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ITAT - Since allegations by CIT that the funds were siphoned off for the purpose other than the activities to achieve the objects of the assessee Society not proved, cancellation of registration is not proper.
M/s Uttrakhand Uthan Samiti Versus Principal Commissioner of Income Tax, Central, Kanpur
(2016) TaxCorp(LJ) 11008 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=51094&Category=ITAT&CategoryType=Zip
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S. 37(1): Foreign exchange fluctuation loss arising consequent to restatement of current liabilities as per the year end rates in accordance with Accounting Standard-11 (AS-11) is allowable as a deduction
Silicon Graphics Systems (India) Pvt. Ltd vs. DCIT
(2016) TaxCorp(LJ) 11002 (ITAT-DELHI) · Section 37(1)
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Transfer Pricing: Whether a transaction is entered into at an Arm’s Length Price or not must depend upon the facts of each case relating to the transaction per-se. The fact that the transaction has not yielded results or has resulted in a loss is irrelevant
Knorr-Bremse India Pvt. Ltd., vs. ACIT
(2016) TaxCorp(LJ) 11001 (ITAT-DELHI)
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Compensation for breach of promise to provide land to the assessee is not compensation for loss of profits but is for injury caused to the profit making apparatus. Such compensation is a capital receipt not chargeable to tax
Aerens Developers and Engineers Ltd vs. ACIT
(2016) TaxCorp(LJ) 10998 (ITAT-DELHI)
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ITAT - Assessee’s appeal ‘withdrawn’ on the ground that assessee was going to disclose income under the IDS 2016.
Praveen Kumar Mittal vs. ITO
(2016) TaxCorp(LJ) 10988 (ITAT-DELHI)
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ITAT - Without using the services of the directors, the key decisions of the business cannot be taken. Therefore, it is essential to give remuneration as per Rules and Regulations of the company. Therefore, expenditure is allowable as business expenditure.
Rangoli Projects Pvt. Ltd. Versus Income-tax Officer, Ward 15 (2), New Delhi.
(2016) TaxCorp(LJ) 10985 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=51058&Category=ITAT&CategoryType=Zip
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ITAT - Joint ownership of house with the wife. Assessee (husband) claimed that the installments towards the repayment of the loan taken from bank for purchase of the property were paid by him only not by his wife. Claim on account of loss from house property allowed.
Sh. Ankit Mittal Versus Income Tax Officer, Ward-11 (1), Gurgaon
(2016) TaxCorp(LJ) 10984 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=51059&Category=ITAT&CategoryType=Zip
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ITAT - TDS u/s 195 not applicable on payment to an Israel company under annual maintenance contract as the same not taxable in India.
ACIT. vs. HCL Comnet Ltd.
(2016) TaxCorp(LJ) 10920 (ITAT-DELHI)
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ITAT - As per FOB/FCA delivery terms, title passed ‘outside India’, therefore ‘Offshore supplies’ not taxable in India.
Ion Geophysical Corporation Vs. DCIT
(2016) TaxCorp(LJ) 10919 (ITAT-DELHI)
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ITAT - receipts from the pathological laboratory have to be considered as business receipts, as for earning professional receipts holding of a professional qualification would be sine qua non. Since gross receipts were only 42 lakhs, penalty u/s 271B quashed.
Sushila Sharma Versus Income-Tax Officer
(2016) TaxCorp(LJ) 10918 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=50475&Category=ITAT&CategoryType=Zip
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ITAT - Merely because profits have resulted from the activities of imparting education, it would not result in change of character of the education that it was solely for educational purpose. Exemption allowable under section 11 & 12.
Society for Participatory Research in Asia Versus Income Tax Officer (E) , Trust Ward-III, New Delhi
(2016) TaxCorp(LJ) 10915 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=50558&Category=ITAT&CategoryType=Zip
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ITAT - In the case of amalgamation, the assessment must be made on the successor i.e. the amalgamated company and not on the predecessor i.e. amalgamating company.
Maruti Suzuki India Ltd. Versus Dy. Commissioner of Income Tax, Circle-16 (1), New Delhi
(2016) TaxCorp(LJ) 10912 (ITAT-DELHI) · http://taxcorp.in/FileOpenINTL.aspx?ID=10631&Category=INTLDecisions&CategoryType=Zip
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ITAT - Mark up of managerial services post incorporation - There can be no mark-up on reimbursement of expenses incurred by the assessee prior to incorporation.
New Delhi Television Ltd. Versus ACIT, Circle 13 (1), New Delhi and Dy. CIT, Circle 13 (1) New Delhi
(2016) TaxCorp(LJ) 10911 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=50895&Category=ITAT&CategoryType=Zip
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Transfer Pricing: The TPO is required to be consistent in matters relating to selection of comparables. If a comparable has been included or rejected in an earlier year, he is not entitled to take a different view in a later year if there is no change in circumstances
Hyundai Rotem Company vs. ACIT
(2016) TaxCorp(LJ) 10891 (ITAT-DELHI)
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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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ITAT - On failure of the assessee to discharge its onus in respect of the credit received in the form of share capital from the parties, Addition u/s 68 confirmed.
M/s. M.K. Cycle Industries Pvt. Ltd. Versus ITO, Ward – 6 (1), New Delhi
(2016) TaxCorp(LJ) 10745 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=50469&Category=ITAT&CategoryType=Zip
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ITAT - Cash credit - Peak Credit Theory - Bogus purchase - The supplier parties to whom cheque payments were made for purchases booked in books of account, returns the corresponding cash back to the assessee after deducting certain commission, and this cash is available for making subsequent cash purchases. In such circumstances, only the peak of the unexplained cash utilized in cash purchases can be added to the income of the assessee.
Deputy Commissioner of Income Tax, Circle-7 (1) , New Delhi Versus M/s. S.B. Medicare Pvt. Ltd.
(2016) TaxCorp(LJ) 10676 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=50277&Category=ITAT&CategoryType=Zip
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ITAT - Where assessee immediately offered to rectify the mistake on detection, levy of penalty u/s 271(1) (c) not valid. Merely submitting an incorrect claim in law for the expenditure would not amount to furnishing inaccurate particulars of income.
Hewitt Associates (India) Pvt. Ltd. Versus DCIT, Circle 12 (1), New Delhi
(2016) TaxCorp(LJ) 10658 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=50231&Category=ITAT&CategoryType=Zip
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ITAT - Assessment order passed by AO on a defunct company was non est in the eyes of law.
VGB Investments Pvt. Ltd. Versus ITO Ward-17 (1), New Delhi.
(2016) TaxCorp(LJ) 10657 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=50232&Category=ITAT&CategoryType=Zip
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An assessment made u/s 153A only on the basis of pre-search enquiries and because the parties did not appear in response to s. 133(6) summons is not valid if no incriminating material was found in search. A s. 143(1) Intimation is deemed to be a completed assessment if no notice u/s 143 (2) has been issued prior to the date of search. The ratio of CIT vs. Kabul Chawla 380 ITR 173 (Del) has to be understood by perusing the judgment in entirety and not by picking up the favourable sentences and by ignoring the unfavourable ones
Jaipuria Infrastructure Developers vs. ACIT
(2016) TaxCorp(LJ) 10652 (ITAT-DELHI) · Sections 153A, 133(6), 143(1)
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