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Departement's appeals is dismissed citing low tax effect and applies CBDT's recent circular which had enhanced the monetary limits for filing Departmental appeals before HC to Rs. 1 cr.
Jai Bhole Steel Tubes (P) Ltd Vs The Pr. Commissioner of Income Tax (Central)
(2019) TaxCorp(LJ) 19925 (HC-P&H)
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While it is true that the demand u/s. 115- QA would be in addition to the total income, the fact of the matter is that in the present case it forms an integral part of the impugned assessment order u/s. 143 (3) of the Act it is not possible for this Court to read this part of the order separate from the rest of the assessment order.
GENPACT INDIA PRIVATE LIMITED Vs DEPUTY COMMISSIONER OF INCOME TAX & ANR.
(2019) TaxCorp(LJ) 19924 (HC-DELHI)
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The phrase order giving rise to a demand in Rule 68B to the Second Schedule of the Act should be read as the assessment order under Section 143(3) of the Act and not merely an acknowledgment or an intimation under Section 143(1) of the Act.
Gauravbhai Hargovindhai Dave Vs TAX RECOVERY OFFICER 4
(2019) TaxCorp(LJ) 19923 (HC-GUJARAT) · Section 143(1)
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It defies cannon of all commercial logic and expediency that all these supplier parties are supplying material without seeking their payments from the assessee as not even a single payment has been made by the assessee to all these aforesaid suppliers till the end of the previous year.
M/s. Western Imaginary Transcon Private Ltd. ITO
(2019) TaxCorp(LJ) 19922 (ITAT-MUMBAI)
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Since the tenant in this case happened to be the subsidiary/joint venture company incurring persistent losses and the rent was waived, so it cannot be reason not to tax the amount due from tenant. Therefore, the rent payable by the tenant by waiver would amount to application of income and it cannot be construed as overriding title.
M/s CRP (India) Pvt. Ltd. Vs The Assistant Commissioner of Income Tax
(2019) TaxCorp(LJ) 19921 (ITAT-CHENNAI)
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Assessee is entitled to the deduction of profits made during the sick period in terms of the provisions of section 115JB(vii).
Rama Pulp and Papers Ltd Vs ACIT
(2019) TaxCorp(LJ) 19920 (ITAT-MUMBAI)
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In order to claim exemption w.r.t gift ingredients to be satisfied: (a) Transfer, (b) No consideration, (c) Voluntary action and (d) acceptance by donee, further in case of gift of immovable property execution of gift deed is required, failing which gift would not be treated as valid gift under law.
Shri Bonifacio D’souza Vs ITO
(2019) TaxCorp(LJ) 19919 (ITAT-MUMBAI)
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The debenture cannot be treated as a capital asset of the issuer company because it is a kind of debt instrument. It is a capital asset in the hands of the person subscribing to the debenture or the allottee of the debenture.
R.S. Triveni Foods P. Ltd Vs Addl. CIT
(2019) TaxCorp(LJ) 19918 (ITAT-DELHI) · Section 56(2)(ix)
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In the absence of any corroborative or circumstantial evidence to lend any credence to the contents of the loose paper, no addition can be made on mere presumption, guess-work or conjectures.
Shri Salman Khan Vs ACIT
(2019) TaxCorp(LJ) 19917 (ITAT-MUMBAI)
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Even if we assume the shares held by the assessee were benami then it would fall within the definition of Benami Property as defined under Section 2(8) of the Benami Transaction (Prohibition ) Act 1988 and considering the provisions of the Benami law, the benami property held by the assessee cannot be recovered/ claimed back and cannot be transferred by way of suit, claim or action to enforce the benami property, hence assessee would not be entitled to transfer the LTCG in the hands of Shri R C Garg.
Shyam Sunder & Manish Taori C/o Shyam Sunder Bhattad Vs ACIT
(2019) TaxCorp(LJ) 19916 (ITAT-AGRA)
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It is well known that there are several reasons for difference in income between Form 26AS and books of accounts such as disparity of accounting policy, misquoting of PAN, etc on which the assessee does not have any control and asking the assessee to do the impossible is unwarranted.
TUV India Pvt Ltd Vs DCIT
(2019) TaxCorp(LJ) 19915 (ITAT-MUMBAI)
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The initiation of proceedings u/s 148 is not sustainable in law and the same is quashed.
SHRAVAN CHOUDHARY VERSUS ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-5, JAIPUR.
(2019) TaxCorp(LJ) 19914 (ITAT-JAIPUR) · https://taxcorp.in/FileOpenDT.aspx?ID=77130&Category=ITAT&CategoryType=Zip
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There is no dispute with regard to purchase and import of mobile phones by the assessee from China. The major portion of the imported mobile phones was sold when the goods were in transit by way of high sea sales.
M/S SINGHAL EXIM PVT. LTD. VERSUS INCOME TAX OFFICER, WARD-23 (4) , C.R. BUILDING, NEW DELHI.
(2019) TaxCorp(LJ) 19913 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=77126&Category=ITAT&CategoryType=Zip
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The contention of the DR is not acceptable on the ground that the amount of capital gain can be invested in purchase of land only on receipt of the sale consideration and the intention of the legislature is that the amount of sale consideration should not be utilized otherwise other than purchase of agriculture land and in the instant case the assessee has invested the wholesale consideration in purchase of another agriculture land within two days which is clear from the bank statement of the assessee.
BIRMA DEVI VERSUS I.T.O., WARD 6 (2), JAIPUR.
(2019) TaxCorp(LJ) 19912 (ITAT-JAIPUR) · https://taxcorp.in/FileOpenDT.aspx?ID=77125&Category=ITAT&CategoryType=Zip
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The AO is at liberty to bring to tax the amounts in their respective hands of the investors if their identity, genuineness and creditworthiness is not proved.
ACIT CIR 23 (1) , MUMBAI VERSUS M/S CALVIN PROPERTIES
(2019) TaxCorp(LJ) 19911 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=77123&Category=ITAT&CategoryType=Zip
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As in Assessment Year 2008-09 as well as in Assessment Year 2009-10, the assessing authority itself accepted the stand of the assessee that the Executive search fee was not taxable in India.
SPENCER STUART INTERNATIONAL BV VERSUS DEPUTY COMMISSIONER OF INCOME-TAX (INTERNATIONAL TAXATION) , 4 (2) (2), MUMBAI
(2019) TaxCorp(LJ) 19910 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=77121&Category=ITAT&CategoryType=Zip
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Delay in filling the appeal is not deliberate or wanton, but due to bona fide circumstances set out above. We therefore condone the delay in filing the appeals.
M/S EMBASSY CHARITABLE TRUST VERSUS THE COMMISSIONER OF INCOME TAX (EXEMPTIONS), BANGALORE.
(2019) TaxCorp(LJ) 19909 (ITAT-BANGALORE) · https://taxcorp.in/FileOpenDT.aspx?ID=77117&Category=ITAT&CategoryType=Zip
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When assessee has taken the advance against consultancy services and not for investment in mutual funds nor any interest has been paid, there is no question of any direct nexus between exchange fluctuation loss claimed by the assessee with the exempt income earned during the years under assessment.
Theolia Wind Power Pvt. Ltd Vs ACIT
(2019) TaxCorp(LJ) 19908 (ITAT-DELHI) · Section 14A
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Assessee's intention was to expand its activity in overseas market. Hence, subsidiary was only a method by which the assessee was going to spend US$ 1 million for the purpose of its business.
Zoom Entertainment Network Limited Vs ACIT
(2019) TaxCorp(LJ) 19907 (ITAT-MUMBAI)
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Tribunal in its order passed in quantum proceedings, it can be seen that the assessee computed the ALP of the international transaction as per the manner prescribed in the section.
DCIT, CIRCLE-8, PUNE VERSUS ATLAS COPCO (INDIA) LIMITED, MUMBAI-PUNE ROAD
(2019) TaxCorp(LJ) 19906 (ITAT-PUNE) · https://taxcorp.in/FileOpenDT.aspx?ID=77098&Category=ITAT&CategoryType=Zip
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