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ITAT - Re-opening not valid as supply of an extract of the ‘reasons to believe’ would not suffice the statutory obligation of making available the reasons to the assessee.
Ashik Ali Husain Ali Unwala Vs. ITO
(2017) TaxCorp(LJ) 13783 (ITAT-MUMBAI)
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HC - No Sec. 40(A)(3) disallowance in respect of cash purchases from individual agriculturist below prescribed-limit of Rs. 20,000.
Keerthi Agro Mills Vs. CIT
(2017) TaxCorp(LJ) 13782 (HC-KERALA) · Section. 40(A)(3)
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HC - Strikes down ICDS I, II, III, VI, VII, Part A of ICDS VIII as ultra vires of the Act as well as contrary to settled position of law laid down by Supreme Court.
Chamber of Tax Consultants Vs. Union Of India & Ors.
(2017) TaxCorp(LJ) 13781 (HC-DELHI)
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ITAT - Amount received for transfer of customers and business leads is to be taxed as 'business receipts' and not as 'slump sale' u/s. 50B.
L & T Finance Ltd. Vs. DCIT
(2017) TaxCorp(LJ) 13780 (ITAT-MUMBAI)
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ITAT - Where clear work demarcation exists, Consortium not taxable as AOP.
Vitkovice Machinery AS. DCIT
(2017) TaxCorp(LJ) 13779 (ITAT-MUMBAI)
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S. 68: In the absence of any direct evidence demonstrating that the assessee received cash payment, no addition can be made merely on presumption and surmises and on estimate basis. For making the addition on account of cash component, it is the duty of the AO to bring on record corroborative evidence to establish the fact that the entries made in the seized document were correct
ACIT. vs. Katrina (Kaif) Rosemary Turcotte
(2017) TaxCorp(LJ) 13778 (ITAT-MUMBAI) · Section. 68
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Bogus capital gains from penny stocks: If the DMAT account and contract note show details of the share transactions and the AO has not proved the transactions to be bogus, the capital gains earned on the said transactions cannot be treated as unaccounted income u/s 68. The fact that the broker was tainted and violated SEBI regulations would not make assessee’s transactions bogus
ITO. vs. Arvind Kumar Jain HUF
(2017) TaxCorp(LJ) 13777 (ITAT-MUMBAI)
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HC - TPA - Any inclusion or exclusion of comparables perse cannot be treated as a question of law unless the same is demonstrated to the Court that the Tribunal or any other lower authority took into account irrelevant consideration or excluded relevant factors in the ALP determination that impact significantly.
The Pr. Commissioner of Income Tax -9 Versus WSP Consultants India Pvt. Ltd.
(2017) TaxCorp(LJ) 13776 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=70248&Category=Judgment&CategoryType=Zip
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HC - No addition can be made solely on the basis of a retracted statement made during the survey operation, more so, when proper justification for retraction was also offered.
Pr. Commisisoner of Income Tax-2 Versus Parshwa Enterprises
(2017) TaxCorp(LJ) 13775 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=70244&Category=Judgment&CategoryType=Zip
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ITAT - Benefit of Article 8 of the India–Germany DTAA available in respect of the revenue earned from the feeder vessels obtained on slot hire arrangements.
Hapag –Lloyd AG Versus DCIT (IT), 2 (2) (2), Mumbai
(2017) TaxCorp(LJ) 13774 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=59725&Category=ITAT&CategoryType=Zip
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ITAT - No addition u/s 40A(2)(b) in respect of license fee, programme amortization-payment, as AO has failed to substantiate the allegation that assessee has extended unreasonable favour to its sister concern.
The ACIT-10 (3) (1), Mumbai Versus M/s Neo Sports Broadcast Pvt. Ltd.
(2017) TaxCorp(LJ) 13773 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=59722&Category=ITAT&CategoryType=Zip
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ITAT - Since company was not vested with the legal ownership of the vehicle, but then, it remained the beneficial owner of the same, entitled towards the claim of depreciation.
Pan Oleo Enterprises Pvt. Ltd. Versus The Asst. Commissioner of Income-tax 10 (3) (2), Mumbai
(2017) TaxCorp(LJ) 13772 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=59716&Category=ITAT&CategoryType=Zip
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ITAT - Consortium was not taxable as AOP since there was a clear demarcation in the work and cost between the consortium members and the contract provided for consideration to be paid member-wise as well as component-wise. The contract was clearly divisible.
Vitkovice Machinery AS Vs. DCIT
(2017) TaxCorp(LJ) 13771 (ITAT-MUMBAI)
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ITAT - No additions towards alleged on money received by the assessee for sale of property based on third party statement.
M/s Riveria Properties Pvt Ltd. Versus ITO, Cir. 7 (2) (1) , Mumbai
(2017) TaxCorp(LJ) 13770 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=59703&Category=ITAT&CategoryType=Zip
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ITAT - TPA - As there was uncertainty involved in collection of the technical knowhow fees from an associate enterprise due to its bad financial condition, the assessee has rightly not recognized the revenue.
The Bombay Dyeing & Mfg. Co. Limited Versus Dy. Commissioner of Income Tax, Range-2 (1) (1), Mumbai
(2017) TaxCorp(LJ) 13769 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=59702&Category=ITAT&CategoryType=Zip
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ITAT - The interest received on enhanced compensation is taxable under the head income from other sources.
Shri Dinesh Yadav, Shri Puneet Singh, Shri Lakha Singh And Shri Mukha Singh Versus The A.C.I.T. And The I.T.O, Ward – 2, Karnal
(2017) TaxCorp(LJ) 13768 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=59696&Category=ITAT&CategoryType=Zip
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ITAT - Waiver of loan not taxable u/s.41(1), as the loan received is a capital receipt and it does not lose its capital nature even when it is renounced or waived by the lender.
M/s. SHRM Food & Allied Services Pvt. Ltd. Versus ITO WD 8 (3) (1), Mumbai
(2017) TaxCorp(LJ) 13767 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=59694&Category=ITAT&CategoryType=Zip
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ITAT -Exemption u/s 11 and 12 cannot be denied in respect of surplus from Transportation and Games on the ground that the transportation activity, games activity and picnic are business activities. Being the part of educational activity, exemption cannot be denied.
Dehradun Public School, C/o. Akhilesh Kumar Versus Addl. CIT, Range-1 And DCIT, Exemption Circle, Ghaziabad
(2017) TaxCorp(LJ) 13766 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=59692&Category=ITAT&CategoryType=Zip
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ITAT - No partner can, during the subsistence of a firm, claim credit in respect of increased valuation (of any of the firm’s assets) to any extent, as no partner can predicate his share in any of the assets of the firm. Revaluation of firm's assets & subsequent withdrawal not permissible.
Kali BMH Systems Pvt. Ltd. Vs. Dy. Commissioner of Income Tax
(2017) TaxCorp(LJ) 13765 (ITAT-CHENNAI)
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ITAT - Where assessee has camouflaged ‘advance’ as ‘commercial transaction’, the same would be treated as deemed dividend u/s. 2(22)(e).
Hemanth Kumar Bothra Vs. The Asst. Commissioner of Income-tax
(2017) TaxCorp(LJ) 13764 (ITAT-BANGALORE)
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