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S. 69C Bogus Purchases: Though S. 133(6) notices were returned unserved and the assessee could not produce the alleged bogus hawala suppliers, the entire purchases cannot be added as undisclosed income. The addition has to be restricted by estimating Gross Profit ratio on the purchases from the alleged accommodation entry providers
Ashwin Purshotam Bajaj vs. ITO
(2016) TaxCorp(LJ) 11779 (ITAT-MUMBAI) · Section 69C
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ITAT - Though the claim of expenses made by the assessee has been found to be not sustainable by the AO, but without bringing anything on record to show whether any inaccurate particulars were filed by the assessee or if any concealment was done by the assessee. No penalty u/s 271(1)(c).
ALD Automotive Pvt. Ltd. Versus DCIT Circle 3 (1), Mumbai
(2017) TaxCorp(LJ) 11777 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=53794&Category=ITAT&CategoryType=Zip
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ITAT - Claim for deduction paid upon cancellation of Joint Venture Agreement to be allowed as the compensation was paid in the course of carrying on his commercial activities and the same would go to increase the value of stock in trade.
Shri Sanjay J. Ahuja Versus The Income Tax Officer 19 (3) (4), Mumbai
(2017) TaxCorp(LJ) 11776 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=53797&Category=ITAT&CategoryType=Zip
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ITAT - Both the transactions i.e. the transactions in the derivative and transactions in the cash segment can be treated as speculative transactions as per explanation to section 73 and hence the profit or loss against both the segments can be adjusted or set off against each other.
M/s. J.M. Financial Services Ltd. (Formerly JM Financial Services Pvt. Ltd.) Versus The Joint Commissioner of Income-tax (OSD) -4 (3), Mumbai, Dy. Commissioner of Incometax-4 (3), Mumbai
(2017) TaxCorp(LJ) 11775 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=53799&Category=ITAT&CategoryType=Zip
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ITAT - Derivative-future segment loss set-off to be allowed against delivery-based cash segment to share dealer.
J. M. Financial Services Ltd. vs. JCIT
(2016) TaxCorp(LJ) 11772 (ITAT-MUMBAI)
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ITAT - When same credit period beyond 365 days was offered to AE and non-AE, no addition u/s 92C.
Shrenuj Gems & Jewellery Ltd. v. Income-tax Officer, 8(3)(1), Mumbai
(2016) TaxCorp(LJ) 11768 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=10980&Category=INTLDecisions&CategoryType=Zip
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ITAT - Since issue relating to invoking of section 40(a)(ia) was not before the AO at all, therefore it was imperative for the CIT(A) to have issued an appropriate notice to the assessee as per section 251(2).
Mobile 2 Win India Private Limited Versus The Dy. Commissioner of Income Tax, 5 (2), Mumbai
(2016) TaxCorp(LJ) 11767 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=53783&Category=ITAT&CategoryType=Zip
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ITAT - Since the assessee has not earned any dividend income and the investments were made only as a strategic investment in wholly owned subsidiary companies no disallowance under section 14A is attracted.
M/s. Dish TV India Ltd. Versus Asst. Commissioner of Income Tax, Circle-6 (1), [Present charge Asst. Com. Of Income Tax, Circle 16 (1) ]
(2016) TaxCorp(LJ) 11766 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=53784&Category=ITAT&CategoryType=Zip
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ITAT - Exemption u/s 10B has to be allowed from the total income before set off of brought forward losses and depreciation.
Asstt. Commissioner of Income Tax – Circle 1, Kalyan Versus M/s ASB International Pvt. Ltd.
(2016) TaxCorp(LJ) 11765 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=53790&Category=ITAT&CategoryType=Zip
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ITAT - No TDS u/s 195 as payment made to HRD does not constitutes “fees for technical services” under India-Belgium DTAA.
ACIT-16 (3), Mumbai Versus M/s. D.A. Jhaveri
(2016) TaxCorp(LJ) 11760 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=53680&Category=ITAT&CategoryType=Zip
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ITAT - Sec 14A is applicable in respect of strategic investment made by assessee (a cooperative bank) in its subsidiary company.
DCIT. Vs. The Saraswat Co-operative Bank Limited
(2016) TaxCorp(LJ) 11755 (ITAT-MUMBAI) · Section. 14A
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ITAT - No TDS u/s 194J on payments made by a bulk SMS provider to domestic telecom operator towards connectivity charges.
Gupshup Technology India Pvt Ltd. Vs. DCIT(TDS)
(2016) TaxCorp(LJ) 11747 (ITAT-MUMBAI) · Section. 194J
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ITAT - No TDS u/s 195 on availing transponder facility as revenue cannot hold same payment in the nature of ‘royalty’ and at same time would be reckoned as ‘FTS’ also.
United Home Entertainment Pvt Ltd Versus ADIT (IT) -2 (2), Mumbai
(2016) TaxCorp(LJ) 11744 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=53687&Category=ITAT&CategoryType=Zip
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ITAT - Expenditure incurred on wire mesh fitted on the buses plied by assessee for the school children is of revenue in nature as there is no enduring benefit to the assessee.
M/s. Springbird Educations Pvt. Ltd. Versus ITO, Ward-4 (3) (4), Mumbai
(2016) TaxCorp(LJ) 11743 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=53688&Category=ITAT&CategoryType=Zip
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ITAT - No TDS u/s 194I on payment to CIDCO as lease premium because the payment is for acquisition of land rights and the same is to be reckoned as capital expenditure.
The Income Tax Officer (TDS) Versus M/s. BKS Galaxy Realtors Pvt. Ltd.
(2016) TaxCorp(LJ) 11742 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=53690&Category=ITAT&CategoryType=Zip
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ITAT - Loss incurred by assessee who is dealing in securities, on sale of securities, is a business loss.
Shri Bhupendra C. Dalal Vs. DCIT
(2016) TaxCorp(LJ) 11724 (ITAT-MUMBAI)
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ITAT - Revenue earned on sale of ERP software by a Netherlands based company from Indian customers is assessable as business profits and not royalty under Article 12(4) of India-Netherlands DTAA.
Qad Europe B.V. Vs. The Dy. Director of Income-tax
(2016) TaxCorp(LJ) 11721 (ITAT-MUMBAI)
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ITAT - No penalty levied u/s 271(1)(c) on undervaluation of value of closing stock of diamond by applying average rates. The closing stock of this assessment year would become the opening stock of the next year and ultimately it has got no effect on the taxes payable to Revenue.
M/s Essjay Enterprises Versus The Asstt. Commissioner of Income Tax – Central Circle – 18 & 19, Mumbai
(2016) TaxCorp(LJ) 11718 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=53673&Category=ITAT&CategoryType=Zip
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ITAT - Genuine and bona fide transactions are not taken out of the sweep of the section 40A(3).
International Ships Stores Suppliers Versus JCIT, Range 13 (2) , Mumbai
(2016) TaxCorp(LJ) 11717 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=52096&Category=ITAT&CategoryType=Zip
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ITAT - The cost of shuttering materials should be treated as revenue expenditure as these materials would generally be useful for one project or for about one year only.
M/s. Kalparishi Construction Co. Versus JCIT, Range 20 (1) , Mumbai
(2016) TaxCorp(LJ) 11715 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=53671&Category=ITAT&CategoryType=Zip
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