-
S. 244: The Dept should bring some order and discipline to the aspect of granting refunds. All pending refund applications should be processed in the order in which they are received. It is the bounden duty of the Revenue to grant refunds generated on account of orders of higher forums and disburse the amount expeditiously. In the absence of a clear policy, the Courts may impose interest on the quantum of refund at such rates determined by the Court
SICOM Ltd vs. DCIT
(2018) TaxCorp(LJ) 15884 (HC-BOMBAY) · Section 244
-
S. 5, 9, 163, 166: A representative assessee represents all income of a non-resident accruing or arising in India directly or indirectly from any business connection in India. It is wrong to contend that the representative assessee is not liable for income which has directly arisen or accrued in India. It is also wrong that if the department chooses to make an assessment of the person resident outside India directly, it cannot assess the agent or representative assessee. The Dept has the choice of proceeding against either
DIT vs. Board Of Control For Cricket In Sri Lanka Through PILCOM
(2018) TaxCorp(LJ) 15883 (HC-CALCUTTA) · Sections 5, 9, 163, 166
-
Tax Planning: The fact that the assessee bought and sold shares of groups concerns with a view to book loss and off-set the capital gains from another transaction does not mean that the loss can be treated as bogus if the documentation is in order. The loss cannot be treated as "speculation loss" under the Explanation to s. 73 because the shares were held as investments
ACIT vs. RJ Corp Ltd
(2018) TaxCorp(LJ) 15882 (ITAT-DELHI)
-
S. 260A: Transfer Pricing disputes with regard to exclusion and inclusion of comparables to determine Arm's Length Price (ALP) would not necessarily give rise to substantial questions of law except if there is perversity of finding or failure to adhere to the settled principles of law while determining comparables
PCIT vs. TIBCO Software (India) Pvt Ltd
(2018) TaxCorp(LJ) 15870 (HC-BOMBAY) · Section 260A
-
S. 2(22)(e) Deemed Dividend: Law explained on whether only a proportionate addition of deemed dividend can be made taking into consideration the percentage of the shareholding in the borrowing company in cases where (a) there is only one shareholder that has a shareholding in the lending company as well as in the borrowing company & (b) two or more shareholders are shareholders of the same lending company and the same borrowing company
Sahir Sami Khatib vs. ITO
(2018) TaxCorp(LJ) 15869 (HC-BOMBAY) · Section 2(22)(e)
-
Court is pained by the manner in which the authority has passed the order just ignoring the applicable Notification and throwing it to winds. The said order is nothing less than suffering from malice-in- facts as well as malice-in-law. The responsible officer deserves to pay the exemplary costs for passing such whimsical order from her personal resources or by deduction from salary
Kalyani Motors Pvt Ltd vs. Deputy Commissioner
(2018) TaxCorp(LJ) 15868 (HC-KARNATAKA)
-
S. 271(1)(c) Penalty: Law explained on whether penalty can be imposed where (i) income is added or disallowance is made on estimate basis, (ii) books of account cannot be produced for reasons beyond control, (iii) disallowance is made as per retrospective insertion of s. 37(1) Explanation & (iv) allegation regarding concealment vs. furnishing inaccurate particulars is vague & uncertain
Farrukhabad Investment (India) Ltd vs. DCIT
(2018) TaxCorp(LJ) 15867 (ITAT-AGRA) · Section 271(1)(c)
-
HC - Calls for a dedicated legal team in the Department for assisting the Court properly and fully. condemns Revenue officials for the unpleasant state of affairs.
Radan Multimedia Vs Pr. Commissioner of Income Tax2
(2018) TaxCorp(LJ) 15853 (HC-BOMBAY)
-
HC - Prosecution proceedings initiation upheld as assessee has the opportunity to prove 'no willful default’ during Trial.
Arun Arya Vs Income Tax Officer
(2018) TaxCorp(LJ) 15852 (HC-J&K)
-
HC - Interim prayer to submit returns within the extended due-date of October 15th without Sec. 234A interest payment rejected. posts the matter for final hearing.
Hindu Economic Forum Vs Union of India
(2018) TaxCorp(LJ) 15851 (HC-KERALA) · Section 234A
-
ITAT - Existence of “intention” to continue business assumes significance in matters relating to determination on cessation of business. Claim for expenses allowed.
M/s. Mula Pravara Electric Co-op. Society Ltd. Vs DCIT
(2018) TaxCorp(LJ) 15850 (ITAT-PUNE)
-
ITAT - AO chose to adopt pick and choose strategy from assessee’s replies in a manner to ambush assessee despite all the material placed on record before him. Sec 69 addition for partner's profit share deleted.
Hrishikesh D. Pai Vs DCIT
(2018) TaxCorp(LJ) 15849 (ITAT-MUMBAI) · Section 69
-
ITAT - International agreements/conventions/treaties/UN Resolution-986 etc. are not binding on the citizens of India. Failure of the assessee in not complying with the UN Resolution-986 do not constitute an “offence” for the purpose of Explanation 1 to section 37(1). No penalty u/s. 271(1)(c) with respect to Sec. 37(1) disallowance confirmed in quantum appeal.
Kirloskar Brothers Limited Vs DCIT
(2018) TaxCorp(LJ) 15848 (ITAT-PUNE)
-
S. 276C/ 279 Compounding of offenses: The expression "amount sought to be evaded" in CBDT's compounding guidelines dated 23.12.2014 means the amount of "tax sought to be evaded" and not the amount of "income sought to be evaded"
Supernova System Private Limited vs. CCIT
(2018) TaxCorp(LJ) 15842 (HC-GUJARAT) · Sections 276C, 279
-
There is no discipline in the manner the Dept conducts matters. The Dept should not take legal matters casually and lightly. There should be a dedicated legal team in the department. Lack of preparation is affecting the performance of the advocates. They do not have full records & do not have the assistance of officials who can give instructions. The CsIT should devote more time to their work rather than attending some administrative meetings and thereafter boasting about revenue collection in Mumbai
PCIT vs. Radan Multimedia Ltd
(2018) TaxCorp(LJ) 15841 (HC-BOMBAY)
-
S. 192/ 205: If the deductor has deducted TDS and issued Form 16A, the deductee has to be given credit even if the deductor has defaulted in his obligation to deposit the TDS with the Government revenue
Devarsh Pravinbhai Patel vs. ACIT
(2018) TaxCorp(LJ) 15840 (HC-GUJARAT) · Sections 192, 205
-
S. 2(14)/ 28(va): The "right to sue" which arises on breach of a development agreement is a "personal right" and not a "capital asset" which can be transferred. Consequently, the damages received for relinquishment of the "right to sue" is a non-taxable capital receipt (all judgements considered)
Bhojison Infrastructure Pvt. Ltd vs. ITO
(2018) TaxCorp(LJ) 15839 (ITAT-AHMEDABAD) · Sections 2(14), 28(va)
-
S. 263 Revision: U/s 114(e) of the Evidence Act, there is a presumption that a s. 143(3) assessment order is regularly passed after application of mind. If the assessee is consistently following the same method of valuation of closing stock, the CIT is not entitled to disturb the consistent method (all judgements referred)
M/s. Sree Alankar vs. PCIT
(2018) TaxCorp(LJ) 15823 (ITAT-CUTTACK) · Sections 114(e), 263
-
S. 147/148: If the AO reopens the assessment on the incorrect premise that the assessee has not filed a return, the reopening is invalid. The fact that the AO may be justified in the view that income has escaped assessment owing to the capital gains not being computed u/s 50C cannot save the reopening is the reasons do not refer to s. 50C
Mumtaz Haji Mohmad Memon vs. ITO
(2018) TaxCorp(LJ) 15822 (HC-GUJARAT) · Sections 147, 148
-
S. 68 Cash Credits: In order to avail of the theory of "peak credit", the assessee has to make a clean breast of all facts. He has to explain each of the sources of the deposits and the corresponding destination of the payment without squaring them off. The ITAT cannot proceed merely on the basis of accountancy and overlook the settled legal position
CIT vs. JRD Stock Brokers Pvt Ltd
(2018) TaxCorp(LJ) 15804 (HC-DELHI) · Section 68
Headnote lines are open to everyone. The full headnote and the judgment text open with a subscription — see plans or sign in.