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A conjoint reading of provision contained in Section 36(1)(viia) and explanatory note dated 30.06.1982 it is evident that deduction provided in Section 36(1)(viia) shall be allowed in respect of the matters dealt therein in computing the income. The condition precedent for claiming deduction under Section 36(1)(viia) of the Act is that a provision for bad and doubtful debt should be made in the accounts of the assessee.
COMMISSIONER OF INCOME TAX-III VERSUS M/S. SYNDICATE BANK
(2020) TaxCorp(LJ) 21101 (HC-KARNATKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=82381&Category=Judgment&CategoryType=Zip
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Pertinently in the statement of facts filed with the memorandum of appeal in form No. 35 before learned Commissioner (Appeals), the assessee has specifically stated that it has carried out its transactions in derivatives in future and option segments of National Stock Exchange. From the impugned order if learned Commissioner (Appeals) it is patent obvious that he has completely overlooked the aforesaid factual position while observing that the assessee has entered into over the counter derivative transaction and not in any recognized stock exchanges, while treating it as speculative loss u/s. 43(5) of the Act.
DARASHAW & COMPANY PVT., LTD VERSUS DY. CIT, RANGE 4 (1), MUMBAI AND (VICE-VERSA)
(2020) TaxCorp(LJ) 21100 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=82015&Category=ITAT&CategoryType=Zip
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Legal issue raised by the Assessee has been addressed by Hon’ble Gujarat High Court in favour of the Revenue and against the assessee in the case of Rajesh Kourani vs. Union of India. The Hon’ble Gujarat High Court held that section 234E of the Act is a charging provision creating a charge for levying fee for certain defaults in filing statements and fee prescribed under s.234E could be levied even in the absence of a regulatory provision being found in section 200A for computation of fee.
BHIKHABHAI HIRABHAI PATEL VERSUS DEPUTY COMMISSIONER OF INCOME TAX, GHAZIABAD
(2020) TaxCorp(LJ) 21099 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=82019&Category=ITAT&CategoryType=Zip
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In the case, assessee has purchased shares of the three companies at a particular price and sold them at a lower price, which resulted in short-term capital loss. The list of the shares transacted by the assessee has been reproduced above. According to the assessee purchase and sale of the shares have been made on recognized stock exchange through registered brokers and payments have been made and received by way of bank account.
SANJAY KAUL VERSUS INCOME-TAX OFFICER WARD 24 (4), NEW DELHI
(2020) TaxCorp(LJ) 21098 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=82017&Category=ITAT&CategoryType=Zip
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It is an undisputed fact that the assessee has taken legal actions, filed FIR and terminated the guilty employees. These facts on record were accepted by the DR. DR could not controvert the facts stated by the Ld. AR of the assessee. DR further could not bring on record any material/ evidence/ case laws which could controvert/raise any doubt regarding the facts already on record. It is therefore, undisputed fact that there was fraud and embezzlement for which the assessee suffered loss of ₹ 52,30,000/-.
THE WASHIM URBAN CO-OPERATIVE BANK LTD. VERSUS THE DEPUTY COMMISSIONER OF INCOME TAX, AKOLA CIRCLE, AKOLA.
(2020) TaxCorp(LJ) 21097 (ITAT-NAGPUR) · https://taxcorp.in/FileOpenDT.aspx?ID=82026&Category=ITAT&CategoryType=Zip
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S. 147 Reopening for Bogus Share Capital u/s 68: The parent co does not have sufficient funds to invest such huge amounts in Indian subsidiaries. The funds are routed through a web of entities spread across various jurisdictions, mostly in tax havens. The investments so made, are required to be investigated and the credit worthiness of the investing company is in jeopardy, in view of the information received from the investigation wing. This exercise can be undertaken during the re-reassessment proceedings to finally determine if the amounts represent undisclosed income of the assessee which is required to be taxed in its hands. At the stage of re-opening, only a reason to believe should exist with regard to escapement of income. Definite conclusion would be drawn after raising queries upon the assessee in the light of s. 68 of the Act (All imp verdicts referred)
Experion Developers Pvt Ltd vs. ACIT
(2020) TaxCorp(LJ) 21096 (HC-DELHI) · Section 147
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S. 254(2): The Writ Petition to challenge the ITAT's order dismissing the MA does not appear to be bonafide. In the garb of the MA, the Petitioner sought review of the final order passed by the Tribunal and for rehearing of the appeal which is not permissible in law. Costs of Rs. 10,000 imposed on the Petitioner
Cavalier Trading Pvt Ltd vs. DCIT
(2020) TaxCorp(LJ) 21095 (HC-BOMBAY) · Section 254(2)
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S. 2(47)/45: A reduction of capital results in an "extinguishment of rights" in the shares and constitutes a "transfer‟. The fact that the percentage of shareholding remains unchanged even after the reduction is irrelevant. The loss arising from the cancellation of shares is entitled to indexation and is allowable as a long-term capital loss (Bennett Coleman 133 ITD 1 (Mum)(SB) distinguished, all imp verdicts referred)
Carestream Health Inc vs. DCIT
(2020) TaxCorp(LJ) 21094 (ITAT-MUMBAI) · Sections 2(47), 45
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It is not necessary that the proprietor of the institution must have qualified degree. The predominant purpose of service needs to be tested for falling u/s.44AA of the Act, 1961 which is existing in the present case.
Ranjita Jena Vs ACIT
(2020) TaxCorp(LJ) 21093 (ITAT-CUTTACK) · Sections 44AA, 271A
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When the payments have been electronically made on 07.01.2011, which is the due date for deposit of TDS and the money has flown from the bank account of the assessee, it should not make any difference when the same was shown as credited on OLTAS.
BPTP Ltd Vs The DCIT
(2020) TaxCorp(LJ) 21092 (ITAT-DELHI) · Section 201(1A)
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Any legal expenses incurred by the assessee for borrowing money, irrespective of whether the borrowing went in for a revenue purpose or for a capital purpose, must be necessarily regarded as an item of revenue outgoing and allowed deduction for the said expenses to assesse.
Aker Powergas Pvt. Ltd. Vs Pr. Commissioner of Income Tax
(2020) TaxCorp(LJ) 21091 (HC-BOMBAY)
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It is abundantly clear that assessee had never intimated to the Department that his seized cash should be adjusted against his advance tax/tax liability therefore the Department is entitled to levy the interest on the outstanding demand.
Shri Ravinder Aggarwal Vs DCIT
(2020) TaxCorp(LJ) 21090 (ITAT-AMRITSAR)
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The AO upon examination of books accepted the trading results of assessee as also the purchase of gold. Having accepted the trading results, it is not open for the Assessing Officer to say that the assessee introduced unexplained and unaccounted money into the capital.
Deepak Garg Vs ITO
(2020) TaxCorp(LJ) 21089 (ITAT-DELHI) · Section 41
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Mere running a nursing home/hospital does not convert a medical doctor into a business person. Assessee is a professional and the provisions of section 44AA/44AB apply to the assesse.
Dr. Smt. Ranjana S. Nargolkar Vs ITO
(2020) TaxCorp(LJ) 21088 (ITAT-PUNE) · Sections 44AB, 271B
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Inaction on the part of ld. CIT in passing the order u/s.264 became a raison d'etre for the late filing of appeal by the assessee before the ld. CIT(A). Such a delay in my considered opinion constitutes a reasonable cause for the late presentation of the appeal before the ld. first appellate authority.
Manisha Vilas Munot Vs TRO
(2020) TaxCorp(LJ) 21087 (ITAT-PUNE) · Section 264
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The legislature did not make the law retrospective in operation nor were pending proceedings as was done when Sec.142A was inserted by the Finance (No.2) Act, 2004 w.r.e.f. from 15.11.1972. It cannot also be said that Sec.142A as inserted by the Finance Act, 2014 has retrospective effect.
Shetty Constructions Vs The Asst. Commissioner of Income tax
(2020) TaxCorp(LJ) 21086 (ITAT-BANGALORE) · Section 142A
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The expenditure incurred for acquiring or replacing any machinery to run a factory or mill should be treated as capital expenditure in view of the decision in the case of Sri Mangayarkarasi Mills P. Ltd. wherein salient findings are summarised as under. Placing reliance on the decision of Supreme Court in the case of Saravana Spinning Mills P. Ltd. it held that each machine in a textile mill has an independent role to play in the mill and each machine is part of the integrated process of manufacture of yarn and is integrally connected to the other machines in the mill.
M/S. RAMCO INDUSTRIES LIMITED VERSUS THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 1, VIRUDHUNAGAR., THE DEPUTY COMMISSIONER OF INCOME TAX
(2020) TaxCorp(LJ) 21085 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=81987&Category=ITAT&CategoryType=Zip
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Assessee has filed complete set of documents with regard to each and every amount of loan given to assessee right from 03/01/2012 to 02/11/2012 and also explained corresponding source of income for amount transferred to the assessee. We further noted that the loan creditor has explained the source of income out of encashment of mutual funds investments, sale of listed equity shares for which necessary contract notes from brokers and bank statement has been filed.
ITO-25 (3) (1), MUMBAI VERSUS M/S MECHAN RESORTS LLP, MUMBAI
(2020) TaxCorp(LJ) 21084 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=81989&Category=ITAT&CategoryType=Zip
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The assessee has offered this income in the return of income and no addition is made by the AO on this account, therefore, the AO was not under any obligation to explain and make the assessee known about the nature of charge of default committed by the assessee.
SMT. LATA AGARWAL VERSUS THE DCIT CENTRAL CIRCLE KOTA
(2020) TaxCorp(LJ) 21083 (ITAT-JAIPUR) · https://taxcorp.in/FileOpenDT.aspx?ID=81995&Category=ITAT&CategoryType=Zip
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It is a valid satisfaction because it is categorically mentioned in the satisfaction note that, assessee company has furnished inaccurate particulars with a view to evade the tax and the reason described above may be treated as satisfaction note for initiating the penalty proceedings u/s 271(1)(c) for the above two additions made. Then, on the basis of aforesaid satisfaction recorded by the AO, notice was issued to the assessee company u/s 274 r/w section 271(1)(c) of the Act which has never been challenged by the assessee company.
M/S. M AND M MACHINE CRAFT (P) LTD., C/O M/S. MALIK AND CO. (ADVOCATES) VERSUS DCIT, CIRCLE 6 (1), NEW DELHI.
(2020) TaxCorp(LJ) 21082 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=82001&Category=ITAT&CategoryType=Zip
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