-
Quashed assessee's self-proclamation for sale of immovable property attached under Schedule II Part III, opining it to be barred by limitation under Rule 68 of schedule II.
Sapana Charudatt Ranadive Vs The Asst. Commissioner of Income Tax
(2019) TaxCorp(LJ) 19745 (HC-BOMBAY)
-
The law is well settled where the A.O. makes best judgement by estimating the profit. He is required to make independent enquiries, if he is not satisfied with the profit declared by the assessee from the similarly situated assessee.
RAMESH HARI PRASAD CHOUKSE VERSUS JCIT RANGE-2 INBDORE
(2019) TaxCorp(LJ) 19744 (ITAT-INDORE) · https://taxcorp.in/FileOpenDT.aspx?ID=76611&Category=ITAT&CategoryType=Zip
-
The details of Short Term Capital Gains are exhibited elsewhere from which it can be seen that the assessee has purchased shares of six companies on various dates and have sold them on various dates.
MAHESH CHAND GOYAL (HUF) VERSUS ACIT, CIRCLE-38 (1), NEW DELHI
(2019) TaxCorp(LJ) 19743 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=76609&Category=ITAT&CategoryType=Zip
-
Admittedly, no defect has been pointed out by the AO in the books of account except doubting the valuation of closing stock. We find the VAT authorities have scrutinized the records and have accepted the purchase, sales and closing stock without any mistake.
MAHASHAKTI ENGINEERING CO., C/O AKHILESH KUMAR, ADVOCATE VERSUS DCIT, CIRCLE-21 (1), NEW DELHI.
(2019) TaxCorp(LJ) 19742 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=76606&Category=ITAT&CategoryType=Zip
-
Covenants inserted in the lease deed go to prove that the assessee is not having tenancy right rather he is having ownership of the land which can be mortgaged/sold by him and the property in question can be inherited by his legal heirs also.
MANISH TRADERS VERSUS ITO, WARD 1 (4), GHAZIABAD.
(2019) TaxCorp(LJ) 19741 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=76604&Category=ITAT&CategoryType=Zip
-
the admission of substantial questions of law by the High Court leads credence to the bona fide of the assessee and therefore, the penalty is not exigible under Section 271(1)(c) of the Act.
SYNDICATE BANK, NGV KORAMANGALA, BANGALORE, SYNDICATE BANK, NGV YELHANKA, BANGALORE, SYNDICATE BANK, GANGANAGAR, BANGALORE VERSUS THE ASSISTANT COMMISSIONER OF INCOME TAX (TDS), RANGE 3, BANGALORE.
(2019) TaxCorp(LJ) 19740 (ITAT-VISAKHAPATNAM) · https://taxcorp.in/FileOpenDT.aspx?ID=76602&Category=ITAT&CategoryType=Zip
-
In the instant case the assessment was completed accepting the revised returns instead of making the assessment on the basis of the seized material and the evidences collected during the search.
M/S SIDDHARTHA ACADEMY OF GENERAL & TECHNICAL EDUCATION VERSUS ASST. COMMISSIONER OF INCOME TAX CENTRAL CIRCLE VIJAYAWADA
(2019) TaxCorp(LJ) 19739 (ITAT-VISAKHAPATNAM) · https://taxcorp.in/FileOpenDT.aspx?ID=76599&Category=ITAT&CategoryType=Zip
-
The issuance of jurisdictional notice and the assessment order thereafter passed in the name of non-existing company is a substantive illegality and not a procedural violation of the nature adverted to in Section 292B.
Pr. CIT vs. Maruti Suzuki India Limited
(2019) TaxCorp(LJ) 19738 (SC)
-
Once the action is held in accordance with law and especially in tax matters, the question of invoking powers under Article 142 of the Constitution does not arise.
Prashanti Medical Services &Research Foundation Vs Union of India & Ors.
(2019) TaxCorp(LJ) 19737 (SC) · Section 35AC
-
We are of the considered view that when undisputedly assessee has entered into transaction of derivatives after 01.04.2006 in a recognised stock exchange as per Circular No.2/2006 dated 25.01.2006, loss arising in F&O transaction has to be treated as business loss and not loss in speculative business.
DCIT, CIRCLE 11 (1) , NEW DELHI. VERSUS M/S. FLORA AND FAUNA HOUSING AND DEVELOPERS PVT. LTD.
(2019) TaxCorp(LJ) 19735 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=76570&Category=ITAT&CategoryType=Zip
-
Undisputedly, originally assessment in this case was framed u/s 143 (3) of the Act. It is also not in dispute that AO has initially issued a notice u/s 154/155 of the Act, available at pages 1 & 2 of the paper book, but when assessment record was perused in the open court, there is neither any order sheet nor final order, if any, passed consequent upon the notice issued u/s 154.
M/S. CHAND INDUSTRY VERSUS ITO, WARD II (2), FARIDABAD.
(2019) TaxCorp(LJ) 19734 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=76571&Category=ITAT&CategoryType=Zip
-
The embezzlement by one of the Directors or an employee of the business of the Assessee Company during the ordinary course of business can be a business loss of the Assessee irrespective of criminal prosecution of the accused director/employee of the Company.
PRINCIPAL COMMISSIONER OF INCOME TAX VERSUS M/S. SARAVANA SELVARATHNAM TRADING & MANUFACTURING PVT. LTD., CHENNAI
(2019) TaxCorp(LJ) 19733 (HC-MADRAS) · https://taxcorp.in/FileOpenDT.aspx?ID=79318&Category=Judgment&CategoryType=Zip
-
We find some force in the submission made by the learned Counsel for the Revenue. Since the Appellant died and his legal representatives are not available to argue the present Appeal or to engage a Counsel to appear in the matter, we dismiss the present Appeal as having abated with a liberty to the legal representatives to revive the said Appeal with proper Application in case, they consider it appropriate.
K.Y. GAITONDE VERSUS THE ASSISTANT COMMISSIONER OF INCOME TAX CITY CIRCLE VII (1) CHENNAI.
(2019) TaxCorp(LJ) 19732 (HC-MADRAS) · https://taxcorp.in/FileOpenDT.aspx?ID=79319&Category=Judgment&CategoryType=Zip
-
In the instant case, we find that on objections being filed by the assessee, the Assessing Officer disposed of the objections and passed an order on 10.11.2017. Therefore, we are of the prima facie view that the CIT(A) ought to have considered the validity of the reopening and not rejected the appeal on the ground that the authorized representative of the assessee participated in response to the notice issued u/s 148.
SMT. NEETAA SUNEEL SHAH VERSUS THE INCOME TAX OFFICER
(2019) TaxCorp(LJ) 19731 (HC-MADRAS) · https://taxcorp.in/FileOpenDT.aspx?ID=79320&Category=Judgment&CategoryType=Zip
-
Even for the purposes of the penalty order under Section 271(1)(c) read with Section 275(1)(a) the limitation begins to run from the date of the order of the ITAT was served upon the CIT (Judicial).
PR. COMMISSIONER OF INCOME TAX-4 VERSUS INDIAN SUGAR EXIM CORPORATION LTD.
(2019) TaxCorp(LJ) 19730 (HC-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=79323&Category=Judgment&CategoryType=Zip
-
Entries in the books of accounts are not conclusive with regard to liability to tax when it is shown that the taxable event had in fact not taken place or was given up or abandoned.
Avestagenome Project International Pvt. Ltd Vs The Deputy Commissioner of Income Tax (TDS)
(2019) TaxCorp(LJ) 19729 (ITAT-BANGALORE)
-
HC ought not to have interfered with ITAT's order as no substantial question of law arose therefrom. SC thus allowed assessee's appeal and set aside the HC order and reinstated ITAT order.
PURSHOTTAM KHATRI Vs COMMISSIONER OF INCOME TAX
(2019) TaxCorp(LJ) 19728 (SC)
-
Once arm's length principle has been satisfied, there can be no further profit attributable to a person even if it has a PE in India.
Honda Motors Co. Ltd Vs ASSISTANT DIRECTOR OF INCOME-TAX
(2019) TaxCorp(LJ) 19727 (SC)
-
Evidently the show cause notice u/s. 271(1)(c) of the Act dated 31.12.2008 is defective as it does not spell out the grounds on which the penalty is sought to be imposed.
SHRI RAJAN R SRINIVASAN VERSUS ASST. COMMISSIONER OF INCOMET-AX, CIRCLE 1 (2) (1), BENGALURU.
(2019) TaxCorp(LJ) 19726 (ITAT-BANGALORE) · https://taxcorp.in/FileOpenDT.aspx?ID=76552&Category=ITAT&CategoryType=Zip
-
In our considered view, there are only two methods of dealing such a situation. Firstly, if the decision is per incurium, a finding to the said effect has to be given. Secondly, the Court or the Tribunal can refuse to follow the decision by distinguishing it on the factual matrix.
SARVODAYA MUTUAL BENEFIT TRUST, THELLAR VERSUS PRINCIPAL COMMISSIONER OF INCOME TAX
(2019) TaxCorp(LJ) 19725 (HC-MADRAS) · https://taxcorp.in/FileOpenDT.aspx?ID=79308&Category=Judgment&CategoryType=Zip
Headnote lines are open to everyone. The full headnote and the judgment text open with a subscription — see plans or sign in.