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ITAT - Though the claim of expenses made by the assessee has been found to be not sustainable by the AO, but without bringing anything on record to show whether any inaccurate particulars were filed by the assessee or if any concealment was done by the assessee. No penalty u/s 271(1)(c).
ALD Automotive Pvt. Ltd. Versus DCIT Circle 3 (1), Mumbai
(2017) TaxCorp(LJ) 11777 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=53794&Category=ITAT&CategoryType=Zip
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ITAT - Claim for deduction paid upon cancellation of Joint Venture Agreement to be allowed as the compensation was paid in the course of carrying on his commercial activities and the same would go to increase the value of stock in trade.
Shri Sanjay J. Ahuja Versus The Income Tax Officer 19 (3) (4), Mumbai
(2017) TaxCorp(LJ) 11776 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=53797&Category=ITAT&CategoryType=Zip
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ITAT - Both the transactions i.e. the transactions in the derivative and transactions in the cash segment can be treated as speculative transactions as per explanation to section 73 and hence the profit or loss against both the segments can be adjusted or set off against each other.
M/s. J.M. Financial Services Ltd. (Formerly JM Financial Services Pvt. Ltd.) Versus The Joint Commissioner of Income-tax (OSD) -4 (3), Mumbai, Dy. Commissioner of Incometax-4 (3), Mumbai
(2017) TaxCorp(LJ) 11775 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=53799&Category=ITAT&CategoryType=Zip
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ITAT - Provisions of section 23(1)(c) cannot be understood that the vacancy allowance is available only in the case where the property is already let out and there is a vacancy in between.
Mr. SM Chandrashekar Versus Income Tax Officer, Ward 1 (4), Bangalore
(2017) TaxCorp(LJ) 11774 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=51493&Category=ITAT&CategoryType=Zip
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HC - The omission of Section 10(20A) did not affect the rights of the parties claiming the benefit of Sections 2(15), 11, 12, 12A and 12AA.
M/s Improvement Trust, Moga, The Tribune Trust Versus Commissioner of Income Tax, Chandigarh and another, The Commissioner of Income Tax (Exemption), Chandigarh
(2017) TaxCorp(LJ) 11773 (HC-P&H) · http://taxcorp.in/FileOpenDT.aspx?ID=68097&Category=Judgment&CategoryType=Zip
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ITAT - Derivative-future segment loss set-off to be allowed against delivery-based cash segment to share dealer.
J. M. Financial Services Ltd. vs. JCIT
(2016) TaxCorp(LJ) 11772 (ITAT-MUMBAI)
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HC - The question of applying statutorily prescribed method u/s 14A(2) for computing the disallowance arises only and only if AO expresses an opinion along with objective material rejecting assessee’s methodology.
PCIT. Vs. U.K Paints (India) Pvt. Ltd.
(2016) TaxCorp(LJ) 11771 (HC-DELHI) · Section. 14A
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SC - SP Dismissed - HC had held that Sec. 263 can be invoked in case of “no enquiry” and not in case of inadequate inquiry
CIT. Vs. Nirav Modi
(2016) TaxCorp(LJ) 11770 (SC) · Section. 263
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ITAT - Assessee was prevented by sufficient cause from producing the evidences in support of its claim due to his wife’s illness. CIT(A) order rejecting assessee’s additional evidence set aside.
Padam Lal Dua vs. ITO
(2016) TaxCorp(LJ) 11769 (ITAT-DELHI)
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ITAT - When same credit period beyond 365 days was offered to AE and non-AE, no addition u/s 92C.
Shrenuj Gems & Jewellery Ltd. v. Income-tax Officer, 8(3)(1), Mumbai
(2016) TaxCorp(LJ) 11768 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=10980&Category=INTLDecisions&CategoryType=Zip
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ITAT - Since issue relating to invoking of section 40(a)(ia) was not before the AO at all, therefore it was imperative for the CIT(A) to have issued an appropriate notice to the assessee as per section 251(2).
Mobile 2 Win India Private Limited Versus The Dy. Commissioner of Income Tax, 5 (2), Mumbai
(2016) TaxCorp(LJ) 11767 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=53783&Category=ITAT&CategoryType=Zip
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ITAT - Since the assessee has not earned any dividend income and the investments were made only as a strategic investment in wholly owned subsidiary companies no disallowance under section 14A is attracted.
M/s. Dish TV India Ltd. Versus Asst. Commissioner of Income Tax, Circle-6 (1), [Present charge Asst. Com. Of Income Tax, Circle 16 (1) ]
(2016) TaxCorp(LJ) 11766 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=53784&Category=ITAT&CategoryType=Zip
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ITAT - Exemption u/s 10B has to be allowed from the total income before set off of brought forward losses and depreciation.
Asstt. Commissioner of Income Tax – Circle 1, Kalyan Versus M/s ASB International Pvt. Ltd.
(2016) TaxCorp(LJ) 11765 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=53790&Category=ITAT&CategoryType=Zip
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HC - When the DRP itself stated that since Indian banks were charging 250 basis points above LIBOR on similar loans, there was no good reason for holding that the loan advanced to a subsidiary at 247 basis points above the LIBOR rate to be not at arm’s length.
Pr. Commissioner Of Income Tax – 9 Versus M/s. UFO Moviez Inida Ltd.
(2016) TaxCorp(LJ) 11764 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=68087&Category=Judgment&CategoryType=Zip
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HC - The security deposit recovered from the members by a club at the time of their enrollment is refundable and same is required to be treated as a deposit and a capital receipt.
Principal Commissioner of Income Tax Versus Gulmohar Green Golf And Country Club Ltd.
(2016) TaxCorp(LJ) 11763 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=67982&Category=Judgment&CategoryType=Zip
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HC - No exemption u/s 10(23C)(iv) to assessee-trust engaged in printing and publishing of newspaper.
The Tribune Trust Vs. Commissioner of Income Tax, Chandigarh and another
(2016) TaxCorp(LJ) 11762 (HC-P&H)
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ITAT - Setting off the brought forward unabsorbed depreciation against the Income from House Property allowed u/s 32(2) for that assessment year.
M/s SAI ASTHA EXPORTS PVT. LTD. Versus ITO, Ward 3 (3), NEW DELHI
(2016) TaxCorp(LJ) 11761 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=52374&Category=ITAT&CategoryType=Zip
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ITAT - No TDS u/s 195 as payment made to HRD does not constitutes “fees for technical services” under India-Belgium DTAA.
ACIT-16 (3), Mumbai Versus M/s. D.A. Jhaveri
(2016) TaxCorp(LJ) 11760 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=53680&Category=ITAT&CategoryType=Zip
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ITAT - No Addition u/s 28(iv) for huge increase in the capital on account of revaluation of the jewellery as this is merely a book entry passed by the assessee.
I.T.O., Ward-46 (1) Kolkata Versus Shri Anupam Nandi
(2016) TaxCorp(LJ) 11759 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=53748&Category=ITAT&CategoryType=Zip
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ITAT - Reduction in share capital and buy back are essentially the same and neither result in a benefit of enduring nature, hence are revenue expenses.
Vibgyor Scientific Research Pvt. Ltd. Versus The DCIT (OSD), Circle-8, Ahmedabad
(2016) TaxCorp(LJ) 11758 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=53750&Category=ITAT&CategoryType=Zip
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