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In the instant case as recorded by the AO when a prospective buyer approaches the assessee for booking the flat, allotment letter is issued to the buyer on receipt of the advance money. The appellant filed a written submission dated 26.03.2015 before the AO stating that the degree of work completed and certified by architect till 31.03.2009 is 73% and the assessee-company has recognized the revenue by applying 73% to the value of agreements executed till 31.03.2009.
M/S SHANKALA REALTORS PVT. LTD. VERSUS INCOME TAX OFFICER-8 (2) (1), 7 (2) (3) , ADDL. CIT-7 (2), MUMBAI.
(2019) TaxCorp(LJ) 20312 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=78694&Category=ITAT&CategoryType=Zip
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From the bare reading of the above finding and the question of law and the ground urged before the ld. CIT(A), it is abundantly clear that the issue “whether TDS credit in the account of Madhukar Kapur, as mentioned in Form 26AS , can be credit to the account of the assessee” was not a subject matter of appeal before the ld. CIT(A). It is settled proposition of law that the finding recorded by the judicial and quasi judicial authorities are required to be read in the context of grounds urged before them and should not be read in isolation and out of the context.
MAHIM PATRAN PRIVATE LIMITED VERSUS THE PR. COMMISSIONER, OF INCOME-TAX – 2, AGRA.
(2019) TaxCorp(LJ) 20311 (ITAT-AGRA) · https://taxcorp.in/FileOpenDT.aspx?ID=78695&Category=ITAT&CategoryType=Zip
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AO cannot tinker or apply anything further than what was mentioned in the draft assessment order except what is directed by the learned dispute resolution panel. The provisions of principles of natural justice are ingrained in the provisions of section 144C of the act. It further says a time limit of 9 months from the end of the month when the draft order is forwarded to the assessee for passing of issue of any directions.
RELIGARE CAPITAL MARKETS LIMITED VERSUS DCIT, CIRCLE-15 (1), NEW DELHI
(2019) TaxCorp(LJ) 20310 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=78709&Category=ITAT&CategoryType=Zip
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In the case on hand, the raw material is first sent to the shearing department. The shearing machine is set for the desired size and the laminates are cut into the specified sizes as required by the customer. The laminates are, thereafter, checked for the oxidation effect. A thorough surface clearing is done to remove the oxidation. The Quality Control Department, thereafter, would verify the quality parameters like the thickness of the material, thickness of copper using Alco Meter etc.
THE PRINCIPAL COMMISSIONER OF INCOME TAX, VADODARA 1 VERSUS M/S FINE LINE CIRCUITS COMPANY
(2019) TaxCorp(LJ) 20309 (HC-GUJARAT) · https://taxcorp.in/FileOpenDT.aspx?ID=80251&Category=Judgment&CategoryType=Zip
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In the present case, the AO found sufficient materials and changes in the year under consideration, as he after examining the relevant clauses of agreements formed an opinion that the property was taken on lease for giving it on rent to GAIL. Further, Section 2(13) defines business, which includes any trade, commerce or manufacture or adventure or concerned in the nature of trade, commerce or manufacture.
M/S MEERAJ ESTATE AND DEVELOPERS VERSUS COMMMISSIONER OF INCOME TAX
(2019) TaxCorp(LJ) 20308 (HC-ALLAHABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=80252&Category=Judgment&CategoryType=Zip
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Even otherwise the amount which was used by the assessee for interest free advances then the corresponding interest expenditure would not be considered as the expenditure incurred wholly and exclusively for the business of the assesse.
M/s Shree Bhagwati Udhyog Vs ITO
(2019) TaxCorp(LJ) 20307 (ITAT-JAIPUR) · Section 36(1)(iii), 40(b)
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Without opting for continuous power supply, the assessee was found in usage of energy during restricted hours (above 15% of contracted load), prohibited by law, thereby, it was levied to pay penalty, which cannot be treated as just like payment of electricity charges, but, it is an offence committed by the assessee against which, the assessee was penalized.
M/S. PACKAGING INDIA PVT. LTD. VERSUS THE JOINT COMMISSIONER OF INCOME TAX, PONDICHERRY RANGE, PONDICHERRY.
(2019) TaxCorp(LJ) 20306 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=78660&Category=ITAT&CategoryType=Zip
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As decided in HTSL COMMUNITY SERVICE TRUST it is not a case that the assessee did not file a return of income at all. During the year preceding the relevant assessment year, the assessee-trust was formed. The relevant previous year was the first year of activities of the assessee and the assessee was not familiar with the relevant provisions of filing of return of income and the procedure involved thereof.
M/S. ROTARY CHARITABLE TRUST VERSUS JOINT COMMISSIONER OF INCOME-TAX, EXEMPTIONS RANGE, HUBBALLI.
(2019) TaxCorp(LJ) 20305 (ITAT-BANGALORE) · https://taxcorp.in/FileOpenDT.aspx?ID=78661&Category=ITAT&CategoryType=Zip
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Once the assessee paid ₹ 2.00 lakh to another person out of her regular books of account, there cannot be any question of the assessee not substantiating the source of loan, which is overtly from the regular books of account maintained by her. This sort of enquiry, if warranted, ought to have been conducted in the hands of the recipient to justify the source of the loans received and not the payer of the loan, who has given loan out of her regular books of account.
MR. KAILASH KANHAIYALAL GIDWANI, MR. SUNIL KANHAIYALAL GIDWANI, MR. AMIT KANHAIYALAL GIDWANI VERSUS ACIT, CIRCLE-2 SANGLI
(2019) TaxCorp(LJ) 20304 (ITAT-PUNE) · https://taxcorp.in/FileOpenDT.aspx?ID=78667&Category=ITAT&CategoryType=Zip
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As the material has been received by the assessee during the FY ended 31st March 2010, the assessee had a present obligation to make payment for the purchases made. The estimate made by the assessee is a reliable estimate which is also accepted by the industry. The liability is crystallised and slight variation in the price at the year-end does not mean that the liability is contingent.
Vedanta Ltd Vs ACIT
(2019) TaxCorp(LJ) 20303 (ITAT-DELHI)
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The statutory notice under section 143(2) was issued before the death of the assessee. It is the settled law that the proceedings under section 143(3) of the Act cannot become fatal if the notice was issued under section 143(2) of the Act on the live person at that relevant time but died subsequently.
BHUMIKA NAVINBHAI PATEL, L/H OF NAVINBHAI PUNJABHAI PATEL VERSUS I.T.O, WARD-2 (2) , BARODA.
(2019) TaxCorp(LJ) 20302 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=78626&Category=ITAT&CategoryType=Zip
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The law is settled to the extent that it is outside the domain of the AO to question the necessity of incurring an expenditure. Thus the reasons assigned by the Assessing Officer that the transaction for purchase of trademark are not genuine cannot stand test of the law. It is an settled principle of law that intangible assets such as trademark, goodwill are also qualifies for depreciation at prescribed rates.
M/S. INDUS MOBILE DISTRIBUTION PVT. LTD. VERSUS THE INCOME TAX OFFICER, COMPANY WARD 2 (1) , CHENNAI
(2019) TaxCorp(LJ) 20301 (ITAT-CHENNAI) · https://taxcorp.in/FileOpenDT.aspx?ID=78627&Category=ITAT&CategoryType=Zip
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HSCI had paid a referral fee to assessee for introducing ABB to HSCI. Briefly, ABB Switzerland wanted to increase its equity stake in ABB Ltd. India through a voluntary offer and hence needed the services of a merchant banker in India. As per Section 9 of the Act, income earned by a non-resident is taxable in India if, inter-alia, the non-resident has a business connection in India and the income arises through or from the business connection; or it is in the nature of royalty or ‘Fees for Technical Services’.
HSBC BANK PLC C/O SRBC & ASSOCIATES LLP VERSUS DCIT (IT) -2 (2) (2) , MUMBAI
(2019) TaxCorp(LJ) 20300 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=78629&Category=ITAT&CategoryType=Zip
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There was no legal liability of shareholders to make the payment. The AO did not furnish any material to show that the assessee had engaged the Barclays and the company made the payment on behalf of the assessee to derive the benefit directly or indirectly. Directors or shareholders are permitted to appoint their own consultant who will not have any say in the success fee.
ASST. COMMISSIONER OF INCOME TAX CIRCLE-2 (1) , GUNTUR VERSUS SRI DANDA BRAHMANANDAM AND SRI BATTINI NAGESWARA RAO
(2019) TaxCorp(LJ) 20299 (ITAT-VISAKHAPATNAM) · https://taxcorp.in/FileOpenDT.aspx?ID=78632&Category=ITAT&CategoryType=Zip
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U/S. 68 of the Act, it is only the credit entry appearing in the books of account of an assessee for the relevant previous year, that can be treated as unexplained cash credit in the absence of proper explanation by the assessee. Therefore, the opening balances cannot be added u/s. 68.
M/S. KNR ROOFING PVT. LTD. VERSUS THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 1
(2019) TaxCorp(LJ) 20298 (ITAT-BANGALORE) · https://taxcorp.in/FileOpenDT.aspx?ID=78639&Category=ITAT&CategoryType=Zip
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The disclosure is attributed to assessee's parent company in the proceedings in USA and not by the assessee as such, further notes that it was not Revenue's contention that the amounts referred to in the disclosure had been received in the accounts of the assessee or spent by the assessee on instructions so as to be treated as undisclosed income.
Goodyear India Ltd Vs Commissioner of Income Tax
(2019) TaxCorp(LJ) 20297 (SC)
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The change of address in the database of PAN is must, in case of change in the name of the company and/or any change in the registered office or the corporate office the assessee is also required to make an application for change of address in the departmental database of PAN, which in the present case the assessee has failed to do so.
IVen Interactive Limited Vs Principal Commissioner of Income Tax
(2019) TaxCorp(LJ) 20296 (SC) · Section 143(2)
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S. 2(15)/11: Though the assessee is activity contributing towards the promotion and popularity of cricket, its activities are also concentrated for generation of revenue by exploiting the popularity of the game and towards monopolization and dominant control over cricket to the exclusion of others. The commercial exploitation of the popularity of the game and the property/infrastructure held by the assessee is not incidental to the main object but is one of the primary motives of the assessee (All imp judgements on 'charitable purpose' referred)
Punjab Cricket Association vs. ACIT
(2019) TaxCorp(LJ) 20295 (ITAT-CHANDIGARH) · Sections 2(15), 11
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S. 68 Bogus Share Capital: As the share applicant companies were controlled by an infamous accommodation entry provider, it was incumbent on the part of the authorities to have carried out an in-depth verification of the genuineness of the transaction of receipt of share application money by the assessee from the said parties. However, the authorities have not done even the bare minimum for verifying the genuineness of the transaction. Such a casual approach cannot be subscribed on our part (NRA Iron & Steel 412 ITR 161 (SC) followed)
ITO vs. Citymaker Builder Pvt. Ltd
(2019) TaxCorp(LJ) 20294 (ITAT-MUMBAI) · Section 68
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Black Money Act: It is not correct to say that while exercising powers under Sections 85 and 86 of the Black Money Act, the Central Government has made the said Act retrospectively applicable from 01.07.2015. The penal provisions u/s 50 and 51 of the Black Money Act would come into play only when an assessee has failed to take benefit of S. 59 and neither disclosed assets covered by the Black Money Act nor paid the tax and penalty thereon
UOI vs. Gautam Khaitan
(2019) TaxCorp(LJ) 20293 (SC)
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