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HC - As per CA firm's affidavit which stated that it had advised assessee not to file an appeal with ITAT, enormous appeal filing delay of 8 years is condoned.
Vijay Vishin Meghani Vs. DCIT
(2017) TaxCorp(LJ) 13686 (HC-BOMBAY)
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ITAT - Legislature has not put a ceiling on the rate of depreciation to be claimed for the purpose of computing book profit u/s 115JB of the Act.
Cairn India Ltd. Vs. DCIT
(2017) TaxCorp(LJ) 13685 (ITAT-DELHI) · Section. 32(1)(iia)
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HC - Revision u/s 263 upheld where AO failed to apply his mind and conduct proper inquiry while accepting assessee’s revised return.
Virbhadra Singh Vs. Principal Commissioner of Income Tax
(2017) TaxCorp(LJ) 13684 (HC-HP) · Section. 263
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ITAT - For deduction u/s 43B, there is no distinction between employees' and employer's contribution under PF Act. Thus once payment is made before due date u/s 139(1), deduction is allowable u/s 43B.
DCIT. vs. Teesta Valley Tea
(2017) TaxCorp(LJ) 13683 (ITAT-KOLKATA) · Section. 43B
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ITAT - Only solar days are to be considered and not man days under Article 5(3)(b) of India- Saudi Arabia DTAA.
Electrical material Center Co. Ltd. vs. DDIT (International Taxation)
(2017) TaxCorp(LJ) 13682 (ITAT-BANGALORE)
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SC - Assessee should mandatorily consider depreciation deduction while computing incentive deduction u/s. 80-IA. Mahendra Mills ruling cannot be applied while interpreting Section 80-IA of the Act.
Plasticbends India Ltd. Vs. Addl. Commissioner of Income Tax
(2017) TaxCorp(LJ) 13681 (SC)
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HC - When the power “to do” is certainly to be exercised within the statutory period of limitation, the power to “redo” such exercise does not fall under the purview of limitation once again.
Home Finders Housing Limited Vs. The Income Tax Offcier
(2017) TaxCorp(LJ) 13680 (HC-MADRAS) · Section. 153
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ITAT - Since sec. 50 condition of extinguishment of block of assets was not met and hence STCG taxability u/s. 50 cannot be invoked in amalgamating company's hands.
Makino India Private Limited Vs. Ass. Commissioner of Income Tax
(2017) TaxCorp(LJ) 13679 (ITAT-BANGALORE)
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S. 153A search assessment: Supreme Court stays operation of the judgement of the Delhi High Court in Dayawanti Gupta vs. CIT 390 ITR 496 (Del). The High Court dealt with the issue whether an assessment u/s 153A can be made even if no incriminating material has been found during s. 132 search proceedings
Dayawanti vs. CIT
(2017) TaxCorp(LJ) 13678 (SC) · Section. 153A
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S. 2(47)/ 45: Entire law on whether a joint development agreement entered into by an owner of land with a developer constitutes a "transfer" u/s 2(47) and whether the same gives rise to capital gains chargeable to tax u/s 45 and 48 of the Income-tax Act explained in the context of the provisions of the Transfer of Property Act, Registration Act and real income theory
CIT. vs. Balbir Singh Maini
(2014) TaxCorp(LJ) 13671 (SC) · Sections. 2(47), 45
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Strictures by ITAT against ICAI deprecated: It is very unfortunate that the Tribunal, out of sheer desperation and frustration and agitated by the fact that the Revenue is not opposing the request for condonation of delay blamed the assessee's Chartered Accountant and the ICAI on how they should conduct themselves. The Tribunal completely misdirected itself by taking irrelevant factors into account. Delay of 2984 days in filing the appeal caused by wrong advice of a professional is capable of condonation. However, even if the assessee has acted bona fide, he can be held liable for payment of costs to balance rights and equities
Vijay Vishin Meghani vs. DCIT
(2014) TaxCorp(LJ) 13670 (HC-BOMBAY)
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S. 140A/ 221(1): Law explained on whether an assessee who defaults on paying self assessment tax u/s 140A while filing the return of income is liable for penalty u/s 221(1) if he files a revised return of income and pays the tax thereon at the time of filing the revised return of income
Claris Life Sciences Limited vs. DCIT
(2017) TaxCorp(LJ) 13669 (ITAT-AHMEDABAD) · Sections. 140A, 221(1)
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A Chartered Accountant who is accused of offering a bribe to an Income-tax Officer for performing an official act can be tried under sections 7 and 13 (1)(d) of the Prevention of Corruption Act and s. 120-B of the IPC. The fact that the CA is not a “public servant” is irrelevant
H. Naginchand Kincha vs. Superintendent of Police
(2014) TaxCorp(LJ) 13668 (HC-KARNATAKA)
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SC - JDA - There can be no capital gains addition in the hands of members of co-operative societies without registration of Joint Development Agreement between the co-operative societies and developers.
CIT. vs. Balbir Singh Maini
(2017) TaxCorp(LJ) 13667 (SC)
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ITAT - Investment before furnishing return of income within extended due u/s. is 139(4) eligible for Sec 54 exemption.
Anita Ajay Shad vs. ITO
(2017) TaxCorp(LJ) 13666 (ITAT-AHMEDABAD) · Section. 139(4)
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ITAT - Sec. 244A interest available on the refund of interest paid u/s. 234B.
ACIT. vs. National Dairy Development Board
(2017) TaxCorp(LJ) 13665 (ITAT-AHMEDABAD) · Sections. 244A, 234B
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HC - Department of Income Tax is not a special litigant. The law of limitation does not exempt it. Revenue officials are grossly negligent and there is no sufficient cause for condoning this enormous delay.
Bharati Vidyapeeth, Pune Versus The Commissioner of Income Tax-1, Pune
(2017) TaxCorp(LJ) 13664 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=70056&Category=Judgment&CategoryType=Zip
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ITAT - Even if it is assumed that transfer of shares of the company amounted to transfer of plot of land, in the absence of any evidence of extra amount having been exchanged, no addition can be made invoking section 50C.
ACIT, Central Circle-5, New Delhi Versus Sh. Santosh Kumar Garg
(2017) TaxCorp(LJ) 13663 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58174&Category=ITAT&CategoryType=Zip
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ITAT - Best judgement assessment u/s 144 is invalid as notice issued u/s 143(2) is clearly barred by limitation.
Dy. CIT 10 (2), Mumbai Versus M/s Mhatre Electronics Pvt. Ltd., C/o Kalyaniwalla & Mistry LLP And Vice-Versa
(2017) TaxCorp(LJ) 13662 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=58168&Category=ITAT&CategoryType=Zip
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ITAT - 100% depreciation available in respect of vinyl flooring, false ceiling, glass and wooden partitioning, electrical wiring, Net work cabling etc., in the leased premises since they are Temporary structures.
The ACIT, Circle-I, Erode Versus M/s. The Zigma Technologies (I) (P) Ltd.
(2017) TaxCorp(LJ) 13661 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=58163&Category=ITAT&CategoryType=Zip
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