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S. 50C: Valuation is a matter of estimation and some degree of difference is bound to be there. If the difference between the stamp duty valuation and the declared sale consideration is less than 10%, addition u/s 50C should not be made
Sita Bai Khetan vs. ITO
(2016) TaxCorp(LJ) 10803 (ITAT-JAIPUR) · Section 50C
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Action of assessee of filing Writ Petition to seek early hearing of appeal before CIT(A) while simultaneously seeking adjournment before the CIT(A) on frivolous grounds is a "delaying tactic" and an "abuse of the legal process". Petition dismissed and assessee directed to pay costs to the department
Tulsidas Trading Pvt. Ltd vs. TRO
(2016) TaxCorp(LJ) 10802 (HC-BOMBAY)
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S. 132(4): Mere voluntary disclosure of undisclosed income by assessee cannot form basis of addition if no evidence is detected in search. Fact that retraction of statement is late is irrelevant. CBDT Circular No. F.No.286/2/2003-IT (In) dated 10.03.2003 bars addition on the basis of confession
Chetnaben J Shah vs. ITO
(2016) TaxCorp(LJ) 10801 (HC-GUJARAT) · Section 132(4)
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S. 80IA(2A): As the words "derived from" are absent, there is no requirement to prove "first degree nexus" of the receipts with the eligible business. All receipts of the undertaking are eligible for 100% deduction
Pr. CIT vs. Bharat Sanchar Nigam Ltd
(2016) TaxCorp(LJ) 10800 (HC-DELHI) · Section 80IA(2A)
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HC - The buildings do not form part of the agricultural lands. No TDS u/s 194LA.
COMMISSIONER OF INCOME TAX (TDS) Versus SPECIAL LAND ACQUISITION OFFICER
(2016) TaxCorp(LJ) 10799 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=65868&Category=Judgment&CategoryType=Zip
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HC - Since issue of the refund order is not delayed for any period attributable to the assessee, AO has no escape from granting interest to the assessee in terms of section 244A(1)(a) of the Act
AJANTA MANUFACTURING LIMITED Versus DEPUTY COMMISSIONER OF INCOME TAX AND 1
(2016) TaxCorp(LJ) 10798 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=65869&Category=Judgment&CategoryType=Zip
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HC - Payment to Steria France for the managerial services provided cannot be taxed as FTS and are not liable to withholding of tax u/s 195.
Steria (India) Ltd. Versus Commissioner of Income Tax-VI & Anr.
(2016) TaxCorp(LJ) 10797 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=65837&Category=Judgment&CategoryType=Zip
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HC - The authority has not acted in the spirit in which it has to act while dealing with an issue of transfer u/s 127. By merely reproducing and taking out the words from the statutory provisions, the order cannot be said to be passed upon application of mind. - order of transfer quashed
ANUBEN LALABHAI BHARWAD Versus PRINCIPAL COMMISSIONER OF INCOME TAX-3, AND 1
(2016) TaxCorp(LJ) 10796 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=65870&Category=Judgment&CategoryType=Zip
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HC - Asessee is entitled to establish in the assessment proceedings whether the land is agricultural land or not for applicability of TDS u/s 194LA.
Land Acquisition Collector, Improvement Trust, Jalandhar Versus Additional Commissioner of Income Tax, Range-III, Jalandhar
(2016) TaxCorp(LJ) 10795 (HC-P&H) · http://taxcorp.in/FileOpenDT.aspx?ID=65871&Category=Judgment&CategoryType=Zip
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HC - Since the question whether TDS had to be deducted under Section 194-C or 194-I of the Act was not a settled one. No Penalty u/s 271C.
Hindustan Coca Cola Beverages Pvt. Ltd. Versus Joint Commissioner of Income Tax
(2016) TaxCorp(LJ) 10794 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=65872&Category=Judgment&CategoryType=Zip
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ITAT - No sec. 14A disallowance in the hands of assessee-shipping company which is subject to tonnage tax scheme.
ACIT. Vs. Shreyas Shipping Logistics
(2016) TaxCorp(LJ) 10793 (ITAT-MUMBAI) · Section. 14A
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HC - Reassessment treating income from licensing premises as business income u/s 28 and not “income from house property” is invalid.
Agya Ram vs. CIT
(2016) TaxCorp(LJ) 10792 (HC-DELHI)
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ITAT - Assessee's “bonafide ignorance” of relevant provisions (filing AIR) as sufficient cause for non-compliance accepted. No penalty u/s 271FA for delay in furnishing annual information return u/s 285BA.
Malda District Central Co-op Bank Ltd. vs. DIT
(2016) TaxCorp(LJ) 10791 (ITAT-KOLKATA)
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SC - SLP Dismissed - HC had held that no addition could be made in the block assessment proceedings for want of undisclosed income.
Shibu Soren vs. CIT
(2016) TaxCorp(LJ) 10790 (SC)
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ITAT - Since relationship between assessee and the stockists was of principal to principal holds that disbursal of prize monies on lottery tickets was not in the nature of commission as defined in clause (i) of Explanation to Sec. 194H so as to attract the provision of section 40(a)(ia) r.w.s 194G.
Future Distributors vs. PCIT
(2016) TaxCorp(LJ) 10789 (ITAT-KOLKATA)
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ITAT - EPFO is required to deduct TDS on emloyees’ accumulated balance withdrawal as Sec 10(11) exemption is not available.
Employees Provident Fund Organization vs. DCIT (TDS)
(2016) TaxCorp(LJ) 10788 (ITAT-DELHI) · Section. 10(11)
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Writ Petition: A Writ Petition filed little after four months of receipt of impugned order suffers from “delay”. If the Writ Petition does not explain the reasons for the “delay”, it is liable to be dismissed
Shirpur Gold Refinery Ltd vs. ITAT
(2016) TaxCorp(LJ) 10778 (HC-BOMBAY)
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S. 147: S. 148 reopening notice issued to a private trust which received contributions of Rs. 6.58 crore on the ground that it has not obtained a PAN or filed a return of income is not valid. The AO cannot assume all receipts are income and issue the reopening notice
General Electoral Trust vs. ITO
(2016) TaxCorp(LJ) 10777 (HC-BOMBAY) · Sections 147, 148
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ITAT - The time limit to pass order u/s.201(1) & 201(1A) is two years from the end of the financial year in which the statement is filed. Since the last quarter i.e. 4th Quarter return filed on 12.06.2008, the financial year relevant to month June, 2008 which ended on 31.03.2009. Hence, two years from the end of the financial year would be over of 31.03.2011
M/s. Sify Technologies Ltd. Versus The Income Tax Officer, International Taxaton-11 (1), Chennai
(2016) TaxCorp(LJ) 10776 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=50555&Category=ITAT&CategoryType=Zip
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S. 43B: Issue of debentures to fund the interest liability does not amount to “actual payment” of the interest so as to qualify for deduction under Explanation 3C to Section 43-B
CIT vs. M. M. Aqua Technologies Ltd
(2016) TaxCorp(LJ) 10770 (HC-DELHI) · Section 43B
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