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Once borrowing has been made through the debentures and utilized for the purpose of business, it has been established through documentary evidence in the shape of agreements and correspondences for which, no contrary evidence has been placed on record, then surmises, conjectures and suspicion should not be made a basis to reject the claim of the appellant company.
SHIVSAGAR BUILDERS P. LTD. VERSUS ACIT CIRCLE-23 (1), NEW DELHI.
(2019) TaxCorp(LJ) 19684 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=76457&Category=ITAT&CategoryType=Zip
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It is now well settled that the expression “sufficient cause” is to be construed liberally in order to advance the substantial cause of justice and not strictly to defeat it.
ALIT KUMAR SARKAR VERSUS INCOME TAX OFFICER, WARD-1 (1), SILIGURI
(2019) TaxCorp(LJ) 19683 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=76462&Category=ITAT&CategoryType=Zip
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Since the discontinuance of the business of the firm in cases at hand was with effect from 1.4.2004, we are in agreement that the assessment of the income received in any subsequent year need to be made in accordance with the procedure contemplated in Section 176 (3A).
M/S. MUTHOOT BANKERS VERSUS THE COMMISSIONER OF INCOME TAX, KOZHIKODE
(2019) TaxCorp(LJ) 19682 (HC-KERALA) · https://taxcorp.in/FileOpenDT.aspx?ID=79221&Category=Judgment&CategoryType=Zip
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HCIt is also an admitted position that the petitioner had not intimated to the Department about her change of address. After receiving the envelope containing the notice from the postal department, till 31.3.2018 which was the last date for service of such notice, the department took no further steps.
HARJEET SURAJPRAKASH GIROTRA VERSUS UNION OF INDIA & ORS.
(2019) TaxCorp(LJ) 19681 (HC-BOMBAY) · https://taxcorp.in/FileOpenDT.aspx?ID=79224&Category=Judgment&CategoryType=Zip
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FMV of property purchased for the purpose of resale, lying vacant under head inventory and meanwhile used for purpose of business could not be determined u/s 23(1) of the Act.
Shivsagar Builders P. Ltd Vs ACIT
(2019) TaxCorp(LJ) 19680 (ITAT-DELHI)
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Right to life interest possessed by assessee is a right in personam that has to has to be relinquished, in order to absolutely transfer the property, with a clear title to the buyers.
P.K. Vijayalakshmi Vs The Income tax Officer
(2019) TaxCorp(LJ) 19679 (ITAT-BANGALORE) · Section 54EC
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We come to the conclusion that the CIT(A) is not empowered to dismiss the appeal for non-prosecution of appeal and is obliged to dispose of the appeal on merits. Once the Assessee files an appeal U/s 246A, the Assessee sets in motion the machinery designed for disposal of the appeal under Sections 250 and 251.
PAWAN KUMAR SINGHAL VERSUS ACIT, CIRCLE -2, GHAZIABAD.
(2019) TaxCorp(LJ) 19678 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=76442&Category=ITAT&CategoryType=Zip
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Assessment order in the case of the assessee was passed on 16.12.2011. During that time, therefore, the word “belong” was there and as facts and situation in this case, the diary recovered during the course of search from the premises of the Chhoriya Group did not belong to the assessee and therefore, provisions of Section 153C(1)(b) is not applicable to the case of the assessee since amendment itself come into place on 01.06.2015.
SHRI RATANLAL C. BAFNA VERSUS THE DEPUTY COMMISSIONER OF INCOME TAX, RANGE-1, JALGAON.
(2019) TaxCorp(LJ) 19677 (ITAT-PUNE) · https://taxcorp.in/FileOpenDT.aspx?ID=76446&Category=ITAT&CategoryType=Zip
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To be noted that the power under Section 254(2) of the Act is a power given to rectify errors. The scope of the said power is no longer res integra and by now, is well settled.
DAIMLER INDIA COMMERCIAL VEHICLES (P) LTD. VERSUS THE DEPUTY COMMISSIONER OF INCOME TAX, CORPORATE CIRCLE 1 (1), CHENNAI
(2019) TaxCorp(LJ) 19676 (HC-MADRAS) · https://taxcorp.in/FileOpenDT.aspx?ID=79204&Category=Judgment&CategoryType=Zip
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The mode of computation/form of subsidy is irrelevant. The mode of giving incentive is re-imbursement of energy charges. The nature of subsidy depends on the purpose for which it is given. Hence the assessee draws support from the decisions already discussed earlier as the same principle will apply here.
PRINCIPAL COMMISSIONER OF INCOME TAX, CENTRAL – 2, KOLKATA VERSUS ANKIT METAL AND POWER LTD.
(2019) TaxCorp(LJ) 19675 (HC-CALCUTTA) · https://taxcorp.in/FileOpenDT.aspx?ID=79205&Category=Judgment&CategoryType=Zip
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It is true that there was no direct focus of the Court on whether subscriptions so received are capital or revenue in nature, we may still advert to the fact that this Court has also, on general principles, held that such subscriptions would be capital receipts, and if they were treated to be income, this would violate the Companies Act.
THE PEERLESS GEN. FIN AND INVESTMENT COMPANY LIMITED VERSUS COMMNR. OF INCOME TAX
(2019) TaxCorp(LJ) 19674 (SC) · https://taxcorp.in/FileOpenDT.aspx?ID=79207&Category=Judgment&CategoryType=Zip
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The proper remedy of the petitioner-assessee would be to raise all pleas before the AO in assessment proceedings and if it is decided against him then to carry the issue further in appeal to CIT (Appeals) and then to the Tribunal in second appeal and then to the High Court under Section 260-A of the Income Tax Act, if the occasion so arises in appeal.
MURLIBHAI FATANDAS SAWLANI VERSUS INCOME TAX OFFICER
(2019) TaxCorp(LJ) 19673 (SC) · https://taxcorp.in/FileOpenDT.aspx?ID=79208&Category=Judgment&CategoryType=Zip
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The expression 'assessment' can also mean the procedures laid down in the Act, if the context so requires; and, qua Sec. 170 of the Act, the word 'assessment' has to be understood as procedure laid down therein.
FedEx Express Transportation and Supply Chain Services (India) Private Limited (‘FETSCS’) Vs DCIT
(2019) TaxCorp(LJ) 19672 (ITAT-MUMBAI)
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The buyback of shares would not in any manner enhance the capital structure of the assessee company and thus there is no increase in capital base of the company.
BAYER VAPI PRIVATE LIMITED Vs PRINCIPAL COMMISSIONER OF INCOME TAX
(2019) TaxCorp(LJ) 19671 (HC-GUJARAT)
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The act of filing the returns by itself cannot be construed as an attempt to evade tax, rather the submission of the returns would suggest that assessee had voluntarily declared his intention to pay tax.
Vyalikaval House Building Co Operative Society Ltd Vs The Income Tax Department By Deputy Commissioner Of Income Tax
(2019) TaxCorp(LJ) 19670 (HC-KARNATAKA)
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e find that this tribunal in assessee’s own case for the Asst Year 2013-14 had held the loans received from aforesaid parties to be genuine and deleted the additions made u/s 68.
SHREE LAXMI ESTATE PVT. LTD. VERSUS INCOME TAX OFFICER, WARD – 15 (3) (3), MUMBAI
(2019) TaxCorp(LJ) 19669 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=76389&Category=ITAT&CategoryType=Zip
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When an authority has decided on the basis of a decision of the High Court which is subsequently reversed, there would be a rectifiable mistake coming within the section 154.
THE INCOME TAX OFFICER WARD 5. VERSUS M/S. KUTHANUR SERVICE CO-OPERATIVE BANK LTD., M/S. PERINGOTTUKURISSI SERVICE CO-OPERATIVE BANK LTD., M/S. VADAKKENCHERY SERVICE CO-OPERATIVE BANK LTD.
(2019) TaxCorp(LJ) 19668 (ITAT-COCHIN) · https://taxcorp.in/FileOpenDT.aspx?ID=76396&Category=ITAT&CategoryType=Zip
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As revised contract value which would require incurring of substantial amount towards cost. Therefore, it would not be possible to assessee to earn income of ₹ 297.18 crores in assessment year under appeal as is computed by the A.O. in the assessment order.
L & T SUCG JV JV CC 27 VERSUS THE ADDL. CIT, RANGE-62, DELHI., THE DCIT, CIRCLE – 62 (1) (VICE-VERSA)
(2019) TaxCorp(LJ) 19667 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=76391&Category=ITAT&CategoryType=Zip
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Where the prime object of the assessee was to let out the portion of the property to various occupants by giving them additional right of using the furniture & fixtures and other common facilities for which rent was being paid, the income derived therefrom would be assessable under the head “house property”.
DEVBHUMI ESTATES PVT. LTD. VERSUS THE DEPUTY COMMISSIONER OF INCOME TAX, CIRLCE-2 (1) (1) , MUMBAI
(2019) TaxCorp(LJ) 19666 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=76395&Category=ITAT&CategoryType=Zip
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On a reading of Explanation (2) to Section 9(1)(vii), fees for technical services means consideration, including lumpsum consideration for rendering any managerial, technical or consultancy services.
PRINCIPAL COMMISSIONER OF INCOME TAX-4, CHENNAI-34 VERSUS M/S. MPS LTD., CHENNAI-32
(2019) TaxCorp(LJ) 19665 (HC-MADRAS) · https://taxcorp.in/FileOpenDT.aspx?ID=79200&Category=Judgment&CategoryType=Zip
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