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Re-assessment notice u/s 148 issued beyond 4 years is disallowed, as there was no failure of assessee to disclose fully and truly all material facts in original assessment.
Best Cybercity (India) Pvt. Ltd Vs INCOME TAX OFFICER
(2019) TaxCorp(LJ) 19360 (HC-DELHI)
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Since surrendering of allotment of flat has to be considered as a right in property which is a capital asset, therefore assessee can claim Sec. 54 benefit against capital gain arising from surrender of such right.
Ashwin. S. Bhalekar Vs The Asst. Commissioner of Income Tax
(2019) TaxCorp(LJ) 19355 (ITAT-MUMBAI) · Section 54
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Since original 'reopening reasons' are dropped, therefore re-assessment based on new ground is disallowed.
Aryan Mining & Trading Corporation Ltd Vs Deputy Commissioner of Income-tax, Central Circle-2(2)
(2019) TaxCorp(LJ) 19354 (ITAT-KOLKATA)
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Asset is not restricted to building, plant or furniture, but is extended to knowhow, patent, copyright etc.
CAE India Pvt. Ltd Vs CIT
(2019) TaxCorp(LJ) 19347 (ITAT-BANGALORE)
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Contributions by one society to another having similar objects have to be considered a legitimate application of income by a charitable society.
ICFAI University Vs Income Tax Officer
(2019) TaxCorp(LJ) 19346 (ITAT-DELHI)
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In case of short TDS, no Sec.40(a)(ia) expense disallowance.
Hindustan Thompson Associates Private Limited Vs Assistant Commissioner of Income - tax
(2019) TaxCorp(LJ) 19339 (ITAT-MUMBAI) · Section 40(a)(ia)
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The cost of acquisition of know- how under development being a self-generated asset is not ascertainable, and hence, no chargeable capital gains would arise.
Bharat Serums And Vaccines Ltd Vs ACIT
(2019) TaxCorp(LJ) 19338 (ITAT-MUMBAI)
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ITAT - The final assessment order has been passed after the end of one month from the date of receipt of the directions of the DRP by the Assessing Officer. Therefore, order passed by the Assessing Officer is void ab initio and liable to be quashed as the final assessment order is time barred.
M/S. DENTSPLY INDIA (P) LTD. VERSUS INCOME TAX OFFICER WARD-10 (1) NEW DELHI
(2019) TaxCorp(LJ) 19334 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=75431&Category=ITAT&CategoryType=Zip
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ITAT - Valuation - property in question cannot be valued as has been directed by the CIT in view of the litigations underway and also the fact that the property is in the possession of the tenants.
WHITE ROSE HOLDINGS (INDIA) PVT. LTD. VERSUS ITO-13 (3) (2), MUMBAI
(2019) TaxCorp(LJ) 19333 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=75432&Category=ITAT&CategoryType=Zip
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ITAT - Since developer-SPV was promoted by Housing Board, notional rentals cannot be charged u/s. 23 as assessee is not 'owner'.
Bengal DCL Housing Development Vs DCIT
(2019) TaxCorp(LJ) 19332 (ITAT-KOLKATA) · Section 23
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ITAT - Sale deed execution, not POA execution, is relevant for transfer of property and for capital gains purposes.
Shri Vishnubhai Vithalbhai Patel (HUF) Vs The DCIT
(2019) TaxCorp(LJ) 19331 (ITAT-AHMEDABAD)
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HC - Since new unit was not expansion of existing line of the business of the assessee and was new product line altogether, interest u/s 36(1)(iii) disallowed.
Tube Investments Vs The Joint Commissioner of Income Tax
(2019) TaxCorp(LJ) 19324 (HC-MADRAS) · Section 36(1)(iii)
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Since the assessee was covered under the expression 'State', therefore payments made by the assessee to its employees towards death cum retirement gratuity, commutation of pension or leave salary would not be liable for TDS to the extent permitted under the provisions of section 10(10)(i), 10(10A) and 10(10AA).
Mahatma Gandhi University Vs The Income-tax Officer(TDS)
(2019) TaxCorp(LJ) 19323 (ITAT-COCHIN)
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Amount paid u/s. 37(1) to Mauritian company for raising funds for sister-concern is disallowed.
Sivan Securities (P) Ltd Vs The DCIT
(2019) TaxCorp(LJ) 19322 (ITAT-BANGALORE) · Section 37(1)
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Merely because the assessee had invested in several small properties, it would not make the transaction a business one.
Munish Singla Vs Addl. CIT
(2019) TaxCorp(LJ) 19321 (ITAT-CHANDIGARH)
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Rental income derived from properties held as stock in trade cannot be assessed as income from house property.
Kanakia Spaces Pvt. Ltd Vs DCIT
(2019) TaxCorp(LJ) 19320 (ITAT-MUMBAI)
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Membership fees paid by the assessee for membership of Mumbai Cricket Association for a third person u/s 37(1) as assessee failed to prove that expenses were incurred wholly & exclusively for the purpose of business is disallowed.
Top Class Capital Markets Vs DCIT
(2019) TaxCorp(LJ) 19319 (ITAT-MUMBAI)
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In a case where the assessee participated in the entire proceedings, if such a defect in the notice was not allowed to be cured, the purpose/intent of sec.292B would be defeated.
Shri. Rajan Kalimuthu Vs The Income Tax Officer, International Taxation
(2019) TaxCorp(LJ) 19312 (ITAT-CHENNAI)
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Assessee's claim for Sec. 80IA benefit on interest on loans/advances to employees citing absence of direct nexus with industrial undertaking is rejected.
The Tata Power Company Ltd Vs ACIT
(2019) TaxCorp(LJ) 19311 (ITAT-MUMBAI)
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Rule 4A of the Income Tax Appellate Tribunal Members (Recruitment and Conditions of Service) Rules, 1963 empowers the Selection Board to evolve its own procedure.
Puneet Sharma Vs UNION OF INDIA & ORS
(2019) TaxCorp(LJ) 19310 (HC-DELHI)
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