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ITAT - When the matter in assessment proceedings was with respect to claim u/s 54/54F, CIT(A) cannot enhance assessee’s income on altogether ‘new source’ u/s 68.
Hari Mohan Sharma Vs ACIT
(2019) TaxCorp(LJ) 16611 (ITAT-DELHI)
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ITAT - Exemption u/s 54 towards residential house property purchased before the sale of another house property allowed.
Dr Rajinder Kumar Gupta Vs Asstt Commissioner of Income-tax
(2019) TaxCorp(LJ) 16610 (ITAT-DELHI) · Section 54
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ITAT - No disallowance u/s 43B for an insurance company in respect of contribution to Environment Relief Fund collecting as a channel between proposed insured and the Government.
Bajaj Allianz General Insurance Company Ltd Vs The Dy. Commissioner of Income Tax
(2019) TaxCorp(LJ) 16609 (ITAT-PUNE) · Section 43B
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ITAT - In the absence of necessary documentary evidence the AO had no alternative except to make the disallowance on an ad-hoc basis.
M/S. SHINE PHARMACEUTICALS LTD. VERSUS THE DCIT CIRCLE (2) (1) (1) BARODA
(2019) TaxCorp(LJ) 16608 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=70223&Category=ITAT&CategoryType=Zip
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ITAT - Mere addition on account of valuation of closing stock by adopting a different method will not attract the penalty U/s 271(1)(c).
SHRI RADHEY SHYAM KHANDELWAL VERSUS THE ITO, WARD-4 (2) JAIPUR.
(2019) TaxCorp(LJ) 16607 (ITAT-JAIPUR) · http://taxcorp.in/FileOpenDT.aspx?ID=70225&Category=ITAT&CategoryType=Zip
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ITAT - Rental income from Operating Family Entertainment Center cum Mall and Maintenance Charges is taxable as PGBP.
ASST. CIT-9 (2) (2) , MUMBAI VERSUS M/S. E-CITY PROJECTS CONSTRUCTION PVT. LTD.
(2019) TaxCorp(LJ) 16606 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=70226&Category=ITAT&CategoryType=Zip
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ITAT - Except for stating that there was business exigency and the loan taken was for business purpose, no cogent evidence has been produced. Penalty levied u/s. 271D confirmed.
M/S. ELECTROPLAST ENGINEERS VERSUS JCIT-24 (3), MUMBAI
(2019) TaxCorp(LJ) 16605 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=70227&Category=ITAT&CategoryType=Zip
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ITAT - Depreciation @25% is applicable on the asset ‘Right to Collect Toll’.
ITO, WARD-1 (1), NASHIK VERSUS M/S. ASHOKA HIGHWAYS (DURG) AND (BHANDARA) LIMITED
(2019) TaxCorp(LJ) 16603 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=70234&Category=ITAT&CategoryType=Zip
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HC - Transfer of entire shareholding in its subsidiary to third party is not slump sale u/s 2(42C) r.w. Sec 50B.
UTV Software Communications Ltd Vs Pr. Commissioner of Income Tax -16
(2019) TaxCorp(LJ) 16602 (HC-BOMBAY)
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HC - Expenditure on submitting a tender for the purpose of construction, equipping, operation and maintenance of two berths on Build, Operate and Transport basis is revenue in nature based on test of 'enduring benefit'.
THE COMMISSIONER OF INCOME TAX, COCHIN VERSUS SOUTH INDIA CORPORATION LTD.
(2019) TaxCorp(LJ) 16601 (HC-KERALA) · http://taxcorp.in/FileOpenDT.aspx?ID=75533&Category=Judgment&CategoryType=Zip
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HC - Section 260A - Though the findings of facts by the AO were reversed by the CIT(A), and in turn were set aside by the ITAT, that ipso facto does not attract the jurisdiction of HC unless the reasoning or the approach of the ITAT is so unreasonable or manifestly irrational.
INTEC CORPORATION VERSUS PRINCIPAL COMMISSIONER OF INCOME TAX -11, NEW DELHI
(2019) TaxCorp(LJ) 16600 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=75535&Category=Judgment&CategoryType=Zip
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HC - Rectification of mistake u/s 154 permissible in case of subsequent decision passed by the High court after the order of assessment in order to bring the order of assessment in terms of an authoritative pronouncement of the Court.
HINDUSTAN LEVER LIMITED VERSUS JOINT COMMISSIONER OF INCOME TAX, SPECIAL RANGE - 2 CALCUTTA & ORS.
(2019) TaxCorp(LJ) 16599 (HC-CALCUTTA) · http://taxcorp.in/FileOpenDT.aspx?ID=75536&Category=Judgment&CategoryType=Zip
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SC - For the assessment year 2019-20 there is mandation of linkage of PAN with Aadhar. Permission to file ITR without complying with the condition of providing Aadhar Card registration number or Aadhar Card Enrollment number denied. Upheld the vires of section 139AA.
UNION OF INDIA AND ORS. VERSUS SHREYA SEN AND ANR.
(2019) TaxCorp(LJ) 16598 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=75539&Category=Judgment&CategoryType=Zip
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HC - One time consultancy fees to foreign affiliate for identifying investment opportunities for the overseas funds is deductible u/s 37(1).
Lok Advisory Services Pvt. Ltd Vs Pr.Commissioner Of_Income Tax-5
(2019) TaxCorp(LJ) 16596 (HC-DELHI) · Section 37
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ITAT - Consultancy fees to foreign consultants falls under the ambit of Article 14 of DTAAs on ‘Independent Personal Services’ and not FTS.
Hydrosult Inc Vs The Deputy Commissioner of Income- tax(International Taxation)-2
(2019) TaxCorp(LJ) 16595 (ITAT-AHMEDABAD)
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ITAT - To make addition u/s 68 merely, doubting or pointing out some discrepancy cannot be made the foundation for discarding the genuineness of the deposit or share money.
ITO-13 (3) (4), MUMBAI VERSUS M/S TRISHUL TRADERS PVT. LTD.
(2019) TaxCorp(LJ) 16594 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=69451&Category=ITAT&CategoryType=Zip
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ITAT - Expenditure on purchase of data packages is revenue in nature.
DCIT, CIRCLE 13 (2), NEW DELHI VERSUS JUBILANT ENERGY KHARSANG PVT. LTD.
(2019) TaxCorp(LJ) 16593 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=69971&Category=ITAT&CategoryType=Zip
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HC - 'Inadvertent omission’ by CA would be considered a bona fide reason for condonation of delay in seeking TDS refund.
G.V.Infosolutions Pvt. Ltd Vs DEPUTY COMMISSIONER OF INCOME TAX
(2019) TaxCorp(LJ) 16592 (HC-DELHI)
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ITAT - Remuneration and interest received from a firm, to the extent eligible u/s 40(b), would not be considered as business income for presumptive taxation benefit u/s. 44AD.
A.Anandkumar Vs Assistant Commissioner of Income Tax
(2019) TaxCorp(LJ) 16591 (ITAT-CHENNAI) · Section 44AD
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ITAT - Once the SEBI has held that there is no adverse evidence or material then it follows that the share price of which has been sold for genuine quoted price and therefore, the sale proceeds has to be reckoned from sale of such shares and would be treated as explained credit or investment. No addition u/s 68 in respect of bogus LTCG.
VIDHI MALHOTRA, C/O. SANDEEP SAPRA AND SANTOSH MENDIRATTA, C/O. SANDEEP SAPRA VERSUS ITO WARD-2 (5) , AND ITO, WARD -2 (3) , FARIDABAD
(2019) TaxCorp(LJ) 16590 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=70150&Category=ITAT&CategoryType=Zip
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