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HC - No penalty u/s 271D where loan in cash was taken from near relatives and there is nothing on record to show that the transaction lacks bona fides.
MS. NANDA KUMARI VERSUS THE INCOME TAX OFFICER, NON-CORPORATE WARD 1 (4) , CHENNAI-34
(2019) TaxCorp(LJ) 16425 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=75164&Category=Judgment&CategoryType=Zip
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HC - Income from sale of shares upon settlement by settlor by a trust shall be chargeable under the head long term capital gains, and not under ‘business income’.
Vernan Pvt Trust Vs The Pr.Commissioner of Income Tax23
(2019) TaxCorp(LJ) 16424 (HC-BOMBAY)
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ITAT - Partners remuneration deductible u/s. 40(b)(v) even though partnership deed did not specify the quantum of remuneration nor manner of quantifying such remuneration.
Unitec Marketing Services Vs Asst. Commissioner of Income Tax
(2019) TaxCorp(LJ) 16416 (ITAT-MUMBAI) · Section 40(b)(v)
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ITAT - No penalty for TDS non-deduction on LTC as there was reasonable cause in terms of Sec. 273B for not deducting tax at source.
State Bank of India Vs ACIT
(2019) TaxCorp(LJ) 16415 (ITAT-JAIPUR)
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ITAT - Since department has not explained the reasons for service of the notice and the assessment order with 9 months delay, assessment order passed u/s 143(3) is barred by limitation.
SMT. KOSANAM PUSHPAVATHI VERSUS INCOME TAX OFFICER, WARD-2 (2) , VIJAYAWADA
(2019) TaxCorp(LJ) 16414 (ITAT-VISAKHAPATNAM) · http://taxcorp.in/FileOpenDT.aspx?ID=69474&Category=ITAT&CategoryType=Zip
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ITAT - Reassessment is carried out for the benefit of the Revenue and not the assessee as such assessee cannot raise fresh independent claims having the effect of reducing the income already declared.
RATNAGIRI DIST. CENTRAL CO-OP. BANK LTD. VERSUS DCIT, RATNAGIRI CIRCLE, RATNAGIRI/ACIT, RATNAGIRI CIRCLE, RATNAGIRI
(2019) TaxCorp(LJ) 16413 (ITAT-PUNE)
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ITAT - The expression 'charitable purpose', as defined in section 2(15) cannot be construed literally and in absolute terms. The meaning of the expression 'charitable purposes' has to be examined in the context of section 10(23C)(iv).
M/S. MADHYA PRADESH MADHYAM, BHOPAL VERSUS ACIT-1 (2) , BHOPAL & ACIT-1 (1) , BHOPAL
(2019) TaxCorp(LJ) 16412 (ITAT-INDORE) · http://taxcorp.in/FileOpenDT.aspx?ID=69477&Category=ITAT&CategoryType=Zip
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ITAT - For deduction u/s.80IC the test of new machinery vis-à-vis old machinery is the year of the formation of the new undertaking.
THE ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-8, PUNE VERSUS ANUSAYA AUTO PRESS PARTS PVT. LTD.
(2019) TaxCorp(LJ) 16411 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=69478&Category=ITAT&CategoryType=Zip
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ITAT - The obligation of the Assessee u/s.192 is only to make bonafide estimate of income of his employee under the head salaries. Such obligation cannot be tested on the parameters laid down on exercise of power u/s.132 or u/s.147.
THE INCOME TAX OFFICER (OSD) (TDS) , LARGE TAX PAYER UNIT (LTU) , BANGALORE VERSUS M/S. KARNATAKA POWER TRANSMISSION CORPORATION LTD. (KPTCL)
(2019) TaxCorp(LJ) 16410 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=69481&Category=ITAT&CategoryType=Zip
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HC - Failure of the assessee to intimate the changes made in object clause to CIT(Exemptions) did not alter the foundational characteristics of the Trust as the additional objects were also in the nature of charitable activities. Exemption cannot be denied.
CIT (EXEMPTIONS) , MUMBAI VERSUS M/S. BHANSALI TRUST
(2019) TaxCorp(LJ) 16409 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=75120&Category=Judgment&CategoryType=Zip
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HC - Default by employers in not issuing Form 16 TDS certificates to employees prima facie makes employers liable to prosecution u/s 405 of the Indian Penal Code.
Ramprakash Biswanath Shroff vs. CIT (TDS) (Bombay High Court)
(2019) TaxCorp(LJ) 16408 (HC-BOMBAY)
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HC - Merely holding shares for a short period will not convert capital gain into business income. If the assessee has two portfolios, one for "Investment" and other for "Trading" and if the investments are out of own funds and not borrowed funds, the gains have to be assessed as STCG.
CIT vs. Viksit Engineering Ltd (Bombay High Court)
(2019) TaxCorp(LJ) 16407 (HC-BOMBAY)
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SC - SLP Dismissed - HC had allowed sec.80-IB(10) deduction to assessee.
VRM (INDIA) LTD THROUGH ITS DIRECTOR Vs COMMISSIONER OF INCOME TAX-VI
(2019) TaxCorp(LJ) 16406 (SC) · Section 80-IB(10)
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SC - PLI - Urges Govt. to relook into the provision contained in Sec. 80DD and explore the possibility of making suitable amendments regarding insurance payment for handicapped- dependents.
RAVI AGRAWAL Vs UNION OF INDIA AND ANOTHER
(2019) TaxCorp(LJ) 16405 (SC)
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ITAT - ‘Time writing charges’ paid to its AE cannot be termed as ‘FTS’ under Article 13 of India-UK DTAA. No TDS u/s 195.
M/s B.G. India Energy Solutions P Ltd Vs The Dy. C.I.T
(2019) TaxCorp(LJ) 16404 (ITAT-DELHI) · Section 195
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ITAT - Element of Service Tax and Research & Development Cess which is collected, paid and borne by Indian service recipient is not taxable in the hands of the non-resident service provider.
Proctor & Gamble Vs DCIT
(2019) TaxCorp(LJ) 16403 (ITAT-MUMBAI)
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ITAT - Assessee-bank not liable to deduct TDS u/s. 194I on lease premium paid for acquiring lease rights on immovable property from MMRDA because it is not a rent.
M/s. Bank of India Vs DCIT
(2019) TaxCorp(LJ) 16402 (ITAT-MUMBAI) · Section 194-I
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ITAT - Matter on taxability u/s. 56(2)(viib) for excess share premium received by assessee upon issue of Compulsory Convertible Preference Shares remanded to find out as to whether the premium received is for equity shares to be issued later or for preference shares issued now.
2M Power Health Management Services Pvt. Ltd Vs ITO
(2019) TaxCorp(LJ) 16401 (ITAT-BANGALORE) · Section 56(2)(viib)
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ITAT - No addition on the basis of cheques found during survey u/s 133A can be made since the validity period of six months from the date of issuance of cheques has already been expired.
KACHRULAL NATHAMAL MUTHA VERSUS DY. COMMISSIONER OF INCOME TAX, CENTRAL, AURANGABAD
(2019) TaxCorp(LJ) 16400 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=69304&Category=ITAT&CategoryType=Zip
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ITAT - Receipt of cash loans exceeding ₹ 20,000/ from the company by the director has been re-deposited as evidenced by the bank statements - No penalty u/s 271D.
ACIT, CIR 8 (2) , MUMBAI VERSUS MS. RESHMA J. SHETTY, MUMBAI
(2019) TaxCorp(LJ) 16399 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=69421&Category=ITAT&CategoryType=Zip
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