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ITAT - Cash receipts from gifted India Millennium Deposit cannot be brought to tax in the hands of appellant by invoking provisions of Section 56(2)(v).
Ramesh Jhaveri (HUF) , Mumbai Versus Income Tax Officer, Range - 21 (3) (3), Bandra, Mumbai
(2016) TaxCorp(LJ) 11547 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=52226&Category=ITAT&CategoryType=Zip
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ITAT - Assessee has made payment to partners as per the Partnership Deed and within the limit prescribed u/s 40(b), claim of interest expense allowed.
M/s. Ramniklal S. Gosalia and Co. Versus The Jt. Commissioner of Income Tax, Range-17 (3), Mumbai and Vica-Versa
(2016) TaxCorp(LJ) 11546 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=52227&Category=ITAT&CategoryType=Zip
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ITAT - Property tax paid in respect of non running business to be allowed as it is not necessary that after acquiring the right upon industrial plot the assessee should immediately construct the building and to start any another unit collateral to his object .
Asian Paints Ltd. Versus Addl. Commissioner of Income Tax –LTU Large Taxpayer Unit, Mumbai, Assistant Commissioner of Income Tax 10 (1), Mumbai and Vica-Versa
(2016) TaxCorp(LJ) 11545 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=52228&Category=ITAT&CategoryType=Zip
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ITAT - Since intimation u/s. 200A has been processed prior to 1.6.2015, late filing fee u/s. 234E set aside.
M/s. Dinshi Ampoule Makers Pvt. Ltd. Versus The DCIT (TDS), Centralized Processing Cell, Ghaziabad U.P.
(2016) TaxCorp(LJ) 11544 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=52229&Category=ITAT&CategoryType=Zip
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ITAT - Without any new fact or information coming into his knowledge and without stating any specific reason, reopening of assessment completed u/s 143(3) is not valid.
Dr. Keki H. Gharda Versus Deputy Commissioner of Income Tax 9 (1), Mumbai
(2016) TaxCorp(LJ) 11543 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=52230&Category=ITAT&CategoryType=Zip
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Interplay between Article 9 of the DTAA and Transfer Pricing law in the Act explained. While Article 9 is an enabling provision, the TP mechanism under the domestic law is the machinery provision. There is no occasion to read Article 9 as confined to enabling ALP adjustment in respect of only domestic entities. The mere fact that the OECD Commentary etc give examples related to economic double taxation situations does not imply that the Article 9 (1) cannot be applied to other situations
Shell Global Solutions International BV vs. DDIT
(2016) TaxCorp(LJ) 11542 (ITAT-AHMEDABAD)
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Taxability of software license fees as royalty: Non-consideration of the verdict of the Tribunal in Solid Works Corporation (51 SOT 34) and misreading of the Delhi High Court's verdict in Ericsson AB constitutes a mistake apparent from the record u/s 254(2) and the orders have to be recalled
Reliance Communications Ltd vs. DDIT
(2016) TaxCorp(LJ) 11541 (ITAT-MUMBAI) · Section 254(2)
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S. 50C: If the difference between the sale consideration of the property shown by the assessee and the FMV determined by the DVO u/s 50C(2) is less than 10%, the AO is not justified in substituting the value determined by the DVO for the sale consideration disclosed by the assessee. Unregistered sale agreements prior to 01.10.2009 are not subject to s. 50C as per CBDT Circular No.5/10 dated 03.06.2010
Krishna Enterprises vs. ACIT
(2016) TaxCorp(LJ) 11540 (ITAT-MUMBAI) · Section 50C
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ITAT - On failure of AO to cut the irrelevant portion of the printed Show cause notice, it was not clear whether it was issued for furnishing of inaccurate particulars of income or concealment of particulars of such income. Penalty deleted.
Vaibhav Tulsyan Versus I.T.O Ward 29 (4), Kolkata
(2016) TaxCorp(LJ) 11539 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=52197&Category=ITAT&CategoryType=Zip
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ITAT - Cash payments (in excess of ₹ 20,000 on each occasion) to purchase stock-in-trade to the agent (wholesale licensee) would fall under the exception provided in rule 6DD(k) of the Rules.
Ramnagar Pachwai and C.S. (S) Shop Versus Income-Tax Officer
(2016) TaxCorp(LJ) 11538 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=50706&Category=ITAT&CategoryType=Zip
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ITAT - In the absence of anything to show that the transaction was by way of money laundering, additions could not be made towards gifts when the assessee has discharged his burden by proving the identity, genuineness and capacity of the donor.
Dr. Vempala Bala Manohar Versus Income-Tax Officer (And Vice Versa)
(2016) TaxCorp(LJ) 11537 (ITAT-VISAKHAPATNAM) · http://taxcorp.in/FileOpenDT.aspx?ID=51422&Category=ITAT&CategoryType=Zip
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ITAT - Corpus donations received by the assessee-trust cannot be brought to tax despite the fact that the assessee-trust was not registered under section 12A/12AA.
Chandraprabhu Jain Swetamber Mandir Versus Assistant Commissioner of Income-Tax
(2016) TaxCorp(LJ) 11536 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=50899&Category=ITAT&CategoryType=Zip
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ITAT - Interest income and profit on sale of Mutual Funds would not form part of the computation of ‘book profits’ u/s 115JB.
M/s. Vadinar Power Company Ltd. Versus Additional CIT-5 (3), Mumbai
(2016) TaxCorp(LJ) 11535 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=52210&Category=ITAT&CategoryType=Zip
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ITAT - Assessee resorted to create agreement for self-serving and the assessee arrange itself affairs to not to bring the reimbursements to tax. Levy of penalty confirmed u/s 271(1)(c).
Heera Panna CHS Ltd Versus Income Tax Officer– 16 (2) (1), Mumbai
(2016) TaxCorp(LJ) 11534 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=52213&Category=ITAT&CategoryType=Zip
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ITAT - When the retiring partner agreed constructed area from the stock in trade of the firm, it did not relinquishing its interest in the immovable property, therefore in the absence of transfer, there is no capital gain.
Keshav and Company Versus ITO –Ward-22 (1) (4), Mumbai And Vice-Versa
(2016) TaxCorp(LJ) 11533 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=52186&Category=ITAT&CategoryType=Zip
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ITAT - In case of a “running account” with regular receipt/ payment of money between the assessee and the company, deemed dividend u/s 2(22)(e) will not be applicable.
Shri Satish Kumar Gupta Vs. Assistant Commissioner of Income Tax
(2016) TaxCorp(LJ) 11532 (ITAT-DELHI) · Section. 2(22)(e)
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HC - Writ Dismissed - Absence of “precise” reasons in the notice issued u/s 127 is not fatal infirmity.
Ravneet Takhar vs. CIT
(2016) TaxCorp(LJ) 11531 (HC-DELHI) · Section. 127
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HC - Writ Allowed - The Tribunal was bound to consider alternative plea raised by the assessee at the hearing.
Parmanand Builders Pvt. Ltd. vs. CIT
(2016) TaxCorp(LJ) 11530 (HC-BOMBAY)
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HC - Writ Dismissed - Centralisation of case u/s 127 for coordinated post search investigation and meaningful assessment is valid.
M. K. Overseas Pvt. Ltd., Chaudhary Skin Trading Company vs. Pr. CIT
(2016) TaxCorp(LJ) 11529 (HC-DELHI) · Section. 127
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HC - For the purpose of sec. 80-O, the services may be rendered from India, but have to be performed on foreign soil.
Commissioner of Income-Tax Versus Ramnath and Co., Concord International, Laxmi Agencies
(2016) TaxCorp(LJ) 11528 (HC-KERALA) · http://taxcorp.in/FileOpenDT.aspx?ID=66751&Category=Judgment&CategoryType=Zip
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