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ITAT - Since no consideration accrues or is received by the assessee in case of demerger, no capital gains would arise in the hands of the assessee.
Aditya Birla Telecom Limited
(2016) TaxCorp(LJ) 11490 (ITAT-MUMBAI)
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ITAT - Mere finding of the purchase transactions as genuine would not take the same beyond the scope of Sec 40A(3) disallowance, but for the cases covered by Rule 6DD exceptions, Sec 40A(3) disallowance is mandatory in nature.
International Ships Stores Suppliers Vs. JCIT
(2016) TaxCorp(LJ) 11489 (ITAT-MUMBAI)
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HC - There is no power of review conferred on the Settlement Commission to reopen the proceedings.
R. Vijayalakshmi vs. Income Tax Settlement Commission and others
(2016) TaxCorp(LJ) 11488 (HC-MADRAS)
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SC - SLP Dismissed - HC had held that in case of violation u/s 11(5) and 13(1)(d), exemption granted to the assessee shall not be withdrawn for the entire income but only towards income arising from the investment made in violation of sec. 13.
CIT. vs. Karnataka Industrial Area, Development Board
(2016) TaxCorp(LJ) 11487 (SC) · Sections. 11, 13
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ITAT - Depreciation at higher rate is applicable on dumpers and pay loaders (business of transportation of goods on hire).
The Dy. Commissioner of Income-tax Non-Corporate Circle 2, Chennai Versus Shri Suthanther Assumtha 1,
(2016) TaxCorp(LJ) 11486 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=51448&Category=ITAT&CategoryType=Zip
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ITAT - Assessee was prevented with reasonable cause in filing the returns and there is no deliberate attempt to file the returns belatedly. Thus, penalty levied u/s. 271F deleted.
M/s. Korpus Financial Services Pvt. Ltd. Versus The DCIT, C.C. -44, Mumbai
(2016) TaxCorp(LJ) 11485 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=52069&Category=ITAT&CategoryType=Zip
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ITAT - Sec 194A(3)(viia) exemption from TDS is applicable to a primary agricultural credit society.
Kararinakam Service Co-op Bank Ltd. Versus The Income Tax Officer And Vice-Versa
(2016) TaxCorp(LJ) 11484 (ITAT-COCHIN) · http://taxcorp.in/FileOpenDT.aspx?ID=52077&Category=ITAT&CategoryType=Zip
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ITAT - Sec. 40(a)(ia) is not applicable to assessee-trust not engaged in any business activity and having exempt receipts.
Astral Height Owners Association vs. ADIT
(2016) TaxCorp(LJ) 11483 (ITAT-HYDERABAD) · Section. 40(a)(ia)
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ITAT - The whole transaction for purchase and sale of land were accommodating in nature whereby interests of both the purchaser and seller in receiving or giving sale consideration through consideration amounts recorded in books of accounts were duly looked by the assessee wherein seller was accommodated with making of higher payments on record and buyers were accommodated to give lesser price on record for the same parcel of land. Sham and colorable devices and short term capital loss cannot be allowed
Ansh Merchandise Private Limited Versus DCIT – 5 (2), Mumbai, Addl. CIT – 5 (2), Mumbai
(2016) TaxCorp(LJ) 11482 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=52057&Category=ITAT&CategoryType=Zip
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ITAT - Settlement of the disputes between the workers and their employers by the union leader. The amounts so received by the assessee cannot be treated as business or profession and should have been treated as exempt u/s 10(24).
M/s Mumbai Mazdoor Sabha Versus ACIT, Central-43, Mumbai and Vica-Versa
(2016) TaxCorp(LJ) 11481 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=52048&Category=ITAT&CategoryType=Zip
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ITAT - simply because DDs were encashed in Chennai and not in Delhi, AO cannot presume that Seller is a bogus firm. The reasons attributed for disbelieving the credit purchase are not valid.
Dharmichand Sirvi Versus The Income Tax Officer
(2016) TaxCorp(LJ) 11480 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=52029&Category=ITAT&CategoryType=Zip
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ITAT - To claim of exemption u/s.54F, it is open for the assessee to put up a residential construction or to purchase a residential house. It is not the requirement of law that he should purchase a residential site and then putup construction.
Shri Sanjay K. Rana Versus The Income Tax Officer
(2016) TaxCorp(LJ) 11479 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51781&Category=ITAT&CategoryType=Zip
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ITAT - Since the loan money was shown to have been utilized for acquisition of the asset therefore assessee cannot be allowed the repayment of loan as application of the income.
M/s. Shriram Scientific and Industrial Research Foundation Versus JDIT (Exemptions) , Range-II, New Delhi-II
(2016) TaxCorp(LJ) 11478 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=52043&Category=ITAT&CategoryType=Zip
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ITAT - payment by an Indian company engaged in software development to USA company for providing internet and bandwidth services and also for providing to be installed at the customers’ premises for accessing network connection, is not royalty income.
Quaolcomm India Private Limited vs. ADIT
(2016) TaxCorp(LJ) 11477 (ITAT-HYDERABAD)
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ITAT - Even in case of mercantile liability, Section 40(a)(ia) clearly mandates that the expenditure cannot be allowed in the absence of corresponding TDS payment.
Hardik Jignishbhai Desai vs. DCIT
(2016) TaxCorp(LJ) 11476 (ITAT-AHMEDABAD) · Section. 40(a)(ia)
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HC - Branch office a 100% SEZ unit engaged in software development is eligible for exemption u/s 10A on profits arising on transfer of software to its foreign head office.
DDIT. vs. Virage Logic International
(2016) TaxCorp(LJ) 11475 (HC-DELHI) · Section. 10A
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HC - No penalty u/s 271(1)(c) where non- reporting of capital gains was on account of bonafide belief that it was eligible for relief u/s 54G based on CA’s advice.
Pr. CIT. vs. Machintorg (India) Ltd.
(2016) TaxCorp(LJ) 11474 (HC-DELHI)
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Bogus share capital: Interplay between s. 56(2)(viib) and s. 68 explained. Amendment to s. 68 casting onus on assessee and requiring it to explain source of source of share subscription is clarificatory and retrospective. Law in Lovely Exports 299 ITR 268, Sophia Finance 205 ITR 98 etc does not apply as they are prior to the Money Laundering Act 2002
Royal Rich Developers Pvt. Ltd. vs. DCIT
(2016) TaxCorp(LJ) 11473 (ITAT-MUMBAI) · Sections. 56(2)(viib), 68
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S. 41(1): Amounts shown as liabilities in the Balance Sheet cannot be deemed to be cases of "cessation of liability" only because the liabilities are outstanding for several years. The AO has to establish with evidence that there has been a cessation of liability with regard to the outstanding creditors
ITO. vs. Vikram A. Pradhan
(2016) TaxCorp(LJ) 11472 (ITAT-MUMBAI) · Section. 41(1)
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ITAT - AO is an Investigation Officer u/s 68 and if the assessee files some documents, it is within the investigation power of the AO to raise questions on those documents. It cannot be held to be amounting to exploring the source of source.
The ACIT, Circle-4, Ahmedabad Versus M/s. Greendiam Exim Ltd
(2016) TaxCorp(LJ) 11471 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=52037&Category=ITAT&CategoryType=Zip
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