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In order to claim deduction, the assessee has to satisfy requirements of Section 37(1) of the Act, which lays down several conditions, such as-the expenditure should not be in the nature described under Section 30 to 36. It should not be in the nature of capital expenditure, it should be incurred in the previous year, it should be in respect of business carried by the assessee and be expended wholly and exclusively for the purpose of such business.
THE PR. COMMISSIONER OF INCOME TAX -3 VERSUS FRONTINER LAND DEVELOPMENT PVT. LTD.
(2019) TaxCorp(LJ) 20721 (HC-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=81733&Category=Judgment&CategoryType=Zip
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Provision for Bad and Doubtful Debt was clearly a deductible amount for the purpose of Section 115JA of the Act. This position of law was undone only by the Finance Amendment Act, 2009 with retrospective effect from 1 April 2001. But the fact remains that the said amendment in law was effected in the year 2009 and it was not available on the date when the reassessment notice was issued in the present case on 31 March 2008.
COMMISSIONER OF INCOME TAX, CHENNAI VERSUS M/S. SAINT GOBAIN GLASS INDIA LTD.
(2019) TaxCorp(LJ) 20720 (HC-MADRAS) · https://taxcorp.in/FileOpenDT.aspx?ID=81734&Category=Judgment&CategoryType=Zip
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AO has ducked the issues raised by the petitioner. The right to file objections to a proposed re-opening of assessment under Section 147 of the Income Tax Act is a meaningful right, and not a mere empty formality. While dealing with the objections, AO should apply his mind. The whole purpose of this exercise is to examine whether.
M/S. TSYS CARD TECH SERVICES LIMITED VERSUS DEPUTY COMMISSIONER OF INCOME TAX
(2019) TaxCorp(LJ) 20719 (HC-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=81735&Category=Judgment&CategoryType=Zip
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The opinion expressed in this judgment is only a tentative view, keeping in view the limited scope of jurisdiction exercised by the respondents under section 197 and even more limited scope of jurisdiction being exercised by us under Article 226 of the Constitution of India. All the questions urged by the petitioner relating to the constitution of PE vis-à-vis contracts in question have been kept open.
National Petroleum Construction Company Vs Deputy Commissioner Of Income Tax, Circle-2(2)(2), International Taxation
(2019) TaxCorp(LJ) 20718 (HC-DELHI) · Section 197
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Assessee was an employee of Chaudhary Charan Singh Haryana Agricultural University, Hisar, a State University, established under ‘The Haryana and Punjab Agricultural Universities Act, 1970’ and notified under University Grants Commission. The exemption u/s 10(10)(i) and 10(10AA)(i) are available to the assessee in respect of the arrears of gratuity and dismissed the grounds about the initiation of the re-assessment.
INDRA KUMARI BAJAJ THROUGH L/H. SH. THAKUR DASS BAJAJ VERSUS INCOME TAX OFFICER, WARD-2, HISAR
(2019) TaxCorp(LJ) 20717 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=81041&Category=ITAT&CategoryType=Zip
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The satisfaction note is not recorded in the file of the assessee searched u/s 132 and documents claimed to be owned by the assessee was transferred to the file of the assessee. Therefore, the jurisdiction assumed u/s 153C in the case of the assessee is not in accordance with provisions of section 153C wherein satisfaction note in the searched persons proceeding has to be recorded separately.
ACIT, CENTRAL CIRCLE-30, NEW DELHI. VERSUS M/S. GRACIOUS PROJECT PVT. LTD.
(2019) TaxCorp(LJ) 20716 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=81042&Category=ITAT&CategoryType=Zip
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AO has in his assessment order assessed the income in question under the head income from profession, though in the body of the order, he was of the opinion that the income in question was assessable under the head income from salary. He simply disallowed the claim of exemption made by the assessee and assessed the gross receipts as professional income.
ARJUN CHANDRA BHOWAL VERSUS DCIT, CIRCLE-1, SILIGURI
(2019) TaxCorp(LJ) 20715 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=81043&Category=ITAT&CategoryType=Zip
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In the case before us, the view taken by the lower authorities has to fail on two grounds viz (i). that, the assessee had duly evidenced the source of investment made by him for purchase of the aforesaid two paintings; and (ii). that, even otherwise as the aforesaid paintings were purchased by the assessee on 17.06.2006 i.e in the period relevant to the immediately preceding year i.e A.Y 2007-08.
MR. JASJIT SINGH VERSUS DY. CIT CENTRAL CIRCLE-42, MUMBAI
(2019) TaxCorp(LJ) 20714 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=81046&Category=ITAT&CategoryType=Zip
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The assessee had disclosed all the items which were considered as reasons for re-opening the assessment, in its audited accounts and even the auditor had given a report of the same. In such a scenario, we hold that there is no merit in the re-assessment proceedings carried out against the assessee where the AO refers to the facts disclosed by the assessee and then record the reasons for re-opening the assessment, such an action cannot be upheld under the provision of section 147 of the Act, in case where four years have lapsed from the end of the assessment year.
DCIT, HISAR CIRCLE, HISAR VERSUS DAKSHIN HARYANA BIJLI VITRAN NIGAM LTD. AND (VICE-VERSA)
(2019) TaxCorp(LJ) 20713 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=81050&Category=ITAT&CategoryType=Zip
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If the intentions were to deal on a systematic and repetitive manner, then no businessmen will lock its funds for three years for his trading activities. Assessee, after selling these flats has not acquired any additional flats by re-investing the sale proceeds of these sold flats. Also the fact remains that the above assets are appearing under investments in the balance sheet of the assessee.
HARESH KHIAMAL NANWANI VERSUS ACIT-17 (1), MUMBAI
(2019) TaxCorp(LJ) 20712 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=81056&Category=ITAT&CategoryType=Zip
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Assessee had not benefitted within the meaning of Sec.41(1) of the Act receipt of the said payment from the assessee prematurely can in no way be construed or characterized as a remission or cessation of the liability of the assessee towards the State Government.
Caprihans India Ltd Vs Dy. CIT Central Circl-36
(2019) TaxCorp(LJ) 20711 (ITAT-MUMBAI)
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In the present case, the preference shares were non-convertible, non-cumulative and redeemable, thus the company had a liability to pay the above preference share capital to the preference shareholders before anything was paid to equity shareholders. Since Rule 11UA mandated to to include preference share capital in total liability of the company and to exclude only Paid up Value of equity share capital issued and free reserve.
Neelu Analjit Singh Vs The Addl. Commissioner of Income tax
(2019) TaxCorp(LJ) 20710 (ITAT-DELHI)
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Assessee placed before us Form 26A issued by accountant of assessee, in respect of payment made by assessee to these alleged nine doctors. As additional evidence in respect of these nine doctors which in our considered opinion, deserves to be admitted and requires due verification also. In our opinion, Ld.AO will have to verify all these details to ascertain true facts.
M/S SHIVA & SHIVA ORTHOPAEDIC HOSPITALS PVT. LTD. VERSUS THE INCOME TAX OFFICER
(2019) TaxCorp(LJ) 20709 (ITAT-BANGALORE) · https://taxcorp.in/FileOpenDT.aspx?ID=80979&Category=ITAT&CategoryType=Zip
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In this case, there is no dispute that the assessee has filed the return of income on 28.11.2014 and the time limit for issue of notice u/s 143(2) was expired on 30.09.2015. As per the settled law, the AO is not permitted to make the addition u/s 153A in the completed assessments without the support of incriminating material. In the instant case, there was no incriminating material found and the assessee has filed the return of income claiming deduction u/s 80IA.
SRI SURESH KUMAR JAIN VERSUS ASST. COMMISSIONER OF INCOME TAX CENTRAL CIRCLE-1 VISAKHAPATNAM
(2019) TaxCorp(LJ) 20708 (ITAT-VISAKHAPATNAM) · https://taxcorp.in/FileOpenDT.aspx?ID=81021&Category=ITAT&CategoryType=Zip
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A.O. merely initiated penalty proceedings separately for violation of Section 269SS of the I.T. Act. He did not record any satisfaction under section 271D of the I.T. Act before initiating the penalty proceedings under section 271D of the I.T. Act. Further, the explanation of assessee on merit clearly suggest that assessee had a "reasonable cause" for violation to comply with the provisions of Law because no cash given directly to assessee but deposited at Shilong Branch over which assessee did not have any control.
VIRAL CHETANKUMAR PATEL VERSUS THE ADD. CIT, GANDHINGAR RANGE, GANDHINAGAR, AHMEDABAD
(2019) TaxCorp(LJ) 20707 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=81022&Category=ITAT&CategoryType=Zip
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AO has followed the due procedure of law and also had specific information in his possession, received from the DIT(Inv.) which indicated that certain amounts had been received in the form of bogus share capital/premium/loan from Sh. Surinder Kumar Jain who were entry operators.
M/S RAM DEV RICE PVT. LTD. VERSUS ACIT, CIRCLE, KARNAL
(2019) TaxCorp(LJ) 20706 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=81023&Category=ITAT&CategoryType=Zip
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The provision of section 50C (2) which specifically provides that where reference is made by the AO to Valuation Officer the provisions of section 16A (2), (3), (4) (5) of Wealth Tax Act would apply in the same manner as they apply to valuation referred under Wealth Tax Act. The Rule 3 of Schedule III of Wealth Tax Rules specifically provide for method of valuation of rented building as Rent Capitalization Method.
SHRI RAJINDER KUMAR CHADHA VERSUS INCOME TAX OFFICER, WARD-4 (3) AMRITSAR
(2019) TaxCorp(LJ) 20705 (ITAT-AMRITSAR) · https://taxcorp.in/FileOpenDT.aspx?ID=81031&Category=ITAT&CategoryType=Zip
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In absence of a certificate of deduction of tax at source at a lower rate or nil rate, a payer-whose liability it is to deduct tax at source under Section 195 of the Act, is likely to incur a risk of being declared a defaulter. However, if a certificate under Section 197 of the Act is in operation, such a consequence would not arise. At the same time, the certificate under Section 197 of the Act for deduction of tax at lower rate or nil rate, also benefits the Assessee, who would be entitled to receive full payment from the payer without deduction.
NATIONAL PETROLEUM CONSTRUCTION COMPANY VERSUS DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2 (2) (2) , INTERNATIONAL TAXATION, NEW DELHI & ANR.
(2019) TaxCorp(LJ) 20704 (HC-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=81727&Category=Judgment&CategoryType=Zip
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S. 139(5)/ 170: The consequence of amalgamation is that the amalgamating companies lose their separate identity and cease to exist. The successor is obliged u/s 170 to file a revised return to reflect the effect of the amalgamation. The fact that the revised return is filed after the due date specified in s. 139(5) is irrelevant as the scheme approved by the NCLT provides for it. The assessee is also not required to seek condonation of delay u/s 119(2)(b) (Dalmia Power 418 ITR 242 (Mad) reversed)
Dalmia Power Limited vs. ACIT
(2019) TaxCorp(LJ) 20703 (SC) · Sections 139(5), 170
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S. 147 Reopening for taxing bogus share application money: One is known by the company one keeps. As the investors have dubious character & are known to have engaged in the business of providing accommodation entries., the genuineness of their transactions with the assessee has come under serious cloud, giving rise to reasonable belief in the mind of the AO that the assessee may have indulged in a dubious transaction to launder its undisclosed income. The fact that the assessee produced evidence during assessment is neither here nor there (NRA Iron & Steel 412 ITR 161 (SC) followed). Costs of Rs. 2L imposed on assessee for wasting Court's time
RDS Project Limited vs. ACIT
(2019) TaxCorp(LJ) 20702 (HC-DELHI) · Section 147
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