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As decided in own case Order appealed against is an order passed under section 195(2) against ONGC requiring it to deduct tax at source on payments made to the assessee. Further, there is no final determination of liability under the Act as far as the assessee is concerned which can only be determined when assessment is framed against the assessee.
DY. COMMISSIONER OF INCOME TAX (I.T) CIRCLE–3 (2) (2) , MUMBAI VERSUS ABUDHABI SHIP BUILDING PJSC C/O APPROACH PROPERTIES P. LTD.
(2019) TaxCorp(LJ) 20454 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=79152&Category=ITAT&CategoryType=Zip
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An examination of the working of total estimated loss on the project “S.S. House” as worked out by the assessee clearly indicates that it suffers from basic deficiencies viz. (i) total cost incurred till 31/03/2014 ₹ 91,07,85,390/ or ₹ 978,886,048/- is not a reliable one, as the assessee is sticking to two figures, without supporting computation, and (ii) total estimated loss of ₹ 3,95,51,736/- or ₹ 108,431,736/- is not a reliable one, as the assessee is sticking to two figures, without supporting computation, (iii) there is no prudent estimate of additional cost for completion of the project.
ASST. COMMISSIONER OF INCOME TAX-25 (3) VERSUS M/S SS ENTERPRISES
(2019) TaxCorp(LJ) 20453 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=79153&Category=ITAT&CategoryType=Zip
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If all these things are put in perspective, then the contention of the ld. Special Counsel and ld. CIT (E) is to be believed that it is only when the Investigation Wing and Income-tax Department started making certain investigation and enquiries and also looking to the fact that no genuine activity was carried out for the period of five years, the assessee may have been prompted to surrender its registration u/s. 12AA.
Young Indian Vs CIT
(2019) TaxCorp(LJ) 20452 (ITAT-DELHI)
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If the assessee acquires a new property on sale of a capital asset in terms of Sec.54, then irrespective of the Nexus of the fund, mathematical formulae is required to be applied for the purpose of computation of the chargeability of the balance capital gain.
Romita Mathur Vs DCIT
(2019) TaxCorp(LJ) 20451 (ITAT-DELHI) · Section 54
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The fact that the assessee had also not placed on record any material which would reveal that he had at any occasion reciprocated a similar gift to his sister, also supports the fact that no genuine gift was received by the assessee from his sister.
Kailash A. KotharI Vs ITO
(2019) TaxCorp(LJ) 20450 (ITAT-MUMBAI) · Section 271(1)(c)
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CIT(A) rejected assessee's plea for rectification upon observing that the issue of adjustment to cost had already been decided and holding that rectification application can only be entertained with respect to the visible flaws in the order and not for the adjudication of grounds. In such an event the Revenue need not have any grievance against such a finding of the CIT(A). Dismisses the ground of the Revenue.
Tower Watson India Pvt. Ltd. (Formerly known as Watson Wyatt India Pvt. Ltd.) Vs ACIT
(2019) TaxCorp(LJ) 20449 (ITAT-DELHI)
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The assessee instead of pointing out mistake apparent from record, seems to be calling for reviewing of the order of the tribunal, which was not permitted as per Sec.254(2), thus dismisses the application for rectification.
Premier Industries (I) Ltd Vs JCIT
(2019) TaxCorp(LJ) 20448 (ITAT-INDORE)
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The aggregation of the share trading loss and profit from derivatives transaction should be done before application of Explanation to section 73 of the Act and since there was surplus profit on such aggregation, Explanation to section 73 would not be applicable.
Lohia Securities Ltd. Vs DCIT
(2019) TaxCorp(LJ) 20447 (ITAT-KOLKATA)
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In coming to its conclusion, SMC bench has duly considered the earlier order of the Division Bench. The order of SMC bench of the tribunal is also binding on the present bench and since the earlier order of Division bench is duly considered by SMC bench, I am duty bound to follow this later tribunal order of SMC Bench.
Mahalakshmi Souharda Credit Co Operative Ltd Vs The Income Tax Officer
(2019) TaxCorp(LJ) 20446 (ITAT-BANGALORE) · Section 80P
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Considering the facts, submissions and judicial decisions and applying the logical consideration found that when the liability payable by the assessee is Rs.80,940 and levying the cost of Rs.50,000 is absurd on face and hence, it is an apparent mistake rectifiable under Section 254(2) of the Act.
Ample Mart Vs Asst. Commissioner of Income Tax
(2019) TaxCorp(LJ) 20445 (ITAT-BANGALORE) · Section 254(2)
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Commercial expediency of an expenditure amounting to Rs.25.74 lakhs on employee benefits is not justified for a company having only 14 employees, especially when the activity carried on by the assessee during the year under consideration was limited.
Highrise Marketing Pvt. Limited Vs Assistant Commissioner of Income Tax (OSD)
(2019) TaxCorp(LJ) 20444 (ITAT-KOLKATA)
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Not adjudicating upon all the foregoing issues on merits suffers from an apparent mistake on the face of record.
Linde India Ltd Vs JCIT
(2019) TaxCorp(LJ) 20443 (ITAT-KOLKATA)
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There has been complete non-application of mind to the germane and relevant considerations by the Respondents [i.e Revenue] while dealing with the Petitioner's application. Till the fresh certificate is issued, the Petitioner's receipts of payment shall be subject to Nil rate of deduction of tax at source in respect of payments made to it in India.
LUFTHANSA CARGO AG Vs DEPUTY COMMISSIONER OF INCOME TAX AND ANR
(2019) TaxCorp(LJ) 20442 (HC-DELHI) · Section 197
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If the assessee satisfies that the amount for which deduction is sought for u/s. 54 is utilised either for purchasing or constructing the residential house in India within the time prescribed u/s. 54(1), the deduction is bound to be granted without reference to Section 54(2).
Venkata Dilip Kumar Vs The Commissioner of Income Tax
(2019) TaxCorp(LJ) 20441 (HC-MADRAS) · Sections 54(1), 54(2)
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The number of customers of the Assessee run into lacs of persons and it would not be economically feasible for the Assessee to recover petty amounts from the persons who have indulged in defaults or frauds.
M/S VODAFONE IDEA LTD. Vs PRO COMMISSIONER OFINCOME TAX-9
(2019) TaxCorp(LJ) 20440 (HC-DELHI)
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Sec 184 of the Finance Act, 2017 does not suffer from excessive delegation of legislative functions.
Rojer Mathew Vs South Indian Bank Ltd. & Ors.
(2019) TaxCorp(LJ) 20433 (SC)
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The intention of introducing Section 241A simultaneous with the insertion of the aforenoted proviso was to address the grievance of the assessees relating to delay in issuance of refund in genuine cases which are routinely selected for scrutiny assessment.
Maple Logistics Private Limited &Anr Vs Principal Chief Commissioner of Income Tax & Ors
(2019) TaxCorp(LJ) 20432 (ITAT-DELHI) · Section 241A
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What has to be disallowed under Explanation 1 to Sec.37(1) of the Act is a payment made, for contravention of laws in force in India and not of any foreign country.
Mylan Laboratories Limited Vs Dy.CIT
(2019) TaxCorp(LJ) 20431 (ITAT-HYDERABAD)
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The court has awarded the interest on the enhanced compensation to the 5 parties. Therefore in our considered view the impugned interest income belongs to the 5 parties as claimed by the assessee. Assessee during the assessment proceedings has submitted the details of the parties who are entitled for the interest income along with the period to which the interest pertains.
NAVINBHAI MANILAL PATEL VERSUS INCOME TAX OFFICER, WARD-3, GANDHINAGAR.
(2019) TaxCorp(LJ) 20430 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=79083&Category=ITAT&CategoryType=Zip
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Payment was made from the current account held with the bank, are duly reflected in the ledger accounts. The details of party wise interest paid also reveals that no interest was paid to such bank. The said bank account is reflecting under the head current assets in the balance sheet. It is the case of the assessee that the assessee had to apply for the flat as a measure of commercial expediency in order to recover the fees amount.
M/S DESIGN FORUM INTERNATIONAL VERSUS ACIT, CIRCLE-63 (1), NEW DELHI
(2019) TaxCorp(LJ) 20429 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=79085&Category=ITAT&CategoryType=Zip
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