of technical services etc explained (all important judgements referred)
HITT Holland Institute of Traffic Technology B.V. vs. DDIT
(2017) TaxCorp(LJ) 12184 (ITAT-KOLKATA)
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S. 143(2)/ 292BB: The issue of a notice u/s 143(2) bearing the wrong (old) address of the assessee does not amount to a valid service of the notice u/s 282 r.w.s. 27 of the General Clauses Act. The non-service of a notice u/s 143(2) before the expiry of 12 months from the end of the month in which the return was filed renders the assessment void. As the assessee objected to the same before completion of proceedings, the assessment order is not saved by s. 292BB
CIT vs. Abacus Distribution Systems (India) Pvt. Ltd
(2017) TaxCorp(LJ) 12154 (HC-BOMBAY) · Sections 143(2), 292BB
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S. 14A Rule 8D: No disallowance with respect to exempt income can be made if the securities are held as stock-in-trade. CBDT Circular No. 5/2014 dated 11.02.2014 referred
CIT vs. G K K Capital Markets (P) Limited
(2017) TaxCorp(LJ) 12144 (HC-CALCUTTA) · Section 14A
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S. 153C: The requirement that the documents found during search should “belong” to the assessee is a condition precedent and a jurisdictional issue. The non-satisfaction of the condition renders the entire proceedings null and void. The fact that the searched person and the assessee are alleged to be “hand in glove” is irrelevant
CIT vs. Arpit Land Pvt. Ltd
(2017) TaxCorp(LJ) 12143 (HC-BOMBAY) · Section 153C
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ITAT - The AO in the assessment order mentioned that on perusal of the reply of the assessee, it is found that the assessee has wrongly claimed interest on housing loan u/s 24(b) on self occupied property. No penalty u/s 271(1)(c) as AO has not detected the mistake.
Shri Krishna Kumar Gupta Versus The ACIT Circle- 5, Jaipur
(2017) TaxCorp(LJ) 12119 (ITAT-JAIPUR) · http://taxcorp.in/FileOpenDT.aspx?ID=54461&Category=ITAT&CategoryType=Zip
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ITAT - Credit of only self-assessment tax paid before the due date of filing of return has to be allowed while computing interest under section 234A.
M/s. Penam Laboratories Ltd. Versus Deputy Commissioner of Income Tax, Circle-14 (1), New Delhi
(2017) TaxCorp(LJ) 12118 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=54463&Category=ITAT&CategoryType=Zip
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ITAT - Assessment order is erroneous and prejudicial to the interest of the Revenue when the Assessing Officer had not conducted a proper Inquiry to verify cash credits and trade creditors and the matter remanded to the Assessing Officer under section 263.
M/s. P.K. Cotton Mills Pvt. Ltd. Versus Commissioner of Income Tax, Meerut
(2017) TaxCorp(LJ) 12117 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=54464&Category=ITAT&CategoryType=Zip
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ITAT - Certificate u/s 197 of the Act is with reference to the person to whom the income is paid and is not with reference to any sum as may be specified in the certificate.
M/s. Twenty First Century Securities Ltd. Versus I.T.O. Ward-59 (4) (TDS) Kolkata
(2017) TaxCorp(LJ) 12116 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54472&Category=ITAT&CategoryType=Zip
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HC - Despite the unit hived-off, ‘block of assets’ did not come to an end, therefore assessee can claim depreciation thereon.
Sony India Pvt. Ltd. vs. CIT
(2017) TaxCorp(LJ) 12115 (HC-DELHI)
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HC - Writ Allowed - A mere intimation does not amount to an order which could be revised u/s 264. However, independent of the notice issued u/s 143(1)(a), when the assessee has filed a revised return and has sought for interference by the Commissioner u/s 264, necessarily the claim has to be considered in accordance with law.
Agarwal Yuva Mandal (Kerala) vs. UOI and Ors.
(2017) TaxCorp(LJ) 12114 (HC-KERALA) · Sections 143(1), 264
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