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ITAT - Since assessee had taken the loan less than 20,000/- from his close relatives and family members, no penalty u/s 271D.
Shri Gulab Chand Ramchandani Versus The ITO, Ward- 2, Beawar
(2016) TaxCorp(LJ) 11611 (ITAT-JAIPUR) · http://taxcorp.in/FileOpenDT.aspx?ID=52454&Category=ITAT&CategoryType=Zip
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ITAT - AO having estimated the higher profit rate after rejection of the books of account invoking the provisions of s. 145(3), no separate additions can be made on account of unexplained cash credit under s. 68.
Sh. Collector Ram Sharma Versus The Deputy Commissioner of Income-tax, Circle-6, Jaipur
(2016) TaxCorp(LJ) 11610 (ITAT-JAIPUR) · http://taxcorp.in/FileOpenDT.aspx?ID=52456&Category=ITAT&CategoryType=Zip
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ITAT - If the assessee had paid money to the lorry drivers, vouchers would have been given by the lorry drivers and not by the transport companies. Clause (k) of Rule 6DD not applicable as assessee has to show that the person to whom he had paid payments was his agent and such agent was required to make payment in cash. Addition u/s.40A(3) confirmed.
Marudhamalai Sri Dhandapani Spinning Mills Versus The Assistant Commissioner of Income Tax, Salary Circle, Coimbatore
(2016) TaxCorp(LJ) 11609 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=52457&Category=ITAT&CategoryType=Zip
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ITAT - It is natural for persons providing loans without security to demand higher rate of interest. We are therefore of the opinion that interest of 18% paid by the assessee could not considered as excessive. Application of Sec. 40A(2) of the Act was not warranted.
M/s. T.M. Abdul Rahman and Sons Versus The Assistant Commissioner of Income Tax, Non Corporate Circle 6, Chennai, The Joint Commissioner of Income Tax, Business Circle –XII, Chennai
(2016) TaxCorp(LJ) 11608 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=52356&Category=ITAT&CategoryType=Zip
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ITAT - Interest-free security deposit taken by the assessee hugely disproportionate to monthly rent charged is a device to circumvent liability to income-tax. Therefore, notional interest on security deposit is to be treated as income from house property.
M/s. Sobha Interiors Pvt. Ltd. Versus The Deputy Commissioner of Income Tax, Circle 12 (3), Bangalore. ITO, Ward 12 (2), Bangalore.
(2016) TaxCorp(LJ) 11607 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=52461&Category=ITAT&CategoryType=Zip
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ITAT - There is no concrete positive evidence against the assessee exhibiting unexplained investment, except unregistered sale deed, which does not confer any title. Addition might have been confirmed, but this type of evidence would not be sufficient to visit the assessee with penalty under section 271(1)(c).
Shri Nilesh R. Gupta Versus ITO, Ward-1 (3), Bhavnagar.
(2016) TaxCorp(LJ) 11606 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=52462&Category=ITAT&CategoryType=Zip
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ITAT - An accounting policy cannot override substance when no sale, either in law or as per the accounting norms, can be said to have taken place.
Rice Lake Weighing Systems India Limited Versus Assistant Commissioner of Income Tax, Corporate Circle-5 (4) Chennai
(2016) TaxCorp(LJ) 11605 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=52447&Category=ITAT&CategoryType=Zip
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ITAT - No additional depreciation u/s 32(1)(iia) as running a canteen cannot be said to be manufacturing of an article or thing.
M/s SPI Cinemas Pvt. Ltd. Versus Addl. Commissioner of Income Tax, Range-13, Hyderabad
(2016) TaxCorp(LJ) 11604 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=52375&Category=ITAT&CategoryType=Zip
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HC - Writ Dismissed - In part IX of the Companies Act, therefore, notwithstanding the non-compliance with clause (d) of the proviso of Section 47(xiii) by premature transfer of shares, the said Company is not liable to pay capital gains tax.
CIT. Vs. Umicore Finance
(2016) TaxCorp(LJ) 11603 (HC-BOMBAY)
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HC - Amendment introduced in Section 43(5) on 1st April, 2015 is curative in nature and should be deemed to have a retrospective operation, therefore speculation loss in trading in future and options not allowable.
PRINCIPAL COMMISSIONER OF INCOME TAX, CENTRAL-2, KOLKATA Versus M/s. SNOWTEX INVESTMENT LTD.
(2016) TaxCorp(LJ) 11602 (HC-CALCUTTA) · http://taxcorp.in/FileOpenDT.aspx?ID=66915&Category=Judgment&CategoryType=Zip
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HC - Amount appropriated towards the Sinking Funds was a part of the rent received by the assessee and was in the nature of a revenue receipt. The mere use of the term 'sinking fund' and the manner in which the assessee treats the same in its accounts is not decisive of the matter.
M. Visvesvaraya Industrial Research and Development Centre Versus The Commissioner of Income Tax
(2016) TaxCorp(LJ) 11601 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=66918&Category=Judgment&CategoryType=Zip
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SC - Ruler is entitled u/s 10(19A) to claim exemption for the whole of his residential palace and such exemption would not confine only to that portion of the palace which is in his actual occupation as Legislature did not intend to tax portion of the “palace” by splitting it in parts.
Maharao Bhim Singh of Kota Thr. Maharao Brij Raj Singh, Kota Versus Commissioner of Income-tax, Rajasthan-II, Jaipur
(2016) TaxCorp(LJ) 11600 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=66910&Category=Judgment&CategoryType=Zip
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HC - The fact that the AO did not expressly record his dissatisfaction with the assessee's working does not mean that he cannot make the disallowance u/s 14A.
Indiabulls Financial Services Ltd. vs. DCIT
(2016) TaxCorp(LJ) 11599 (HC-DELHI) · Section. 14A
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HC - Revenue not justified in holding that sale of undertaking was not a genuine slump sale to qualify treatment u/s. 50B.
Triune Projects Private Limited. vs. DCIT
(2016) TaxCorp(LJ) 11598 (HC-DELHI) · Section. 50B
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HC - Benefit of section 54F before its amendment by Finance (No. 2) Act 2014, can be extended to a residential house purchased outside India.
LEENA JUGALKISHOR SHAH Versus ASSTT. COMMISSIONER OF INCOME TAX.
(2016) TaxCorp(LJ) 11597 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=66892&Category=Judgment&CategoryType=Zip
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HC - Cancellation of registration granted to the society u/s 12A(a) on the ground that 50% fees exemption has been granted to few students are without any basis and material on record and therefore, the registration cancelled by CIT is not justified.
The Commissioner of Income Tax, Alwar Versus M/s. Model Public School, Society, Bhiwadi
(2016) TaxCorp(LJ) 11596 (HC-RAJASTHAN) · http://taxcorp.in/FileOpenDT.aspx?ID=66896&Category=Judgment&CategoryType=Zip
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HC - In case of conversion of the partnership firm into a Private Limited Company, notwithstanding the non-compliance with clause (d) of the proviso of Section 47(xiii) by premature transfer of shares, the said Company is not liable to pay capital gains tax.
The Commissioner of Income Tax, Goa Versus M/s Umicore Finance Luxemborg, C/o M/s Anandeya Zinc Oxides Pvt. Ltd.
(2016) TaxCorp(LJ) 11595 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=66899&Category=Judgment&CategoryType=Zip
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S. 282: Entire law on pre-requisites for valid service of notice and drawing of a presumption that the notice has been validly served explained
Micro Spacematrix Solution P Ltd vs. ITO
(2016) TaxCorp(LJ) 11594 (ITAT-DELHI) · Section 282
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SC - Exemption u/s 10(19A) available to erstwhile Ruler on rental income from letting out the portion of palace to the defence-ministry.
Maharao Bhim Singh of Kota Vs. Commissioner of Income-tax
(2016) TaxCorp(LJ) 11593 (SC) · Section. 10(19A)
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ITAT - Since assessee has substantiated the identity and credit worthiness of the donor and the genuineness of the transaction, addition u/s. 69 should not have been made in respect of gift received by the assessee from his wife for purchase of the agricultural land.
Daudayal Murarilal Gupta Versus ITO, Ward-1 (1), Solapur
(2016) TaxCorp(LJ) 11592 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=52401&Category=ITAT&CategoryType=Zip
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