-
ITAT - Since assessee was under bonafide belief that TDS was inapplicable and that assessee duly started deducting tax at source subsequent to the Bombay HC decision, benefit of doubt should be given to the assessee; no Sec. 40(a)(ia) disallowance for Stock-Exchange Transaction-Charges
DCIT vs Mehta Vakil and Co Pvt.Ltd
(2015) TaxCorp(LJ) 5772 (ITAT-MUMBAI) · Section 40(a)(ia)
-
ITAT - Stamp valuation u/s 50C is not relevant while computing WDV on sale of asset forming part of the block of assets ‘Building’.
Bhaidas Cursondas and Company vs ACIT
(2015) TaxCorp(LJ) 5761 (ITAT-MUMBAI) · Section 50C
-
ITAT - Mark-to-market loss on interest rate swap contracts is not a notional loss. Benefit against s. 40(a)(ia) disallowance conferred in Kotak Securities 340 ITR 333 (Bom) has to be extended to cases where ROI was filed pre-delivery of the verdict
IDBI Capital Market Services Ltd vs. DCIT
(2015) TaxCorp(LJ) 5749 (ITAT-MUMBAI) · Section 40(a)(ia)
-
ITAT - Though u/s 80-IA(5), the profits of the eligible unit has to be computed on the ‘stand alone’ principle, in a case where the assessee also has non-business income, the brought forward unabsorbed depreciation u/s. 32(2) has to be set off against the eligible profits before computing s. 80-IA deduction
Deepi Arora vs. ITO
(2015) TaxCorp(LJ) 5748 (ITAT-MUMBAI) · Section 80-IA(5)
-
ITAT - If assessee's plea about compulsion to pay/ receive loans in cash is not disputed, the violation of s. 269SS/269T is deemed to be bonafide and does not attract penalty
Chemfert Traders (Bombay) Pvt. Ltd vs. ACIT
(2015) TaxCorp(LJ) 5747 (ITAT-MUMBAI) · Sections 271D, 271E
-
ITAT - Applying commonsense approach, unclaimed liabilities becoming assessee’s own money are assessable as income even if not credited to P&L A/c
Genre Exports Private Limited vs. ITO
(2015) TaxCorp(LJ) 5746 (ITAT-MUMBAI)
-
ITAT - Simply the liabilities being reflected against certain names in the books of account would not establish the genuineness of liabilities. Failure to establish genuineness of old liabilities means that there is a remission/ cessation of such liabilities
Bharat Dana Bera vs. ITO
(2015) TaxCorp(LJ) 5745 (ITAT-MUMBAI) · Sections 41(1), 68
-
HC - Loss due to fraud & financial irregularities has to be allowed in the year of detection. The loss by embezzlement must be deemed to have occurred when the assessee came to know about the embezzlement and realized that the amount embezzled could not be recovered
ACIT vs. Boots Piramal Health Care Ltd
(2015) TaxCorp(LJ) 5744 (ITAT-MUMBAI) · Sections 29, 37(1)
-
ITAT - Interest on funds borrowed and extended as interest-free advances to subsidiaries being for commercial expediency is allowable as deduction.
Idea Cellular Ltd. vs. ACIT
(2015) TaxCorp(LJ) 5715 (ITAT-MUMBAI)
-
ITAT - The treatment given in the books of account is not a sole factor to determine the year in which land was converted into ‘stock-in-trade’ but series of events undertaken, facts and circumstances of the case which are very much relevant while considering the year in which “capital asset” is converted into “stock-in-trade”.
Mr. Fardeen Khan, (legal Heir of Late Mr. Feroz Khan) Versus Asstt. Commissioner of Income Tax
(2015) TaxCorp(LJ) 5702 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39959&Category=ITAT&CategoryType=Zip
-
ITAT - Payment made to erstwhile partners for purchase of land in excess of prevalent market rates was liable to be disallowed under section 40A(2)(b)
Kapil Ratan Associates v. Commissioner of Income-tax, -12, Mumbai
(2015) TaxCorp(LJ) 5691 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39953&Category=ITAT&CategoryType=Zip
-
ITAT - Reimbursements by assessee to its foreign JV partner against invoices from company providing debtor-collection services does not fall within the ambit of Royalties or FTS under the Act as well as under Article 13 of the India-USA Tax Treaty. Expense not disallowable u/s 40(a)(i).
DCIT vs. UPS Jetair Express Pvt. Ltd.
(2015) TaxCorp(LJ) 5659 (ITAT-MUMBAI) · Section 40(a)(i)
-
ITAT - Royalty paid to the assessee is not in pursuance of "an agreement” as contemplated u/s.115A(b)(AA), therefore, tax rate of 15% as given in India-USA DTAA is applicable.
Six Continents Hotels Inc vs. DDIT
(2015) TaxCorp(LJ) 5643 (ITAT-MUMBAI) · Section 115A
-
ITAT - CIT(A) not justified in passing ex-parte order in respect of penalty proceedings without allowing proper opportunity to the assessee to present its case
Nitco Tiles Ltd. vs DCIT
(2015) TaxCorp(LJ) 5642 (ITAT-MUMBAI)
-
ITAT- Land ceases to be a capital asset on date of application for conversion into N. A. land. Pursuant to amendment to s. 53A of TOP Act , non-registered development agreement does not result in transfer u/s 2(47)(v). Law in Chaturbhuj Dwarkadas Kapadia 260 ITR 461 (Bom) does not apply after amendment to s. 53A
Fardeen Khan vs. ACIT
(2015) TaxCorp(LJ) 5639 (ITAT-MUMBAI) · Section 2(47)(v)/(vi)
-
ITAT - Since investment in shares was fully financed out of sale proceeds of shares held as long term capital investment and not out of borrowed funds and income earned on sale of those shares was also offered as long term capital gains, no disallowance of interest expenditure by u/s 14A r/w rule 8D
Sanjay Kumar J. Poddar v. Assistant Commissioner of Income-tax, Circle 15 (1), Mumbai
(2015) TaxCorp(LJ) 5635 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39903&Category=ITAT&CategoryType=Zip
-
ITAT - Provisions of section 40(a)(ia) cannot be invoked for non deduction of tax by TPA service provided being a conduit between the insurer and hospital/ the insured. No TDS u/s 194J in respect of the said payment
Paramount Health Services (TPA) Pvt. Ltd. Versus Income tax Officer Range 7(1) (3)
(2015) TaxCorp(LJ) 5621 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=38209&Category=ITAT&CategoryType=Zip
-
ITAT - CIT was not justified in passing ex parte order without allowing proper opportunity of being heard to the assessee
Smt. Maltidevi Birbal Singh Vs. ITO
(2015) TaxCorp(LJ) 5561 (ITAT-MUMBAI)
-
ITAT - Assessee’s explanation regarding bona fides of claim did not suffer from any apparent in consistencies or factual errors and it was quite in line with human probabilities and market trends, therefore, there was no good reason to reject the explanation and proceed to initiate and levy of penalty u/s 271(1)(c)
Vipul Life Sciences Ltd. Mumbai Versus The Dy. Commissioner of Income Tax Mumbai
(2015) TaxCorp(LJ) 5554 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39783&Category=ITAT&CategoryType=Zip
-
ITAT - Share premium is an amount which could not be brought to tax by the revenue or independently, it is an item in the capital field, which otherwise would not be taxable u/s 56(1)
M/s Shreepati Infra Realty Ltd Versus The Income Tax Officer-5(3) (2), Aayakar Bhavan, Mumbai -400 020
(2015) TaxCorp(LJ) 5553 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39784&Category=ITAT&CategoryType=Zip
Headnote lines are open to everyone. The full headnote and the judgment text open with a subscription — see plans or sign in.