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In our view, section 43A has no application considering the fact that the fixed assets were purchased in Indian currency and only the term loan was converted into FCNR and back to rupee loan.
SRI RAMADAS PAPER BOARDS (P) LTD., HYDERABAD. VERSUS DY. COMMISSIONER OF INCOME-TAX, CIRCLE – 3 (2), HYDERABAD.
(2019) TaxCorp(LJ) 19845 (ITAT-HYDERABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=76939&Category=ITAT&CategoryType=Zip
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Although, there is no supporting evidences filed in support of contents of affidavit explaining reasons for not filing the appeal, but a sworn statement in form of affidavit cannot be ignored in total.
ADI D VACHHA VERSUS ITO, WARD-12 (3) (1) MUMBAI
(2019) TaxCorp(LJ) 19844 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=76941&Category=ITAT&CategoryType=Zip
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There was no application of mind by the Authorities while arriving at a decision insofar as this issue is concerned. It is the specific case of the assessee that the letter of confirmation issued by various persons to establish the hand loans received by the assessee has not been considered.
SRI BAIRAPPA KRISHNAPPA VERSUS COMMISSIONER OF INCOME TAX (APPEALS) , BENGALURU
(2019) TaxCorp(LJ) 19843 (HC-KARNATAKA) · https://taxcorp.in/FileOpenDT.aspx?ID=79537&Category=Judgment&CategoryType=Zip
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It is ex-facie apparent that the order impugned is a cryptic order passed by the ITAT without assigning valid reasons. No stay petition would have been dismissed outrightly for recovery of the outstanding demand.
M/S. STERLING URBAN DEVELOPMENTS PRIVATE LIMITED, VERSUS THE DEPUTY COMMISSIONER OF INCOME-TAX CIRCLE-6 (1) (2), BENGALURU
(2019) TaxCorp(LJ) 19842 (HC-KARNATAKA) · https://taxcorp.in/FileOpenDT.aspx?ID=79539&Category=Judgment&CategoryType=Zip
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Once there is a clear order of setting aside of an assessment order with the requirement of the AO/TPO to undertake a fresh exercise of determining the arm’s length price, the failure to pass a draft assessment order, would violate Section 144C (1) of the Act result.
OMNIGLODE INFORMATION TECHNOLOGIES (INDIA) PVT. LTD. VERSUS ADDL. COMMISSIONER OF INCOME-TAX
(2019) TaxCorp(LJ) 19841 (HC-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=79543&Category=Judgment&CategoryType=Zip
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When the investment in trust itself stands unexplained and uncorroborated, the legal position with respect to taxability of such trust funds is altogether at a different level.
Dr Atul T Patel Vs Deputy Commissioner of Income Tax
(2019) TaxCorp(LJ) 19840 (ITAT-AHMEDABAD)
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Section 145(3) gives discretion to the AO to make an assessment in the manner provided in Section 144, yet this discretion cannot be exercised arbitrarily.
RAMESHCHANDRA RANGILDAS MEHTA, PROP. OF M/S SUNIT TRADING COMPANY VERSUS THE INCOME TAX OFFICER WARD 3 (2) (3), SURAT
(2019) TaxCorp(LJ) 19839 (HC-GUJARAT) · https://taxcorp.in/FileOpenDT.aspx?ID=79518&Category=Judgment&CategoryType=Zip
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It is trite law that the AO has a legal obligation to implement the order of the ITAT strictly and such failure would result in the failure of justice.
LOKESH CHANDRAPPA S/O CHANDRAPPA VERSUS INCOME TAX OFFICER WARD-3 (2) (4), BANGALORE
(2019) TaxCorp(LJ) 19838 (HC-KARNATAKA) · https://taxcorp.in/FileOpenDT.aspx?ID=79519&Category=Judgment&CategoryType=Zip
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Special Bench of the Tribunal in JCIT VERSUS MUKUND LTD. gave its view regarding advance payment of rent to be capital expenditure on findings, inter alia, that there was termination clause, by which premature termination did not provide for refund of premium, claimed to be advanced rent, there was no clause in the agreement to show that the amount paid by the assessee as advance rent for all future years and the lump sum payment of future years rent had been paid to avail some concession for advance payment of rent or for some other business consideration.
M/S. BALMER LAWRIE AND CO. LTD. VERSUS THE COMMISSIONER OF INCOME TAX, KOL-II
(2019) TaxCorp(LJ) 19837 (HC-CALCUTTA) · https://taxcorp.in/FileOpenDT.aspx?ID=79520&Category=Judgment&CategoryType=Zip
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Plea of the Assessee ought to have been accepted in the first instance by the AO.
M/S. P.H. KUMAR & CO. VERSUS INCOME TAX OFFICER
(2019) TaxCorp(LJ) 19836 (HC-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=79522&Category=Judgment&CategoryType=Zip
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This Court is not persuaded to take a view different from that of the Mumbai Bench of the ITAT ICICI Prudential Insurance Co. Ltd. v. ACIT, which has been affirmed by the Bombay High Court VERSUS ICICI PRUDENTIAL INSURANCE CO. LTD.
THE PR. COMMISSIONER OF INCOME TAX -LTU VERSUS MAX LIFE INSURANCE CO. LTD.
(2019) TaxCorp(LJ) 19835 (HC-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=79523&Category=Judgment&CategoryType=Zip
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S. 68 Bogus Share Capital Premium: The test of human probabilities cannot be applied to business transactions. Share premium is collected as per the understanding between the parties. The AO cannot treat the share premium as unexplained cash credit only because the same is not commensurate with the income and financial strength of the assessee. The AO cannot reach this conclusion without further investigation and bringing material on record (All imp judgements referred)
Janani Infrastructure Pvt. Ltd vs. ACIT
(2019) TaxCorp(LJ) 19834 (ITAT-BANGALORE) · Section 68
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During the course of hearing assessee fairly conceded that the assessee has not challenged the addition of this amount. Therefore, the factum of obtaining loan is proved.
SHRI TEJINDER SINGH VERSUS ADDITIONAL COMMISSIONER IT, RANGE-1 BHOPAL
(2019) TaxCorp(LJ) 19833 (ITAT-INDORE) · https://taxcorp.in/FileOpenDT.aspx?ID=76858&Category=ITAT&CategoryType=Zip
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n the present case, the assessee has deducted the TDS, but not remitted to the Government account, for that he has not given any satisfactory explanation either before the Assessing Officer nor before the CIT(A). Even before us, the assessee has not given any satisfactory explanation.
M/S. ESWAR EXPORTS VERSUS ADDL. CIT, RANGE-6, VISAKHAPATNAM.
(2019) TaxCorp(LJ) 19832 (ITAT-VISAKHAPATNAM) · https://taxcorp.in/FileOpenDT.aspx?ID=76861&Category=ITAT&CategoryType=Zip
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The inquiry for the purpose of grant of approval u/s 80G relates to, whether the trust is registered u/s 12A, whether it is a trust wholly for charitable purpose or religious purpose and whether the income received by it is liable to be considered u/s 11.
THE COMMISSIONER OF INCOME TAX (EXCEMPTIONS) VERSUS SHREE TAPESHWAR HANUMAJI BAJRANG CHARITY TRUST
(2019) TaxCorp(LJ) 19831 (HC-GUJARAT) · https://taxcorp.in/FileOpenDT.aspx?ID=79491&Category=Judgment&CategoryType=Zip
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It was Grasim Industries and Samruddhi Cement Ltd. who had applied to the High Court for approval of the demerger scheme, the scheme was under contemplation and, therefore, approval anticipated. This does not mean that approval by the High Court was a certainty.
ULTRATECH CEMENT LTD. (AS THE SUCCESSOR OF SAMRUDDHI LTD.) VERSUS THE CHIEF COMMISSIONER OF INCOME-TAX – 1 & ANR.
(2019) TaxCorp(LJ) 19830 (HC-BOMBAY) · https://taxcorp.in/FileOpenDT.aspx?ID=79493&Category=Judgment&CategoryType=Zip
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The crucial element of explaining how, on the basis of such record, the AO formed the reason to believe that income had escaped assessment is missing.
PR. COMMISSIONER OF INCOME TAX (CENTRAL) -1 VERSUS ANDALEEB SEHGAL
(2019) TaxCorp(LJ) 19829 (HC-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=79495&Category=Judgment&CategoryType=Zip
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The interest for the period between the filing of the claim petition and passing of the award is for the period when the claimant for the first time approached the Claims Tribunal asking the Tribunal to assess and award compensation and the time consumed in disposing of the Claim Petition.
SHRI RUPESH RASHMIKANT SHAH VERSUS UNION OF INDIA & ORS.
(2019) TaxCorp(LJ) 19828 (HC-BOMBAY) · https://taxcorp.in/FileOpenDT.aspx?ID=79498&Category=Judgment&CategoryType=Zip
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Revenue's SLP challenging Bombay HC order quashing re-assessment notice (initiated beyond 4 years) issued on assessee (an asset reconstruction and securitization company) for AY 2011-12 is dismissed.
Asset Reconstruction Company India Pvt. Ltd Vs Deputy Commissioner Of Income Tax & Ors.
(2019) TaxCorp(LJ) 19827 (SC)
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Alternative arrangements were made to remit the refund either through RTGS/NEFT or by issuing cheque or DD to the assessee and disposes of the writ petition with a direction to expedite the refund process.
Avo Carbon Holdings LLC Vs DCIT
(2019) TaxCorp(LJ) 19826 (HC-KARNATAKA)
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