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Attachment of property under Schedule II: Unless there is preference given to the Crown debt by a statute, the dues of a secured creditor have preference over Crown debts. As a charge over the property was created much prior to the notice issued by the TRO under Rule 2 of Schedule II to the Act and the sale of the property was pursuant to the order passed by the DRT, the sale is valid
Connectwell Industries Pvt. Ltd vs. UOI
(2020) TaxCorp(LJ) 22237 (SC)
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When the loss of earlier years have already lapsed, then the same cannot be notionally carried forward and set off against the profit and gains of the assessee's business for the year under consideration in computing the quantum of deduction under section 80IA(1) of the Act, 1961.
VODAFONE ESSAR GUJARAT LIMITED Vs ASSISTANT COMMISSIONER OF INCOME TAX
(2020) TaxCorp(LJ) 22236 (HC-GUJARAT) · Section 80IA
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When the object of the Assessee is to increase share capital, the expenses incurred in expanding share capital would be in capital field.
GMR Industries Ltd Vs The CIT
(2020) TaxCorp(LJ) 22235 (HC-KARNATKATA)
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We also notice from the assessment order that the parent company has not reimbursed the amount only on account of change of policy of the parent company. The internal decision taken by two related concerns cannot be a ground in allowing the claim of write off.
Tektronix (India) Pvt. Ltd Vs Deputy Commissioner of Income-tax
(2020) TaxCorp(LJ) 22234 (ITAT-BANGALORE)
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Though the Act mandates Tax Residency Certificate of Austria, non-production of the same before the Ld. Revenue Authorities shall not enable the Ld. Revenue Authorities not to grant the benefit of the Treaty to the assesse.
Sreenivasa Reddy Cheemalamarri Vs Income-tax Officer
(2020) TaxCorp(LJ) 22233 (ITAT-HYDERABAD)
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There is no transfer of property by the assessees in fact it is acquisition of property by the assessees in the names of their children and it is not the case of transfer or gain on sale of property.
Smt. R.Mangala Devi Vs Income Tax Officer
(2020) TaxCorp(LJ) 22232 (ITAT-HYDERABAD)
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The loss that has been occurred to the assessee because of those factors which are very much irrecoverable and in the practical context, these have to be allowed since it has been incurred by the assessee for facilitating the carrying on of the business of the assessee.
The Washim Urban Co-Operative Bank Ltd Vs The Deputy Commissioner of Income Tax
(2020) TaxCorp(LJ) 22231 (ITAT-NAGPUR)
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Education cess is not a disallowable expenditure u/s 40(a)(ii) of the Act having been expressly excluded from section 40(a)(ii) of the Act.
Sicpa India Private Ltd Vs Addl.CIT
(2020) TaxCorp(LJ) 22230 (ITAT-DELHI) · Section 40(a)(ii)
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Since the predecessor could not have claimed depreciation on the amount of trademark presented by revaluation reserve, by virtue of the 5th proviso to Sec. 32(1), depreciation to that extent is also not available in the hands of the assessee company also.
PIK Studios P. Ltd Vs DCIT
(2020) TaxCorp(LJ) 21233 (ITAT-MUMBAI) · Section 32(1)
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By entering into an option agreement, the assessee had renounced its right to market unit No.1 and 2 for a period of 9 months from the date of the option agreement and, because of covenant by way of an option agreement with the party and hence, any amount received in pursuance of said agreement is in the nature of compensation which is assessable under the head income from other sources as rightly considered by the assesse.
Redwood IT Services P. Ltd Vs ITO
(2020) TaxCorp(LJ) 21232 (ITAT-MUMBAI)
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We have already held that the provision for warrant expenses is not contingent and has to be allowed as deduction while computing income under the head Income from Business & Profession. As a consequence of such finding, the addition made to the book profits is to be deleted because the liability cannot be said to be contingent.
M/s Lenovo India Pvt. Ltd. Vs The Income Tax Officer
(2020) TaxCorp(LJ) 21231 (ITAT-BANGALORE) · Section 37
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The provision for gratuity is ascertained liability and the same falls outside the scope of the provisions of clause (c) of Explanation 1 to Sec.115JB warranting no addition to the book profits.
KMF Infotech Ltd., Vs The Dy. Commissioner of Income-tax
(2020) TaxCorp(LJ) 21230 (ITAT-BANGALORE) · Section 115JB
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Sec.80-IA(4) certainly does not give an impression that the assessee has to do the developing, operating and maintaining the infrastructure facility all by itself without engaging any contractor.
Rajahmundry Expressway Limited Vs Dy. Commissioner of Income Tax
(2020) TaxCorp(LJ) 21229 (ITAT-MUMBAI) · Section 80-IA
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The satisfaction note has been recorded in respect of the appellant and the profit of G.T.Krishna Murthy as well as profit of M/s Sree Venkatesha Bottles has also been worked out. Therefore, we are satisfied that the requirement as laid down by the decision of the Supreme Court in case of Calcutta Knitwears as well as the Circular dated 31.12.2015 issued by Central Board of Direct Taxes has been complied with.
M/S. SRI. VENKATESHA BOTTLES VERSUS THE ASST. COMMISSIONER OF INCOME TAX
(2020) TaxCorp(LJ) 21228 (HC-KARNATKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=82630&Category=Judgment&CategoryType=Zip
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A careful and conjoint reading of the two provisions i.e. Sections 105 and 108 would therefore make it clear that imposition of penalty is to be proceeded separately as a separate proceeding. Merely because in the assessment order the AO comes to a conclusion that the assessee had failed to collect the STT or had failed to pay such STT to the credit of the Central Government, it would not ipso-facto lead to imposition of penalty.
PR. COMMISSIONER OF INCOME TAX-7 VERSUS NATIONAL STOCK EXCHANGE
(2020) TaxCorp(LJ) 21227 (HC-BOMBAY) · https://taxcorp.in/FileOpenDT.aspx?ID=82631&Category=Judgment&CategoryType=Zip
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The powers under Section 147 of the Act have been now defined without any equivocation and without going to deep into it it is safe to say that a mere change of opinion cannot be considered within the ambit of phrase reason to believe.
THE PR COMMISSIONER OF INCOME TAX-2 CHANDIGARH VERSUS M/S SWARAJ ENGINES LTD MOHALI
(2020) TaxCorp(LJ) 21226 (HC-BOMBAY) · https://taxcorp.in/FileOpenDT.aspx?ID=82632&Category=Judgment&CategoryType=Zip
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The first appellate authority, after due deliberation, had returned a finding of fact that Taj India was not acting as agent of the assessee but it had obtained the right of distribution of the channel for itself and subsequently, it had entered into contracts with other parties in its own name in which the assessee was not a party.
COMMISSIONER OF INCOME TAX (IT) -4 VERSUS TAJ TV LIMITED
(2020) TaxCorp(LJ) 21225 (HC-BOMBAY)
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Identical questions have been answered by this Court in favour of the assessee and against the revenue vide order passed in Pr. Commissioner of Income Tax (Exemption) vs. National Health and Education Society as held pharmacy store of the respondent was ancillary to the main object of running the hospital.
CIT (EXEMPTIONS) , MUMBAI VERSUS NATIONAL HEALTH & EDUCATION SOCIETY
(2020) TaxCorp(LJ) 21224 (HC-BOMBAY) · https://taxcorp.in/FileOpenDT.aspx?ID=82638&Category=Judgment&CategoryType=Zip
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Respondent-assessee had furnished the commencement certificate issued by the Bombay Municipal Corporation dated 10.09.2007 and, occupation certificate issued by the Municipal Corporation of Greater Mumbai dated 26.02.2013, besides other documents which clearly shows that there were approvals which cover full occupation / permission for all the blocks of the building project.
PR. COMMISSIONER OF INCOME TAX-18 VERSUS RATTANCHAND RIKHABDAS JAIN CHEMICAL WORKS
(2020) TaxCorp(LJ) 21223 (HC-BOMBAY) · https://taxcorp.in/FileOpenDT.aspx?ID=82639&Category=Judgment&CategoryType=Zip
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For computing the profits and gains of the business of insurance company, the AO had to resort to Section 44 and the prescribed rules, and could not have applied Section 28 to 43B, since the same were excluded from the purview of Section 44.
The Oriental Insurance Co. Ltd Vs Pr. Commissioner of Income Tax
(2020) TaxCorp(LJ) 21222 (HC-DELHI) · Sections 14A, 44
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