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HC - Levying interest u/s 234B directly in the notice of demand u/s 156, without mentioning about the charge in assessment order is valid.
ACIT. vs. Norma Detergent Pvt Ltd.
(2016) TaxCorp(LJ) 9965 (HC-GUJARAT) · Section. 234B
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HC - For purpose of Sec 74, deemed STCG u/s 50 continues to be long term capital gain. Set off against long term loss allowed.
CIT. vs. Parrys(Eastern) Pvt. Ltd.
(2016) TaxCorp(LJ) 9964 (HC-BOMBAY) · Section. 50
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HC - Without passing draft assessment order as mandated by DRP provisions u/s 144C(1), final assessment order is invalid.
International Air Transport Association vs. DCIT
(2016) TaxCorp(LJ) 9963 (HC-BOMBAY)
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S. 271(1)(c): Penalty is not leviable on income declared during survey and offered in return. Law laid down in Mak Data 358 ITR 593 (SC) is distinguishable on facts and not universally applicable. A mere change of head of income does not attract penalty
CIT. vs. Hiralal Doshi
(2016) TaxCorp(LJ) 9962 (HC-BOMBAY) · Section. 271(1)(c)
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S. 271(1)(c): Penalty cannot be levied on all issues in a "wholesale" manner. The AO has to give findings for each issue separately. He has to apply mind meticulously and carefully for each issue separately and establish precisely whether there was concealment of income or furnishing of inaccurate particulars of income. The Assessee cannot be fastened with the liability of penalty without there being a clear or specific charge. Fixing a charge in a vague and casual manner is not permitted under the law. Fixing twin charges is also not permitted under the law
Mangalam Drugs & Organics Ltd. vs. DCIT
(2016) TaxCorp(LJ) 9961 (ITAT-MUMBAI) · Section. 271(1)(c)
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S. 147: Reopening of assessment is not permissible in the absence of "fresh tangible material". Entire law on the subject reiterated
Golden Tobacco Limited vs. DCIT
(2016) TaxCorp(LJ) 9960 (ITAT-MUMBAI) · Section. 147
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SC - Non-disposal of registration application within 6 months timeline as stipulated u/s 12AA(2) shall result in “deemed grant of registration".
CIT. vs. Society for the Promotion of Education Adventure Sport & Conservation of Environment
(2016) TaxCorp(LJ) 9959 (SC) · Section. 12AA
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S. 12AA: Non disposal of an application for registration before the expiry of six months as provided u/s 12AA (2) results in deemed grant of registration
CIT vs. Society For The Promotion Of Education, Adventure Sport & Conservation Of Environment
(2016) TaxCorp(LJ) 9958 (SC) · Section 12AA
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S. 147: The reopening of the assessment is not valid if the reasons recorded are incoherent and do not indicate what the basis for reopening is
Sabharwal Properties Industries Pvt. Ltd vs. ITO
(2016) TaxCorp(LJ) 9957 (HC-DELHI) · Section 147
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S. 37(1): Expenditure in respect of a project which did not materialize has to be treated as revenue expenditure as not capital asset comes into existence
CIT vs. Manganese Ore India Limited
(2016) TaxCorp(LJ) 9956 (HC-BOMBAY) · Section 37(1)
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S. 147: Law laid down in DCIT vs. Zuari Estate Development and Investment Co 373 ITR 661 does not mean that in cases where no assessment order is passed and assessment is completed by Intimation u/s 143(1), the sine qua non to show that there is "reason to believe that income chargeable to tax has escaped assessment" is not required. It is open to the assessee to challenge a notice issued u/s 148 as being without jurisdiction for absence of reason to believe even in case where the assessment has been completed earlier by Intimation u/s 143(1) of the Act
Khubchandani Healthparks Pvt. Ltd vs. ITO
(2016) TaxCorp(LJ) 9955 (HC-BOMBAY) · Sections 147, 148, 143(1)
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HC - Control and management of the companies was with their auditor based in Delh and hence these companies were resident in India.
CIT. vs. Mansarovar Commercial P Ltd.
(2016) TaxCorp(LJ) 9954 (HC-DELHI)
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HC - It is still open for assessee to challenge Sec 148 notice where assessment was concluded u/s 143(1).
Khubchandani Healthparks Pvt. Ltd. vs. ITO
(2016) TaxCorp(LJ) 9953 (HC-BOMBAY) · Section. 143(1)
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ITAT - Amendment by Finance Act, 2015 to Sec 2(24)(xviii), not retrospective in nature. Subsidy received by assessee under the Government's Quality Upgradation and Product Diversification Scheme is revenue in nature.
Limtex Tea & Industries Ltd. vs. ACIT
(2016) TaxCorp(LJ) 9952 (ITAT-KOLKATA)
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ITAT - As AO obtained approval from CWT prior to recording of ‘reasons’, notice for reassessment was illegal and invalid.
Export Credit Guarantee Corporation of India Ltd. vs. ACWT
(2016) TaxCorp(LJ) 9951 (ITAT-MUMBAI)
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ITAT - In view of instructions of CBDT Circular No. 21/2015, dated 10-12-2015, revenue's appeal denied as tax effect was below monetary limit.
Income Tax Officer, Ward 2(3), Sangli v. Pallavi Satish Patil
(2016) TaxCorp(LJ) 9950 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=46357&Category=ITAT&CategoryType=Zip
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HC - AO has no powers to embark upon a fresh enquiry to question audited books of assessee while computing book profits under sec. 115JB.
Sri Hariram Hotels (P.) Ltd. v. Commissioner of Income-tax-(III), Bangalore
(2016) TaxCorp(LJ) 9947 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=62546&Category=Judgment&CategoryType=Zip
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HC - 54F nowhere envisages that sale consideration from original capital asset is mandatorily required to be utilized for purposes of cost of new asset.
Commissioner of Income-tax, Faridabad v. Kapil Kumar Agarwal
(2016) TaxCorp(LJ) 9944 (HC-P&H) · http://taxcorp.in/FileOpenDT.aspx?ID=62501&Category=Judgment&CategoryType=Zip
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HC - No penalty u/s 271(1)(c) upon disallowance of assessee’s claim of financial expenses details of which were disclosed in the return of income.
Safina Hotels Private Limited vs. CIT
(2016) TaxCorp(LJ) 9941 (HC-KARNATAKA) · Section. 271(1)(c)
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ITAT - No TDS u/s 195 on payments made to non-resident for training conducted outside India.
Holcim Services South Asia Limited vs. DCIT
(2016) TaxCorp(LJ) 9940 (ITAT-MUMBAI) · Sections. 40(a)(i), 195
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