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ITAT - On the very same material which was available when the original assessment proceedings u/s 143(3) were completed, the AO has sought to reopen the assessment proceedings u/s 148 merely on the basis of change of opinion.
D.C.I. T-Circle-1, Circle-1 (2) , Kolkata Versus M/s. Gloster Jute Mills Ltd. and Vice-Verssa
(2017) TaxCorp(LJ) 12285 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54807&Category=ITAT&CategoryType=Zip
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ITAT - If deposit of unutilized capital gain is made within the time limit made in Sec.139(4) of the Act, the deduction u/s 54G cannot be denied.
D.C.I.T. Circle-6, Kolkata Versus M/s. Kilburn Engineering Ltd.
(2017) TaxCorp(LJ) 12284 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54809&Category=ITAT&CategoryType=Zip
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ITAT - Deduction of expenditure incurred in earning income u/s 56 allowed where the source is inextricable to the nature of the expenditure.
Pr. Commissioner of Income Tax-21 Versus The Mantola Cooperative Thrift & Cradit Society Ltd.
(2017) TaxCorp(LJ) 12283 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=68587&Category=Judgment&CategoryType=Zip
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HC - Entire issue was gone into by AO while framing scrutiny assessment u/s 143(3), thereafter reopening on very same issue is only a change of opinion, which is not permissible.
Manan Exports (P.) Ltd. v. Income-tax Officer
(2017) TaxCorp(LJ) 12281 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=68407&Category=Judgment&CategoryType=Zip
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ITAT - Cost related to replacement of old machines with new ones, was to be excluded from operating margin under transfer pricing, it being an extraordinary item event.
Tetra Pak India (P.) Ltd. v. Commissioner of Income-tax, Pune
(2017) TaxCorp(LJ) 12280 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=54787&Category=ITAT&CategoryType=Zip
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HC - Condition precedent under section 153C not satisfied where seized documents did not belong to assessee.
Commissioner of Income-tax, Central-III, Mumbai v. Arpit Land (P.) Ltd.
(2017) TaxCorp(LJ) 12279 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=68427&Category=Judgment&CategoryType=Zip
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HC - Even though shares were determinable amongst beneficiaries, income cannot be taxed in hands of beneficiaries for their share of income and not in hands of Trustees. Therefore, tax on trustees at maximum marginal rate treating them as AOP was not valid.
Commissioner of Income Tax, Bengaluru v. India Advantage Fund-VII
(2017) TaxCorp(LJ) 12278 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=68449&Category=Judgment&CategoryType=Zip
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ITAT - Rent equalization reserve debited to Profit and Loss Account should be added back while computing book profit u/s 115JB.
Stryker Global Technology Center (P.) Ltd. v. Assistant Commissioner of Income-tax, Circle-9(1), New Delhi
(2017) TaxCorp(LJ) 12277 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=54786&Category=ITAT&CategoryType=Zip
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HC - Since entire amount due and payable under certificate for which property was attached was paid along with interest, transfer of attached property not void.
Nitaben Harishbhai Shah v. Tax Recovery Officer-I
(2017) TaxCorp(LJ) 12276 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=68406&Category=Judgment&CategoryType=Zip
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HC - Writ Dismissed - ITAT has powers to direct production of file u/s 124 in respect of transfer order passed u/s 127.
Pr. CIT. Vs. ITAT
(2017) TaxCorp(LJ) 12275 (HC-DELHI) · Section. 127
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ITAT - No TDS u/s 195 TDS on software payments to a Singaporean company as the same not royalty under Article 12(3) of India-Singapore DTAA. Assessee has a right to use the computer software but no right to use copyright in the computer software.
I.T.C. Limited vs. ADIT
(2017) TaxCorp(LJ) 12274 (ITAT-KOLKATA)
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HC - Capital gains even though forming part of net profit in the P&L account, should be excluded while computing book profits for the purposes of MAT u/s. 115JB. Further, assessee will be entitled to relief u/s 54EC on said capital gains.
Metal & Chromium Plater (P) Ltd. Vs. CIT
(2017) TaxCorp(LJ) 12273 (HC-MADRAS) · Sections. 115JB, 54EC
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ITAT - Retention money to be excluded from book profits for the purposes of MAT calculation u/s. 115JB.
Mcnally Bharat Engg. Co. Ltd. Vs. DCIT
(2017) TaxCorp(LJ) 12272 (ITAT-KOLKATA)
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HC - Writ Dismissed - A director holding 98% shareholding in a public limited company is in default for company’s income-tax dues by lifting the corporate veil. Sec. 179 applicable by treating the company as 'de facto' private company.
Ajay Surendra Patel vs. DCIT
(2017) TaxCorp(LJ) 12271 (HC-GUJARAT)
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HC - Amount paid by assessee to a professional interior designer to plan temporary access and exit from the Five Star Hotel is allowable u/s 37(1) as revenue expenditure.
Commissioner of Income Tax-2 Versus M/s. Seaprincess Hotels and Properties Pvt. Ltd.
(2017) TaxCorp(LJ) 12269 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=68526&Category=Judgment&CategoryType=Zip
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ITAT - Assessee is old aged and disclosure of amounts in revised and payment of taxes thereon and taking into consideration the submissions, facts and circumstances of the case, penalty u/s. 271(1)(c) is cancelled.
Dr. Kalyan Chaudhuri Versus Income Tax Officer, Ward 19 (3) , Kolkata
(2017) TaxCorp(LJ) 12267 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54782&Category=ITAT&CategoryType=Zip
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ITAT - Where delay in appointment of auditors was by the co-operative department, no penalty u/s 271B as appointment is not in the control of the assessee.
Arambagh Co-op Agricultural Marketing Society Ltd Versus Asstt. Commissioner of Income-tax, Circle-1, West Bengal
(2017) TaxCorp(LJ) 12266 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54781&Category=ITAT&CategoryType=Zip
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ITAT - Explanations of the assessee that he has declared additional income to buy peace and to come out of vexed litigation could be treated as bonafide, therefore penalty u/s 271(1)(c) cannot be levied.
K. Sai Rama Krishnam Raju Versus DCIT, Circle-3 (1) , Visakhapatnam and K. Saritha Versus DCIT, Circle-3 (1) , Visakhapatnam
(2017) TaxCorp(LJ) 12265 (ITAT-VISAKHAPATNAM) · http://taxcorp.in/FileOpenDT.aspx?ID=54778&Category=ITAT&CategoryType=Zip
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HC - Authorities not to cancel the registration of the Charitable Institution only because the proviso to Section 2(15) comes into play as the receipts are in excess of the specified limits therein.
Director of Income Tax (Exemption) Versus The North Indian Association
(2017) TaxCorp(LJ) 12264 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=68557&Category=Judgment&CategoryType=Zip
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HC - No penalty u/s 271D for violating provision of section 269SS where amount received by the wife in cash from the husband by bonafide believing that the said amount need not have routed to her vide a bank transaction.
Smt. Nirmala w/o Surendra Jain Versus The Commissioner of Income Tax, Income Tax Officer
(2017) TaxCorp(LJ) 12263 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=68570&Category=Judgment&CategoryType=Zip
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