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HC - No notice u/s 158BC could be issued in absence of justification to issue the impugned notice. Revenue directed to pay cost of ₹ 20,000 to the assessee.
Dr. Gautam Sen Versus Chief Commissioner of Income Tax And Others
(2016) TaxCorp(LJ) 11233 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=66443&Category=Judgment&CategoryType=Zip
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ITAT - Commission payment can be disallowed even when TDS was deducted and payment was made through banking channels as assessee failed to discharge burden by establishing the identity of payee and providing the reason and proof of payment.
Transport Corporation of India Ltd. vs. ACIT
(2016) TaxCorp(LJ) 11232 (ITAT-HYDERABAD)
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HC - Revenue to adjust the refunds only to the extent of amount required for granting stay u/s 220(6), as against adjustment of ‘any refund against the total tax demand’.
Jindal Steel and Power Ltd. vs. Pr. CIT
(2016) TaxCorp(LJ) 11231 (HC-P&H) · Section. 220(6)
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ITAT - Although the expenses relates to earlier years it cannot be classified as prior period expenses because they arose in the subject year on account of merger.
ICICI Bank Ltd. vs. DCIT
(2016) TaxCorp(LJ) 11219 (ITAT-MUMBAI)
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ITAT - Loss suffered by assessee on account of fluctuation in the rate of foreign exchange as on the date of the balance- sheet is an item of expenditure under section 37(1).
ACIT. vs. Leighton India Contractors Private Ltd.
(2016) TaxCorp(LJ) 11218 (ITAT-MUMBAI)
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ITAT - Grants extension of stay for a period of 180 days or till appeal disposal, whichever is earlier subject to a payment of Rs. 20 lakhs.
ICICI Securities Ltd. vs. DCIT
(2016) TaxCorp(LJ) 11217 (ITAT-MUMBAI)
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ITAT - Income from mall operation taxable as business income and not income from house property.
City Centre Mall Nashik Pvt. Limited vs. ACIT
(2016) TaxCorp(LJ) 11216 (ITAT-MUMBAI)
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HC - Advance tax amounts were not refundable where the return was in effect a nullity.
Shakti Bhog Foods Limited vs. DCIT and Anr.
(2016) TaxCorp(LJ) 11215 (HC-DELHI) · Section. 4(1)
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ITAT - Interest paid to partners on capital contribution not liable for disallowance u/s 14A.
Quality Industries vs. JCIT
(2016) TaxCorp(LJ) 11206 (ITAT-PUNE) · Section. 14A
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SC - Sec. 54E exemption available to assessee-company for AY 1989-90 in respect of capital gains arising on transfer of a depreciable asset held for more than 36 months.
CIT. vs. V. S. Dempo Company Ltd.
(2016) TaxCorp(LJ) 11205 (SC) · Section. 54E
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HC - Interest on refund u/s 244A cannot be granted in view of provisions of Sec. 244A(2) as delay in granting of refund was on account of reasons attributable to assessee.
Pala Marketing Co-op Society Ltd. Vs. CIT
(2016) TaxCorp(LJ) 11204 (HC-KERALA) · Section. 244A
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ITAT - Scholarship to the children of members, payment to legal heirs of members and gifts to members by cooperative society. Assessee had incurred it for preserving business connection and goodwill of the business. Expenditure allowed.
The Kalupur Commercial Co-op. Bank Ltd. Versus The ACIT, Range-7, Ahmedabad
(2016) TaxCorp(LJ) 11203 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=50906&Category=ITAT&CategoryType=Zip
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ITAT - Since asset is not depreciable asset, provisions of section 50 are not applicable.
Khanna Ice and Cold Storage Pvt. Ltd. Versus ITO 10 (3) (4), Mumbai
(2016) TaxCorp(LJ) 11202 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=51496&Category=ITAT&CategoryType=Zip
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ITAT - The presumption shall arise that loan is on capital field until the same is rebutted by the assessee. Notional loss arising on restatement/revaluation of foreign currency loans cannot be allowed as deduction u/s 37(1).
Likproof India Private Ltd. Versus Addl. Commissioner of Income Tax – Ward 1 (2), Mumbai
(2016) TaxCorp(LJ) 11201 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=51497&Category=ITAT&CategoryType=Zip
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ITAT - As the interest income is held to be not chargeable to tax in the year under consideration, the assessee cannot be allowed to avail credit for TDS on such interest income against tax on his other income.
Dev Raj Kataria Versus DCIT, Panipat Circle, Panipat
(2016) TaxCorp(LJ) 11200 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=51498&Category=ITAT&CategoryType=Zip
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HC - Expenditure incurred on conversion of convertible debentures into equity shares is capital in nature.
M/s. Ashima Syntex Ltd. Versus Assistant Commissioner of Income Tax
(2016) TaxCorp(LJ) 11199 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=66383&Category=Judgment&CategoryType=Zip
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ITAT - Once the delay in filing the return has been condoned, it becomes a valid return and therefore grant of interest u/s 244A(2) is only consequential.
PALA MARKETING CO-OP. SOCIETY LTD Versus THE COMMISSIONER OF INCOME TAX KOTTAYAM AND JOINT COMMISSIONER OF INCOME TAX (ASSESSMENT), SPECIAL RANGE, KOTTAYAM
(2016) TaxCorp(LJ) 11198 (HC-KERALA) · http://taxcorp.in/FileOpenDT.aspx?ID=66392&Category=Judgment&CategoryType=Zip
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HC - Where the maintenance charges etc. are stipulated to be payable by the licencee or the lessor it must form part of the rent for the purpose of computing the annual value.
Sunil Kumar Gupta Versus Assistant Commissioner of Income Tax, Circle-II, Amritsar
(2016) TaxCorp(LJ) 11196 (HC-P&H) · http://taxcorp.in/FileOpenDT.aspx?ID=66394&Category=Judgment&CategoryType=Zip
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SC - Expenditure incurred on issue of shares is eligible to be amortized u/s 35D since the very same provisions benefit is allowed for the first two Assessment Years.
M/s. SHASUN CHEMICALS AND DRUGS LTD. Versus COMMISSIONER OF INCOME TAX-II, CHENNAI
(2016) TaxCorp(LJ) 11195 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=66395&Category=Judgment&CategoryType=Zip
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ITAT Fee levied u/s 234E to be deleted absent enabling provision u/s 200A prior to June 1, 2015.
Gajanan Constructions and others vs. DCIT (TDS) and others
(2016) TaxCorp(LJ) 11194 (ITAT-PUNE) · Sections. 200A, 234E
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