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ITAT - Big ticket land purchase without employing any fund of his own and almost immediate re-sale thereof clearly demonstrates the implicit intention of the assessee that the transaction entered was nothing but an ‘adventure in the nature of trade’ i.e. a business transaction.
Dilip Battu Karanjule Versus The Income Tax Officer, Ward 5 (2), Pune
(2016) TaxCorp(LJ) 11172 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=51437&Category=ITAT&CategoryType=Zip
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ITAT - Additions towards belated payment of employees’ contributions to PF u/s 43B is justified. There is no difference between employees and employer contribution to PF.
DCIT, Circle-3 (1), Visakhapatnam Versus M/s. Eastern Power Distribution Company of A.P. Ltd. and Vica-Versa
(2016) TaxCorp(LJ) 11171 (ITAT-VISAKHAPATNAM) · http://taxcorp.in/FileOpenDT.aspx?ID=51418&Category=ITAT&CategoryType=Zip
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ITAT - Disallowance of gifts given to Doctors justified since assessee failed to provide complete details containing names, addresses of the doctors so that Revenue could recover the due taxes from them.
M/s Shri Ramkrupa kedicare Versus ACIT, Circle-4, Baroda.
(2016) TaxCorp(LJ) 11170 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51442&Category=ITAT&CategoryType=Zip
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ITAT - Objects of the society are meant to help the retired advocates and also to the family of the deceased advocates. Registration to be granted U/s 12AA. There is no pension scheme flouted by any of the statutory bodies for the benefit of the lawyers’ community.
Abhibhashak Pension Sahyog Samiti Versus Commissioner of Income Tax (Exemption), Jaipur.
(2016) TaxCorp(LJ) 11169 (ITAT-JAIPUR) · http://taxcorp.in/FileOpenDT.aspx?ID=51443&Category=ITAT&CategoryType=Zip
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ITAT - There is no requirement that the windmill should be used in any manufacturing activity therefore assessee is entitled to the claim of additional depreciation 31(1)(iia).
Ultramarine and Pigments Limited Versus ACIT Range-7 (3), Mumbai
(2016) TaxCorp(LJ) 11166 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=51446&Category=ITAT&CategoryType=Zip
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ITAT - In case of independent accumulation of income u/s. 11(2), besides accumulation of profit u/s. 11(1)(a), the investment or deposit cannot be disallowed only for the reason that application of money was not for the object of the society.
The Deputy Director of Income Tax (Exemptions), Cirlce 17 (1) , Bangalore Versus Karnataka Jesuit Educational Society and Vica-Versa
(2016) TaxCorp(LJ) 11165 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=51447&Category=ITAT&CategoryType=Zip
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HC - Change in method of valuation of stock from “lowest price during the year” to the “weighted average cost” formula being bona fide and a permanent arrangement to be followed, the Revenue has no cause to complain.
Bajaj Auto Ltd. Bombay Versus The Commissioner of Income Tax-II, Bombay
(2016) TaxCorp(LJ) 11164 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=66363&Category=Judgment&CategoryType=Zip
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ITAT - No penalty u/s 271(1)(c) where claim of depreciation on financed leased assets disallowed as the issue is a debatable one.
Joint Commissioner of Income Tax, LTU, Bangalore Versus M/s. HP India Sales Pvt. Ltd.,
(2016) TaxCorp(LJ) 11163 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=50818&Category=ITAT&CategoryType=Zip
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ITAT - When the salary paid to the Director is still less than the salary paid to the other Directors during the year under consideration then the provisions of Section 40A(2) cannot be invoked.
M/s. Jupiter Technologies Pvt. Ltd. Versus Dy. Commissioner of Income Tax, Circle 4 (1) (1), Bangalore.
(2016) TaxCorp(LJ) 11162 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=51410&Category=ITAT&CategoryType=Zip
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ITAT - Purchase of tiles for construction of new floor on the leased asset of the company. Allowable as revenue expenditure u/s 37(1).
M/s. Rialto Enterprises Pvt. Ltd. Versus The Joint Commissioner of Income Tax, Corporate Range 5, Chennai
(2016) TaxCorp(LJ) 11161 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=51411&Category=ITAT&CategoryType=Zip
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ITAT - Interest received prior to commencement of commercial operations is in the nature of capital receipt and allowed to be set off against the pre-operative expenditure capitalized.
Road Infrastructure Development Company of Rajasthan Ltd. Versus The DCIT, Circle-6, Jaipur.
(2016) TaxCorp(LJ) 11160 (ITAT-JAIPUR) · http://taxcorp.in/FileOpenDT.aspx?ID=51412&Category=ITAT&CategoryType=Zip
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ITAT - Embezzled cash by an employee of the assessee in the course of business activity is business loss.
M/s Saravana Selvarathnam Trading and Manufacturing P. Ltd Versus The Asstt. Commissioner of Income-tax, Central Circle IV (2) , Chennai and The Dy. Commissioner of Income-taxCentral Circle 1 (2), Chennai
(2016) TaxCorp(LJ) 11159 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=51413&Category=ITAT&CategoryType=Zip
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SC - SLP Dismissed - HC had held that “initial assessment year” u/s 80IA would mean the first AY opted by assessee to claim 80IA benefit and not the year of commencement of eligible business.
CIT. vs. P. S. Velusamy
(2016) TaxCorp(LJ) 11153 (SC) · Section. 80IA
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SC - Section 44AD not applicable to assessee engaged in civil contracts businesss as the gross receipts exceed the eligible limit of Rs 40 lakhs prescribed under proviso to Sec 44AD(2)
Awasthi Traders vs. CIT
(2016) TaxCorp(LJ) 11152 (SC) · Section. 44AD
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HC -Where the issue is debatable then mere making of the claim on basis of a particular interpretation would not lead to an imposition of penalty u/s 271(1)(c).
DIT. vs. Koninklijke DSM NV
(2016) TaxCorp(LJ) 11151 (HC-BOMBAY)
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ITAT - Where assessee has fulfilled the requirement of sub-section (2) of section 271AAA in respect of money found during search u/s 132, no penalty.
Mirza Farhatullah Baig Versus Asst. Commissioner of Income-tax, Circle – 4 (1), Hyderabad
(2016) TaxCorp(LJ) 11150 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=51398&Category=ITAT&CategoryType=Zip
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ITAT - The loss written off due to write off of stock cannot be termed as unascertained liabilities. No adjustment can be made to determine book profit u/s 115JB.
M/s Sponge Iron India Ltd. (merged with NMDC Ltd.) Versus Dy. Commissioner of Incometax, Circle – 3 (2), Hyderabad
(2016) TaxCorp(LJ) 11149 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=50805&Category=ITAT&CategoryType=Zip
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ITAT - The monies received by the assessee are only trade advances and the same has been proved by the assessee as a genuine credit. Cannot be the subject matter of addition u/s 68.
Income-tax Officer, Wd-3 (4), Kolkata Versus M/s. Chitravali Sales (P) Ltd. and Vica-Versa
(2016) TaxCorp(LJ) 11148 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=51399&Category=ITAT&CategoryType=Zip
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ITAT - The disallowance made u/s 14A cannot be imputed in the computation of book profits u/s 115JB.
Deputy Commissioner of Income-tax, Circle-3, Kolkata Versus M/s. Surya Alloys Industries Ltd.
(2016) TaxCorp(LJ) 11147 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=51400&Category=ITAT&CategoryType=Zip
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ITAT - Where consultant doctors were paid fixed remuneration and the working conditions were under supervision and control of the hospital authorities, services are rendered in the nature of employee. TDS u/s 192 applicable.
M/s. Hosmat Hospital Pvt. Ltd. Versus Asst. Commissioner of Income-tax (TDS) , Circle 18 (1) , Bangalore and Vica-Versa
(2016) TaxCorp(LJ) 11146 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=51401&Category=ITAT&CategoryType=Zip
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