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ITAT - Neither the assessee nor the Revenue has the right to flout the decision of the Tribunal and being an officer functioning under the Government of India it is his obligation to follow the directions of the superior authority and even if there is consent he should not have collected the amount. Collection of tax during remand proceedings ignoring the order of Tribunal by the AO cannot be appreciated
Johnson & Johnson Ltd. Versus Additional Commissioner of Income-tax, LTU
(2015) TaxCorp(LJ) 4938 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7596&Category=INTLDecisions&CategoryType=Zip
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ITAT - The correct determination of receipts is a part of the duty of the AO and he cannot refuse to determine the correct receipts
Asstt. Director of Income Tax Versus M/s. Global Geophysical Services Ltd., C/o. Shilpi Agarwal & Co.
(2014) TaxCorp(LJ) 4930 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39206&Category=ITAT&CategoryType=Zip
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ITAT - Booking and cancellation of forward contract of foreign exchange were not in respect of specified export or import, transactions being speculative in nature benefit of proviso (a) of section 43(5) could not be allowed
Araska Diamond (P.) Ltd. v. Assistant Commissioner of Income-tax, 5 (1), Mumbai
(2014) TaxCorp(LJ) 4907 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=38404&Category=ITAT&CategoryType=Zip
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ITAT - TDS in itself does not mean that whole amount mentioned in it should be taxed in a particular year. Deduction of tax and completion of assessment are two different things while finalizing tax liability of assessee
Deputy Commissioner of Income-tax, C-11 v. Rajeev G. Kalathil
(2014) TaxCorp(LJ) 4899 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=37809&Category=ITAT&CategoryType=Zip
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ITAT - Unless the decision of Marilyn Shipping & Transport is reversed by the Court, it is binding on all the benches of the Tribunal. Judicial discipline mandates that the decision of the special bench has to be followed by other benches
Income Tax Officer Vs. Smt. Zeenat N. Shaik
(2014) TaxCorp(LJ) 4891 (ITAT-MUMBAI)
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ITAT - Rejection of books of account and estimation of profit cannot be made without pointing out the defects
ITO. Vs. M/s Royal Health Care Pvt. Ltd.
(2014) TaxCorp(LJ) 4890 (ITAT-MUMBAI)
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ITAT - 'Depository charges' paid to Stock Exchange in the absence of the amount 'payable' at year end does not attract provisions of Sec 40(a)(ia)
Arcadia Share & Stock Brokers Pvt. Ltd. Vs. DCIT
(2014) TaxCorp(LJ) 4881 (ITAT-MUMBAI) · Section. 40(a)(ia)
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ITAT - Setting off carry forward business losses now depends on the finality of the addition made by Assessing Officer u/s 14A. The allowability of setting off the carry forward business losses depends upon the total income as per the outcome of the appeal
M/s. Ravian International (P) Ltd. (Now merged with M/s. Phulchand Exports (P) Ltd.) Versus Income Tax Officer
(2014) TaxCorp(LJ) 4873 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39146&Category=ITAT&CategoryType=Zip
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ITAT - Even if the arm’s length interest adopted as 5.71% which is LIBOR + 2.5%, the assessee’s interest charged to the AE at the rate of 10% is more than the arm’s length interest rate and accordingly no adjustment on account of arm’s length of interest is warranted
VIP. Industries Ltd. Versus Addl. Commissioner of Income Tax
(2014) TaxCorp(LJ) 4872 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39147&Category=ITAT&CategoryType=Zip
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ITAT - Mere selling of goods at low margin cannot be made the reason for rejection of books of accounts when no defect was pointed by the AO
Yes Power and Infrastructure Pvt. Ltd. (formerly Yamuna Engineers and Suppliers Limited) Versus Income Tax Officer
(2014) TaxCorp(LJ) 4862 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39137&Category=ITAT&CategoryType=Zip
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ITAT - Expenses incurred prior to setting up of Plant and machinery are capital in nature and cannot be allowed
M/s Essar Steel Limited Versus ADCIT-5(1), Mumbai-400 020
(2014) TaxCorp(LJ) 4860 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=38129&Category=ITAT&CategoryType=Zip
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ITAT - Employee secondment by assessee to its India subsidiary creates service PE. Any cost incurred has to be allowed as deduction. Since salary is a cost to the assessee the same is to be allowed
Morgan Stanley International Incorporated vs DDIT
(2014) TaxCorp(LJ) 4850 (ITAT-MUMBAI)
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S. 40(a)(ia): Merilyn Shipping 146 TTJ 1 (Vizag) has binding effect in view of the SLP dismissal & the clarification in Janapriya Engineers (AP HC) and so amounts already paid during the year cannot be disallowed
Arcadia Share & Stock Brokers Pvt. Ltd vs. DCIT
(2014) TaxCorp(LJ) 4829 (ITAT-MUMBAI) · Section 40(a)(ia)
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ITAT - Seized paper indicates assessee was receiving on-money in the ordinary course of its business. Even the unaccounted expenditures are also reflected in the seized papers. A reasonable profit should be taxed which is embedded in the total unaccounted gross receipts
M/s. Platinum Properties Versus The DCIT, Central Circle-1, Mumbai
(2014) TaxCorp(LJ) 4826 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39072&Category=ITAT&CategoryType=Zip
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ITAT - if the method of accounting followed by the assessee is in contravention to the notified accounting standards, the provisions of Sec. 145 will prevail. As there is no doubt that the assessee has been consistently following accounting standard-7, the method followed by the assessee has to be accepted
M/s. International Metro Civi l Contractors Versus The ACIT
(2014) TaxCorp(LJ) 4823 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7516&Category=INTLDecisions&CategoryType=Zip
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ITAT - No TDS u/s 194C or 194J on freight, seal wire, warehouse charges paid by CHA on reimbursement basis on behalf of its client
ITO vs. Universal Traffic Co
(2014) TaxCorp(LJ) 4814 (ITAT-MUMBAI)
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ITAT - Amount paid by the assessee to the Customs Authorities in terms of order was in the nature of redemption fine and not penalty and accordingly the same was allowable as business expenditure which enhances the cost of goods
M/s M.P.Gupta V/s. ITO
(2014) TaxCorp(LJ) 4803 (ITAT-MUMBAI)
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ITAT - The so called "job work" or "receipt of labour charges" can only be categorized as colourable device to create an impression that the assessee has continued to carry on the business
DCIT vs Sameera Electronics Pvt Ltd.
(2014) TaxCorp(LJ) 4786 (ITAT-MUMBAI)
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ITAT - Shah Rukh Khan's loan to wife not to evade tax
Shah Rukh Khan vs. ACWT
(2014) TaxCorp(LJ) 4783 (ITAT-MUMBAI)
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ITAT - Trial run expenses incurred prior to setting up of plant and machinery and laid out for bringing a new asset into existence expenditure is capital in nature
Essar Steel Ltd. v. ADCIT, 5(1), Mumbai
(2014) TaxCorp(LJ) 4766 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=38129&Category=ITAT&CategoryType=Zip
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