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As the third proviso relates to 'determination of value of property', and it is only a procedural amendment and not a substantive amendment which is normally prospective in nature.
Chandra Prakash Jhunjhunwala Vs DCIT, CC-3(4)
(2019) TaxCorp(LJ) 19825 (ITAT-KOLKATA) · Section 50C
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Penalty paid is in the nature of damages paid for settlement of disputes to safeguard business interest and incurred in carrying out assessee's business operations and thus, is incidental to the business operations.
Air India Ltd Vs D y. Commissioner of Income Tax-5 (2)
(2019) TaxCorp(LJ) 19824 (ITAT-MUMBAI)
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The compensation for granting the right to render BPO services was chargeable to tax u/s 28(va) owing to its revenue character, and thus the same was treated as a business receipt by the assessee as well.
Cummins Inc Vs DDIT
(2019) TaxCorp(LJ) 19823 (ITAT-PUNE)
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As the Tribunal has already held that the interest on NRE/ Foreign Currency Bank Account is exempt under section 10(4)(ii) of the Act, there is no question of levy of penalty under section 271(1)(c) of the Act, on this amount.
John James D’Souza Vs T he Asst. Com m is sioner of Incom e T ax
(2019) TaxCorp(LJ) 19822 (ITAT-MUMBAI)
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When there was no writing off of liabilities and only the sub-head, under which, the liability was shown in the account books of the assessee was changed, there could be no cessation of liability.
THE COMMISSIONER OF INCOME TAX, CHENNAI. VERSUS M/S. METROPOLITAN TRANSPORT CORPORATION (CHENNAI) LIMITED
(2019) TaxCorp(LJ) 19821 (HC-MADRAS) · https://taxcorp.in/FileOpenDT.aspx?ID=79474&Category=Judgment&CategoryType=Zip
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The argument advanced by Counsel for the assessee as well as the Department can be made only in respect of a rate prescribed under a Finance Act or an Act providing a surcharge if the same is brought into force on the lst of April of the assessment year in which assessment for the previous year is being done as the same would only provide for ascertaining the rate, for existing liability under the Income Tax Act.
SRI LOKNATH GOENKA, SMT. NARMADA DEVI VERSUS COMMISSIONER OF INCOME TAX, PATNA
(2019) TaxCorp(LJ) 19820 (HC-PATNA) · https://taxcorp.in/FileOpenDT.aspx?ID=79477&Category=Judgment&CategoryType=Zip
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During the course of assessment of AY 2013-2014, the AO noticed that the assessee had received loan of ₹ 10.27 crores from various firms and companies in AY 2012-13. Notices u/s 133(6) were issued to such firms also, which were returned back or were not responded to.
AFRICAN DAISY REALTY PVT. LTD. & ANR. VERSUS UNION OF INDIA & ORS.
(2019) TaxCorp(LJ) 19819 (HC-BOMBAY) · https://taxcorp.in/FileOpenDT.aspx?ID=79479&Category=Judgment&CategoryType=Zip
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The questions of law as proposed by the revenue has no longer integreta in view of the decision of this Court in the case MGM EXPORTS. The ratio of the decision of this Court, which has been applied by the Tribunal is that a person paying interest or any other sum to a non-resident is not liable to deduct tax if such sum is not chargeable to tax under the Act.
THE PRINCIPAL COMMISSIONER OF INCOME TAX-2 VERSUS GUJARAT APOLLO INDUSTRIES LTD.
(2019) TaxCorp(LJ) 19818 (HC-GUJARAT) · https://taxcorp.in/FileOpenDT.aspx?ID=79484&Category=Judgment&CategoryType=Zip
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The Court notes that after the words “data relating to the financial year” occurring in Rule 10 B (4) of the Rules , there is an insertion made in the Rules with effect from 19th October 2015, which reads “hereafter in this Rule and in Rule 10 (C) (a) referred to as the ‘current year’.
PR. COMMISSIONER OF INCOME TAX- 4 VERSUS M/S. GIESECKE & DEVRIENT (INDIA) PVT. LIMITED
(2019) TaxCorp(LJ) 19817 (HC-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=79488&Category=Judgment&CategoryType=Zip
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CIT(A) in the order dated 1st October, 2014 held that under Section 50 (C)(3) of the Act, the value adopted for payment of stamp duty can be adopted as sale consideration only if the fair market value determined by DVO is less than the value adopted for stamp duty purposes.
PR. COMMISSIONER OF INCOME TAX-15 VERSUS M/S. MODERN LACE HOUSE
(2019) TaxCorp(LJ) 19816 (HC-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=79489&Category=Judgment&CategoryType=Zip
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In order to invoke Article 11(2) of the DTAA, an onus is cast to establish how the income is taxable according to the laws of the state which in this case is India.
AGR Matthey of Western Australia Through representative assessee PEC Limited Vs ADIT International Taxation
(2019) TaxCorp(LJ) 19815 (ITAT-DELHI)
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It is not a case of change of opinion but discovery of new material which is the basis of reassessment proceeding.
Sharda Exports Vs ommissioner of Income Tax
(2019) TaxCorp(LJ) 19814 (HC-UTTARAKHAND)
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According to section 150(1), a notice u/s 148 may be issued at any time for the purpose of making an assessment in consequence of or to give effect to any finding or direction contained in an order passed on appeal.
THE ALLAHABAD BANK KARAMCHARI COOPERATIVE CREDIT SOCIETY LTD. VERSUS THE INCOME TAX OFFICER-4 (1) KANPUR
(2019) TaxCorp(LJ) 19813 (ITAT-LUCKNOW) · https://taxcorp.in/FileOpenDT.aspx?ID=76789&Category=ITAT&CategoryType=Zip
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It is a well settled principle of interpretation that the heading of a section should also be assigned meaning while interpreting the section. From the heading of the Section 194B it is amply clear that there is no whisper that Section 194B was intended to cover within its purview winnings from horse races.
ROYAL WESTERN INDIA TURF CLUB LTD. VERSUS ACIT TDS – 3 (2), MUMBAI.
(2019) TaxCorp(LJ) 19812 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=76790&Category=ITAT&CategoryType=Zip
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CIT(A) has carefully considered the Inspection Report of Maharashtra Pollution Control Board dated 05.10.2007 who visited the factory of the assessee company at Aurangabad from time to time and their reports which are related to inspection of Effluent Treatment Plant which confirms the operation of ETP(Plant), and other observation made about ETP plant.
ACIT, CIRCLE 12 (1), NEW DELHI VERSUS M/S INDO EUROPEAN BAREWERIES LTD.,
(2019) TaxCorp(LJ) 19811 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=76792&Category=ITAT&CategoryType=Zip
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Referring to Section 41 (1) the amount is added to the income of the assessee only when an allowance or deduction has been made in the assessment for any year.
ACIT CIRCLE – 5 (1) , NEW DELHI VERSUS DHARA VEGETABLE OIL & FOODS CO. LTD. NEW DELHI AND (VICE-VERSA)
(2019) TaxCorp(LJ) 19810 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=76794&Category=ITAT&CategoryType=Zip
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ITAT has in the impugned order noted that for AY 2004-2005 there was no material in possession of the AO other than the observation of the Revenue audit to proceed against the Assessee u/s 147 - CIT (A) noted that the case fell squarely within the realm of ‘change of opinion’ which was impermissible as a basis for re-opening of assessments after a lapse of four years.
PR. COMMISSIONER OF INCOME TAX, AND OTHERS VERSUS M/S. SAHARA INDIA LIFE INSURANCE COMPANY, LTD.
(2019) TaxCorp(LJ) 19809 (HC-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=79472&Category=Judgment&CategoryType=Zip
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On a perusal of the report of the investigation which was produced before this Court, it appears prima facie that there was sufficient material to justify the reopening of the assessment in both sets of cases.
CHETAN SABHARWAL, NITIN SABHARWAL VERSUS ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 28 (1)
(2019) TaxCorp(LJ) 19808 (HC-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=79473&Category=Judgment&CategoryType=Zip
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So long as there exists a direct link between the eligible undertaking and some income, the same is profit of the business of undertaking, even if may not be derived from the export of computer software etc.
iGate Global Solutions Ltd Vs DCIT
(2019) TaxCorp(LJ) 19807 (ITAT-PUNE) · Section 10A
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It is sufficient if the existing company acquires all the assets and liabilities of the partnership firms in the manner as provided under section 47(xiii) of the Act to claim the exemption from the capital gain.
Neptune Industries Ltd Vs ACIT
(2019) TaxCorp(LJ) 19806 (ITAT-AHMEDABAD)
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