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ITAT - Reopening of assessment not valid where notice to sent in the name of dead person as even if Section 159 is attracted, the notice was required to be issued against and in the name of the heirs of deceased assessee.
Rasid Lala Versus Income Tax Officer
(2016) TaxCorp(LJ) 11736 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=68038&Category=Judgment&CategoryType=Zip
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HC - The intimation under Section 143(1) is an 'order' for the purposes of Section 264.
Dr. Jyoti Vajpayee Versus Commissioner of Income Tax-II
(2016) TaxCorp(LJ) 11735 (HC-ALLAHABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=68043&Category=Judgment&CategoryType=Zip
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HC - Income from vacant house property would not be assessed under Section 23(1)(c) but under Section 23(1)(a).
Susham Singla Versus The Commissioner of Income Tax, Patiala
(2016) TaxCorp(LJ) 11733 (HC-P&H) · http://taxcorp.in/FileOpenDT.aspx?ID=68049&Category=Judgment&CategoryType=Zip
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S. 2(47)/ 54EC/54F: U/s 108 of the Companies Act read with CBDT Circular No. 704 dated 28.04.1995, a mere agreement for transfer of shares does not cause effective transfer of shares unless it is accompanied with delivery of share certificate and duly signed and stamped share transfer form. An agreement to transfer share merely gives an enforceable right to the parties
Y.V. Ramana vs. CIT
(2016) TaxCorp(LJ) 11732 (ITAT-VISAKHAPATNAM) · Sections 2(47), 54EC, 54F, 108
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Penny Stocks: The fact that the stock is thinly traded and there is unusually high gain is not sufficient to treat the long-term capital gains as bogus when all the paper work is in order. The revenue has to bring material on record to support its finding that there has been collusion / connivance between the broker and the assessee for the introduction of its unaccounted money
Dolarrai Hemani vs. ITO
(2016) TaxCorp(LJ) 11731 (ITAT-KOLKATA)
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HC- Where claim of deduction under section 80-IB was duly examined by AO during assessment proceedings, then no reassessment on the ground that assessee was allowed excess deduction.
N.K. Proteins Ltd. v. Income-tax Officer (OSD)
(2016) TaxCorp(LJ) 11729 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=66361&Category=Judgment&CategoryType=Zip
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HC- Section 194J not applicable where there was neither transfer of any technology nor any service attributable to a technical service offered.
Assistant Commissioner of Income-tax, Circle-I, Gulbarga v. Gulbarga Electricity Supply Co. Ltd.
(2016) TaxCorp(LJ) 11728 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=66230&Category=Judgment&CategoryType=Zip
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HC- Assessment done by ITO (Exemption) would be void ab initio, where a trust was neither registered under section 12AA nor did it claim tax exemption under section 11.
Gurukul v. Commissioner of Income-tax (Exemptions)
(2016) TaxCorp(LJ) 11727 (HC-PATNA) · http://taxcorp.in/FileOpenDT.aspx?ID=66652&Category=Judgment&CategoryType=Zip
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ITAT - DRP can entertain objection under section 144C against draft assessment order to original order as well as draft assessment order passed in consequence of directions given by Tribunal.
Fosroc Chemicals (India) (P.) Ltd. v. Deputy Commissioner of Income-tax, Large Taxpayer Unit, Circle 1, Bangalore
(2016) TaxCorp(LJ) 11726 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenINTL.aspx?ID=11104&Category=INTLDecisions&CategoryType=Zip
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ITAT - In order to constitute an AE, parameters laid down in both sub-sections (1) and (2) of section 92A should be fulfilled.
Obulapuram Mining Co. (P.) Ltd. v. Deputy Commissioner of Income-tax, Central Circle-1 (3), Bangalore
(2016) TaxCorp(LJ) 11725 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenINTL.aspx?ID=10946&Category=INTLDecisions&CategoryType=Zip
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ITAT - Loss incurred by assessee who is dealing in securities, on sale of securities, is a business loss.
Shri Bhupendra C. Dalal Vs. DCIT
(2016) TaxCorp(LJ) 11724 (ITAT-MUMBAI)
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HC - For claiming relief u/s 91, the same income must be taxed in both the countries, therefore as the income subject to deduction u/s 80HHB and Sec.35B did not suffer any tax in India, no relief can be granted u/s 91.
Reliance Infrastructure Ltd. vs. CIT
(2016) TaxCorp(LJ) 11723 (HC-DELHI) · Section. 91
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HC - Not correct to hold that satisfaction note for initiating block assessment u/s 153C in case of assessee was flawed since it contained the term “belonged to” and not “relates to” as required by amendment in Finance Act , 2015.
PCIT. Vs. Super Malls Ltd.
(2016) TaxCorp(LJ) 11722 (HC-DELHI) · Section. 153C
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ITAT - Revenue earned on sale of ERP software by a Netherlands based company from Indian customers is assessable as business profits and not royalty under Article 12(4) of India-Netherlands DTAA.
Qad Europe B.V. Vs. The Dy. Director of Income-tax
(2016) TaxCorp(LJ) 11721 (ITAT-MUMBAI)
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HC- Administrative convenience was a valid ground for transfer of assessee's case u/s 127.
Ravneet Takhar v. Commissioner of Income-tax-IX
(2016) TaxCorp(LJ) 11720 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=66748&Category=Judgment&CategoryType=Zip
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ITAT - The period of three or more years as specified in section 72A clearly signifies three or more calendar years and not certainly three or more previous years as defined in section 3.
Deputy Commissioner of Income-tax, Circle-8, Kolkata v. Unique International (P.) Ltd.
(2016) TaxCorp(LJ) 11719 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=53678&Category=ITAT&CategoryType=Zip
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ITAT - No penalty levied u/s 271(1)(c) on undervaluation of value of closing stock of diamond by applying average rates. The closing stock of this assessment year would become the opening stock of the next year and ultimately it has got no effect on the taxes payable to Revenue.
M/s Essjay Enterprises Versus The Asstt. Commissioner of Income Tax – Central Circle – 18 & 19, Mumbai
(2016) TaxCorp(LJ) 11718 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=53673&Category=ITAT&CategoryType=Zip
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ITAT - Genuine and bona fide transactions are not taken out of the sweep of the section 40A(3).
International Ships Stores Suppliers Versus JCIT, Range 13 (2) , Mumbai
(2016) TaxCorp(LJ) 11717 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=52096&Category=ITAT&CategoryType=Zip
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ITAT - Deduction under section 80JJA for bio-fertilizer business cannot be denied just because the assessee was doing the business in the land belonging to his father without sharing the profit with his other brother and sisters. The reasons for holding that there was no business were not correct.
Income Tax Officer Versus Bijaya Kumar Sahoo And Vice-Versa
(2016) TaxCorp(LJ) 11716 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=53662&Category=ITAT&CategoryType=Zip
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ITAT - The cost of shuttering materials should be treated as revenue expenditure as these materials would generally be useful for one project or for about one year only.
M/s. Kalparishi Construction Co. Versus JCIT, Range 20 (1) , Mumbai
(2016) TaxCorp(LJ) 11715 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=53671&Category=ITAT&CategoryType=Zip
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