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HC - No challenge of reassessment in first round in clear terms before the authorities below is fatal and cannot be permitted to raise subsequently as an after-thought.
M/S. VIGNESWAR TEX VERSUS THE INCOME TAX OFFICER, WARD I (3), TIRUPUR
(2019) TaxCorp(LJ) 17970 (HC-MADRAS) · https://taxcorp.in/FileOpenDT.aspx?ID=77180&Category=Judgment&CategoryType=Zip
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HC - Penalty u/s 271D - The mere proof that the loans were repaid through cheques drawn in the name of the lenders or that there was no attempt to induct black money into the business, itself cannot be considered as a reasonable cause or as a compelling circumstance under which the mandate of Section 269SS can be violated.
LISTIN STEPHEN VERSUS THE DEPUTY COMMISSIONER OF INCOME TAX, KOTTAYAM
(2019) TaxCorp(LJ) 17969 (HC-KERALA) · https://taxcorp.in/FileOpenDT.aspx?ID=77181&Category=Judgment&CategoryType=Zip
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HC - Penalty u/s 271(1)(c) - Substantial question of law - The matter of explanation furnished by the assessee being accepted by the Tribunal or not, is a fact finding exercise and unless the findings of the Tribunal can be held to be perverse, no substantial question of law arises.
M/S. AMUTHAM ENTERPRISES VERSUS THE COMMISSIONER OF INCOME TAX COIMBATORE
(2019) TaxCorp(LJ) 17968 (HC-MADRAS) · https://taxcorp.in/FileOpenDT.aspx?ID=77184&Category=Judgment&CategoryType=Zip
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HC - Sec. 50C would not apply in case of a builder for whom such immovable property is in nature of stock in trade and not capital asset - Sec. 43CA was inserted w.e.f 1.4.2014 and was not applicable for AY prior to this date.
Zain Constructions Vs The Income Tax Officer -18(3)(5) & Ors.
(2019) TaxCorp(LJ) 17967 (HC-BOMBAY) · Section 43CA
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ITAT - Reimbursements of salary and other costs on seconded employees to Foreign Group Co. constitutes FTS u/s.9(1)(vii), TDS u/s 195 applicable.
TS-171-ITAT-2019(CHNY)-Nippon_Paint__India__Pvt.Ltd_
(2019) TaxCorp(LJ) 17966 (ITAT-CHENNAI)
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S. 249(4): The power conferred upon the CIT(A) to condone the delay in filing of appeal is to alleviate genuine suffering of taxpayers. He has the power and corresponding duty to exercise the power when circumstances so warrant. U/s 14 of the Limitation Act, delay caused due to proceeding in a wrong forum has to be condoned. Article 2(1) of the India-UAE DTAA provides that the taxes covered shall include tax and surcharge thereon. Education cess is nothing but an additional surcharge & is also covered by the definition of taxes
R.A.K. Ceramics vs. DCIT
(2019) TaxCorp(LJ) 17965 (ITAT-HYDERABAD) · Section 249(4)
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S. 10(38) Bogus Capital Gains from Penny Stocks: It is intriguing is that the company had meagre resources and reported consistent losses. The astronomical growth of the value of company’s shares naturally excited the suspicions of the Revenue. The company was even directed to be delisted from the stock exchange. The assessee’s argument that he was denied the right to cross-examine the individuals whose statements led to the inquiry and ultimate disallowance of the long term capital gain claim is not relevant in the wake of findings of fact
Udit Kalra vs. ITO
(2019) TaxCorp(LJ) 17964 (HC-DELHI) · Section 10(38)
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S. 45(4): If new partners come into the partnership and bring cash by way of capital contribution and the retiring partners take cash and retire, the retiring partners are not relinquishing their interest in the immovable property. What they relinquish is their share in the partnership. As there is no transfer of a capital asset, no capital gains or profit can arise & s. 45(4) has no application (A. N. Naik 265 ITR 346 (Bom) distinguished, Dynamic Enterprises 359 ITR 83 (Karn) [FB] followed)
PCIT vs. Electroplast Engineers
(2019) TaxCorp(LJ) 17963 (HC-BOMBAY) · Section 45(4)
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HC - Non-issuance of notice u/s 143(2) is not a procedural irregularity and cannot be cured u/s 292BB.
THE PRINCIPAL COMMISSIONER OF INCOME TAX-1 VERSUS MARCK BIOSCIENCES LTD.
(2019) TaxCorp(LJ) 17962 (HC-GUJARAT) · https://taxcorp.in/FileOpenDT.aspx?ID=77169&Category=Judgment&CategoryType=Zip
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ITAT - Addition u/s 69 - AO has no jurisdiction to tax the deposits made by the assessee in a bank account unless the source of deposits are from India, as the assessee is a citizen of USA and is a Non-resident in India.
DY. COMMISSIONER OF INCOMETAX, (INTERNATIONAL TAXATION) , KOCHI VERSUS SRI. BENJAMIN P. VARKEY PADINJATTIL VEEDU AND SMT. ALEYAMMA BENJAMIN PADINJATTIL VEEDU
(2019) TaxCorp(LJ) 17953 (ITAT-COCHIN) · https://taxcorp.in/FileOpenDT.aspx?ID=72238&Category=ITAT&CategoryType=Zip
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ITAT - Foreign Tax Credit - AO to allow the credit to the extent of state taxes paid by the assessee along with the federal taxes paid. The Medicare and Disability taxes are not in the nature of income-tax, hence, this may be disallowed.
PRITESH RAJESH KOTAK VERSUS INCOME-TAX OFFICER, WARD –12 (2), HYDERABAD.
(2019) TaxCorp(LJ) 17952 (ITAT-HYDERABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=72277&Category=ITAT&CategoryType=Zip
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ITAT - Mere rejection of the claim of the assessee cannot be invited with the penalty u/s 271(1)(c).
YUM! RESTAURANTS MARKETING PVT. LTD. VERSUS ITO, WARD-18 (4), NEW DELHI
(2019) TaxCorp(LJ) 17951 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=72280&Category=ITAT&CategoryType=Zip
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ITAT - Interest cost for the period for which the capital asset was retained or held by the assessee prior to being sold/transferred is not deductible u/s. 48 in computing capital gain u/s. 45.
AMITA NARANG VERSUS DY. C.I.T., CIRCLE 2, JAMMU
(2019) TaxCorp(LJ) 17950 (ITAT-AMRITSAR) · https://taxcorp.in/FileOpenDT.aspx?ID=72283&Category=ITAT&CategoryType=Zip
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HC - Revision u/s 263 - There would be no scope for re-examination in the jurisdiction under Section 263 of the Act as the assessment order has merged in the appellate order.
PRINCIPAL COMMISSIONER OF INCOME TAX AND ANR, GOVT. OF INDIA, ASSAM, ADDITIONAL COMMISSIONER OF INCOME TAX, ASSAM VERSUS M/S OIL INDIA LTD.
(2019) TaxCorp(LJ) 17949 (HC-GAUHATI) · https://taxcorp.in/FileOpenDT.aspx?ID=75781&Category=Judgment&CategoryType=Zip
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HC - Revenue cannot invoke Sec. 68 on the ground that assessee had routed its own money through complex web of corporate structures.
Aditya Birla Telecom Ltd Vs Pr. Commissioner of Income Tax -14
(2019) TaxCorp(LJ) 17948 (HC-BOMBAY) · Section 68
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HC - Taxation on FCCBs - In case of conversion of foreign currency convertible bonds, the cost of acquisition in the hands of non-resident Indian investors would be the conversion price determined on the basis of the price of the shares as in this case, the National Stock Exchange, on the date of conversion of foreign currency convertible bonds into shares.
KINGFISHER CAPITAL CLO LTD., VERSUS COMMISSIONER OF INCOME TAX, (INTERNATIONAL TAXATION) -3, MUMBAI, DEPUTY COMMISSIONER OF INCOME TAX (INTERNATIONAL TAXATION) -3 (1) (2)
(2019) TaxCorp(LJ) 17947 (HC-BOMBAY) · https://taxcorp.in/FileOpenDT.aspx?ID=77166&Category=Judgment&CategoryType=Zip
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ITAT - If the interpretation of law is found to be contrary in the light of judicial pronouncement rendered subsequently, it discloses a mistake apparent from record u/s 254.
SMT. RUBY SINGLA VERSUS THE D.C.I.T., CIRCLE -PARWANOO
(2019) TaxCorp(LJ) 17943 (ITAT-CHANDIGARH) · https://taxcorp.in/FileOpenDT.aspx?ID=72273&Category=ITAT&CategoryType=Zip
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ITAT - Proceeding u/s 158BD - It is mandatory for the Assessing Officer under Section 158BD of the Act to record his satisfaction about the undisclosed income of the person other than the person with respect to whom the search was conducted.
SHRI. NIGAM MATHEW VERSUS THE COMMISSIONER OF INCOME TAX, THRISSUR
(2019) TaxCorp(LJ) 17942 (HC-KERALA) · https://taxcorp.in/FileOpenDT.aspx?ID=77145&Category=Judgment&CategoryType=Zip
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SC - SLP Dismissed - HC had rejected assessee's Sec. 12A registration claim with retrospective effect.
KERALA CRICKET ASSOCIATION Vs COMMISSIONER OF INCOME TAX
(2019) TaxCorp(LJ) 17941 (SC) · Section 12A
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HC - Expenditure in oil exploration u/s 42 allowed even when the block was surrendered.
Hindustan Oil Exploration Company Vs Principal Commissioner of Income Tax
(2019) TaxCorp(LJ) 17940 (HC-BOMBAY) · Section 42
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