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ITAT - Only peak credit to be taken for making addition of unexplained cash deposits and entire amount of cash deposits could not be added u/s 68.
S. Venkat Reddy v. Income-tax Officer, Ward-8 (2), Hyderabad
(2016) TaxCorp(LJ) 11649 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51816&Category=ITAT&CategoryType=Zip
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HC - Validity of reopening of assessment cannot be challenged merely in the absence of the words “failure to disclose fully and truly all material particulars” in to the recording of the reasons. Analysis of data (material) would alone determine whether, prima facie, income chargeable to tax has escaped assessment.
M/s. Paramount Enterprises Versus Assistant Commissioner of Income Tax
(2016) TaxCorp(LJ) 11648 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=67950&Category=Judgment&CategoryType=Zip
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HC - Deduction towards the Central Excise on the basis of provision made cannot be denied because matter was under dispute as the revenue will not suffer any prejudice since the department can bring the provisional amount to tax, u/s 41(1).
Modi Revlon Pvt. Ltd. (Formally known as Kamakhya Cosmetics & Pharmaceuticals Pvt. Ltd.) Versus Commissioner of Income Tax
(2016) TaxCorp(LJ) 11647 (HC-GAUHATI) · http://taxcorp.in/FileOpenDT.aspx?ID=67952&Category=Judgment&CategoryType=Zip
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HC - Writ dismissed - If the stand of the writ petitioner company is bona fide and indeed if no international transaction is involved, see no reason why the company should shy away from the proceeding before the TPO and not urge and establish the same in the proceeding before the TPO.
Price Water House & Another, Lovelock & Lewes & Another Versus Commissioner of Income Tax-XIX & Others
(2016) TaxCorp(LJ) 11646 (HC-CALCUTTA) · http://taxcorp.in/FileOpenDT.aspx?ID=67956&Category=Judgment&CategoryType=Zip
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ITAT - If the expense has incurred expenses for business expediency and third party also gets some benefit in the process, then also, the expenditure is allowable.
M/s. Ananthapur Mining Corporation Versus The Joint Commissioner of Income Tax, Central Range 1, Bangalore
(2016) TaxCorp(LJ) 11645 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=53505&Category=ITAT&CategoryType=Zip
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ITAT - Where estimation of GP has been made on the unaccounted sales it covers unexplained expenditure also to this extent, therefore no addition u/s 69C.
M/s Choksi Metal Refinery Versus DCIT, Circle-2, Surat
(2016) TaxCorp(LJ) 11644 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=53508&Category=ITAT&CategoryType=Zip
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ITAT - Since provision of loan and guarantee was not that of a lender or guarantor, but to protect assessee's investment interest, no TP adjustment for corporate guarantee.
Tega Industries Ltd. v. Deputy Commissioner of Income Tax, Circle-12
(2016) TaxCorp(LJ) 11642 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=53503&Category=ITAT&CategoryType=Zip
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ITAT - Where assessment for relevant years had already been completed under section 143(1) and no incriminating material was found in course of search relating to amount deposited in foreign bank, no addition can be made for such deposit.
Bishwanath Garodia v. Deputy Commissioner of Income-tax , Central Circle-3(3), Kolkata
(2016) TaxCorp(LJ) 11641 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=53502&Category=ITAT&CategoryType=Zip
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ITAT - Under charging of interest on excess period of credit allowed to AE for realization of invoices is an international transaction u/s 92B, read with section 92C.
CPA Global Services (P.) Ltd. v. Income-tax Officer, Ward-6(4), New Delhi
(2016) TaxCorp(LJ) 11640 (ITAT-DELHI) · http://taxcorp.in/FileOpenINTL.aspx?ID=10956&Category=INTLDecisions&CategoryType=Zip
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HC - From lease deed, it was clear that assessee wanted to resume its business operations after expiry of period of lease and, therefore, income from leasing out business assets for a limited period to carry out production activity is business income.
Maltex Malsters Ltd. v. Commissioner of Income-tax, Patiala
(2016) TaxCorp(LJ) 11639 (HC-P&H) · http://taxcorp.in/FileOpenDT.aspx?ID=66332&Category=Judgment&CategoryType=Zip
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HC - Two attempts to serve on the old address and claim good service on the basis of affixture of notice at the old address, cannot be upheld as a good service under Section 263.
M/s. GOLDEN INVESTMENT MANAGEMENT PVT LTD AND ANR Versus INCOME TAX OFFICER, WARD-1 (4), KOL & ORS.
(2016) TaxCorp(LJ) 11638 (HC-CALCUTTA) · http://taxcorp.in/FileOpenDT.aspx?ID=66947&Category=Judgment&CategoryType=Zip
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HC - Prosecution proceedings launched u/s 276(C)(2) read with Sec 277 for filing false declaration alongwith the return of income upheld.
Magdum Dundappa Lokappa, Suresh Sholapurmath vs ITO
(2016) TaxCorp(LJ) 11637 (HC-KARNATAKA)
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SC - Subvention for subsidiary’s losses from holding company is capital in nature.
Siemens Public Communication Networks Ltd
(2016) TaxCorp(LJ) 11636 (SC)
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ITAT - Payments made to a particular transporter during year under consideration had to be aggregated for purpose of section 194C(3).
Sri Shivamurthy v. Additional Commissioner of Income-tax, Shimoga Range, Shimoga
(2016) TaxCorp(LJ) 11635 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=52501&Category=ITAT&CategoryType=Zip
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HC - Writ quashed - Writ to quash the notice u/s 148 is not maintainable as the petitioner had been communicated with the reasons for reopening and liberty is granted to the petitioner to submit their objections and the first respondent shall take a decision thereon on merits.
Sella Synergy India (P.) Ltd. v. Income-tax Officer, Company Circle VI (2) Chennai
(2016) TaxCorp(LJ) 11633 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=66023&Category=Judgment&CategoryType=Zip
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HC - Since once charge of additional post was held by Joint CIT in lawful manner he would be entitled for additional charge allowance.
Union of India v. R.S. Naik
(2016) TaxCorp(LJ) 11632 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=66944&Category=Judgment&CategoryType=Zip
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ITAT - Any material collected at the back of the assessee and not confronted to the assessee ad without calling for comments of the assessee would not be admissible in evidence against the assessee.
M/s Premier Electrical Industries Versus The JCIT, Range-II, Chandigarh
(2016) TaxCorp(LJ) 11631 (ITAT-CHANDIGARH) · http://taxcorp.in/FileOpenDT.aspx?ID=52491&Category=ITAT&CategoryType=Zip
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ITAT - There is an implied contract between the assessee and such persons who have been paid the gold making charges. The provisions of sec 194C are clearly attracted.
M/s. Srinidhi Gold Versus Income Tax Officer, Ward – 1, Mandya
(2016) TaxCorp(LJ) 11630 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=52498&Category=ITAT&CategoryType=Zip
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S. 147 reopening opens a "Pandora's box" and cannot be done in a casual manner. The reasons cannot be based on mere doubts or with a view to verify basic facts. If the AO takes the view that the income referred to in the reasons has not escaped assessment, he loses jurisdiction to assess other escaped income that comes to his notice during reassessment
Torm Shipping India Pvt Ltd vs. ITO
(2016) TaxCorp(LJ) 11629 (ITAT-MUMBAI) · Section 147
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S. 4: Law laid down in Sahney Steel 228 ITR 253 (SC) and Ponni Sugars 306 ITR 392 (SC) regarding the taxability of subsidies as a revenue receipt does not apply to voluntary subsidies (subvention) paid by a holding company to its loss making subsidiary. The said subsidy is to protect the capital investment of the holding company and is a capital receipt in the hands of the recipient
Siemens Public Communications Network Ltd vs. CIT
(2016) TaxCorp(LJ) 11628 (SC) · Section 4
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