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ITAT - (i) Provisions of section 68 has been held can’t be applicable to mere share sale which is not akin to receipt of gift, loan, share capital, advance etc (ii) bank account can’t be loosely called as books of account u/s 68 (iii) ITAT at belated stage can’t improve the order of AO and covert the addition from section 68 to section 69A etc.
VINESH MAHESWARI, RIMA MAHESWARI AND ITO, WARD 61 (2) (3), NEW DELHI
(2019) TaxCorp(LJ) 16875 (ITAT-DELHI) · https://taxcorp.in/FileOpenDT.aspx?ID=71105&Category=ITAT&CategoryType=Zip
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HC - The application of Sec. 192 relating to TDS provisions, is 'uniform' and not affected by 'religious character' of the recipient of income.
The Society of Mary Immaculate (Tamil Nadu) Vs Union of India
(2019) TaxCorp(LJ) 16874 (HC-MADRAS)
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HC - Income-tax Department should consider taking action against colleges on account of capitation fees paid by assessee-parent, instead of punishing parents.
Shri R.Bhoopathy Vs The Commissioner of Income Tax
(2019) TaxCorp(LJ) 16873 (HC-MADRAS)
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ITAT - Adhoc disallowance of 30% made by the AO out of business promotion expenses without making any enquiry whatsoever from the parties to whom the said expenses were paid by the assessee is not sustainable.
ACIT, CIRCLE - 31 KOLKATA VERSUS M/S. AB CAPITAL
(2019) TaxCorp(LJ) 16871 (ITAT-KOLKATA) · https://taxcorp.in/FileOpenDT.aspx?ID=71079&Category=ITAT&CategoryType=Zip
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ITAT - Addition u/s 14A - The onus was on AO to reject the assessee’s computations and record a finding as to how those computations were not satisfactory. The failure to do so oust the jurisdiction of AO to apply Rule 8D.
PURVAG COMMODITIES & DERIVAT IVES PVT. LTD. VERSUS ACIT-10 (3) (2), MUMBAI
(2019) TaxCorp(LJ) 16870 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=71082&Category=ITAT&CategoryType=Zip
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ITAT - Computation of short term capital gains on sale of various office premises at WDV taken as per The Companies Act as against Income Tax Act is a bonafide computational error - Same could not be termed as furnishing of inaccurate particulars of income which justifies imposition of penalty u/s 271(1)(c).
CONCRETE IDEAS REAL TORS PVT. LTD. VERSUS ITO-12 (1) (4), MUMBAI
(2019) TaxCorp(LJ) 16869 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=71083&Category=ITAT&CategoryType=Zip
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ITAT - Property tax and other payment made to BMC could not be said to have been incurred wholly and exclusively in connection with the transfer of the property in terms of Section 48.
SMT. MUNISHA D. AHUJA VERSUS ASSISTANT COMMISSIONER OF INCOME TAX- CIRCLE-17 (2) MUMBAI.
(2019) TaxCorp(LJ) 16868 (ITAT-MUMBAI) · https://taxcorp.in/FileOpenDT.aspx?ID=71084&Category=ITAT&CategoryType=Zip
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ITAT - Agreement for sale of 'technical concept' is not capital receipt and taxable under the head income from other sources'.
Ashish Tandon Vs Assistant Commissioner of Income Tax
(2019) TaxCorp(LJ) 16867 (ITAT-AHMEDABAD)
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HC - Where substantial question of law relating to penalty u/s 271(1)(c) is pending before High Court, there would be no question of launching prosecution.
M. SURESH COMPANY PVT LTD. VERSUS PR. COMMISSIONER OF INCOME TAX -5
(2019) TaxCorp(LJ) 16866 (HC-BOMBAY) · https://taxcorp.in/FileOpenDT.aspx?ID=76022&Category=Judgment&CategoryType=Zip
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HC - Where the basis for referring the matter to Departmental Valuation Officer itself vitiates then it is liable to be quashed.
COMMISSIONER OF INCOME TAX CENTRAL KANPUR VERSUS M/S GOPI APARTMENTS
(2019) TaxCorp(LJ) 16865 (HC-ALLAHABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=76023&Category=Judgment&CategoryType=Zip
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ITAT - When option of sub-clause (i) [of Explanation (a)] has not been exercised, then Ld. CIT (A) cannot resort to apply the same and reject the substantiation provided in sub- clause (ii).
India Today Online Pvt. Ltd Vs ITO
(2019) TaxCorp(LJ) 16864 (ITAT-DELHI)
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ITAT - Finance Act, 2017 amendment to Sec. 23(5), is effective only from A.Y.2018-19 onwards and cannot be applied retrospectively. For AY 2012-13 no deemed rental income in hands of builder in respect of unsold flats.
Saranga Estates Pvt. Ltd Vs Dy. Commissioner of Income Tax
(2019) TaxCorp(LJ) 16863 (ITAT-MUMBAI) · Section 23
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ITAT - Merely because the assessee had claimed the expenditure, which was not accepted or was not acceptable to the revenue, that by itself would not, attract the penalty u/s 271(1)(c) of the Act.
DCIT, CIRLCE – 4 (1) (2), AHMEDABAD. VERSUS M/S. VINI COSMETICS PVT. LTD.
(2019) TaxCorp(LJ) 16862 (ITAT-AHMEDABAD) · https://taxcorp.in/FileOpenDT.aspx?ID=71070&Category=ITAT&CategoryType=Zip
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ITAT - Withdrawal of tax credit which was given in the assessment completed u/s 143(3) by resorting rectification proceedings u/s 154 is legally untenable (being debatable issue) and cannot be sustained.
SRI. A.M. FAZIL VERSUS THE DY. COMMISSIONER OF INCOME-TAX, CIRCLE – 1 ALAPPUZHA.
(2019) TaxCorp(LJ) 16861 (ITAT-COCHIN) · https://taxcorp.in/FileOpenDT.aspx?ID=71071&Category=ITAT&CategoryType=Zip
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S. 68 Bogus Share Capital: Merely presenting of documents & making payment through bank or appearance by director before the AO & admitting fact of share application made is in itself not sufficient to justify the genuineness of the transaction. It is against human probability that anyone will invest and pay share premium in a company without net worth or future prospectus. All applicants with common address are being controlled remotely by one person. These applicants are all paper companies not having sufficient worth and created for providing entries of share application money or share capital or loans by way of accommodation entries (NDR Promoter 410 ITR 379 (Del) & NRA Iron & Steel 103 TM.com 48 (SC) followed) INCOME TAX APPELLATE TRIBUNAL
ITO vs. Synergy Finlease Pvt. Ltd
(2019) TaxCorp(LJ) 16848 (ITAT-DELHI) · Section 68
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S. 50C Capital Gains: The adoption of stamp valuation as the sale consideration is not justified in absence of any evidence that the sale consideration was more than the value shown in the agreement. The AO has not brought on record that the property under sale was not was under various encumbrances and the assessee was having the absolute marketable title of the said property (All judgements considered)
Sir Mohd. Yusuf Trust vs. ACIT
(2019) TaxCorp(LJ) 16847 (ITAT-MUMBAI) · Section 50C
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The insinuation of the Dept that ITAT passes order in a state of oblivion displays a totally irresponsible and cavalier approach on the cusp of contempt and deserving exemplary cost to purge the same. Referring in a deriding manner that the ITAT started with the grounds of appeal, displays the naivette of revenue authority purporting to be critical examiner of ITAT verdict, which is uncalled for. I express deep anguish at this approach of the department and hope that revenue will disband this cavalier and naïve approach while insinuating about the functioning of the ITAT without verifying their record
ITO vs. Rayoman Carriers Pvt. Ltd
(2019) TaxCorp(LJ) 16846 (ITAT-MUMBAI)
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S. 92C Transfer Pricing: It is mandatory for the AO to determine the arm's length price (ALP) of the international transactions by following one of the prescribed methods. He is not entitled to follow any other method or to resort to estimation. The failure to follow one of the prescribed methods makes the entire transfer pricing adjustment unsustainable in law. The legal infirmity cannot be cured by restoring the issue to the TPO. The TPO cannot be allowed another innings to rectify the mistake
CLSA India Private Limited vs. DCIT
(2019) TaxCorp(LJ) 16845 (ITAT-MUMBAI) · Section 92C
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Defunct companies: The fact that the assessee company stands dissolved as a defunct company u/s 560(5) of the Companies Act, 1956 does not mean that income-tax proceedings & appeals become infructuous. The liability against such companies has to be dealt with in accordance with s. 506(5) proviso (a) of the Companies Act and Chapter XV of the Income Tax Act which deal with "liability in special cases" and "discontinuance of business or dissolution"
CIT vs. Gopal Shri Scrips Pvt. Ltd
(2019) TaxCorp(LJ) 16844 (SC)
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S. 147 Reopening of Bogus share capital: Though the reopening is based on information supplied by the investigation wing, the reasons do not specify that the investment was non-genuine. The AO cannot reopen to investigate into the source of genuineness and creditworthiness of the investors as it falls within the realm of fishing enquiries which is wholly impermissible in law
NuPower Renewables Pvt. Ltd vs. ACIT
(2019) TaxCorp(LJ) 16843 (HC-BOMBAY) · Section 147
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