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S 50C does not apply to transfer of land and building, being leasehold property
CIT vs. Greenfield Hotels & Estates Pvt. Ltd
(2016) TaxCorp(LJ) 11587 (HC-BOMBAY) · Section 50C
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S. 147: It is a regular practice for the broker to make modifications in the client code after the purchase and sale of securities. The mere fact that there is a client code modification prima facie does not mean that any income has escaped assessment. it appears to be case of 'reason to suspect' and not 'reason to believe'
Coronation Agro Industries Ltd vs. DCIT
(2016) TaxCorp(LJ) 11586 (HC-BOMBAY) · Section 147
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ITAT - Distribution Partner cannot be treated as deemed AEs u/s 92A(2)(i), therefore the very basis of ALP adjustments ceases to hold good in law.
Orchid Pharma Limited (earlier known as Orchid Chemicals and Pharmaceuticals Ltd) Versus Deputy Commissioner of Income Tax Co Circle 5 (1) , Chennai
(2016) TaxCorp(LJ) 11585 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=11034&Category=INTLDecisions&CategoryType=Zip
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HC - No taxability of fund transferred to ‘Distribution Pool Fund Account’ in the hands of society.
The Commissioner Of Income Tax Versus The Nagarbail Salt-Owners
(2016) TaxCorp(LJ) 11584 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=66876&Category=Judgment&CategoryType=Zip
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ITAT - Assessing Officer was justified in directly issuing the assessment order under section 143(3), without first issuing a draft assessment order, even though the assessee was an ‘eligible assessee’ under section 144C, as the Assessing Officer did not propose to make any variations in the income returned by the assessee.
Mosbacher India LLC Versus Additional Director of Income Tax International Taxation- I, Chennai
(2016) TaxCorp(LJ) 11583 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=52382&Category=ITAT&CategoryType=Zip
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ITAT - Since assessee failed to prove that charges was paid for removal of encroachments have been paid in cash, development expenses incurred in respect of land sold by the assessee not allowable.
Subhash Jagannath Kakade Versus The Income Tax Officer, Ward 1, Ahmednagar and Smt. Kakade Vijaya Subhash Versus The Income Tax Officer, Ward 2 (3) , Aurangabad
(2016) TaxCorp(LJ) 11582 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=52247&Category=ITAT&CategoryType=Zip
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ITAT - Incentive paid to the extent of salary would not partake the nature of bonus merely because the nomenclature applied by the assessee is bonus. No disallowance u/s 43B on account of bonus.
Shri Chandrasekhar D. Shende Versus The Dy. Commissioner Income Tax, Circle – 3, Malegaon
(2016) TaxCorp(LJ) 11581 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=52244&Category=ITAT&CategoryType=Zip
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ITAT - False claim of business expenditure is not a case where the explanation given by assessee was bona fide and there was full disclosure of facts. Penalty u/s 271(1)(c) confirmed.
Hotel Steelwell Pvt. Ltd. (Now known as Campion Properties Ltd.) Versus D.C.I.T., Circle 12 (1) New Delhi
(2016) TaxCorp(LJ) 11580 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=52174&Category=ITAT&CategoryType=Zip
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ITAT - Enduring benefit in the case of repairs and maintenance may spread beyond one financial year, but that itself would not justify the characterisation of expenditure as capital in nature so long as it does not result in creation of any new asset or a benefit, in capital field.
Malabar Hill Club Ltd. Versus DCIT, Circle-5 (2), Mumbai and Vica-Versa
(2016) TaxCorp(LJ) 11579 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=52343&Category=ITAT&CategoryType=Zip
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ITAT - Amount incurred towards foreign travel expenditure in respect of an insurance agent does not accrue as ‘income’ in the hands of such insurance agent. No TDS u/s 194D.
M/s SBI Life Insurance Co. Ltd., K.G. Mittal Hospital, Mumbai Versus Asst. CIT (TDS) 3 (2), DCIT (TDS) 3 (2)
(2016) TaxCorp(LJ) 11578 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=52345&Category=ITAT&CategoryType=Zip
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ITAT - Explanation to section 37 of the Act cannot be invoked merely on the basis of an unestablished doubt that expenditure incurred could be for infraction of law.
M/s. Bajaj International P. Ltd. Versus DCIT, Circle 3 (1), Mumbai
(2016) TaxCorp(LJ) 11577 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=52334&Category=ITAT&CategoryType=Zip
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HC - Since FOWC carried on business in India through a PE, at the circuit, payments made to FOWC, under the RPC were business income and chargeable to tax in India.
Formula One World Championship Limited, Jaiprakash Associates Ltd. Versus Commissioner Of Income Tax, International Taxation-3 & Anr.
(2016) TaxCorp(LJ) 11576 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=66874&Category=Judgment&CategoryType=Zip
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SC - SLP Dismissed - HC had allowed deduction u/s 37 towards royalty payments calculated on the basis of international price and not on the basis of discounted sale price.
Commissioner Of Income Tax Vs. Oil And Natural Gas Corporation Ltd.
(2016) TaxCorp(LJ) 11575 (SC) · Section. 37
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HC - UK tax resident Company constituted a fixed place PE in India under Article 5(1) of India-UK DTAA through the international circuit.
Formula One World Championship Ltd. Vs. Commissioner Of Income Tax, International Taxation-3 & Anr.
(2016) TaxCorp(LJ) 11574 (HC-DELHI)
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HC - Reassessment based on reappraisal of existing material is invalid.
Pr. CIT. vs. Tata Power Delhi Distribution Ltd.
(2016) TaxCorp(LJ) 11573 (HC-DELHI) · Sections. 147/148
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ITAT - Amount received on transfer of participation rights/interests in oil banks and overriding royalty interest is taxable as capital gains and not business income u/s 42(2)(b).
Mosbacher India LLC vs. ACIT
(2016) TaxCorp(LJ) 11572 (ITAT-CHENNAI) · Section. 42(2)(b)
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SC - Comparable sales, if otherwise genuine and proved, cannot be shunted out from the process of consideration of relevant materials for arriving at acquisition cost u/s 55(2).
Ashok Prapann Sharma vs. CIT
(2016) TaxCorp(LJ) 11571 (SC) · Section. 55(2)
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ITAT - CIT to make suitable amendment in the registration certificate granted to the assessee u/s 12AA so as to make the registration effective from 1st day of the financial year.
Ghaziabad Development Authority, C/o M/s RRA Tax India, New Delhi. Versus Commissioner of Income Tax, Ghaziabad.
(2016) TaxCorp(LJ) 11570 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=52312&Category=ITAT&CategoryType=Zip
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ITAT - Since assessee is eligible for exemption u/s. 11 therefore the status of the assessee would be AJP and not AOP.
Assistant Director of Income-tax (Exemption) , Circle 17 (2), Bangalore Versus. Shushrutha Educational Trust
(2016) TaxCorp(LJ) 11569 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=52316&Category=ITAT&CategoryType=Zip
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ITAT - CIT (A) has no power to direct the AO to bring to tax a new source of income, which is not considered by the AO in the order appealed against him.
Chhabra Fashion, C/o Kapil Goel Adv. Versus ITO, Ward 26 (2), New Delhi
(2016) TaxCorp(LJ) 11568 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=52318&Category=ITAT&CategoryType=Zip
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