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Even though the assessee is an eligible assessee, there is no variation to the international transactions. Therefore, there cannot be any prejudice to the interests of the assesse, passing of the draft assessment order itself is not warranted
Regen Renewable Energy Generation Global Limited Vs The Deputy Commissioner of Income Tax
(2020) TaxCorp(LJ) 20881 (ITAT-CHENNAI)
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The action of the JCIT under s.153D of the Act is to be regarded as perfunctory and mechanical in subversion of the spirit of Section 153D of the Act. Such symbolic approval is unfounded in law. As a corollary, in the absence of any valid approval under s.153D of the Act, the respective assessment orders giving cause of action in the form of captioned appeals requires to be quashed on this score also.
M/S. RAJAT MINERALS PVT. LTD. C/O SRI S.K. PODDAR, M/S. K.D.S. CONTRACTORS PVT. LTD. VERSUS DY. COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE – 1, RANCHI
(2020) TaxCorp(LJ) 20880 (ITAT-RANCHI) · https://taxcorp.in/FileOpenDT.aspx?ID=81438&Category=ITAT&CategoryType=Zip
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Provisions contained u/s 14A of the Act, AO has not recorded his satisfaction as required u/s 14A(2) that the working given by the assessee is not correct. It is incumbent upon the AO to record satisfaction as to the working given by the assessee that no expenses have been incurred by it to earn the dividend income. In view of the matter, we are of the considered view that addition made by the AO and confirmed by the ld. CIT (A) u/s 14A is not sustainable, hence ordered to be deleted.
M/S. JAYPEE CAPITAL SERVICES LTD. VERSUS DCIT, CENTRAL CIRCLE 29, NEW DELHI.
(2020) TaxCorp(LJ) 20879 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=81437&Category=ITAT&CategoryType=Zip
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There has been only a change in name of the entity and besides that, there is no change in the corporate identity of the assessee company. It is therefore not a case where the assessee company ceases to exist and/or amalgamated with any other existing/new entity. Therefore, it is not a case where the notice u/s 148 has been issued and assessment u/s 143(3) r/w 147 has been completed in the name of non- existent entity.
M/S SHREE SILICA PRODUCT PVT. LTD. (NOW M/S RAJSHREE ALLOYS INDIA LTD.) (FORMERLY BADAYA ISPAT LTD.) VERSUS ITO, WARD-4 (1), JAIPUR
(2020) TaxCorp(LJ) 20878 (ITAT-JAIPUR) · https://taxcorp.in/FileOpenDT.aspx?ID=81435&Category=ITAT&CategoryType=Zip
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It is an undisputed fact that survey action u/s.133A was carried out at the office premises of Anupam Group wherein during the course seven small pocket diaries were recovered from the premises. And the same were confronted by recording statement of u/s.132(4) wherein it was admitted that these represents net profit from on money receipts or different purchases of the group which were not recorded in the regular books of accounts and was net earnings after all expenses.
DEPUTY COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-4, SURAT. VERSUS ANUPAM ORGANISER
(2020) TaxCorp(LJ) 20877 (ITAT-SURAT) · https://taxcorp.in/FileOpenDT.aspx?ID=81434&Category=ITAT&CategoryType=Zip
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As long as the difference between the value adopted by the stamp valuation authority and the actual consideration received or accrued to the assessee on the transfer of the asset (other than a capital asset) is not in excess of five percent, then such difference is to be ignored and the profits and gains on transfer of the asset has to be worked out on the basis of the actual consideration received or accruing to the assessee.
WELFARE PROPERTIES P. LTD. VERSUS DCIT-13 (3) (1), MUMBAI
(2020) TaxCorp(LJ) 20876 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=81432&Category=ITAT&CategoryType=Zip
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Even if the purchases are found to be bogus, however, the entire purchases cannot be added if the sales are not doubted or disputed. In such circumstances, the addition can be made by applying the gross profit rate of normal purchases. Thus, in our considered opinion, the decision of the Assessing Officer in making addition applying the profit rate is in consonance with various judicial precedents available on the issue.
NAVNIDHI STEEL AND ENGINEERING CO. P. LTD. VERSUS PRINCIPAL COMMISSIONER OF INCOME TAX, CIRCLE–5, MUMBAI
(2020) TaxCorp(LJ) 20875 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=81430&Category=ITAT&CategoryType=Zip
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Such transaction by depositing cash directly in the bank account of the beneficiary is not routed through any clearing house nor is the money send through electronic mode and therefore such a transaction in my considered opinion cannot be covered by Rule 6DD(c)(v).
Ajai Kumar Singh Khaldelial Vs Principal Commissioner Of Income Tax And Anr.
(2020) TaxCorp(LJ) 20874 (HC-ALLAHABAD) · Section 40A(3)
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Such an undue haste in recovery of the disputed demands, in respect of which the hearing of appeal as also the stay petition is already concluded, is indeed inappropriate. The revenue authorities should have at least waited for the disposal of the stay petition.
Cleared Secured Services Pvt Ltd Vs Deputy Commissioner of Income Tax
(2020) TaxCorp(LJ) 20873 (ITAT-MUMBAI)
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When the assessee is a recognized start-up company having filed declaration in Form 2, the provisions of Sec.56(2)(viib) shall not be made applicable.
M/s. Phasorz Technologies Pvt. Ltd. Vs The Income Tax Officer
(2020) TaxCorp(LJ) 20872 (ITAT-CHENNAI) · Section 56(2)(viib)
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The powers of the Tribunal to grant stay on collection/ recovery of demands, during the pendency of appeal, cannot be exercised in a routine manner simply on the basis of an assessment of prima facie merits in the appeal, nonetheless, grants out of turn hearing and fixes the matter for February 24th.
Kersiwood Holdings Limited Vs Asst. Commissioner of Income Tax
(2020) TaxCorp(LJ) 20871 (ITAT-MUMBAI)
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Authorities below have not dissected the various investments vis-à-vis dividend income received by the assessee and the matter need to be remanded back to the file of AO for fresh adjudication after considering and analyzing various investments made by the assessee vis-a-vis dividend income received which was claimed as an exempt income.
M/S. LAKSHMI MACHINE WORKS LTD. VERSUS THE ADDL. CIT, CORPORATE RANGE, COIMBATORE.
(2020) TaxCorp(LJ) 20870 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=81422&Category=ITAT&CategoryType=Zip
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On a consideration of the submissions made on behalf of the assessee, we are of the considered opinion that the payments were made for business purpose and the Revenues earned and declared by the assessee show the proportion of benefit, because the assessee travelled from losses to profit after their collaboration with the Arkadin SA, France.
DCIT, CIRCLE- 3 (1) , NEW DELHI. VERSUS ARKADIN CONFER INDIA PVT. LTD.
(2020) TaxCorp(LJ) 20869 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=81424&Category=ITAT&CategoryType=Zip
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Assessee gifted certain Fixed Deposit receipts and other amounts to his wife not only in this year but also in the earlier years. Interest income arising from such FDRs amounting to Rs 7,21,547/- in addition to Venture capital income of Rs 1,11,252/- accruing to wife from such gifts has been religiously clubbed by the assessee in his hands and offered for taxation. Two possible situations of utilization of the assets transferred by husband to wife triggering the clubbing provisions.
UDAY GOPAL BHASKARWAR VERSUS ACIT, CIRCLE-13, PUNE
(2020) TaxCorp(LJ) 20868 (ITAT-PUNE) · https://taxcorp.in/FileOpenDT.aspx?ID=81425&Category=ITAT&CategoryType=Zip
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We find that the action u/s 147 was sought to be taken in respect of assessment completed u/s 143(3) earlier after expiry of four years from the end of relevant assessment year alleging escapement of income from taxation.
NAWEEN TRANSPORT COMPANY VERSUS ACIT CIRCLE -2, HAZARIBAGH
(2020) TaxCorp(LJ) 20867 (ITAT-RANCHI) · https://taxcorp.in/FileOpenDT.aspx?ID=81426&Category=ITAT&CategoryType=Zip
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In both these definitions as defined by sec.2(d-2) of 1959 Act and Sec. 2(e) of 1997 Act the word ‘co-operative’ is employed not as an adjective but as a noun; the definition of other relative concepts in the dictionary clauses of these Acts strengthens this view. This apart, sec.7 of the 1997 Act provides that the entity registered as a ‘co-operative’ shall be a body corporate, notwithstanding the conspicuous absence of the word ‘society’ as a postfix; sec.9 of the 1959 Act makes the entity once registered u/s.8 thereof a body corporate.
M/S. SWABHIMANI SOUHARDA CREDIT CO. OPERATIVE LTD. VERSUS GOVERNMENT OF INDIA MINISTRY OF FINANCE, DEPARTMENT OF REVNUE
(2020) TaxCorp(LJ) 20866 (HC-ALLAHABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=81883&Category=Judgment&CategoryType=Zip
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It seems that the issue pertaining to the validity of the order under Section 147 of the Act, 1961 was not raised by the assesseee in his application and his only grievance was with regard to the re-assessment order.
AJAI KUMAR SINGH KHALDELIAL VERSUS PRINCIPAL COMMISSIONER OF INCOME TAX AND ANR.
(2020) TaxCorp(LJ) 20865 (HC-ALLAHABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=81884&Category=Judgment&CategoryType=Zip
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While dealing with an application for condonation of delay, the authority must satisfy itself with regard to the genuineness of the claim. However, the same does not mean that the authority should examine the merits of the claim closely and come to the conclusion as it amounts to prejudging the case.
Vasudev Adigas Fast Foods Pvt Ltd Vs The ITO
(2020) TaxCorp(LJ) 20864 (HC-KARNATKATA) · Section 119
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The issue as regards allowability of depreciation on goodwill is no more res integra. Assessee's depreciation claim on the excess of payment over net assets, capitalised as goodwill in the books of accounts is found to be in order.
Tam Media Research Pvt. Ltd. Vs ITO
(2020) TaxCorp(LJ) 20863 (ITAT-MUMBAI)
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AO sought to value shares as on 31.03.12 subsequent to the allotment of shares at premium of Rs. 400 as on 31.03.12, holds the same to be not permissible. Such method of computation is not laid down under any provisions of the Act. Thus the same is not in accordance with law.
Shri Ravi Jalan Vs Income Tax Officer
(2020) TaxCorp(LJ) 20862 (ITAT-KOLKATA) · Section 56(2)(vii)(c)
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