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SC - Deduction u/s 36(1)(ii) is available to assessee-company for payment of bonus to employees through a Trust. Sec 40A(9) not applicable to payment of bonus as sub-clause (ii) of Sec 36(1) not covered therein.
Shasun Chemicals and Drugs Ltd. vs. CIT
(2016) TaxCorp(LJ) 11193 (SC) · Sections. 36(1)(ii), 40A(9)
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ITAT - Payment of legal fees to UK based firm not royalty/FTS under India-UK DTAA. TDS u/s 195 not applicable.
M/s. Kotak Mahindra Bank Limited Vs. The Income Tax Officer
(2016) TaxCorp(LJ) 11192 (ITAT-MUMBAI) · Section. 195
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ITAT - Diminution of value of shares is to be treated as business loss following egular method of valuation of stock.
IL and FS Employees Welfare Trust Versus Addl. Commr. Of Income Tax 19 (3), Mumbai and Vica-Versa
(2016) TaxCorp(LJ) 11191 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=51487&Category=ITAT&CategoryType=Zip
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ITAT - No disallowance u/s 14A can be made more than the exempt income.
M/s CNI Research Ltd. Versus DCIT-5 (1), Mumbai
(2016) TaxCorp(LJ) 11190 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=51361&Category=ITAT&CategoryType=Zip
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ITAT - Since broker was not suspended during the period, when the transactions for sale & purchase of the shares taken place, the suspension of the broker by SEBI will not hold the transaction invalid. Loss on shares allowed.
Pavil lion Commercial Pvt. Ltd. Versus ITO Ward-5 (2), Kolkata
(2016) TaxCorp(LJ) 11188 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=51489&Category=ITAT&CategoryType=Zip
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ITAT - Where AO failed to make inquiries about difference of TDS as per 26AS and TDS as declared in Return, revision order u/s 263 is valid.
M/s. PBN Construction (P) Ltd., Siliguri Versus Pr. C.I.T. - Siliguri
(2016) TaxCorp(LJ) 11187 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=51490&Category=ITAT&CategoryType=Zip
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ITAT - Depositing cash into the Bank Account of Supplier against issue / purchasers of Country Spirit is not evasion of tax. No additions u/s 40A(3). Genuineness of the transactions being free from vice of any device of evasion of tax is relevant consideration.
Smt. Shila Mondal Versus Commissioner of Income Tax (Appeals) Asansol, Office of the ITO, Ward-2 (2) , Asansol
(2016) TaxCorp(LJ) 11186 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=51491&Category=ITAT&CategoryType=Zip
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SC - SLP Dismissed - HC had held that if the transfer was conditional and if the assessee fails to comply with conditions and therefore, the shares could not be transferred in his name, then, applicability of Section 28(iv) is ruled out.
COMMISSIONER OF INCOME TAX Versus SHRI ASHISH P. DEORA
(2016) TaxCorp(LJ) 11185 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=66376&Category=Judgment&CategoryType=Zip
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ITAT - Amount received on transfer of software undertaking by assessee-company to Indian branch of its AE is taxable as slump sale u/s 50B and not as business non compete fees u/s 28(va).
Sella Synergy India Pvt. Ltd. vs. DCIT
(2016) TaxCorp(LJ) 11184 (ITAT-CHENNAI)
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HC - Filing of multiple petitions by Revenue, against same order is a wastage of public money.
CIT. vs. Income Tax Settlement Commission
(2016) TaxCorp(LJ) 11183 (HC-BOMBAY)
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S. 10B: Export of Legal Services by a law firm to its overseas clients by transfer of customized electronic data constitutes export of "computer software" as per Explanation 2 to s. 10B and is eligible for deduction
ACIT vs. M/s. Majmudar & Co
(2016) TaxCorp(LJ) 11182 (ITAT-MUMBAI) · Section 10B
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S. 80P(2)(d): Interest and dividend earned by a co-op society on investments with other co-operative societies is eligible for deduction. The question whether the co-op society is engaged in the business of banking for providing credit facilities to its members and the head under which the income is assessable is not material (Totagar’s Co-op Society 322 ITR 283 (SC) distinguished)
Lands End Co-operative Housing Society Ltd vs. ITO
(2016) TaxCorp(LJ) 11181 (ITAT-MUMBAI) · Section 80P(2)(d)
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ITAT - Addition to additional income offered during the survey due to threat, undue influence or coercion not justified. Department directed to refund the taxes.
Shri Pandoo P. Naig, Prakash B. Bandarkar, Pravin B. Bandarkar Versus ACIT, CC-32, Mumbai Vice-Versa
(2016) TaxCorp(LJ) 11180 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=51370&Category=ITAT&CategoryType=Zip
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ITAT - Registration u/s.12AA cannot be rejected merely becuase trust has mixed objects. CIT(E) should be considering only the charitable side of the institution and grant the registration.
Spirit and Truth Foundation Versus Commissioner of Income-tax, (Exemptions), Hyderabad
(2016) TaxCorp(LJ) 11179 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=50066&Category=ITAT&CategoryType=Zip
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ITAT - Mere erroneous claim in the absence of any concealment or furnishing of inaccurate particulars is not a ground for levying penalty.
M/s. St. Croix Systems India Pvt. Ltd. Versus Income Tax Officer, Ward-3 (1), Hyderabad
(2016) TaxCorp(LJ) 11178 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51382&Category=ITAT&CategoryType=Zip
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ITAT - Where declared income is more than the estimated income applying 8% of the works contract, addition cannot be made.
M/s Zuberi Engineering Co. Versus D.C.I.T., Circle-2, Jaipur And A.C.I.T., Circle-2, Jaipur
(2016) TaxCorp(LJ) 11177 (ITAT-JAIPUR) · http://taxcorp.in/FileOpenDT.aspx?ID=51379&Category=ITAT&CategoryType=Zip
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ITAT - In deposit of trading receipts of the firm in the bank account of the partner, the assessee has not violated any of the provisions of the Income Tax Act, no addition in hands of partner
Income Tax Officer, Ward-30 (1), New Delhi Versus Sh. Vinod Chadha, C/o- Moti Mahal Restaurant and Vica-Versa
(2016) TaxCorp(LJ) 11176 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=50312&Category=ITAT&CategoryType=Zip
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ITAT - Gain due to foreign exchange fluctuation is capital in nature since the transaction was relatable to acquisition of capital asset.
M/s Renault India Pvt. Ltd. Versus The Deputy Commissioner of Income Tax, Chennai
(2016) TaxCorp(LJ) 11175 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=50882&Category=ITAT&CategoryType=Zip
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HC - No TDS u/s 194A for cooperative society on the payment of interest on time deposits of members paid or credited before 1st June 2015.
2016 (9) TMI 1078 - KARNATAKA HIGH COURT
(2016) TaxCorp(LJ) 11174 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=66299&Category=Judgment&CategoryType=Zip
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ITAT - TDS certificate even though issued in the name of the previous owner of the bond, still the fact remains that the assessee has not claimed credit for TDS in any other assessment year. Credit allowed.
I.T.O., Ward-31 (1), Kolkata Versus M/s. Bata India Ltd. Employees Statutory Provident Fund, Kolkata
(2016) TaxCorp(LJ) 11173 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=51433&Category=ITAT&CategoryType=Zip
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