-
ITAT - There cannot be wholesale denial of exemption u/s.11 for violations of provisions of section 13(1)(c).
Maharashtra Academy of Engineering and Educational Research Versus DCIT, Central Circle-1 (1), Pune
(2017) TaxCorp(LJ) 12260 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=54769&Category=ITAT&CategoryType=Zip
-
ITAT - Assessee cannot be held liable to deduct tax at higher of the rates prescribed in section 206AA in case of payments made to non-resident persons having taxable income in India in spite of their failure to furnish the Permanent Account Numbers.
M/s. Nagarjuna Fertilizers and Chemicals Limited Versus Assistant Commissioner of Income Tax, Circle-15 (1), Hyderabad and Vice-Versa
(2017) TaxCorp(LJ) 12259 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=54665&Category=ITAT&CategoryType=Zip
-
ITAT - Addition u/s 68 - Assessee has failed to carry out his obligations and hence, the burden cannot be shifted to the revenue to find out from the creditors about their identity and credit worthiness.
M/s. Malnad Finance Corporation (R) Versus Asst. Commissioner of Income Tax
(2017) TaxCorp(LJ) 12258 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=54772&Category=ITAT&CategoryType=Zip
-
ITAT - Expenditure incurred by the assessee even voluntary and without any legal obligation has to be allowed as it was incurred for preserving the reputation of its business..
Kotak Securities Limited Versus Addl. CIT, Mumbai
(2017) TaxCorp(LJ) 12257 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54774&Category=ITAT&CategoryType=Zip
-
ITAT - AO/TPO to consider the contract termination fee also as a part of the operational income for computing the ALP of the international transactions.
Invensys Development Centre India Pvt. Ltd Versus Dy. CIT Circle 2 (1), Hyderabad and Vice-Versa
(2017) TaxCorp(LJ) 12256 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=54775&Category=ITAT&CategoryType=Zip
-
ITAT - assessee’s main purpose of acquiring second hand windmill was reduction of tax liability, by claiming depreciation on enhanced cost. Expl.3 to Sec. 43(1) applicable. Depreciation disallowance upheld.
Smt. V. Sabithamani vs. ACIT
(2017) TaxCorp(LJ) 12254 (ITAT-CHENNAI) · Section. 43(1)
-
ITAT - Once Assessing Officer holds that the sale gives rise to taxability under section 48 as long term capital gains, the matter ends there. It was no longer open to him to examine the details about cost of acquisition and cost of improvement which were examined and accepted in the first round.
Ramesh M. Khurana Versus Asstt. Commissioner of Income Tax, Circle - 6, Ahmedabad.
(2017) TaxCorp(LJ) 12252 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=54731&Category=ITAT&CategoryType=Zip
-
ITAT - AO has noted that necessary details and evidences thereof have been furnished by the assessee in respect of STCGs. Revision u/s 263 on the ground of erroneous order not justified.
Komal Ajaykumar Sheth R. Damodia & Co. Versus The CIT-I Rajkot
(2017) TaxCorp(LJ) 12251 (ITAT-RAJKOT) · http://taxcorp.in/FileOpenDT.aspx?ID=54732&Category=ITAT&CategoryType=Zip
-
ITAT - Substantive addition was not on estimated basis but was made specifically on the indulgence of mal-practices and bogus purchases committed by the assessee. Penalty u/s 271(1)(c) confirmed.
Ibkey Plastic Pvt. Ltd. Versus The DCIT, Circle-1 (2), Baroda
(2017) TaxCorp(LJ) 12250 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=54733&Category=ITAT&CategoryType=Zip
-
ITAT - Where AO has allowed the claim u/s 10(38) without examining whether the STT has been paid on the sale of the shares or not, revision u/s 263 justified.
Arun Kumar Aggarwal Versus CIT, New Delhi
(2017) TaxCorp(LJ) 12249 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=54734&Category=ITAT&CategoryType=Zip
-
ITAT - When actual rent received is more than the fair rent the actual rent would be the annual value and therefore the notional interest would not form part of actual rent received or receivable u/s 23(1)(b).
DCIT 29 (1), Mumbai Versus Dinesh M Shah Prop. M/s Mehula Enterprises
(2017) TaxCorp(LJ) 12247 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54740&Category=ITAT&CategoryType=Zip
-
ITAT - To bring any sum to tax u/s 68, a sum has to be credited. It is well settled law that in order to discharge the onus, the assessee must prove the identity of the creditor, capacity of the creditor and genuineness of the transaction.
Dy. Commissioner of Income-tax, Circle – 1 (1), Hyderabad Versus M/s Asrani Inns and Resorts Pvt. Ltd.,
(2017) TaxCorp(LJ) 12246 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=54742&Category=ITAT&CategoryType=Zip
-
ITAT - Director fees /capital gains were not ‘meager’ amounts which can be claimed to have skipped assessee’s attention while filing return of income when the assessee was deriving income mainly from salaries. Penalty u/s 271(1)(c) valid.
Shri Mahesh M. Gandhi vs. ACIT
(2017) TaxCorp(LJ) 12245 (ITAT-MUMBAI) · Section. 271(1)(c)
-
ITAT - Loan waiver is neither taxable under the normal provisions of the IT Act, nor can be recorded as operational profit in the P&L account as per Companies Act and relevant Accounting Standards. Not 'book-profit' under MAT.
JSW Steel Limited vs. ACIT
(2017) TaxCorp(LJ) 12244 (ITAT-MUMBAI)
-
HC - Amount paid for royalty paid on the basis of sale price and not for acquiring know-how with enduring benefit is revenue in nature.
Commissioner of Income-tax-I, Lucknow v. UPCOM Cables Ltd.
(2017) TaxCorp(LJ) 12243 (HC-ALLAHABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=68369&Category=Judgment&CategoryType=Zip
-
ITAT - Special discount though not claimed by filing revised return and claimed by way of a letter during the course of assessment proceedings, still the claim of the assessee is to be allowed.
M/s Truetzschler India Pvt. Ltd (Formerly Known as Trumac Engineering Co. P. Ltd.) Versus Asst. Commissioner of Income-Tax, Circle 2 (3), Mumbai
(2017) TaxCorp(LJ) 12232 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54685&Category=ITAT&CategoryType=Zip
-
ITAT - TPA - Corporate Guarantee given by the assessee being a domestic transaction is outside the purview of TP provisions.
Rubamin Ltd. Versus ITO, Ward 4 (2), Baroda, ACIT, Circle-4, Baroda, DCIT, Circle-4, Baroda
(2017) TaxCorp(LJ) 12231 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=54687&Category=ITAT&CategoryType=Zip
-
ITAT - Depreciation on computer systems was already allowed at 60%, on the principles of consistency depreciation 60% is to be allowed in the impugned assessment years as well.
The Deputy Commissioner of Income Tax, Circle-2 (2) Hyderabad, The Asst. Commissioner of Income Tax Versus M/s. Hyderabad Race Club Vice Versa
(2017) TaxCorp(LJ) 12230 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=54099&Category=ITAT&CategoryType=Zip
-
ITAT - Unexplained cash deposited in bank - Penalty levied u/s 271(1)(c) cannot be sustained as the assessee had came forward with an explanation which is a reasonable and bonafide explanation complying with the mandate of Section 271(1)(c) read with explanation 1.
Murli Dodeja Versus Income Tax Officer Ward 21 (3) (3), Mumbai
(2017) TaxCorp(LJ) 12229 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54691&Category=ITAT&CategoryType=Zip
-
ITAT - No addition for unaccounted cash for the purchase of property as in the absence of any other corroborative evidence to establish a direct nexus, it cannot be said that the notings in the loose paper are genuine.
ITO (IT) 2 (1) Mumbai Versus Ashok Bastimal Siroya, Lalita Ashok Siroya
(2017) TaxCorp(LJ) 12228 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=54693&Category=ITAT&CategoryType=Zip
Headnote lines are open to everyone. The full headnote and the judgment text open with a subscription — see plans or sign in.