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HC - Reassessment initiated beyond four years based on audit objections is not valid. Instruction of CBDT cannot override statutory powers to be exercised by an AO in terms of sec. 147
SUN PHARMACEUTICAL INDUSTRIES LTD. Vs DEPUTY COMMISSIONER OF INCOME TAX
(2016) TaxCorp(LJ) 9791 (HC-DELHI) · Section 119
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Tribunal is correct in extending the benefit of Section 32(1)(iia) of the Act to the next assessment year when the income tax Act does not provide for such carryover.
CIT VS. RITTAL INDIA PVT. LTD
(2016) TaxCorp(LJ) 9789 (HC-KARNATAKA)
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SC - Though HC in exercise of its reference jurisdiction cannot review findings of fact arrived at by ITAT by way of re-appreciation and reappraisal of evidence on record, but empowered to re-appraise existing facts not considered by ITAT.
M/S GANAPATHY & CO., Vs THE COMMISSIONER, INCOME TAX
(2016) TaxCorp(LJ) 9788 (SC)
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S. 268A: Though the low tax effect circular No. 21/2015 dated 10.12.2015 does not refer to references filed u/s 256(1), it has to be held to apply to references as well in view of the objective of the CBDT to focus only on large tax effect matters
CIT vs. Sunny Sounds P. Ltd
(2016) TaxCorp(LJ) 9786 (HC-BOMBAY) · Section 268A
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Entire law on accountability of public officials for acts of omission and commission explained. Customs officials directed to pay costs of Rs. 14 lakh + interest @ 9% p.a. from personal account & to face disciplinary action for “high-handedness”, arbitrariness” and seeking to “hoodwink” Court
M/s Overseas Enterprises vs. UOI
(2016) TaxCorp(LJ) 9785 (HC-PATNA)
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S. 50C: The stamp duty value on the date of agreement & not date of sale deed has to be taken. The nature of the property on the date of agreement has to be considered. Q whether proviso to s. 56(2)(vii)(b) is curative and retrospective left open
Mohd. Imran Baig vs. ITO
(2016) TaxCorp(LJ) 9784 (ITAT-HYDERABAD) · Section 50C
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Bogus Sales/ Purchases: Addition solely on the basis of information received from the sales-tax department is not sustainable. Suspicion of the highest degree cannot take the place of evidence
Hiralal Chunilal Jain vs. ITO
(2016) TaxCorp(LJ) 9783 (ITAT-MUMBAI)
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ITAT - Interest income earned on bank deposit during the pre-commencement period, assessable as income from other sources and not business income.
NIKO (Neco) Ltd. Vs DDIT (International Taxation)-4, Mumbai
(2016) TaxCorp(LJ) 9782 (ITAT-MUMBAI)
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HC - Set off and carry forward of business losses u/s 79 not available where there was change in beneficial ownership of shares as predecessor and successor companies were distinct entities.
Yum Restaurants (I) Pvt. Ltd. vs. ITO
(2016) TaxCorp(LJ) 9781 (HC-DELHI) · Section 79
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HC - Nature of expenses incurred in foreign exchange by assessee while claiming Sec 10A exemption to be examined by Tribunal afresh.
CIT vs. Hewlett Packard Global Soft Ltd.
(2016) TaxCorp(LJ) 9780 (HC-KARNATAKA) · Section 10A
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SC - Depreciation claim to be disallowed being 'sham' on machinery purchased from Andhra Pradesh State Electricity Board and then leased back.
Avasarala Technologies Ltd. vs JCIT
(2016) TaxCorp(LJ) 9779 (SC)
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ITAT - Law laid down law on exclusion of period in computing interest on refund u/s 244A.
DBS Bank Limited vs. DDIT
(2016) TaxCorp(LJ) 9778 (ITAT-MUMBAI) · Section 244A
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ITAT - Penalty u/s 271(1)(c) upheld on assessee for making false depreciation claim on ‘bogus’ sale and lease back transactions.
ICICI Bank Ltd. (erstwhile Bank of Madura Ltd.) vs. ACIT
(2016) TaxCorp(LJ) 9777 (ITAT-CHENNAI)
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HC - No powers to Settlement Commission to direct conduct of special audit u/s 142(2A) during the course of settlement proceedings.
Agson Global Pvt Ltd & Ors vs. Income Tax Settlement Commission And Ors
(2016) TaxCorp(LJ) 9760 (HC-DELHI) · Section 142(2A)
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ITAT - There was agreement / arrangement between the sister concerns to arrange their business in such a way that the assessee firm could get maximum profit and claim the same as deduction u/s 80IC of the Act.
M.K. Auto Clutch Industries vs ACIT
(2016) TaxCorp(LJ) 9759 (ITAT-CHANDIGARH) · Section 80IA(10)
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HC - Non inclusion of others in the exclusionary Section 95(iii) of the KVSS 1998 will not render the classification done by the parliament as arbitrary or violative of Article 14 of the Constitution of India.
Amit Hemendra Jhaveri vs. Union of India, CIT
(2016) TaxCorp(LJ) 9758 (HC-BOMBAY)
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HC - In cases where a statutory demand is raised, an Assessee would be entitled to claim deduction in respect of the same, though subsequently held unconstitutional.
Dalmia Cement (Bharat) Ltd vs. CIT
(2016) TaxCorp(LJ) 9757 (HC-DELHI)
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ITAT - Though land was classified as agricultural in revenue records and Village Panchayat certified, surrounding circumstances outweigh government record. Accordingly land cannot be treated as ‘agricultural land’.
ITO vs. Aboobucker
(2016) TaxCorp(LJ) 9756 (ITAT-CHENNAI)
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ITAT - No TDS u/s 194I on development charges paid by lessee towards allotment of industrial plot on lease basis for 99 years.
Gupta Fabtex Pvt. Ltd. vs DCIT
(2016) TaxCorp(LJ) 9755 (ITAT-JAIPUR) · Section 194I
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HC - No TDS u/s 194J on payment for 'technical data' purchase as the same isnot FTS.
CIT (TDS) vs. Heramec Ltd.
(2016) TaxCorp(LJ) 9754 (HC-AP) · Section 194J
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