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The primary onus lay upon the assessee to establish that the assessee does not hold the voting power beyond the stipulated threshold limit in the same proportion as equity shares for which burden was sought to be wrongly shifted upon the AO.
Shri Tyrone Patrick Lemos Vs The Income Tax Officer
(2020) TaxCorp(LJ) 24684 (ITAT-AHMEDABAD) · Section 151
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It's the prerogative of the Revenue to cancel/ withdraw the registration granted by it u/s 12AA, if at anytime it finds that assessee engages in commercial activities and utilizes its funds for the purposes other than purpose as mentioned in the MOA.
AIC-RNTU Foundation Vs CIT(Exemption)
(2020) TaxCorp(LJ) 24683 (ITAT-INDORE) · Section 12AA
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Assessee did not deliberately concealed particulars of income or evade payment of taxes.
M/s. Advent Computer Services Ltd. Vs The Assistant Commissioner of Income Tax
(2020) TaxCorp(LJ) 24682 (ITAT-CHENNAI)
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Pre-amendment provisions of Sec. 56(2)(vii)(b) would not be applicable to transactions where substantial obligations have been discharged prior to coming into effect of the amendment and only the registration was done post-amendment.
Shri Siraj Ahmed Jamalbhai Bora Vs Income Tax Officer
(2020) TaxCorp(LJ) 24681 (ITAT-MUMBAI) · Section 56(2)(vii)(b)
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The revenue is authorised to collect taxes in accordance with law as per Article 265 of the Constitution of India and not based on the consent or acceptance of the assessee either in the return or during the course of assessment or appellate proceedings.
Dy. Commissioner of Income Tax Vs M/s. Godrej Properties Limited
(2020) TaxCorp(LJ) 24680 (ITAT-MUMBAI)
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The expression expenditure will also include a loss and therefore, issuance of shares at a discount where the assessee absorbs the difference between the price at which it is issued and the market value of shares would also be expenditure incurred for the purposes of Sec.37(1).
M/S BIOCON LTD. Vs The CIT, The DCIT
(2020) TaxCorp(LJ) 24672 (HC-KARNATKATA) · Section 37
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HC - Writ dismissed against ITSC order - As a policy matter, Revenue is not to prolong litigations but bring finality, particularly when the amount of Revenue involved is not more than two crores.
The Commissioner of Income Tax (Central) Vs Income Tax Settlement Commission (IT & WT)
(2020) TaxCorp(LJ) 24671 (HC-PATNA)
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ITAT - When effect of excess purchase price had already been neutralized in the Profit & Loss A/c by way of enhancing the closing stock value of almost same value, no addition is called for.
ITO, WARD-27 (2) , HALDIA VERSUS SHRI AJABULL KHAN
(2020) TaxCorp(LJ) 24670 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=86831&Category=ITAT&CategoryType=Zip
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ITAT - When the assessee tries to explain the tax authorities they did not believe and also not verified the same by calling for explanation from the tax auditors. In our considered view that tax authorities should have called for clarification from the tax auditor and completed assessment based on the clarification.
SANKALPAN INFRASTRUCTURE PVT. LTD. VERSUS ITO 15 (3) (3) , MUMBAI
(2020) TaxCorp(LJ) 24669 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=86832&Category=ITAT&CategoryType=Zip
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ITAT - The notice of demand issued along with the draft assessment order is a legal nullity and does not exist in the eyes of law, since no valid demand could be raised under the draft assessment order. A document, which is held to be a legal nullity, cannot vitiate the assessment proceeding and the assessment order.
M/S. THE HIMALAYA DRUG COMPANY MAKALI, BENGALURU VERSUS ACIT CENTRAL CIRCLE-1 (1) BENGALURU
(2020) TaxCorp(LJ) 24668 (ITAT-BANGALORE) · https://taxcorp.in/FileOpenDT.aspx?ID=86835&Category=ITAT&CategoryType=Zip
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ITAT - Assessing Officer after issuing the notice u/s 148 for AY 2009-10 within the limitation period on 31.03.2016, had got jurisdiction to re-open the assessment for AY 2009-10 and after having served the assessee notice u/s 148 on 22.09.2016 has passed the assessment order within the prescribed time u/s. 153(2) of the Act on 11.12.2017, so these actions of Assessing Officer are legal and valid in the eyes of law.
DCIT, CENTRAL CIR-1 (1) , KOLKATA VERSUS M/S. ALEMBIC MERCHANTS PVT. LTD
(2020) TaxCorp(LJ) 24667 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=86838&Category=ITAT&CategoryType=Zip
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ITAT - AO is directed to adopt GP rate of 16% on purchases of ₹ 3,05,34,283/- from the six creditors which comes to ₹ 48,85,485/- as against the addition of the entire amount payable to the six parties u/s 68.
MANJU SHARMA VERSUS ITO, WARD-45 (5) , NEW DELHI.
(2020) TaxCorp(LJ) 24666 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=86840&Category=ITAT&CategoryType=Zip
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Section 72(1)(i) mandate set off of business loss with business income of a subsequent year. It is a statutory compulsion. It does not give any option to assessee to set off or not to set off. In other words, whether or not the assessee has set off the losses in the return of income, the income tax authorities are required to give effect to section 72(1)(i) and set off such losses.
M/s.Mistral Solutions Pvt.Ltd. Vs The Dy.Commissioner of Income-tax
(2020) TaxCorp(LJ) 24665 (ITAT-BANGALORE) · Section 72
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In the present case the assets were acquired in India, therefore, the conditions of making actual repayment of foreign currency loan as stipulated under Sec.43A is not a condition for making necessary adjustment in the actual cost of the asset, thus general principles of law would be applicable.
Aesseal India Pvt. Ltd. Vs ITO
(2020) TaxCorp(LJ) 24664 (ITAT-PUNE)
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ITAT - The expression 'expenditure' also includes a loss and therefore, issuance of shares at a discount where the assessee absorbs the difference between the price at which it is issued and the market value of the shares would also be expenditure incurred for the purposes of Section 37(1).
THE COMMISSIONER OF INCOME-TAX LTU BANGALORE., THE DY. COMMISSIONER OF INCOME-TAX LTU, BANGALORE VERSUS M/S. BIOCON LTD.
(2020) TaxCorp(LJ) 24663 (HC-KARNATKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=83739&Category=Judgment&CategoryType=Zip
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Where assessee had sufficient interest free funds available with it which can take care of investment made in exempt income yielding assets, no disallowance of interest expenditure under Rule 8D(2)(ii) can be made.
M/S PRINT SERVICES VERSUS THE ASST. COMMISSIONER OF INCOME, CIRCLE-21 (2) (5) , MUMBAI
(2020) TaxCorp(LJ) 24662 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=86805&Category=ITAT&CategoryType=Zip
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the investment made by the assessee company in other sister concerns rather we can say subsidiary companies are meant to be for commercial expediency and commercial necessity.
GTL LTD. VERSUS ACIT, LTU-2, MUMBAI AND (VICE-VERSA)
(2020) TaxCorp(LJ) 24661 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=86807&Category=ITAT&CategoryType=Zip
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Addition made by the AO on account of profit allegedly earned by the assessee on undisclosed turnover was directly related to the ground on which the case of the assessee was selected for limited scrutiny.
SUKUMAR MONDAL VERSUS INCOME TAX OFFICER, WARD-47 (4), KOLKATA
(2020) TaxCorp(LJ) 24660 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=86808&Category=ITAT&CategoryType=Zip
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Issue of rejection of books of account based on difference in power consumption of the relevant previous year turning act to be excessive than the so called tolerable limit of 15 % is no more res-intgra.
M/S KIRPALU STRIPS VERSUS INCOME TAX OFFICER, WARD-1, MANDI GOBINDGARH AND INCOME TAX OFFICER VERSUS M/S KIRPALU STRIPS, C/O- RADHEY SHYAM TRADERS
(2020) TaxCorp(LJ) 24659 (ITAT-CHANDIGARH) · https://taxcorp.in/FileOpenDT.aspx?ID=86810&Category=ITAT&CategoryType=Zip
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When the AO has not applied his mind at the time of initiation of penalty proceedings by satisfying himself if it is a case of “concealment of income” or “furnishing of inaccurate particulars of income” then the entire penalty proceedings u/s 271(1)(c) are vitiated and bad in law.
M/S. CHEGG INDIA (P) LTD. VERSUS ACIT, CIRCLE 6 (1), NEW DELHI.
(2020) TaxCorp(LJ) 24658 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=86819&Category=ITAT&CategoryType=Zip
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