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ITAT - Any entry found on loose papers ("bahi") in the premises of the third party without any corroborative evidence, would not be made basis for addition.
Cosmos Infra Engineering (India) Ltd. Versus Deputy Commissioner of Income-Tax
(2017) TaxCorp(LJ) 13617 (ITAT-CHANDIGARH) · http://taxcorp.in/FileOpenDT.aspx?ID=57970&Category=ITAT&CategoryType=Zip
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HC - The moment a favourable order is passed by SC pursuant to which amount is deposited with the Court Registry, the amount became assessable to tax in assessee’s hands. Sec. 234C interest applicable.
Canbank Financial Services Ltd. vs. CCIT
(2017) TaxCorp(LJ) 13616 (HC-KARNATAKA) · Section. 234C
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ITAT - Exemption u/s 11 cannot be denied in toto with regard to the voluntary donations received by the assessee. Only donations, which are not voluntary can be disallowed.
Dy. Commissioner of Income Tax (E), Hyderabad Versus M/s. Vignana Jyothi And M/s. Vignana Jyothi Versus Asstt. Director of Income Tax (Exemptions) - III Hyderabad
(2017) TaxCorp(LJ) 13615 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=58043&Category=ITAT&CategoryType=Zip
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ITAT - Where account appeared to be in the nature of current adjustment accommodation account and there was movement of funds in both ways on need basis, amount cannot be regarded as deemed dividend u/s. 2(22)(e).
Ravindra R Fotedar Versus ACIT 10 (2), Mumbai
(2017) TaxCorp(LJ) 13614 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=58041&Category=ITAT&CategoryType=Zip
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ITAT - There is no sufficient reason to deviate from the appellate orders of the CIT(A) of the earlier years allowing the exemption u/s. 11(1) and accordingly, the AO was directed to allow the exemption u/s. 11(1).
DCIT (E), CIRCLE 2 (1), New Delhi Versus PHD Chamber of Commerce And Industry
(2017) TaxCorp(LJ) 13613 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58040&Category=ITAT&CategoryType=Zip
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SC - As per Finance Act, 2017 amendment to Sec. 132A, the Income Tax Authority shall not disclose the 'reason to believe' or 'reason to suspect', as recorded u/s. 132/132A, to any person or any authority. Block assessment upheld.
N. K. Jewellers vs. CIT
(2017) TaxCorp(LJ) 13612 (SC)
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HC - Not correct to hold that Sec. 153(2A) limitation applied only where there was complete setting aside of assessment and not when the proceedings were remanded to AO with directions from ITAT and covered only few issues.
Nokia India Pvt. Ltd. vs. Dy. CIT
(2017) TaxCorp(LJ) 13611 (HC-DELHI) · Section. 153(2A)
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ITAT - Even if there is delay in filing return u/s 148, Sec. 54F exemption cannot be denied.
Amina Ismil Rangari vs. ITO
(2017) TaxCorp(LJ) 13610 (ITAT-MUMBAI) · Section. 148
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SC - Enhanced compensation alongwith interest received by assessee-HUF pursuant to HC’s interim order in pending appeals, is taxable in the year of receipt.
Chet Ram (HUF) vs. CIT
(2017) TaxCorp(LJ) 13609 (SC)
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S. 271(1)(c) penalty: Voluntary disclosure of Rs. 557.50 crores. Entire law on levy of penalty discussed in the context of declaration made during survey, bogus purchases, bogus share capital, accommodation entries, non-application of mind by the AO etc. All important judgements incl Kaushalya 216 ITR 660 (Bom), MAK Data 358 ITR 593 (SC) explained/ ditinguished
Uttam Value Steels Limited vs. ACIT
(2017) TaxCorp(LJ) 13608 (ITAT-MUMBAI) · Section. 271(1)(c)
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S. 115-O Dividend Distribution Tax: Entire law on the constitutional validity of Dividend Distribution Tax (DDT) under Article 246 of the Constitution read with Entry 82 of List I and Entry 46 of List II in the Seventh Schedule and whether tea companies are liable for the tax on only 40% of the dividend income explained
UOI. vs. Tata Tea Co. Ltd.
(2017) TaxCorp(LJ) 13607 (SC) · Section. 115-O
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ITAT - CIT had gathered that the loan from assessee's mother was utilized for payment to another entity and not to the seller of property, therefore revision u/s 263 justified.
Parth Ajit Pawar vs. Pr. CIT
(2017) TaxCorp(LJ) 13606 (ITAT-MUMBAI) · Section. 263
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HC - Waiver of interest u/s 234C not upheld as assessee can not contend that it could not anticipate the accrual of income u/s 115JB.
M/s. CANBANK FINANCIAL SERVICES LTD., (WHOLLY OWNED SUBSIDIARY OF CANARA BANK) Versus CHIEF COMMISSIONER OF INCOME TAX, BENGALURU
(2017) TaxCorp(LJ) 13605 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=69992&Category=Judgment&CategoryType=Zip
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ITAT - No rejection of books of accounts u/s 145(3) at the instance of the assessee since there is nothing in the said provisions that empowers the assessee to request the AO to reject his books of accounts.
The ITO, Ward-2 (1), Kota Versus Shri Babu Lal Somani, Prop. M/s Somani & Company and Somani Carrier
(2017) TaxCorp(LJ) 13604 (ITAT-JAIPUR) · http://taxcorp.in/FileOpenDT.aspx?ID=57957&Category=ITAT&CategoryType=Zip
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ITAT - In case of pure reimbursement of expenses incurred and no service element is involved, the transaction to be treated at ALP and adjustment to be made at Rs. Nil.
M/s. Avineon India P. Ltd. Versus Dy. Commissioner of Income Tax, Circle 1 (1), Hyderabad And Vice-Versa
(2017) TaxCorp(LJ) 13603 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=57949&Category=ITAT&CategoryType=Zip
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ITAT - Levy of penalty u/s 271BA justified for failure to furnish report in form No. 3CEB as required u/s 92E r/w rule 10E since mere ignorance and bonafide belief is not reasonable cause to delete the penalty.
Karvy Computershare Pvt. Ltd. Versus Addl. Commissioner of Income-tax, Hyderabad
(2017) TaxCorp(LJ) 13602 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=57948&Category=ITAT&CategoryType=Zip
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ITAT - Interest u/s 234C is to be charged on the returned income and not on assessed income.
Morgan Stanley Investment Management Private Limited Versus Dy. Commissioner of Income Tax – 1 (2), Mumbai
(2017) TaxCorp(LJ) 13601 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=57935&Category=ITAT&CategoryType=Zip
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ITAT - In case of sale of right to develop and sell incentive FSI under LOI, no accrual of income till the conditions of LOI are fulfilled as there is no transfer.
Jawahar B. Purohit, M/s M.R. Construction Versus Asst. Commissioner of Income Tax And Dy. Commissioner of Income Tax, CC-22, Mumbai And Vice-Versa
(2017) TaxCorp(LJ) 13600 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=57934&Category=ITAT&CategoryType=Zip
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ITAT - No TP adjustment by applying Bright Line Test (BLT) since the same is not sustainable on protective basis having no statutory mandate.
M/s. Nikon India Pvt. Ltd. Versus DCIT, Circle 3 (1) , Gurgaon
(2017) TaxCorp(LJ) 13599 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=57932&Category=ITAT&CategoryType=Zip
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ITAT - Penalty u/s 271(1)(c) not applicable in the case of legal luminary & Senior Advocate as there is no malafide intention to conceal income or furnish inaccurate particulars.
Harish Narinder Salve vs. ACIT
(2017) TaxCorp(LJ) 13598 (ITAT-DELHI)
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