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SC - Constitutional validity of dividend distribution levy (DDT- Sec. 115 O) on Tea Companies affirmed.
Tata Tea Co. Ltd. & Anr. vs. Union Of India & Ors
(2017) TaxCorp(LJ) 13597 (SC)
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ITAT - Rule 8D(2) with respect to Sec. 14A inapplicable as in absence of failure by AO to establish nexus between the exempt income and the impugned expenditure.
Leena Kasbekar vs. ACIT
(2017) TaxCorp(LJ) 13596 (ITAT-MUMBAI) · Section. 14A
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ITAT - Sec. 54G, being a benevolent provision should be interpreted liberally and there is no precondition that new machinery should be purchased at the time of shifting of industrial undertaking. Most important and decisive factor for claiming the deduction is ‘transfer’ of capital asset.
Everest Industries Ltd. vs. ACIT
(2017) TaxCorp(LJ) 13595 (ITAT-MUMBAI) · Section. 54G
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40(a)(ia)/40(ba) Disallowance of reimbursement of salary for non-deduction of TDS: Displeasure and unhappiness expressed at the manner in which the Tribunal approached the matter insofar as the applicability of s. 40(ba) is concerned. Tribunal cautioned that it should not use abbreviations in the order without indicating what the terms stand for as it causes confusion
CIT vs. ITD CEM India JV
(2017) TaxCorp(LJ) 13594 (HC-BOMBAY) · Sections 40(a)(ia), 40(ba)
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As the system is not working and is required to be corrected, taxpayers who are unable to log-in should inform the concerned officials. No coercive action (penal interest, late fees and prosecution) shall be levied against the clients of the Petitioners' members referred in the petition and those who inform by email. The composition Scheme is extended upto 30.9.2017 and desirous assessee can apply
Rajasthan Tax Consultants Association vs. UOI
(2017) TaxCorp(LJ) 13593 (HC-RAJASTHAN)
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ITAT - Addition made simply believing the Form 26AS will be an arbitrary exercise of power which cannot be sustained.
B.S. Consultancy Services Versus Income-tax Officer, Ward-51 (1), Kolkata
(2017) TaxCorp(LJ) 13592 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=57878&Category=ITAT&CategoryType=Zip
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ITAT - Since FDR was inextricably linked with power project set-up, interest thereon is a capital receipt.
Solarfield Energy Two Pvt. Ltd. Vs. ITO
(2017) TaxCorp(LJ) 13591 (ITAT-MUMBAI)
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ITAT - Exemption u/s 10B is available on duty drawback since manner of computing profits u/s 10B(4) does not require direct nexus with business unlike Sec 80(IB).
Ambika Sadh Vs. ITO
(2017) TaxCorp(LJ) 13590 (ITAT-DELHI) · Section. 10B
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ITAT - Once the property is let out and at any point of time this remained vacant during the same cannot be brought to tax resorting to provisions of section 23(1)(c).
Monisha R Jaising Versus Dy. Commissioner of Income Tax, Central-Circle-24 and 26, Mumbai
(2017) TaxCorp(LJ) 13589 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=57854&Category=ITAT&CategoryType=Zip
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ITAT - Since provision was made on scientific basis and in compliance with Accounting Standards, the same is deductible.
AT& T Global Network Services (India) Pvt. Ltd. vs. DCIT
(2017) TaxCorp(LJ) 13588 (ITAT-DELHI)
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HC - The Settlement Commission not having disclosed the reasons for arriving at the figures which to its best judgment are the figures to be added to the income of the private respondent, the impugned order is set aside.
Assistant Commissioner of Income Tax, Central Circle - 3 (1), Kolkata & Others Versus Emta Coal Limited
(2017) TaxCorp(LJ) 13587 (HC-CALCUTTA) · http://taxcorp.in/FileOpenDT.aspx?ID=69950&Category=Judgment&CategoryType=Zip
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ITAT - Second limb or requirement of section 2(22)(e) of the assessee having substantial interest in the concern to which loan or advance has been given has not been established and, therefore, the said advance cannot be treated as deemed dividend in the hands of the assessee.
Sh. Roshan Lal Jindal Versus The D.C.I.T., Central Circle-1, Chandigarh And Vice-Versa
(2017) TaxCorp(LJ) 13586 (ITAT-CHANDIGARH) · http://taxcorp.in/FileOpenDT.aspx?ID=57848&Category=ITAT&CategoryType=Zip
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ITAT - Where electrical installations are treated as plant and machinery, depreciation allowable @ 25%.
HCL Technologies BPO Services Ltd. (now stands amalgamated with HCL Technologies Limited) Versus ACIT, CC 2, New Delhi
(2017) TaxCorp(LJ) 13585 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=57845&Category=ITAT&CategoryType=Zip
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HC - Reassessment valid based on fresh material unearthed by the IT Department through the investigation wing in respect of 'bogus purchases'.
Gujarat Ambuja Exports vs. DCIT
(2017) TaxCorp(LJ) 13584 (HC-GUJARAT)
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HC - No income accrued to JV-company as there was diversion of income by overriding title in respect of contracts receipts.
Soma TRG Joint Venture vs. CIT
(2017) TaxCorp(LJ) 13583 (HC-J&K)
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HC - Allotment of PAN u/s 139A to open a new bank account will not make allottee a separate taxable entity for the purpose of assessment of tax.
Sardar Vallabhbhai Patel Education Society Vs. ITO
(2017) TaxCorp(LJ) 13576 (HC-GUJARAT) · Section. 139A
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ITAT - Since assessee’s tenancy right was extinguished upon purchase of property vide sale agreement, gains arising on sale of shop to be treated as short term capital gains not eligible for Sec. 54 exemption.
Jayantilal K. Jain vs. ITO
(2017) TaxCorp(LJ) 13575 (ITAT-MUMBAI)
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ITAT - CIT(A)’s rationale for deleting addition that assessee offered capital gains on transactions with accommodation entry provider, was not proper.
Esha Securities Pvt. Ltd. vs. DCIT
(2017) TaxCorp(LJ) 13574 (ITAT-DELHI)
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HC - Sections 245D(2A), 245D(2D) and 245HA inserted by the Finance Act, 2007 w.e.f. June 1, 2007, constitutionally valid.
Ashish Prafulbhai Patel vs. Income Tax Settlement Commission
(2017) TaxCorp(LJ) 13568 (HC-GUJARAT)
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ITAT - Only net interest income to be excluded while determining deduction u/s. 10A in respect of profit derived from exports.
Balaji Export Co. vs. ACIT
(2017) TaxCorp(LJ) 13567 (ITAT-MUMBAI) · Section. 10
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