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HC - Writ Dismissed - AO justified in rectifying error u/s. 154 in case of non-conformity of assessment as per Jurisdictional HC ratio.
Hindustan Lever Limited Vs Joint Commissioner of Income Tax
(2019) TaxCorp(LJ) 16568 (HC-CALCUTTA) · Section 154
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ITAT - Merely because assessee claimed depreciation at 25% treating items to be plant, which claim was not acceptable to revenue, would not by itself attract penalty under section 271 (1) (c). The disallowance can at best be a wrong claim but not a false claim.
NEEL METAL PRODUCTS LTD. VERSUS ACIT, COMPANY CIRCLE 13 (1) NEW DELHI
(2019) TaxCorp(LJ) 16567 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=70025&Category=ITAT&CategoryType=Zip
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ITAT - The objects of cricket associations clearly demonstrate that these cricket associations exist and operate purely for the purpose of promoting cricket - When proviso to Section 2(15) cannot be invoked , the benefits of Section 11 and 12, which were declined only by invoking the proviso to Section 2 (15), could not have been declined.
GUJARAT CRICKET ASSOCIATION, BARODA CRICKET ASSOCIATION AND SAURASHTRA CRICKET ASSOCIATION VERSUS JOINT COMMISSIONER OF INCOME TAX (EXEMPTIONS), AHMEDABAD
(2019) TaxCorp(LJ) 16566 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=70027&Category=ITAT&CategoryType=Zip
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ITAT - The amount paid for removing encumbrances and settlement of claim is expenditure incurred in connection with transfer of a capital asset deductible u/s.48(1). The value of flat of 405 sq.ft. to be allotted in the new building should be accordingly reduced from the full value of consideration u/s 48(i).
SHRI DINAR UMESHKUMAR MORE VERSUS ITO, WARD-3 (3), MALEGAON
(2019) TaxCorp(LJ) 16565 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=70028&Category=ITAT&CategoryType=Zip
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HC - Resort could only be had to Section 148, since Section 155 applies only in the case of a completed assessment of a partner and the share of the income of the firm as found in an order passed under Section 245D(4)[clause (c) of Section 155(1)] is not included in the partners completed assessment.
MRS. NAHID SHAFFI AND MRS. NILOFER HAMEED VERSUS INCOME TAX OFFICER KOCHI WARD-1 (3), RNAGE-2, KOCHI
(2019) TaxCorp(LJ) 16564 (HC-KERALA) · http://taxcorp.in/FileOpenDT.aspx?ID=75471&Category=Judgment&CategoryType=Zip
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S. 147 Reopening for taxing Bogus share capital: Even in a s. 143(1) intimation, the AO is not entitled to reopen on the ground that the assessee has received "huge share premium" which was not "examined" by the AO. The AO cannot reopen in the absence of tangible material that shows income has escaped assessment
DCIT vs. Kargwal Products P. Ltd
(2019) TaxCorp(LJ) 16563 (ITAT-MUMBAI) · Section 147, 143(1)
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S. 276C Prosecution: If the Appeal is admitted on substantial questions of law, there is no justification for the DCIT to threaten the assessee with prosecution. Even if such prosecution is launched, the same shall not proceed till the pendency of the Appeal
Deepak Fertilizers and Petrochemicals Corporation Limited vs. ACIT
(2019) TaxCorp(LJ) 16562 (HC-BOMBAY) · Section 276C
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ITAT - TDS u/s 194J is not applicable to a person who is not a qualified professional and who is an accountant writing the accounts.
NIKHIL CHANDRA MITRA VERSUS INCOME TAX OFFICER, WARD-49 (4), KOLKATA
(2019) TaxCorp(LJ) 16561 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=70009&Category=ITAT&CategoryType=Zip
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ITAT - Exemption u/s 54F - Where assessee invested entire sale consideration in construction of a residential house within three years from date of transfer of land, deduction u/s.54F cannot be denied just because he did not deposit the said amount in capital gains account scheme.
SHRI GOVIND GANGADHAR SABANE, L/H. LT. SHRI GANGADHAR GOVINDRAO SABANE VERSUS THE INCOME TAX OFFICER, WARD-1 (4), PARBHANI
(2019) TaxCorp(LJ) 16560 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=70008&Category=ITAT&CategoryType=Zip
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HC - Since Investigation Wing had no material to believe that the donors of Trust were beneficiaries of the bogus entries, notice u/s 148 set aside.
BHANUMATI MALRAJ KABALI VERSUS INCOME TAX OFFICER, WARD 19 (1) (3) AND ANR.
(2019) TaxCorp(LJ) 16558 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=75466&Category=Judgment&CategoryType=Zip
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HC - Once the defects are removed within the time permitted by the department, the same would relate back to the original date of filing of the return - Notice u/s 143(2) is not valid.
ATUL PROJECTS INDIA PRIVATE LIMITED VERSUS UNION OF INDIA AND ANR.
(2019) TaxCorp(LJ) 16557 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=75468&Category=Judgment&CategoryType=Zip
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ITAT - If there was a mistake in the order of the AO, the only course of action available to the AO was to take an action u/s 154 but not to initiate the proceedings for passing a second order. The AO having once passed an order giving effect to the order of ITAT, becomes functus officio.
Late Shri Harshad S. Mehta Vs D y. Commissioner of Income Tax
(2019) TaxCorp(LJ) 16556 (ITAT-MUMBAI)
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HC - No penalty to be levied u/s 271(1)(c) for loss on account of foreign exchange fluctuation claimed as revenue expenditure disallowed. Mere rejection of claim made by the AO would not by itself lead to imposition of penalty under Section 271(1)(c) of the Act.
PR. COMMISSIONER OF INCOME TAX 5, MUMBAI VERSUS M/S. PRATIBHA SHIPPING COMPANY LTD.
(2019) TaxCorp(LJ) 16555 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=75439&Category=Judgment&CategoryType=Zip
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ITAT - Short-fall OR excess of TDS payment - Assessee is entitled for adjustment of the excess deposit of TDS made in the earlier year against the TDS payable for the subsequent year/(s).
STEEL AUTHORITY OF INDIA LIMITED VERSUS DEPUTY COMMISSIONER OF INCOME TAX (TDS), CIRCLE-4, DURGAPUR
(2019) TaxCorp(LJ) 16554 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=69993&Category=ITAT&CategoryType=Zip
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ITAT - Penalty u/s 271AAB(1)(a) is attracted automatically where a search and seizure operation is carried out in which the assessees have surrendered the amount u/s 132(4).
KOLKATA HOME PRODUCTS (P.) LTD., RAJ KUMAR MISRA AND OTHERS (HUF), SUSIL KUMAR MISRA, SONS (HUF), GOODWILL COMMERCIAL COMPANY PVT. LTD., MISRA CONSTRUCTION PVT. LTD. VERSUS DCIT, CENTRAL CIRCLE-1 (4)
(2019) TaxCorp(LJ) 16553 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=69994&Category=ITAT&CategoryType=Zip
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ITAT - Sec. 11 benefit granted to Gujarat Cricket Associations despite holding of IPL matches.
Gujarat Cricket Association and others Vs Joint Commissioner of Income Tax
(2019) TaxCorp(LJ) 16552 (ITAT-AHMEDABAD) · Section 11
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ITAT - Anonymous donations - When CIT(A) has found that the assessee is falling under section 115BBC(2), then the provision of section 115BBC(1) are not applicable.
SRI LALITAMBA NIDI SWARNAVALLI MATH, MATADEVALA POST. VERSUS ITO, WARD-1, SIRSI
(2019) TaxCorp(LJ) 16551 (ITAT-PANAJI) · http://taxcorp.in/FileOpenDT.aspx?ID=69995&Category=ITAT&CategoryType=Zip
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ITAT - Bogus share transactions - Assessee has routed his own unaccounted money and provided live link nexus to show that the unaccounted money has been routed under the garb of transaction of purchase and sale of shares - Additions u/s 68 deleted.
AKSHAY JAIN, C/O AKHILESH KUMAR, ADV. VERSUS DCIT, CIRCLE-1, GHAZIABAD.
(2019) TaxCorp(LJ) 16550 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=69997&Category=ITAT&CategoryType=Zip
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S. 45 Capital Gains: The allottee gets title to property on issue of allotment letter. The payment of installments is only a follow¬-up action. Taking delivery of possession is only a formality. Accordingly, the date of allotment is the date on which the purchaser of a residential unit can be stated to have acquired the property (CBDT Circulars applied)
PCIT vs. Vembu Vaidyanathan
(2019) TaxCorp(LJ) 16549 (HC-BOMBAY) · Section 45
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S. 147: Even in a case where return is accepted without scrutiny, the AO cannot proceed mechanically and on erroneous information supplied to him by investigation wing. If AO acts merely upon information submitted by investigation wing and on total lack of application of mind, the reopening is invalid
Akshar Builders and Developers vs. ACIT
(2019) TaxCorp(LJ) 16548 (HC-BOMBAY) · Section 147
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