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ITAT - Assessment order is erroneous and prejudicial to the interest of the Revenue when the Assessing Officer had not conducted a proper Inquiry to verify cash credits and trade creditors and the matter remanded to the Assessing Officer under section 263.
M/s. P.K. Cotton Mills Pvt. Ltd. Versus Commissioner of Income Tax, Meerut
(2017) TaxCorp(LJ) 12117 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=54464&Category=ITAT&CategoryType=Zip
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ITAT - Certificate u/s 197 of the Act is with reference to the person to whom the income is paid and is not with reference to any sum as may be specified in the certificate.
M/s. Twenty First Century Securities Ltd. Versus I.T.O. Ward-59 (4) (TDS) Kolkata
(2017) TaxCorp(LJ) 12116 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54472&Category=ITAT&CategoryType=Zip
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HC - Despite the unit hived-off, ‘block of assets’ did not come to an end, therefore assessee can claim depreciation thereon.
Sony India Pvt. Ltd. vs. CIT
(2017) TaxCorp(LJ) 12115 (HC-DELHI)
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HC - Writ Allowed - A mere intimation does not amount to an order which could be revised u/s 264. However, independent of the notice issued u/s 143(1)(a), when the assessee has filed a revised return and has sought for interference by the Commissioner u/s 264, necessarily the claim has to be considered in accordance with law.
Agarwal Yuva Mandal (Kerala) vs. UOI and Ors.
(2017) TaxCorp(LJ) 12114 (HC-KERALA) · Sections 143(1), 264
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ITAT - Since no installation activity happened during the relevant AY, PO did not constitute installation PE, therefore profits arising out of off-shore supply of equipments was not taxable in India.
HITT Holland Institute of Traffic Technology B.V. vs DDIT
(2017) TaxCorp(LJ) 12113 (ITAT-KOLKATA)
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ITAT - If assessee determines the ALV of the vacant property and offer such notional income, assessee will be eligible for the claim of deduction u/s 24(b) on account of interest on borrowed capital.
Anagha Estates Ltd. vs. DCIT
(2017) TaxCorp(LJ) 12112 (ITAT-MUMBAI) · Section 24(b)
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ITAT - Once the certificate u/s 197(2) is issued for lesser/no TDS deduction, the person making the payment is at liberty to deduct tax at rates specified in the certificate and it does not make any reference to any income specified in such certificate.
Twenty First Century Securities Ltd. Vs I.T.O.
(2017) TaxCorp(LJ) 12111 (ITAT-KOLKATA) · Sections 197, 201(1A)
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ITAT - In absence of specific FTS article under India-Thailand DTAA, payment for FTS to Thailand based entities by an Indian company would not be treated as FTS. Residuary-clause 22 cannot be pressed into service in respect of the said income.
DCIT vs Ford India Limited
(2017) TaxCorp(LJ) 12110 (ITAT-CHENNAI)
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ITAT -No TDS u/s 194H on payment made by the assessee to the Hawkers.
Abhijit Majumder Versus Income Tax Officer Ward- 4, Nadia
(2017) TaxCorp(LJ) 12109 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54451&Category=ITAT&CategoryType=Zip
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ITAT - Annual Lettable Value of the shops which were ready to be let out during the year but remained vacant throughout the year would be "NIL".
Mrs. Neelam Sanjay Arya Versus ITO, Wd-8 (3), Ahmedabad
(2017) TaxCorp(LJ) 12107 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=54454&Category=ITAT&CategoryType=Zip
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ITAT - There has to be some benefit directly or indirectly to the organisation to claim expenditure u/s 37(1).
Dr. Reddy’s Research Foundation Versus Assistant Commissioner of Income-Tax
(2017) TaxCorp(LJ) 12106 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=53682&Category=ITAT&CategoryType=Zip
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HC - Benefit of Section 54F could be granted u/s 264 when it was originally not claimed during the assessment proceedings.
Rajesh Kumar Aggarwal Versus Commissioner of Income Tax Delhi-VIII & Another
(2017) TaxCorp(LJ) 12105 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=68414&Category=Judgment&CategoryType=Zip
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ITAT - Relief under clause (iic) to Explanation 1 to Sec 115JB inserted vide Finance Act, 2015 excluding AOP profits from MAT be applied retrospectively.
Goldgerg Finance Pvt. Ltd. Vs ACIT
(2017) TaxCorp(LJ) 12103 (ITAT-MUMBAI)
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ITAT - No Sec 80IB(10) deduction to a builder who was engaged in construction business as a ‘work contractor’ and not ‘developer’.
Arihant Heirloom vs ITO
(2017) TaxCorp(LJ) 12102 (ITAT-CHENNAI) · Section 80-IB(10)
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SC - SLP Dismissed - HC had held that Department cannot initiate Sec 201 proceedings for a period more than four years.
ACIT(TDS) vs. Tata Teleservices Ltd.
(2017) TaxCorp(LJ) 12101 (SC)
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S. 80-IB(10): The profits of an undertaking eligible for deduction cannot be treated as "inflated" in the absence of material on record to show that there is an arrangement between the eligible unit and the non-eligible unit to generate more than ordinary profits for the eligible unit. The mere fact that there are common customers of both the units does not by itself indicate transfer of profits to the eligible unit
Malay N. Sanghvi vs. ITO
(2017) TaxCorp(LJ) 12100 (HC-BOMBAY) · Section 80-IB(10)
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S. 254(2): Plea that the appeal was mistakenly withdrawn on the advice of Counsel and that the same should be restored should be backed by evidence. If the assessee voluntarily withdraws the appeal, he cannot seek restoration on the ground that the withdrawal was an apparent mistake
Jayant D. Sanghavi vs. ITAT
(2017) TaxCorp(LJ) 12099 (HC-BOMBAY) · Section 254(2)
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ITAT - Since the mistake of quoting wrong PAN has been rectified in the revised TDS return, no justification in raising a demand on account of short deduction of TDS.
State Bank of Patiala Versus DCIT (TDS) CPC, Ghaziabad
(2017) TaxCorp(LJ) 12098 (ITAT-INDORE) · http://taxcorp.in/FileOpenDT.aspx?ID=54424&Category=ITAT&CategoryType=Zip
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ITAT - Addition on account of undisclosed current assets was part of gross receipt and as shown income in the profit and loss account, thus, it can not become an addition again bringing the same for taxation for not following the principles of accountancy.
Susanta Biswas Versus Income Tax Officer Ward 50 (4), Kolkata
(2017) TaxCorp(LJ) 12097 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=54425&Category=ITAT&CategoryType=Zip
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ITAT - Forfeiture of entrance fee received from members would remain capital in nature since the amount was in the nature of deposits, i.e., capital receipts.
Assistant Commissioner of Income-Tax Versus Royal Western India Turf Club Ltd. (And Vice Versa)
(2017) TaxCorp(LJ) 12096 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=53586&Category=ITAT&CategoryType=Zip
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