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ITAT - Considering Indian traditions deletes partial addition for investment in FDs out of gold and silver received as meher by close relatives without any supportive evidence.
Abida Mohammed Rakhangi Vs. ITO
(2017) TaxCorp(LJ) 13706 (ITAT-MUMBAI)
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ITAT - While computing capital gains holding period of the property is to be reckoned from the day on which the assessee got right over the property by virtue of a valid sale agreement.
Anu D Lohana Vs. ITO
(2017) TaxCorp(LJ) 13705 (ITAT-MUMBAI)
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HC - Quashes rejection of assessee’s settlement application before ITSC as the dismissal of the Petitioner’s applications by the ITSC would result in a failure to examine the matter comprehensively and in entirety.
Radico NV Distilleries Maharashtra Ltd. Vs. Commissioner Of Income Tax (Central)-Iii
(2017) TaxCorp(LJ) 13704 (HC-DELHI)
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HC - payments towards salary reimbursements by Bus Stand Management Development Authority, to Himachal Pradesh Road Transport Corporation shall not be liable for TDS u/s. 194J.
H. P. Bus Stand Management & Development Authority Vs. Pr. Commissioner of Income Tax
(2017) TaxCorp(LJ) 13703 (HC-HP) · Section. 194J
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ITAT - Amount credited in books of the assessee in the preceding year cannot be treated as unexplained cash credit u/s 68 in the relevant assessment year.
Income Tax Officer, Ward-1 (5), Samba Versus M/s Choudhary Construction Co. And Vice-Versa
(2017) TaxCorp(LJ) 13702 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=59379&Category=ITAT&CategoryType=Zip
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ITAT - Income earned by a fund set up as a revocable trust is to be taxed only in the hands of the beneficiaries as per the provisions of section 61 to 63.
ITO – 23 (1) (2), Mumbai Versus India Innovation fund The IL & FS Financial Centre
(2017) TaxCorp(LJ) 13701 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=59380&Category=ITAT&CategoryType=Zip
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ITAT - Loss suffered by a share broker on sale of shares held as investments is speculation loss as per Explanation to Sec. 73 even where loss was offered as short term capital loss.
Amol Capital Markets Pvt. Ltd. Vs. DCIT
(2017) TaxCorp(LJ) 13700 (ITAT-MUMBAI)
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SC - If two reasonable constructions of taxing statute are possible, that construction which favours the assessee must be adopted. The above proposition cannot be read to mean that under two methods of valuation if the value which is favourable to assessee should be adopted.
Bimal Kishore Paliwal and Ors. Vs. Commissioner Of Wealth Tax
(2017) TaxCorp(LJ) 13699 (SC)
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S. 80-IA contains substantive and procedural provisions for computation of special deduction. Any device adopted to reduce or inflate the profits of eligible business has to be rejected. The claim for 100% deduction, without taking into consideration depreciation, is anathema to the scheme u/s 80-IA of the Act which is linked to profits. If the contention of the assessees is accepted, it would allow them to inflate the profits linked incentives provided u/s 80-IA of the Act which cannot be permitted
Plastiblends India Limited vs. ACIT
(2017) TaxCorp(LJ) 13698 (SC) · Section. 80-IA
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S. 254(2) Limitation period: The amendment to s. 254(2) w.e.f. 01.06.2016 to curtail the period available to file rectification applications from four years to six months cannot apply to appellate orders passed prior to that date because that would take away a vested right
District Central Co-op. Bank Ltd. vs. UOI
(2017) TaxCorp(LJ) 13697 (HC-MP) · Section. 254(2)
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ITAT - Assessee can claim depreciation on the asset “Right to collect Toll” as provided under section 32(1)(ii).
The Income Tax Officer, Ward 1 (1), Nashik Versus M/s. Ashoka Highways (Bhandara) Ltd.
(2017) TaxCorp(LJ) 13696 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=59299&Category=ITAT&CategoryType=Zip
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ITAT - The purchases made cannot be held as bogus merely on presumption and surmises and on the sole reasoning that the assessee was unable to produce delivery challan / angadia receipts. In this context, assessee’s explanation that diamond did not require to be transported through vehicle appears plausible.
Dy. Commissioner of Income Tax Central Circle–2 (4), Mumbai Versus M/s. Ronak Gems Pvt. Ltd.
(2017) TaxCorp(LJ) 13695 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=59304&Category=ITAT&CategoryType=Zip
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ITAT - Expenditure on account of employee stock option scheme in the profit and loss account is an allowable expenditure.
M/s. Religare Macquarie Wealth Management Ltd. Versus ACIT, Circle-15 (1), New Delhi
(2017) TaxCorp(LJ) 13694 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=59308&Category=ITAT&CategoryType=Zip
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ITAT - Assessee should be allowed deduction in the year of retention or in that year in which it comes to know about the said deductions nevertheless it is pertinent to say that retention has to be taxed as and when received by the assessee.
Dy. Commissioner of Income Tax -28 (1) And Jt. Commissioner of Income Tax -22 (3), Mumbai Versus M/s Ashtavinayaka Construction
(2017) TaxCorp(LJ) 13693 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=59310&Category=ITAT&CategoryType=Zip
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HC - Even in a case where there is evidence to prove that an industrial gala which was once used for business is not used for business for many years, the gain on sale thereof will attract the provisions of section 50 and will consequently be short term capital gain.
Smt. Meena V. Pamnani, Versus The Commissioner of Income Tax, City-IX, Mumbai
(2017) TaxCorp(LJ) 13692 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=70099&Category=Judgment&CategoryType=Zip
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HC - Rule 6DD clearly exempts the agricultural produce paddy from the rigours of section 40A(3).
The Commissioner of Income Tax, Kochi Versus M/s. Keerthi Agro Mills (P) Ltd.
(2017) TaxCorp(LJ) 13691 (HC-KERALA) · http://taxcorp.in/FileOpenDT.aspx?ID=70100&Category=Judgment&CategoryType=Zip
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ITAT - Sec 54B capital gains relief available where assessee had obtained possession of new agricultural property with full rights by way of agreement to sell and that registration of sale deed is not necessary.
Anil Bishnoi Vs. The ACIT
(2017) TaxCorp(LJ) 13690 (ITAT-CHANDIGARH) · Section 54B
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ITAT - When winding up proceedings are undisputedly pending before the High Court, loan taken by the assessee company is to be treated as a loan to run the entire business and the interest component cannot be restricted to BFF unit.
Hindustan Vegetables Oils Corp. Ltd. vs. ACIT
(2017) TaxCorp(LJ) 13689 (ITAT-DELHI)
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ITAT - AO waited for the ITAT appeal order to initiate proceedings u/s 148 and then sought the help of the provisions of Sec 150 for coming out of the limitations provided u/s 149, which was completely unjustified. Reassessment quashed.
Vasudev Gangwani vs. ADIT, (International Taxation)
(2017) TaxCorp(LJ) 13688 (ITAT-JAIPUR) · Section. 150
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ITAT - Income earned from running a departmental store is taxable as 'íncome from business' as it is not a case of exploiting the property simpliciter but where the objective of earning profits by conducting of the Department store is merely facilitated by the use of the property.
Asiatic Stores & Soda Fountain Vs. ITO
(2017) TaxCorp(LJ) 13687 (ITAT-MUMBAI)
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