-
HC - Adjusting cash seized during search proceedings towards advance tax liability for AY 2007-08 allowed since explanation 2 to Sec. 132B is prospective in nature.
MARBLE CENTRE INTERNATIONAL P LTD Vs The ACIT
(2020) TaxCorp(LJ) 22724 (HC-KARNATKATA) · Sections 132, 132B
-
HC - Assessee's claim allowed towards diminution in the value of investment in the sister-concern as a capital loss u/s 46(2) also allowed claim of bad-debts u/s. 36(1)(vii) towards advances made to its sister-concern.
M/S ABB LTD Vs The CIT, The ACIT
(2020) TaxCorp(LJ) 22723 (HC-KARNATKATA)
-
HC - ATMs constitute computers, eligible for 60% depreciation.
NCR CORPORATION PVT LTD Vs CIT, ACIT
(2020) TaxCorp(LJ) 22722 (HC-KARNATKATA)
-
HC - Non-compete fees paid to the employees falls under the term 'salary' or 'profit in lieu of salary', taxable only in USA as per Article 16 of India-USA DTAA and not business income u/s. 28(va). Indian company not liable to TDS.
SASKEN COMMUNICATION TECHNOLOGIES LTD Vs THE ITO
(2020) TaxCorp(LJ) 22721 (HC-KARNATKATA)
-
Prior to introduction of Finance Bill, 2018 by which provisions of the Act have been amended to provide for taxability of in cases where stock in trade is converted into capital asset, there was no provision to tax the same.
KEMFIN SERVICES PVT. LTD Vs The ACIT
(2020) TaxCorp(LJ) 22720 (HC-KARNATKATA)
-
Needless to mention that the Special Bench decision would have binding precedent over the Division Bench decision.
Mahindra & Mahindra Limited Vs Dy. Commissioner of Income-Tax
(2020) TaxCorp(LJ) 22719 (ITAT-MUMBAI)
-
To estimate the separate profit in addition to profit shown in the audited books of accounts is not tenable without any tangible material or corroborative evidence.
Shri Bijan Kalita Vs DCIT
(2020) TaxCorp(LJ) 22718 (ITAT-KOLKATA)
-
In the present case, the AO only made a statutory disallowance u/s 14Aand under the circumstances, disallowance of salary was enhancement of income from a new source which was not considered by the AO.
TS-293-ITAT-2020(Kol)-Sugota_Industries_Pvt._Ltd
(2020) TaxCorp(LJ) 22717 (ITAT-KOLKATA)
-
Only dividend bearing securities should be considered for the purpose of disallowance under rule 8D(2) (iii) of the Income Tax Rules.
M/s PricewaterhouseCoopers Private Limited Vs ACIT
(2020) TaxCorp(LJ) 22716 (ITAT-KOLKATA) · Section 14A
-
Since the deduction u/s. 80IE of the Act was otherwise allowable on merits, the assessee should not be denied the deduction merely because the assessee had filed its return of income belatedly.
Manish Soni Vs The ITO
(2020) TaxCorp(LJ) 22715 (ITAT-GAUHATI) · Section 80IE
-
Expenditure incurred in connection with acquisitions, shall have to be treated as capital expenditure and shall form part of cost of investment which the assessee could claim as cost at the time of sale of investment. A sum as represent expenditure incurred in respect of acquisitions which never materialised and hence, squarely allowable as revenue expenditure in as much as no capital asset came into existence of the assessee which would derive enduring benefit of the assessee.
MAHINDRA & MAHINDRA LIMITED VERSUS DY. COMMISSIONER OF INCOME-TAX CIRCLE-2 (2) (2), ASST. COMMISSIONER OF INCOME-TAX CIRCLE-2 (2) (2) , MUMBAI
(2020) TaxCorp(LJ) 22714 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83708&Category=ITAT&CategoryType=Zip
-
As regards the quarterly TDS statements for the F.Y. 2016-17, the assessee initially filed statements on 12/06/2017 and consequently the A.O. issued intimation u/s 200A of the Act on 15/06/2017 whereby the adjustment on account of late filing fee u/s 234E of the Act was made by the A.O. These facts are not in dispute in so far as the delay in filing the quarterly statements. Since the assessee has filed rectification statements on 05/04/2018, therefore, the A.O. has again issued intimation U/s 154 r.w.s. 200A.
BLOCK DEVELOPMENT OFFICER VERSUS A.C.I.T., CPC-TDS, GAZIABAD.
(2020) TaxCorp(LJ) 22713 (ITAT-JAIPUR) · https://taxcorp.in/FileOpenDT.aspx?ID=83709&Category=ITAT&CategoryType=Zip
-
GP so declared in the earlier years is not in dispute as there is no finding that in the past, the assessee has obtained any accommodation entries as in the instant year and therefore, the contention of the ld DR that the past history cannot form the basis for estimating current year GP cannot be accepted. Once the past year results have attained finality and not in dispute, the same can form the basis for estimating the GP rate for the current year. It is clear from the details of the GP declared by the assessee for the preceding three years that the average of past three years of GP declared by the assessee comes to 10.22%.
M/S KEDIA EXPORTS PVT. LTD., JAIPUR VERSUS ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-01, JAIPUR AND DY. COMMISSIONER OF INCOME TAX, CIRCLE-01, JAIPUR
(2020) TaxCorp(LJ) 22712 (ITAT-JAIPUR) · https://taxcorp.in/FileOpenDT.aspx?ID=83710&Category=ITAT&CategoryType=Zip
-
In the present scenario where the assessee is dealing in items, which were available in international market also, then same practice has to be adopted worldwide and hence the necessity of availment of management services. Merely because the assessee was increasing expenditure on its personnel and other expenses, cannot be the yardstick for deciding whether assessee had any need to avail the services. It is outside the domain of Assessing Officer to traverse in such direction. AO categorically states that assessee had availed services in various fields, but it is outside his domain to decide whether there was any necessity to avail such services or not.
MICHELIN INDIA PVT. LTD., (FORMERLY KNOWN AS MICHELIN INDIA TYRES PVT. LTD.) VERSUS THE JCIT (OSD) , CIRCLE-6 (1) , NEW DELHI. AND DCIT, CIRCLE-6 (1) , NEW DELHI VERSUS MICHELIN INDIA TYRES PVT. LTD.
(2020) TaxCorp(LJ) 22711 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83712&Category=ITAT&CategoryType=Zip
-
In the case of the assessee where substantial activities were carried out by the assessee, since the date of incorporation which had culminated in raising loans, making investment in purchase of land, which was reflected as stock in trade and also advancing loans to associate concerns for purchasing different pieces of land, in order to fulfil the condition of Land Bank of 100 Acres or more, to develop the township in Haryana and where the assessee is entered into development agreement at the close of the present year/beginning of the next year, then assessee can be said to have set up and commenced its business.
JINDAL REALTY PVT LTD. VERSUS THE ACIT, CIRCLE-10 (1) , NEW DELHI.
(2020) TaxCorp(LJ) 22710 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83713&Category=ITAT&CategoryType=Zip
-
It is a fact that along with the appeal memo filed in Form-36 the Assessee has also attached a copy of Form-10 filed before the AO. It is therefore, not correct on the part of the Tribunal to observe in the impugned order that Form-10 was not filed before the Tribunal. Apart from the above, also find that along with Form-10, a copy of the Board Resolution of the Assessee trust has been enclosed in which the purpose for which the accumulation is sought is clearly set out as “for construction of temple, 'Upashraya, Dharmashala' and objects of the trust”. It is thus, clear that the order of the Tribunal suffers from an error apparent on the face of the record which requires to be rectified.
DEVICHAND KESAJI SWETHAMBAR JAIN TRUST VERSUS THE ACIT, CIRCLE-2 (1) (1) , BANGALORE
(2020) TaxCorp(LJ) 22709 (ITAT-BANGALORE) · https://taxcorp.in/FileOpenDT.aspx?ID=83714&Category=ITAT&CategoryType=Zip
-
Financial asset has been described in the Act as share or security and the assets transferred by the assessee does not fall in the category of financial asset. This view is further affirmed by section 2(11) of the I.T.Act, which defines the term block of asset for the purpose of depreciation. The definition u/s 2(11) of the I.T.Act includes intangible assets. Since the intangible assets are covered in the definition of block of asset eligible for depreciation, the same cannot be again covered under the definition of financial asset as per Explanation (1) (i) (d) to section 2(42A) of the I.T.Act.
THE ASST. COMMISSIONER OF INCOME-TAX, CIRCLE 1 TIRUR VERSUS M/S. FEROKE BOARDS LTD.
(2020) TaxCorp(LJ) 22708 (ITAT-COCHIN) · https://taxcorp.in/FileOpenDT.aspx?ID=83695&Category=ITAT&CategoryType=Zip
-
No detail finding given by the CIT(A) as regards to how the concealment of particular of income relating to the confirmation in respect of unsecured loan/receipt of cash and insurance commission comes within the purview of Section 271(1)(c).
DEVENDER KUMAR C/O. RAJESH KUMAR GOYAL VERSUS ITO WARD-1 HISAR
(2020) TaxCorp(LJ) 22707 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83697&Category=ITAT&CategoryType=Zip
-
It is very clear that payment made to M/s Metcon India is a bogus expenditure which was routed through own associated company in order to reduce profit from sale of land at Nagpur. The AO had also obtained external information and conducted field enquiry which clearly proves the fact of not carrying out any development work at Nagpur Land. In fact the position of land was unchanged when compared to date of purchase and date of inspection and this fact was further strengthened by the letter of Jt. MD, MSHCL. The ld. CIT(A) has ignored all these facts while allowing relief to the assessee.
ACIT, CENTRAL CIRCLE-4, THANE VERSUS M/S. HALLMARK DEVELOPERS AND M/S. HALLMARK DEVELOPERS VERSUS JCIT, PALGHAR RANGE, PALGHAR.
(2020) TaxCorp(LJ) 22706 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83701&Category=ITAT&CategoryType=Zip
-
ld DRP is higher authority, therefore AO ought to follow the direction of ld DRP. AO had neither follow the directions of ld DRP nor he had examined the submissions, documents and details filed by the assessee in right perspective, as noted above. Therefore, we direct the AO to examine the assessee`s claim in respect of provisions for bad and doubtful debts and adjudicate the issue in accordance to law.
M/S PRICEWATERHOUSECOOPERS PRIVATE LIMITED VERSUS ACIT, CIRCLE-2 (2) , KOLKATA
(2020) TaxCorp(LJ) 22705 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=83702&Category=ITAT&CategoryType=Zip
Headnote lines are open to everyone. The full headnote and the judgment text open with a subscription — see plans or sign in.