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ITAT - Where entire ‘reasons recorded’ for reassessment proceedings initiated by AO are purely in the realm of surmises”, the same needs to be quashed.
Popley Diamond and Gold Plaza Pvt. Ltd. vs. DCIT
(2015) TaxCorp(LJ) 8472 (ITAT-MUMBAI)
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S. 271(1)(c): Claim that interest income is eligible for s. 10B exemption, though upheld by the ITAT for an earlier year, is so implausible that it attracts penalty for concealment/ furnishing inaccurate particulars of income
DCIT vs. Cybertech Systems & Software P. Ltd
(2015) TaxCorp(LJ) 8463 (ITAT-MUMBAI) · Section 271(1)(c)
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(i) DR can only support the AO's order and cannot set up an altogether new case before the ITAT, (ii) Loss on sale of shares, even if a speculation loss, can be set-off against the gains on sale of shares
DCIT vs. Envision Investment & Finance Pvt. Ltd
(2015) TaxCorp(LJ) 8423 (ITAT-MUMBAI)
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Bogus sales and purchases: Reliance on statement of supplier who confesses to providing accommodation entries without giving assessee right of cross-examination violates principles of natural justice and the addition has to be deleted in toto
ACIT vs. Tristar Jewellery Exports Pvt. Ltd
(2015) TaxCorp(LJ) 8383 (ITAT-MUMBAI)
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Bogus purchases: Manner of computing profits in the case of bogus purchases by an assessee who is not a dealer in the goods but has consumed the goods in his business explained
Shoreline Hotel Pvt. Ltd vs. CIT
(2015) TaxCorp(LJ) 7278 (ITAT-MUMBAI)
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S. 271D penalty: The limitation period has to be computed from the date of issue of the show-cause notice by the AO. Penalty should not be levied if circumstances show no intention to contravene the law
Parin K. Rajwani vs. JCIT
(2015) TaxCorp(LJ) 7277 (ITAT-MUMBAI) · Section 271D
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S. 132(4A) presumption does not apply to loose papers found in some other person's possession. While the AO can make a protective assessment, the appellate authority cannot confirm a protective order. It has to either make it substantive or quash it
Ketan V. Shah vs. ACIT (ITAT Mumbai)
(2015) TaxCorp(LJ) 7275 (ITAT-MUMBAI) · Section 132(4A)
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S. 282: Law on validity of service of notices by "Speed Post" instead of "Registered Post A/D" explained
Color Craft vs. ITO
(2015) TaxCorp(LJ) 7274 (ITAT-MUMBAI) · Section 282
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Transfer Pricing: Important principles on benchmarking transactions of advances/ credit period tp AEs reiterated
Tecnimont ICB House vs. DCIT
(2015) TaxCorp(LJ) 7245 (ITAT-MUMBAI)
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ITAT - Amount received by assessee (an individual) under the family settlement cannot be assessed under the head “capital gains”.
Urmila Mahesh Nathani vs. ITO
(2015) TaxCorp(LJ) 7207 (ITAT-MUMBAI)
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S. 54: Booking a flat which is going to be constructed by the builder is a case of “construction” of the flat. If the flat is booked prior to the date of transfer of the old flat, deduction u/s 54 is not available. The date of receiving possession of the new flat cannot be regarded as the date of “purchase” of the new flat
ACIT vs. Sagar Nitin Parikh
(2015) TaxCorp(LJ) 7203 (ITAT-MUMBAI) · Section 54
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ITAT - Payment for transfer of exclusive technology alongwith IP is liable to tax as royalty / fees for technical services under IT Act as well as India-UK DTAA. TDS applicable.
Bajaj Holdings & Investments Ltd. vs. ADIT
(2015) TaxCorp(LJ) 7167 (ITAT-MUMBAI)
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ITAT - No addition can be made u/s 2(22)(e) when assessee is neither a registered shareholder nor a beneficial shareholder.
Satellite Cable TV Network Pvt. Ltd. Vs. ITO
(2015) TaxCorp(LJ) 7154 (ITAT-MUMBAI) · Section. 2(22)(e)
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ITAT - Loss in pension fund is liable to be excluded from the actual income of the insurance business.
Birla Sunlife Insurance Compnay Ltd. Vs. JCIT
(2015) TaxCorp(LJ) 7153 (ITAT-MUMBAI)
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ITAT - Old liabilities, even if treated as genuine in earlier years and even if on capital account, are liable to be assessed as "income" u/s 56(2)/ 68, in year of write-back if assessee is unable to provide confirmations and substantiate genuineness of liabilities.
Panna S. Khatau vs. ITO
(2015) TaxCorp(LJ) 7122 (ITAT-MUMBAI) · Sections 56(2), 68
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ITAT - Investment by assessee-builder in a joint-venture-AOP is not within the scope of Sec 14A disallowance while calculating average value of investment.
Ashish Estate & properties vs. DCIT
(2015) TaxCorp(LJ) 7068 (ITAT-MUMBAI) · Section. 14A
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ITAT - Reassessment based on revised Tax Audit Report, not available at the time of original assessment is valid.
ACC Limited vs. ACIT
(2015) TaxCorp(LJ) 7067 (ITAT-MUMBAI)
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ITAT - Interest free loan given by the assessee society to another society with identical object cannot be treated as “investment” or “deposit” in which event there is no violation of section 13(1)(d) row’s. 11(5).
St Joseph’s Technical school Vs. Asst. DIT(E)
(2015) TaxCorp(LJ) 7065 (ITAT-MUMBAI) · Section. 11
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ITAT - Disallowance cannot be made by AO under Section 14A read with Rule 8D(2)(iii) without recording any satisfaction to the effect that the disallowance u/s 14A as computed by assessee was incorrect.
Stock Holding Corporation of India Ltd.
(2015) TaxCorp(LJ) 7063 (ITAT-MUMBAI) · Section 14A
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ITAT - Mere Entries found in third party books are not enough to make addition in the hands of the Assessee.
Income tax Officer vs. Shri Harsharansingh Dharni
(2015) TaxCorp(LJ) 7037 (ITAT-MUMBAI)
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