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When we peruse the order of assessment, we find there is no discussion at all as rightly pointed out by the Ld. DR on this very fact regarding the difference in figures in the original return and corrected computation.
HINDUMAL BALMUKUND INVESTMENT CO. PVT. LTD. VERSUS THE PR. COMMISSIONER OF INCOME TAX-1, PUNE.
(2020) TaxCorp(LJ) 22996 (ITAT-PUNE) · https://taxcorp.in/FileOpenDT.aspx?ID=84217&Category=ITAT&CategoryType=Zip
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Assessee's case that this advance is paid to the holding Company for the investments made by them for securing land to be developed by the assessee.There is a Joint Development Agreement in which the assessee and the holding Company agreed to share profits at the rate of 50% each.
M/S. HANSA ESTATES P. LTD., VERSUS THE ASSISTANT COMMISSIONER OF INCOME TAX COMPANY CIRCLE-II (2) CHENNAI.
(2020) TaxCorp(LJ) 22995 (HC-MADRAS) · https://taxcorp.in/FileOpenDT.aspx?ID=83170&Category=Judgment&CategoryType=Zip
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Assessing Officer was not aware of the amalgamation of the company moreover, the return of income for the assessment year 2014-15 had been filed on 07.03.2016 in the name of OAS by the appellant confirming the position that OAS was a functioning entity. Further, income tax refund issued by the Department in favour of OAS has been duly received and encashed by the appellant. Therefore, appellant cannot canvass the point that OAS was nonexistent and the proceedings initiated in its name would be bad in law.
M/S. OASYS GREEN TECH PRIVATE LIMITED, VERSUS INCOME TAX OFFICER, CORPORATE WARD – 5 (1)
(2020) TaxCorp(LJ) 22994 (HC-MADRAS) · https://taxcorp.in/FileOpenDT.aspx?ID=83171&Category=Judgment&CategoryType=Zip
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Vide Circular 23/2019 the cases arising from bogus long term capital gain as sale of penny stock are placed in the exception of mandatory limit and thus its appeal is required to be decided on merits instead of dismissing the appeal due to low tax effect.
The DCIT Vs Shri Krishan kumar Gupta
(2020) TaxCorp(LJ) 22993 (ITAT-JAIPUR)
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Statement furnished by the assessee under section 132(4) of the Act, during the search proceedings and note that even in the statement there was no reference to any such material found during the course of search for the income disclosed by the assessee in response to the notice issued under section 153A.
M/S GURUPRASAD INFRASTRUCTURE PVT. LTD. VERSUS ACIT, CENTRAL CIRCLE-1, BARODA
(2020) TaxCorp(LJ) 22992 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=84173&Category=ITAT&CategoryType=Zip
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As far as the payment to Honda motor Japan is concerned, the issue in dispute is squarely covered by the decision of the Tribunal in assessment year 2009- 10. Wherein the Tribunal has followed the decision of the Hon'ble Delhi High Court in the case of CIT Vs. Herbalife. We note that Hon'ble High Court in the case of Herbalife (supra) has also considered the amendment in provisions of section 40(a)(i) of the Act by way of insertion of sub-clause(ia) w.e.f. 01/04/2005.
M/S. HONDA CARS INDIA LTD. VERSUS DCIT, LTU, NEW DELHI
(2020) TaxCorp(LJ) 22991 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=84175&Category=ITAT&CategoryType=Zip
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This issue is entirely covered in assessee's own case by the judgment and order passed by the Co-ordinate Bench in favour of the assessee.
MEGHMANI ORGANICS LIMITED VERSUS DCIT CENTRAL CIRCLE-1 (1), AHMEDABAD
(2020) TaxCorp(LJ) 22990 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=84178&Category=ITAT&CategoryType=Zip
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AO while computing the income of the assessee had taken into account, the purchases made in cash and thereafter had calculated the income of the assessee. The ld. CIT(A) had reproduced the decision in the case of Banwarilal Bansidhar Wherein the High Court has deleted the addition over and above the estimation of profit done by the Assessing Officer, as the High Court was of the opinion that the said element of purchase in cash was subsumed in the income calculated by the Assessing Officer.
SANJAY TRADERS VERSUS INCOME-TAX OFFICER, WARD 1 (1) (4), AURAIYA
(2020) TaxCorp(LJ) 22989 (ITAT-AGRA) · https://taxcorp.in/FileOpenDT.aspx?ID=84188&Category=ITAT&CategoryType=Zip
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We deem it proper to restore the issue to the file of the AO with a direction to find out the investments which have yielded dividend income and to take into the same for considering the average value of investment. So far as the interest expenditure for the purpose of disallowance u/s 14A we find merit in the argument of the ld. Counsel that bank guarantee commission, interest on TDS, interest on service tax, interest on professional tax, interest paid to clients on advance brokerage, interest on clients' margins money, etc. cannot be considered for the purpose of disallowance u/s 14A r.w. Rule 8D.
RELIGARE SECURITIES LTD. VERSUS DCIT, CIRCLE-21 (1), CR BUILDING, NEW DELHI. AND (VICE-VERSA)
(2020) TaxCorp(LJ) 22988 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=84191&Category=ITAT&CategoryType=Zip
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It is settled law that at the time of registration, the authority need to satisfy himself that the objects are charitable in nature and the activities being carried out are genuine, meaning thereby that the activities are in consonance for achieving the charitable objects and nothing else.
KALYAN EDUCATIONAL SOCIETY VERSUS COMMISSIONER OF INCOME-TAX-DURGAPUR
(2020) TaxCorp(LJ) 22987 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=84192&Category=ITAT&CategoryType=Zip
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Where assessee was having substantial rights in property as tenant (sub-tenant) and it was not merely a licence holder, amount received on surrender of such tenancy/sub-tenancy rights would be taxable as capital gains.
Yogini Mohit Sahita Vs ITO
(2020) TaxCorp(LJ) 22986 (ITAT-MUMBAI)
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Bank guarantee commission, interest on TDS/ service tax/ professional tax, interest paid to clients on advance brokerage, interest on clients' margins money, etc. cannot be considered for the purposes of disallowance u/s 14A r.w. Rule 8D.
Religare Securities Ltd. Vs DCIT
(2020) TaxCorp(LJ) 22985 (ITAT-DELHI) · Section 14A
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In the return of income, though the assessee has claimed TCS, however, in absence of reflection of the TCS in the name of the assessee in Form No. 26AS, while processing the return of income, the credit of TCS has not been granted to the assessee.
SHRI KAMAL TAK VERSUS INCOME TAX OFFICER, WARD-1 (3), AJMER.
(2020) TaxCorp(LJ) 22984 (ITAT-JAIPUR) · https://taxcorp.in/FileOpenDT.aspx?ID=84148&Category=ITAT&CategoryType=Zip
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Penalty has been initiated in respect amount admitted by the assessee pursuant to search conducted on 13.08.2013. Given that the assessee had only disclosed a sum of ₹ 5.2 lacs in the revised return filed on 9.11.2013, subsequent to date of search and thereafter, in the return filed on 16.02.2015 in response to notice u/s 153A, the Assessing officer has brought the balance amount of ₹ 80,000/- to tax during the course of assessment proceedings.
SH. PAWAN MUNDRA VERSUS DCIT, CENTRAL, KOTA
(2020) TaxCorp(LJ) 22983 (ITAT-JAIPUR) · https://taxcorp.in/FileOpenDT.aspx?ID=84150&Category=ITAT&CategoryType=Zip
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The instant case, Smt. Saraswati Vithaldas Sahita occupied the said flat at 2nd floor of the building known as Gangasagar on license basis. This is crystal clear from the Consent Term before the Hon'ble Court of Small Causes at Mumbai, quoted at length earlier. After demise of Mrs. Saraswati Vithaldas Sahita, her son Shri Vidyut Sahita occupied the said flat with his family.
YOGINI MOHIT SAHITA VERSUS ITO, WARD-2 (1) (3), MUMBAI.
(2020) TaxCorp(LJ) 22982 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=84151&Category=ITAT&CategoryType=Zip
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As relying on VIREET INVESTMENT (P.) LTD. We find substance in the argument made by the Ld. Senior Counsel appearing for the assessee to this effect that only those investments are to be considered for computing average value of investment which yielded exempt income during the year. In that view of the matter we find it fit and proper to restore the matter to the file of the Ld. AO for re-computing the disallowance under Section 14A in terms of the observation made hereinabove.
GUJARAT MINERAL DEVELOPMENT CORPORATION LTD. VERSUS ASST. CIT CIRCLE-2 (1) (1), AHMEDABAD
(2020) TaxCorp(LJ) 22981 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=84154&Category=ITAT&CategoryType=Zip
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Tribunal is final fact finding authority and on perusal of the impugned order passed by the Tribunal it is clear that the Tribunal has considered the submissions made on behalf of the assessee as well as revenue and thereafter has arrived at findings of fact. Tribunal has sustained the addition with regard to the interest income as it was found as a matter of fact that the interest calculated by the assessing officer was a gross calculation about amount to be received and paid by the group as a whole.
COMMISSIONER OF INCOME TAX VERSUS NAMAN ASSOCIATES
(2020) TaxCorp(LJ) 22980 (HC-GUJARAT) · https://taxcorp.in/FileOpenDT.aspx?ID=83150&Category=Judgment&CategoryType=Zip
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By virtue of scheme of amalgamation all the existing and the future litigation of the transferor company will be transferred and continued in the name of transferee company viz., M/s.Accenture Services Private Limited with effect from 1st April 2012. This M/s. Accenture Services Private Limited has subsequently merged with the M/s. Accenture Solutions Private Limited.
ACCENTURE SOLUTIONS PVT. LTD., (SUCCESSOR OF ACCENTURE SERVICES PVT. LTD.) VERSUS THE DEPUTY COMMISSIONER OF INCOME TAX, CHENNAI
(2020) TaxCorp(LJ) 22979 (HC-MADRAS) · https://taxcorp.in/FileOpenDT.aspx?ID=83153&Category=Judgment&CategoryType=Zip
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A proviso which supplies an obvious omission in the section is required to be read into the section and treated as retrospective in operation.
A.Y. Garments International Private Ltd Vs The DCIT
(2020) TaxCorp(LJ) 22978 (HC-KARNATKATA) · Section 40(a)(ia)
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Sec.281B is to be used only in rare situations where the bona fide of the assessee was in question or there had been a clear case of evasion of tax.
ABUL KALAM Vs ASST. COMMISSIONER OF INCOME TAX
(2020) TaxCorp(LJ) 22977 (HC-CALCUTTA) · Section 281B
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