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A plain reading of section 43(5)(a) makes it clear that the impugned loss cannot be regarded as speculation. The Act clearly excludes hedging foreign currency transactions for the definition of speculative transaction.
ARVIND METALS AND MINERALS PVT. LTD. VERSUS ACIT, CIRCLE-4 (1) , KOLKATA
(2020) TaxCorp(LJ) 22844 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=83938&Category=ITAT&CategoryType=Zip
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Upheld the orders of the lower authorities and had concluded that the assessee was having business connection and PE in India. We find that though the assessee had raised a ground of appeal assailing the observations of the DRP that the assessee had a PE in India, but then, during the course of the hearing of the appeal no contention was advanced by the ld. A.R to support his aforesaid claim.
SABRE ASIA PACIFIC PTE. LTD. (EARLIER KNOWN AS M/S ABACUS INTERNATIONAL PTE LTD.) VERSUS DEPUTY COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION) - 1 (1) (1), MUMBAI
(2020) TaxCorp(LJ) 22843 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83940&Category=ITAT&CategoryType=Zip
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This could not be established that there was any advance price agreement with the buyers and therefore, the assessee could not increase the selling price. This is also very important fact of the present case that 95% of the assessee's sales is made to the sister concern. Increase in cost is not only on account of increase in exchange rate of dollar but the purchase price in terms of dollar also has gone up because it is seen that the rate per meter was 1.33 US$ per meter during June to December 2007 and only in February to March 2008.
M/S. CASA DEL TUBO VERSUS THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE – 6 (1), BENGALURU.
(2020) TaxCorp(LJ) 22842 (ITAT-BANGALORE) · https://taxcorp.in/FileOpenDT.aspx?ID=83941&Category=ITAT&CategoryType=Zip
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If the person in question was not in India in the relevant previous year for 60 days or mor then such a person cannot be said to be a resident in India in that year. As per the copy of passport No. F5207571 submitted before us by learned AR of the assessee along with written submissions, it is seen that the name in the passport is Vijaya but as per the Assessment Order, the amount was received from Smt. Vijayalakshmi.
M/S. ANTARIKSH SOFTTECH PVT. LTD. VERSUS THE INCOME TAX OFFICER, WARD – 1 (1) (2), BENGALURU.
(2020) TaxCorp(LJ) 22841 (ITAT-BANGALORE) · https://taxcorp.in/FileOpenDT.aspx?ID=83942&Category=ITAT&CategoryType=Zip
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The assessee was obligated to complete the construction of the housing project as per the approved plan and comply with the I.O.D conditions, and by no means could be permitted to construe the completion of the construction of buildings as completion of the housing project.
Harshvardhan Constructions Vs Income Tax Officer
(2020) TaxCorp(LJ) 22840 (ITAT-MUMBAI)
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Deduction u/s 24 (a) is not available where the assessee was a charitable trust and its income was exempted u/s 11 of the Act.
Sindhu Sewa Samaj Vs The ITO
(2020) TaxCorp(LJ) 22839 (ITAT-AHMEDABAD) · Sections 14, 24(a)
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In the present case vehicle used for display of advertisement cannot be said to have used in the business of running the same on hire and the assessee therefore is not entitled to a higher rate of depreciation on such vehicles.
Tapan Kumar Biswas Vs ITO
(2020) TaxCorp(LJ) 22838 (ITAT-KOLKATA)
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No reference to any cess was made by the legislature in Sec.40(a)(ii) and thus, deduction for the same was allowable.
M/s. Philips India Limited. Vs ACIT
(2020) TaxCorp(LJ) 22837 (ITAT-KOLKATA)
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ITAT - A Trust is eligible to carry forward deficit of current year to be set off against expenditure of subsequent year.
Income Tax Officer Vs Dr. Bhai Mohan Singh Foundation
(2020) TaxCorp(LJ) 22836 (ITAT-DELHI)
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HC - Since assessee had furnished all the details in respect of the alleged penny stock, reassessment initiation (beyond four years) is not valid.
Gateway Leasing Pvt. Ltd. Vs Assistant Commissioner of Income Tax, Deputy Commissioner of Income Tax 1(1) (2)
(2020) TaxCorp(LJ) 22835 (HC-BOMBAY)
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HC - For AY 2015-16, interest u/s. 234B, 234C is not chargeable with respect to tax liability under minimum alternate tax.
Pr. Commissioner of Income Tax Vs Mangalore Refinery & Petrochemicals Ltd.
(2020) TaxCorp(LJ) 22834 (HC-BOMBAY) · Sections 234B, 234C
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Assessee was asked to submit his books of accounts and he has admitted to have not maintained any day to day stock register, sales vouchers, expenses vouchers and as a result, the AO has held that the sales and other expenses are not verifiable and the books of accounts maintained by the assessee were held not reliable and were rejected by the Assessing Officer by invoking the provisions of section 145(3) of the Act.
KAMAL KUMAR VERSUS THE ITO, WARD-2, BHARATPUR
(2020) TaxCorp(LJ) 22833 (ITAT-JAIPUR) · https://taxcorp.in/FileOpenDT.aspx?ID=83923&Category=ITAT&CategoryType=Zip
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Section 80IB of the I.T.Act is with regard to deduction of profits and gains from certain industrial undertakings. In the instant case the job work / process of outsourcing is nothing but stitching of footwear and is done under the direct supervision of the assessee. It is an integral part of the whole process of manufacture of footwear undertaken by the assessee.
THE ASSTT. COMMISSIONER OF INCOME-TAX, CIRCLE 2 (1) KOZHIKODE VERSUS M/S. VEEKESY POLYMERS PVT. LTD.
(2020) TaxCorp(LJ) 22832 (ITAT-COCHIN) · https://taxcorp.in/FileOpenDT.aspx?ID=83925&Category=ITAT&CategoryType=Zip
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Appellant commenced the business but on account of poor financial viability the appellant company incurred losses and, eroded the entire net worth and was declared sick company under the Sick Industrial Companies Act, 1956. A rehabilitation scheme was prepared and sanctioned by Board for Industrial and Financial Reconstruction. Scheme envisaged joint operation of the plant on an irrecoverable lease of eight years in consideration of lease rentals; which has been extended from time to time.
THE ASST. COMMISSIONER OF INCOME-TAX, CIRCLE 2 (1) KOCHI. VERSUS M/S. PTL ENTERPRISES LTD.
(2020) TaxCorp(LJ) 22831 (ITAT-COCHIN) · https://taxcorp.in/FileOpenDT.aspx?ID=83926&Category=ITAT&CategoryType=Zip
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As combined peak credit of both bank accounts need to be taken to work out the element of undisclosed investments made by the assessee for the undisclosed transactions. From the opening balances in both the banks, it is understood that this is not the initial year, wherein, the assessee has made the undisclosed transaction. Since, this is the assessment year in which the fact of undisclosed bank accounts were discovered, the undisclosed investment needs to be taxed separately.
SMT. LAXMIYADAV VERSUS INCOME-TAX OFFICER, WD-23 (4) , KOLKATA
(2020) TaxCorp(LJ) 22830 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=83930&Category=ITAT&CategoryType=Zip
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Conclusion of the ld. CIT(A) that the merger in question, approved by the Hon'ble High Court is a colourful device, is illegal and without any factual or legal base. Invoking GAAR provisions, when they are not applicable for the impugned assessment year is also bad in law. The dichotomy in the order of the ld. CIT(A) is clear from the fact, that he chooses to tax capital gains in question, in the hands of the assessee company, though he holds that the merger is a sham transaction.
DCIT, CIRCLE-11 (1) , KOLKATA VERSUS M/S. JCT LIMITED AND (VICE-VERSA)
(2020) TaxCorp(LJ) 22829 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=83931&Category=ITAT&CategoryType=Zip
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On the last date of hearing, learned counsel for respondents had stated that in cases like the present, scrutiny and verification of the TDS amount utilised has to be manually done according to the established procedure. Along with the status report, learned counsel for respondents has now placed on record the established procedure.
CLEAN WIND POWER KURNOOL PRIVATE LIMITED VERSUS THE DEPUTY COMMISSIONER OF INCOME TAX TDS CIRCLE 73 1 & ORS.
(2020) TaxCorp(LJ) 22828 (HC-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83071&Category=Judgment&CategoryType=Zip
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In the event, the petitioner follows the aforesaid procedure within two days, the respondents are directed to decide the petitioner's request within four weeks thereafter.
CLEAN WIND POWER KURNOOL PRIVATE LIMITED Vs THE DEPUTY COMMISSIONER OF INCOME TAX
(2020) TaxCorp(LJ) 22827 (HC-DELHI)
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Invoking GAAR provisions, when they were not applicable for the impugned AY is also bad in law. The dichotomy in the order of the CIT(A) was clear from the fact that CIT (A) chooses to tax capital gains in question in the hands of the assessee company, though CIT (A) held that the merger was a sham transaction.
DCIT Vs M/s. JCT Limited.
(2020) TaxCorp(LJ) 22826 (ITAT-KOLKATA)
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Where a trust is carrying on its activities for the fulfilment of its aims and objectives which are of charitable in nature with no motive to earn profit and in the process, earns some profit, the same would not be hit by proviso to Section 2(15).
National Payments Corporation of India Vs DCIT
(2020) TaxCorp(LJ) 22825 (ITAT-MUMBAI)
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