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As noticed that due to the bad conditions of the road and since it is hilly terrain due to the incessant rain and bad weather the conditions of the road are bad and, therefore, the truck drivers incurred expenses for repairs of the trucks, (frequent tyre burst etc.) for which the local repair shops insist on cash and were reluctant to give any bills/vouchers.
M/S. CAPITAL TOURS (INDIA) PVT. LTD. VERSUS INCOME-TAX OFFICER, WD-12 (1) , KOLKATA
(2020) TaxCorp(LJ) 22804 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=83827&Category=ITAT&CategoryType=Zip
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As decided in M/S. VBHC VALUE HOMES PVT. LTD., M/S. VBHC VALUE HOMES PVT. LTD. I is seen that the Tribunal has followed the judgment of Hon'ble Bombay High Court rendered in the case of VODAFONE M-PESA LIMITED VERSUS PRINCIPAL COMMISSIONER OF INCOME-TAX AND 6 OTHERS and restored the matter back to the file of the AO for a fresh decision with some directions that AO should follow DCF method only and he cannot change the method opted by the assessee as has been held by the Hon'ble Bombay High Court.
M/S. SIGNURE TECHNOLOGIES PVT. LTD. VERSUS THE ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE – 6 (1) (1), BENGALURU.
(2020) TaxCorp(LJ) 22803 (ITAT-BANGALORE) · https://taxcorp.in/FileOpenDT.aspx?ID=83829&Category=ITAT&CategoryType=Zip
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As perused the submissions of the assessee, the paper book etc. from which it could not derived whether the assessee has received from MPSEB an amount to the extent of 85% of the cost of the equipment. Therefore, obviously, the CITA) has accepted the arguments of the assessee of its face value. The various circumstances as existing in the instant case go to raise a lot of doubt in the entire transaction.
THE COMMISSIONER OF INCOME-TAX LTU, THE JOINT COMMISSIONER OF INCOME-TAX, BANGALORE. VERSUS M/S. ASTRA ZENECA PHARMA INDIA LTD.
(2020) TaxCorp(LJ) 22802 (HC-KERALA) · https://taxcorp.in/FileOpenDT.aspx?ID=83055&Category=Judgment&CategoryType=Zip
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From perusal of clause (iii) of memorandum of partition, it is axiomatic that asset, which were taken over were forming part of stock in trade of real estate business and continued to be in nature of stock in trade in the hands of the assessee. There is no iota of material on record to show that the assets obtained by the assessee were capital assets.
COMMISSIONER OF INCOME TAX (CENTRAL) , DEPUTY COMMISSIONER OF INCOME TAX CIRCLE 7 (1) , BANGALORE VERSUS SRI. C. RAMAIAH REDDY
(2020) TaxCorp(LJ) 22801 (HC-KARNATKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=83056&Category=Judgment&CategoryType=Zip
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Non-rejection of assessee's explanation in the assessment order would amount to the AO accepting assessee's view, thus forming an opinion.
THE ASSISTANT COMMISSIONER OF INCOME TAX 12(3)(2) Vs MARICO LTD.
(2020) TaxCorp(LJ) 22800 (SC)
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Though the expressions expert information and advice, analysis, technical guidance etc., have been used in the agreements but, these expressions cannot be read out of context and de hors the purpose of the agreement.
RAMNATH & CO. Vs THE COMMISSIONER OF INCOME TAX
(2020) TaxCorp(LJ) 22799 (SC) · Section 80-O
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It is always open to an assessee to hold the same class of assets as investment and also as stock in trade. There is no bar in law for a person dealing in land to also have investment in land.
PRINCIPAL COMMISSIONER OF INCOME TAX Vs M/S JOGANI AND DIALANI LAND DEVELOPERS AND BUILDERS
(2020) TaxCorp(LJ) 22798 (SC)
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ITAT - Sec.50C can not be invoked in case of sale of property engulfed in litigation.
Vanaja T. Nair Vs ITO
(2020) TaxCorp(LJ) 22797 (ITAT-HYDERABAD) · Section 50C
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It cannot be disputed that the statutory powers vested with one specified authority cannot be exercised by another authority unless and until the statute provides for the same.
ACIT Vs Soul Space Projects Ltd.
(2020) TaxCorp(LJ) 22796 (ITAT-DELHI)
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The CBDT Circular issued u/s. 119 is binding on the department/AO as held by the various Courts.
Shri Prabir Das, Karimganj Vs Income-tax Officer
(2020) TaxCorp(LJ) 22795 (ITAT-GAUHATI) · Section 68
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The addition in the hands of the assessee is not sustainable when the details furnished by the assessee were not at all controverted by bringing cogent material and investigation made thereon by the ld AO.
Shri Suresh Kumar Agarwal Vs The Assistant Commissioner of Income Tax
(2020) TaxCorp(LJ) 22794 (ITAT-DELHI)
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As on the date on which the AO referred the question of valuation of the property to the DVO, there was no bar in terms of Sec.50C (2)(b) of the Act.
Ms. Benedicta Mary Mendonce Vs The Income Tax Officer
(2020) TaxCorp(LJ) 22793 (ITAT-BANGALORE) · Section 50C(2)(b)
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Where such person is not deemed to be an assessee in default under the first proviso of sub-section (6A), the interest shall be payable from the date on which such tax was collectible to the date of furnishing of return of income by such buyer.
M/s Eid Mohammad Nizamuddin Vs ITO
(2020) TaxCorp(LJ) 22792 (ITAT-JAIPUR) · Section 206C(7)
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Merely because the seller agreed to pay and discharge the outstanding dues and liabilities in respect of the share in the premises, it does not amount that the assessee has not transferred/sold the property during the year.
Futurz Next Services (Private) Limited Vs Dy. CIT
(2020) TaxCorp(LJ) 22791 (ITAT-DELHI)
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The income of the Cyprus resident seller is not chargeable to tax in India, as per the double taxation avoidance agreement prevailing at that time.
DCIT Vs Narmil Infosolutions Pvt. Ltd
(2020) TaxCorp(LJ) 22790 (ITAT-DELHI)
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On purchase of spare parts by assessee from Swiss Co. through its Indian subsidiary TDS u/s 195 was applicable.
M/s. Sanghvi Foods Private Limited Vs ITO (IT & TP)
(2020) TaxCorp(LJ) 22789 (ITAT-INDORE) · Section 195
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The AO was not justified in changing the nature of the receipt, which continued to remain a dividend irrespective of whatever view was expressed in the assessment.
Escorts Benefit & Welfare Trust Vs ITO
(2020) TaxCorp(LJ) 22788 (ITAT-DELHI) · Section 10(34)
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Before issue of notice, AO has to examine the return filed by the assessee.
Shri Hemant Mittal Vs The Income Tax Officer
(2020) TaxCorp(LJ) 22787 (ITAT-DELHI) · Sections 143(2), 148
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In view of the SC decision in case of Maxopp Investments, the contention of the assessee investment made for acquiring controlling interest in Dabur India Ltd should not be subject to disallowance under section 14A is rejected.
M/s. Puran Associates Pvt. Ltd., Vs ACIT
(2020) TaxCorp(LJ) 22786 (ITAT-DELHI) · Section 14A
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No evidences have been put forth by the revenue except merely an allegation of violation of the provisions of section 13 (1) (C) of the Act. Thus, the order of the learned CIT(E) as this issue is involved is not supported by any evidence.
NIIT Foundation Vs CIT(E)
(2020) TaxCorp(LJ) 22785 (ITAT-DELHI) · Section 11
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