-
AO made the addition by invoking the provisions of Section 40A(2)(b) of the Act which are applicable to the expenses considered to be excessive or unreasonable having regard to the fair market value of the goods/services or facilities for which the payment is made. However, in the instant case, the AO estimated the profit of the assessee and determined the income, nowhere he doubted the expenses incurred by the assessee. AO was not justified in making the addition by invoking the provisions of Section 40A(2)(b) of the Act which are applicable to the expenditure and not to the receipts and the ld. CIT(A) rightly deleted the same.
M/S KEC DELCO DUTSAN (JV) VERSUS INCOME TAX OFFICER, WARD-2 (3) , GURGAON
(2020) TaxCorp(LJ) 22477 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83236&Category=ITAT&CategoryType=Zip
-
The assessee has not furnished any evidence even before us to prove that agricultural operations were carried on the said land but only bald statement is made that water melon and pumpkin was grown. The assessee has filed additional evidences before us to contend that Government of Tamil Nadu vide Notification in G.O. Ms No. 153 dated 20.06.2013 had included Thaiyur Village in the Mamallapuram Local Planning Area , which is post the said previous year.
SRI N. BALAKRISHNAN VERSUS THE ASST. COMMISSIONER OF INCOME TAX, NON-CORPORATE CIRCLE-1 (1) , CHENNAI
(2020) TaxCorp(LJ) 22476 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83237&Category=ITAT&CategoryType=Zip
-
In the present case, there is gross violation of the procedure laid down in the Act. For seeking transfer of jurisdiction, there is a prescribed procedure in Sec. 127 and the CIT-8 had to refer the issue to CIT-13 explaining the reasons as to why he wants to get the case transferred to him. A regular order u/s 127 had to be passed by Pr.CIT-13 and only then the jurisdiction could be transferred from Ward 39(4) to Ward 23(4).
MANJIT SINGH SARIN VERSUS ITO WARD-23 (4) NEW DELHI
(2020) TaxCorp(LJ) 22475 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83240&Category=ITAT&CategoryType=Zip
-
The scope of Information Technology Software as is referred to in Hon’ble Supreme Court judgment in assessee’s own case was in context of Customs Laws which was very vide definition and hence we cannot draw analogy in the 1961 Act read with 1962 Rules. Digital contend developed by assessee can be equated with computer program is far fetched but rather it is a copyrighted material developed by assessee which is stored in computer.
M/S. PENTAMEDIA GRAPHICS LTD. VERSUS THE DY. COMMISSIONER OF INCOME TAX, MEDIA CIRCLE-I, CHENNAI
(2020) TaxCorp(LJ) 22474 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83241&Category=ITAT&CategoryType=Zip
-
Appellant has sold entire old machineries during the financial year 2007-08. The appellant has shown the same as sale of scrap vide his invoice dated 09.01.2009. Then how come, the chartered engineer verified the old machinery on 07.01.2014 when that has already become scrap during the FY 2007-08 and also disposed on 09.01.2009.
M/S. COOPER BUSSMANN INDIA PVT. LTD. VERSUS THE ACIT, CIRCLE – 1, PONDICHERRY., THE JCIT, RANGE – 1, PONDICHERRY.
(2020) TaxCorp(LJ) 22473 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=83221&Category=ITAT&CategoryType=Zip
-
It is not the case of the AO that the loan advanced to the sister concern was not recorded in the books of accounts. It is not also the case of the AO that interest expenditure claimed as deduction by the assessee should have been disallowed under the provision of section 36(1)(iii). The fact remains that the AO has proceeded to bring to tax notional income without there being any machinery provisions in the Act.
ITO WARD-16 (3) , NEW DELHI VERSUS M/S. MAX VENTURES INVESTMENT HOLDINGS PVT. LTD. (FORMERLY KNOWN AS M/S. DYNAVEST INDIA PVT. LTD.) , NEW DELHI
(2020) TaxCorp(LJ) 22472 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83222&Category=ITAT&CategoryType=Zip
-
Profit on sale of land can be deduced only after subtraction of corresponding purchase costs. It is not the case of the Revisional Commissioner that purchase cost has been separately claimed. Claim made on behalf of the assessee that relevant facts towards cost associated with the acquisition were placed before the AO in the course of assessment. It would be reasonable to infer that AO has applied his mind to such aspect.
SMT. VIRBALABEN KIRITBHAI PATEL VERSUS DCIT CIRCLE - 5, BARODA
(2020) TaxCorp(LJ) 22471 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=83225&Category=ITAT&CategoryType=Zip
-
Revenue Authorities could not bring any other corroborative evidences to substantiate the said noting in the loose paper. The entire addition has been based on this single noting found in this loose paper without any corroborative evidences. Even at the time of hearing, the Ld. DR could not place on record any relevant document, evidences in order to substantiate and corroborate the addition made on the basis of that entry in the loose paper.
RAJKUMAR B. AGARWAL VERSUS THE DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1 (2) , PUNE.
(2020) TaxCorp(LJ) 22470 (ITAT-PUNE) · https://taxcorp.in/FileOpenDT.aspx?ID=83193&Category=ITAT&CategoryType=Zip
-
CIT(A) considered the past savings but did not appreciate the explanation of the assessee that he was working in the Government Health Department since 02.9.1997 as an Assistant Surgeon and the credits are from the rotational fund. Credit entries regarding the cancellation of DD purchased for share trading, clearing of cheque no.143176 and IDBI Infrastructure Bonds purchased by the assessee in earlier years have not been considered by the CIT(A), which is not justified because the assessee has explained the nature of credit entries.
SMT. KUSUM BHARGAV L/H OF DR. PRAHLAD BHARGAV, UJJAIN VERSUS ITO-2 (1) , UJJAIN
(2020) TaxCorp(LJ) 22469 (ITAT-INDORE) · https://taxcorp.in/FileOpenDT.aspx?ID=83194&Category=ITAT&CategoryType=Zip
-
Authorities have considered from the material placed before it that the agent is working mainly or wholly on behalf of the non-resident on the ground that more than 50% of the commission receipt is received from the non-resident. CIT(A) has also observed that an agent is regarded as economically dependent on the principal if it derives major revenue from principal or if he services the principal and bear entrepreneurial or business risk.
RSV GLOBAL VERSUS INCOME-TAX OFFICER (INTERNATIONAL TAXATION & TP) , BHOPAL
(2020) TaxCorp(LJ) 22468 (ITAT-INDORE) · https://taxcorp.in/FileOpenDT.aspx?ID=83195&Category=ITAT&CategoryType=Zip
-
AO has not doubted the books of accounts of the appellant. AO has held that there is nothing on record to say that assessee was adopting any uniform policy in respect of discount and it was being given in the uniform way to the customers. The amount on account of discounts and rebates has been disallowed. CIT(Appeals) has held that the burden of proof lies on the assessee in order to claim that the expenditure falls under Section 37(1).
M/S. TRISTAR MOTORS VERSUS THE ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-7 (1) , BANGALORE
(2020) TaxCorp(LJ) 22467 (HC-KARNATKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=82899&Category=Judgment&CategoryType=Zip
-
From perusal of Section 10A of the Act, it is evident that the intention of the legislature is to encourage establishment of export oriented industries with the object of receiving convertible foreign exchange. In order to claim deduction under Section 10A of the Act, the conditions laid down under Section 10A(2) have to be complied with.
M/S. GRANITE MART LIMITED VERSUS THE INCOME-TAX OFFICER WARD-11 (2) , BANGALORE
(2020) TaxCorp(LJ) 22466 (HC-KARNATKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=82900&Category=Judgment&CategoryType=Zip
-
Agriculture income certificate issued by the revenue department of the State of Telangana has been got issued in favour of the assessee by applying online and the format in which it is issued is as per the concerned state’s prescribed rules and regulations.
ANIL KUMAR NUWAL VERSUS A.C.I.T., CIRCLE- BHILWARA.
(2020) TaxCorp(LJ) 22465 (ITAT-JODHPUR) · https://taxcorp.in/FileOpenDT.aspx?ID=83185&Category=ITAT&CategoryType=Zip
-
Land was purchased by the assessee since long back as capita asset and was continuously hold by it for 20 years in case of Fateh Royal Residency and for 4-5 years in case of Fateh Hills as capital asset. There was no intention of assessee to trade for the land so purchased, contrary it was used for agricultural purposes continuously till the year of sale.
RAMESH RAJ BOHRA VERSUS D.C.I.T., BARMER CIRCLE-BARMER.
(2020) TaxCorp(LJ) 22464 (ITAT-JODHPUR) · https://taxcorp.in/FileOpenDT.aspx?ID=83186&Category=ITAT&CategoryType=Zip
-
Respectfully following the decision of the coordinate bench in assessee/s own case, we direct the ld AO to grant depreciation on this asset @60%. CIT (A) is correct that the ld AO has failed to record satisfaction about the correctness of the claim of the assessee that it has not incurred any expenditure to earn the exempt income. It is also true that the assessee has not received any exempt income during the year.
ACIT, CIRCLE-20 (2) , NEW DELHI VERSUS QUIPPO OIL & GAS INFRASTRUCTURE LTD AND (VICE-VERSA)
(2020) TaxCorp(LJ) 22463 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=83187&Category=ITAT&CategoryType=Zip
-
We do not find any infirmity in the order of the CIT(A) in granting relief to the assessee u/s. 36(1)(viii) with regard to providing long term finance for industrial or agricultural development or development of infrastructure facility in India and the same is confirmed. Thus, this ground of appeals of both the assessee as well as the Revenue are dismissed.
THE ASST. COMMISSIONER OF INCOME-TAX, CIRCLE 1 (1) THRISSUR. VERSUS M/S. THE SOUTH INDIAN BANK LIMITED AND (VICE-VERSA)
(2020) TaxCorp(LJ) 22462 (ITAT-COCHIN) · https://taxcorp.in/FileOpenDT.aspx?ID=83168&Category=ITAT&CategoryType=Zip
-
Capital grant is utilized for purchase of buses and other fixed assets for which it has been granted, the same would be in nature of capital grant and not chargeable to tax. Where the capital grant is utilised for meeting the operational expenditure of the assessee company, the AO is well within his right and jurisdiction to examine the taxability thereof as to why the same should not be treated as revenue receipt and brought to tax.
DEPUTY COMMISSIONER OF INCOME-TAX, CIRCLE-06, JAIPUR VERSUS M/S JAIPUR CITY TRANSPORT SERVICES LTD. AND (VICE-VERSA)
(2020) TaxCorp(LJ) 22461 (ITAT-JAIPUR) · https://taxcorp.in/FileOpenDT.aspx?ID=83169&Category=ITAT&CategoryType=Zip
-
For claiming benefit under section 80G, deductions are considered at the stage of computing Total taxable income. Even if any payments under section 80G forms part of CSR payments, the same would already stand excluded while computing, Income under the head, Income form Business and Profession. The effect of such disallowance would lead to increase in Business income.
FIRST AMERICAN (INDIA) PVT. LTD. VERSUS THE ASST. COMMISSIONER OF INCOME TAX, CIRCLE-3 (1) (1) , BANGALORE.
(2020) TaxCorp(LJ) 22460 (ITAT-BANGALORE) · https://taxcorp.in/FileOpenDT.aspx?ID=83178&Category=ITAT&CategoryType=Zip
-
Where any assessee had not carried on any business activity, it cannot be presumed to have earned any income. Assessee has not carried on any business activity and earned any income. In such circumstances, it could only have received capital contribution from the partners.
JAYASHREE ANAND ENTERPRISES, HYDERABAD. VERSUS INCOME-TAX OFFICER, WARD – 11 (3) , HYDERABAD.
(2020) TaxCorp(LJ) 22459 (ITAT-HYDERABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=83179&Category=ITAT&CategoryType=Zip
-
Notices issued by the A.O. and replies thereto furnished by the assessee reveal that all the queries raised by the A.O. including about the source of deposits were duly answered by the assessee supported with the documentary evidence. PCIT was of the view that the A.O. had not made the requisite enquiries.
SHRI VARINDER KUMAR GUPTA VERSUS THE ITO, WARD -5, PATIALA
(2020) TaxCorp(LJ) 22458 (ITAT-CHANDIGARH) · https://taxcorp.in/FileOpenDT.aspx?ID=83180&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.