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ITAT - License fee paid by a law firm for use of goodwill in law firm is allowable deduction u/s 37(1).
Remfry & Sagar vs. JCIT
(2016) TaxCorp(LJ) 11359 (ITAT-DELHI)
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Attitude of the Revenue in not returning seized assets despite assessee having succeeded in appeal is clearly arbitrary and shows an attitude of undue harassment to the assessee in the garb of public Revenue. Interest of public revenue does not authorize Revenue Authorities to work without any authority and create or cause all kinds of harassment to innocent people on the pretext of statutory authority
Shreemati Devi vs. CIT
(2016) TaxCorp(LJ) 11358 (HC-ALLAHABAD)
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S. 234E: Entire law on whether fee for late filing of TDS returns can be levied prior to 01.06.2015 and whether the intimation issued u/s 200A is appealable explained
Gajanan Constructions vs. DCIT
(2016) TaxCorp(LJ) 11357 (ITAT-PUNE) · Section 234E
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ITAT - Where assessee-company had not made any attempt to prove nexus between amount of provision created which was disallowed in earlier years u/s 40(a)(ia) and the amount of provision reversed during the year under consideration, additions confirmed.
M/s. ABB India Ltd. (Formerly known as ABB Ltd.) Versus Joint Commissioner of Income-tax (LTU), Bangalore
(2016) TaxCorp(LJ) 11356 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=51740&Category=ITAT&CategoryType=Zip
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ITAT - In the absence of any contrary material placed by the Revenue that the 3 Directors are not the key persons, the Keymen Insurance premium paid for the 3 Directors needs to be allowed.
Banpal Oil Chem Pvt. Ltd. Versus The ACIT, Banaskantha Circle, Palanpur and Vica-Versa
(2016) TaxCorp(LJ) 11355 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51741&Category=ITAT&CategoryType=Zip
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ITAT - The export sales as supporting manufacturer, Sales to EOUs and SEZs are eligible for deduction u/s.10AA.
M/s. Gokul Overseas Versus The ACIT, Patan Circle, Patan
(2016) TaxCorp(LJ) 11354 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51744&Category=ITAT&CategoryType=Zip
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ITAT - As per rule of evidence there is distinction between set of facts not proved and facts disproved and facts proved. Benefit to be given to the assessee because there is a doubt for the reason that mere non-satisfactory explanation furnished by the assessee cannot amount proof of falsity of explanation furnished. No penalty levied u/s. 271(1)(c).
Motta Construction Pvt. Ltd. Versus ACIT, Central Circle-15 and 16, Mumbai
(2016) TaxCorp(LJ) 11353 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=51745&Category=ITAT&CategoryType=Zip
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ITAT - Failure to issue and serve notice u/s 143(2) to the legal heir not be cured u/s 292B and 292BB.
Joint CIT (OSD), Central Circle 1, Lucknow Versus Late Shri Ramesh Chand Bajpai L/H Shri Vivek Kumar Bajpai, Banthara
(2016) TaxCorp(LJ) 11352 (ITAT-LUCKNOW) · http://taxcorp.in/FileOpenDT.aspx?ID=51746&Category=ITAT&CategoryType=Zip
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ITAT - In case of estimation of income, profit may be taken @8% of the total receipts/ deposits as against the addition made u/s. 68 on account of cash deposit.
ITO, Ward 61 (1) , New Delhi Versus Smt. Seema Khanna
(2016) TaxCorp(LJ) 11351 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=51133&Category=ITAT&CategoryType=Zip
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SC - The appellants as erstwhile partners are liable to pay capital gain on the amount received by them towards the value of their share in the net assets of the firm. Liable for capital gains u/s 45.
Vatsala Shenoy Versus Joint Commissioner of Income Tax (Assessment), Mysore
(2016) TaxCorp(LJ) 11350 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=66582&Category=Judgment&CategoryType=Zip
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ITAT - Merely treating the business loss as speculation loss does not automatically warrant inference of concealment of income or furnishing of inaccurate particulars of income. No penalty u/s 271(1)(c).
M/s. Lenient Finvest Pvt. Ltd. (Formerly known as M/s. Leesha Investment Finvest Ltd.) Versus The Income Tax Officer, Ward-2 (2) 2, Mumbai
(2016) TaxCorp(LJ) 11349 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=51753&Category=ITAT&CategoryType=Zip
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ITAT - In case of conscious concealment of facts by the assessee (non disclosure of bank accounts in which cash was deposited), penalty u/s 271(1)(c) justified. N
Mr. Kumar V. Vasani Versus Income Tax Officer-32 (2) (2) , C-13, Mumbai
(2016) TaxCorp(LJ) 11348 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=51754&Category=ITAT&CategoryType=Zip
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ITAT - Disallowance of kist payment (lease rent) as prior period item not valid since it is not the case of the department that this method of accounting of kist payment on cash basis is not consistently followed by the assessee.
M/s. Elite Enterprises Versus Income Tax Officer, Ward 1, Puttur, Dakshina Kannada Dist.
(2016) TaxCorp(LJ) 11347 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=51739&Category=ITAT&CategoryType=Zip
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ITAT - When there were no takers for the money to lend, idle funds were placed in banks for earning interest. Deduction u/s.80P(2)(a)(i) allowed.
Income-tax Officer, Ward -4 (2) (2) , Bengaluru Versus The BEML Employees Co-op Society Ltd
(2016) TaxCorp(LJ) 11346 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=51756&Category=ITAT&CategoryType=Zip
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S. 143(1D): AO cannot rely on Instruction No.1/2015 dated 13.01.2015 to withhold refunds as the same has been struck down by the Delhi High Court in Tata Teleservices & the same is binding on all AOs across the Country. Action of the AO in not giving reasons for not processing the refund application is “most disturbing” and stating that he will wait till the last date is “preposterous”. Action of the AO suggests that it is not enough that the deity (Act) is pleased but the priest (AO) must also be pleased
Group M. Media India Pvt. Ltd vs. UOI
(2016) TaxCorp(LJ) 11341 (HC-BOMBAY) · Section 143(1D)
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S. 50B: Important law explained on what constitutes a "slump sale" and whether capital gains on liquidation of a firm are chargeable to tax
Vatsala Shenoy vs. JCIT
(2016) TaxCorp(LJ) 11340 (SC) · Section 50B
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ITAT - Payment to Malaysian subsidiary for carrying out clinical trial and R&D pursuant to Product Development agreement constitutes FTS under Article 13 of India Malaysia DTAA. TDS applicable u/s 195.
Stempeutics Research Pvt. Ltd. vs. JDIT
(2016) TaxCorp(LJ) 11339 (ITAT-BANGALORE)
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ITAT - AO failed to establish that the payments made by the assessee to non residents outside India were chargeable to tax in India, TDS u/s 195 not applicable.
Honda Motorcycle and Scooter India [P] Ltd Versus The Addl. CIT, Gurgaon Range and Vica-Versa
(2016) TaxCorp(LJ) 11338 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=51621&Category=ITAT&CategoryType=Zip
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HC - When the property was not shown as capital assets but was shown as stock in trade, it should not be considered for the purpose of exemption u/s 54F. Any stock in trade by profession is excluded from the definition of capital asset.
Commissioner of Income Tax, The Assistant Commissioner of Income Tax Versus Shri Gregory Mathias
(2016) TaxCorp(LJ) 11337 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=66548&Category=Judgment&CategoryType=Zip
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HC - No penalty u/s 271D for violation of sec. 269SS in case of adjustments through journal entries. There was no payment in cash either by the assessee or on its behalf.
Commissioner of Income Tax-II, Kanpur Versus M/s Apex Finlease Ltd. C/O M/s M.L. Puri & Co.
(2016) TaxCorp(LJ) 11336 (HC-ALLAHABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=66571&Category=Judgment&CategoryType=Zip
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