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HC - Re-assessment notice would be without jurisdiction absent supply of reasons recorded for issue of re-opening notice.
Commissioner of Income-tax, (Large Tax Payer Unit), Mumbai v. IDBI Ltd.
(2016) TaxCorp(LJ) 11710 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=66450&Category=Judgment&CategoryType=Zip
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HC - Interest income from loan granted to members for agricultural produce is eligible for Sec. 80P relief.
Commissioner of Income-tax, Salem v. Salem Agricultural Producers Co-operative Marketing Society Ltd.
(2016) TaxCorp(LJ) 11709 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=66702&Category=Judgment&CategoryType=Zip
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HC - Since assessee earned huge profits and it had operations internationally and it was one of India's Top 500 companies, couldn't file condonation plea of manpower shortage.
Shirpur Gold Refinery Ltd. v. Income-tax Appellate Tribunal, Mumbai
(2016) TaxCorp(LJ) 11708 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=66057&Category=Judgment&CategoryType=Zip
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ITAT - Where undisclosed income was duly admitted by assessee in statements recorded under section 132(4) and tax thereon was paid accordingly (even though without disclosing manner of earning income), assessee was eligible for immunity from penalty u/s 271AAA(2).
Assistant Commissioner of Income-tax, Central Circle-2, Jaipur v. Ajit Singh
(2016) TaxCorp(LJ) 11707 (ITAT-JAIPUR) · http://taxcorp.in/FileOpenDT.aspx?ID=53616&Category=ITAT&CategoryType=Zip
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ITAT - Foreign travel expenditure of wife of partner in the assessee- firm is not proven to be incurred wholly and exclusively for business purposes, therefore restricted to 50%, so that the assessee gets part relief.
G. Shoes Exports Versus Asst. CIT-25 (1), Mumbai and Vica-Versa
(2016) TaxCorp(LJ) 11706 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=52093&Category=ITAT&CategoryType=Zip
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S. 10A/ 10B: Though s. 10A/ 10B were amended by FA 2000 w.e.f. 01.04.2001 to change "exemption" to "deduction", the "deduction" contemplated therein is qua the eligible undertaking of an assessee standing on its own and without reference to the other eligible or non-eligible units or undertakings of the assessee. The benefit of deduction is given by the Act to the individual undertaking and resultantly flows to the assessee. The deduction of the profits and gains of the business of an eligible undertaking has to be made independently and before giving effect to the provisions for set off and carry forward contained in s. 70, 72 and 74. The deductions u/s 10A/10B are prior to the commencement of the exercise to be undertaken under Chapter VI of the Act for arriving at the total income of the assessee from the gross total income
CIT vs. Yokogawa India Limited
(2016) TaxCorp(LJ) 11705 (SC) · Sections 10A, 10B
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S. 147/ 148: A Writ Petition to challenge the issue of a reopening notice u/s 148 is maintainable as per the law laid down in Calcutta Discount 41 ITR 191 (SC). The law laid down in Chhabil Dass Agarwal 357 ITR 357 (SC) deals with the maintainability of a Writ to challenge the reassessment order and does not apply to a challenge to the reassessment notice
Jeans Knit Private Limited vs. DCIT
(2016) TaxCorp(LJ) 11704 (SC) · Sections 147, 148
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S. 194C vs. 194J: Law on whether payments for construction, erection & commissioning etc of plants involving inputs from technical personnel constitutes "payments for technical services" and attracts TDS obligations u/s 194J in the light of Bharti Cellular 330 ITR 239 (SC) explained
Pr. CIT vs. Bharat Heavy Electricals Ltd
(2016) TaxCorp(LJ) 11703 (HC-P&H) · Sections194C, 194J
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ITAT - No disallowance u/s 40(a)(ia) on payment of finance charges as amount paid by the assessee includes both interest and principle amount and the entire amount was paid during the relevant previous year. No disallowance u/s 40(a)(ia) can be made if the entire amount is paid during the relevant previous year and nothing remained payable.
Diwakar Logistics vs. ACIT
(2016) TaxCorp(LJ) 11702 (ITAT-HYDERABAD)
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HC - Writ Dismissed - Reassessment initiated u/s 147/148 for making addition u/s 68 of excess share premium on issuance of compulsory convertible cumulative preference shares.
Trans Corporate Advisory Services Pvt. Ltd. vs. ACIT
(2016) TaxCorp(LJ) 11701 (HC-MADRAS)
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ITAT - Where principal business of company was trading in shares, in view of by Finance Act 2014 with retrospective effect from 1-4-1988, assessee won't be deemed as carrying on speculative business. Explanation to section 73 was not applicable to assessee's case.
Jalan Cement Works Ltd. v. Commissioner of Income-tax, Kolkata-1
(2016) TaxCorp(LJ) 11700 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=51769&Category=ITAT&CategoryType=Zip
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SC - SLP Dismissed - HC had held that AAR rejecting application on the ground that issues were pending adjudication before AO and Sec. 143(2) notices were already issued, was not valid.
CIT. Vs. Hyosung Corporation & Anr.
(2016) TaxCorp(LJ) 11699 (SC) · Section. 143(2)
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HC - Since clients of assessee did not pay service tax, assessee paid service tax out of its own resources, the same to be allowed under section 37(1) as wholly incurred for purposes of business.
Commissioner of Income-tax-4, Mumbai v. Prime Broking Co. (I) Ltd.
(2016) TaxCorp(LJ) 11698 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=66678&Category=Judgment&CategoryType=Zip
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HC - In absence of any agreement, 5-year advance received by consultant should be taxed in year of receipt in case of cash system of accounting with expenditure estimated at 35 per cent to be disallowed.
Commissioner of Income-tax-IX v. Aman Khera
(2016) TaxCorp(LJ) 11697 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=65933&Category=Judgment&CategoryType=Zip
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ITAT - Refusal to grant registration u/s. 12A and 80G merely because assessee incurred advertisement expenditure for procuring more admission of the students is not correct.
Maa Saraswati Educational Society Versus Commissioner of Income-tax
(2016) TaxCorp(LJ) 11695 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=53599&Category=ITAT&CategoryType=Zip
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ITAT - No disallowance can be made u/s 40A(2) towards salary and professional fees paid to the relative of a director of the company as assessee had duly provided the complete details of nature of services rendered.
M/s. Divakar Solar System Ltd. Versus Deputy Commissioner of Income-tax
(2016) TaxCorp(LJ) 11694 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=53602&Category=ITAT&CategoryType=Zip
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HC - Writ Allowed - Even though no express time limitation is provided for in Sec. 201, show cause notice must be issued within a 'reasonable' time.
Bharti Airtel Ltd. Vs. UOI AND ANR.
(2016) TaxCorp(LJ) 11693 (HC-DELHI)
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HC - Not correct to hold that TDS u/s 194J was applicable on payment to contractors (EPC-contract) based on the level of human intervention of technical personnel involved, as against Sec. 194C.
Bharat Heavy Electricals Vs. Pr. Commissioner of Income Tax
(2016) TaxCorp(LJ) 11692 (HC-P&H) · Section. 194J
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HC - Writ Allowed - Word ‘shall’ used in Sec 245D(4A) suggests that the timeline is mandatory and not directory.
RNS Infrastructure Limited vs. Income Tax Settlement Commissioner and others
(2016) TaxCorp(LJ) 11691 (HC-KARNATAKA) · Section. 245D(4A)
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HC - Where AO was satisfied with income attributable under article 9 of India-Denmark DTAA in respect of 141 ships out of 145 ships, then revenue could not bring income of remaining 4 ships to tax in India under section 9.
Director of Income-tax (IT)-I, Mumbai v. A.P. Moller Maersk A/S
(2016) TaxCorp(LJ) 11690 (HC-BOMBAY) · http://taxcorp.in/FileOpenINTL.aspx?ID=10900&Category=INTLDecisions&CategoryType=Zip
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