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ITAT - Since assessee was himself ill due to which he could not maintain essential books, hence same constitutes a reasonable cause u/s 271B. Penalty deleted.
Shri Parthsarthi Naidu Versus ITO, Ward 2 (1), Indore.
(2016) TaxCorp(LJ) 10979 (ITAT-INDORE) · http://taxcorp.in/FileOpenDT.aspx?ID=51052&Category=ITAT&CategoryType=Zip
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AAR - Capital-gains to a Mauritian company on transfer of shares of Indian asset management and trustee companies not taxable under article 13 of India-Mauritius DTAA.
Shinsei Investment I Limited
(2016) TaxCorp(LJ) 10969 (AAR)
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Condonation of delay: An appeal wrongly filed before the AO and not CIT(A) is an unintentional lapse of the assessee. The AO ought to have returned the appeal to enable the assessee to take corrective steps. The likelihood of error is inherent in human nature The power of condonation is in view of human fallibility and must be exercised in cases of bona fide lapses
Prashanth Projects Ltd vs. DCIT
(2016) TaxCorp(LJ) 10958 (HC-BOMBAY)
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S. 14A Rule 8D: The AO must examine the accounts closely and determine if at all any expenditure could be ascribed to the tax exempt dividend/interest earned by the assessee. If the tax exempted income was earned without the interference of any employee the question of attributing any expenditure cannot arise at all
Pradeep Khanna vs. ACIT
(2016) TaxCorp(LJ) 10957 (HC-DELHI) · Section 14A
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S. 256(1): Failure to serve reference as provided by Rule 658 of the Bombay High Court Rules upon the Respondent means that the applicant is not interested in pursuing the reference and the same has to be returned unanswered
Naath Industries Pvt. Ltd vs. CIT
(2016) TaxCorp(LJ) 10956 (HC-BOMBAY) · Section 256(1)
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S. 145A(a)(ii) applies only to goods and not services. Service-tax billed on rendering of services is not includible as trading receipts. No disallowance u/s 43B can be made for the unpaid service-tax liability which is not claimed as a deduction
CIT vs. Knight Frank (India) Pvt. Ltd
(2016) TaxCorp(LJ) 10955 (HC-BOMBAY) · Section 145A(a)(ii)
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HC - Writ dismissed - ITSC justified in rejecting application on the ground that additional income offered by assessee in the application was prima facie not full and true.
Dix Francis Vs. The Income Tax Settlement Commission
(2016) TaxCorp(LJ) 10949 (HC-MADRAS)
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A Public Interest Litigation (PIL) filed by a lawyer to gain popularity and publicity and attract more clients amounts to an unethical practice of soliciting work and is in violation of the Code of Conduct. The Media should not publish the names of the advocates who appeared in any case as it is an indirect method of soliciting work or indulging in advertisement of the professional abilities or skills of the advocates. The Media should also not publish the names of the Judges unless it is so essentially required
S. Baskar Mathuram vs. The State of Tamil Nadu
(2016) TaxCorp(LJ) 10948 (HC-MADRAS)
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S. 68: When the facts show that the loan applications of 37 alleged trade creditors were processed and handled by the assessee and that the loan amounts were not reflected in the returns of the alleged creditors, the High Court erred in remanding the matter to the AO on the ground that the AO ought to given notice to the alleged trade creditors
CIT vs. Karnataka Planters Coffee Curing Work (P) Ltd
(2016) TaxCorp(LJ) 10947 (SC) · Section 68
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S. 275: Penalty proceedings for contravention of Sections 269SS & 269T are not related to the assessment proceeding but are independent of it. Therefore, the completion of appellate proceedings arising out of the assessment proceedings has no relevance. Consequently, the limitation prescribed by s. 275(1)(a) does not apply. The limitation period prescribed in s. 275(1)(c) applies to such penalty proceedings
CIT vs. Hissaria Brothers
(2016) TaxCorp(LJ) 10946 (SC) · Section 275
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ITAT - The fact remains that the property was settled by way of family arrangement for convenient enjoyment and the property remains with assessee’s son and daughter. Therefore, the exemption u/s 54F/54 cannot be denied.
Smt. Rukmani Santhanam Versus The Income Tax Officer, Business ward IV (4), Chennai
(2016) TaxCorp(LJ) 10944 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=50987&Category=ITAT&CategoryType=Zip
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ITAT - Since amount received from US company was primarily towards exclusive rights for marketing of specified products developed by assessee, no Sec. 10AA deduction to SEZ.
DCIT. vs. Serum Institute of India Ltd.
(2016) TaxCorp(LJ) 10921 (ITAT-PUNE) · Section. 10AA
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ITAT - TDS u/s 195 not applicable on payment to an Israel company under annual maintenance contract as the same not taxable in India.
ACIT. vs. HCL Comnet Ltd.
(2016) TaxCorp(LJ) 10920 (ITAT-DELHI)
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ITAT - As per FOB/FCA delivery terms, title passed ‘outside India’, therefore ‘Offshore supplies’ not taxable in India.
Ion Geophysical Corporation Vs. DCIT
(2016) TaxCorp(LJ) 10919 (ITAT-DELHI)
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ITAT - receipts from the pathological laboratory have to be considered as business receipts, as for earning professional receipts holding of a professional qualification would be sine qua non. Since gross receipts were only 42 lakhs, penalty u/s 271B quashed.
Sushila Sharma Versus Income-Tax Officer
(2016) TaxCorp(LJ) 10918 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=50475&Category=ITAT&CategoryType=Zip
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ITAT - No Disallowance of loan processing charges and pre-payment charges paid to the bank. So long as the expenses incurred by the assessee are genuine and not part of any colorable device to make tax evasion, then such expenses should be allowed.
Peepul Tree Properties P. Ltd. Versus Asst. CIT 5 (1) , Mumbai
(2016) TaxCorp(LJ) 10917 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=50497&Category=ITAT&CategoryType=Zip
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ITAT - If it is found that the assessee was accepting bogus donations, then that fact can only lead to an inference that the activities of the trust are not genuine or are not carried out in accordance with the objects of the trust. Continuance of registration under section 12A denied.
Dr. B.G. Memorial Trust Versus Commissioner Of Income-Tax (Exemption)
(2016) TaxCorp(LJ) 10916 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=50336&Category=ITAT&CategoryType=Zip
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ITAT - Merely because profits have resulted from the activities of imparting education, it would not result in change of character of the education that it was solely for educational purpose. Exemption allowable under section 11 & 12.
Society for Participatory Research in Asia Versus Income Tax Officer (E) , Trust Ward-III, New Delhi
(2016) TaxCorp(LJ) 10915 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=50558&Category=ITAT&CategoryType=Zip
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ITAT - Since SIES has not specifically stated that the amount received from the assessee was returned back as per the modus operandi, it cannot be held conclusively that either no donation was paid by the assessee to SIES or the amount paid by the assessee was returned by SIES. Deduction u/s 80G allowed.
M/s. Logus Realty Pvt. Ltd. Versus The Addl. CIT Range 8 (2) , Mumbai.
(2016) TaxCorp(LJ) 10914 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=50919&Category=ITAT&CategoryType=Zip
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ITAT - In the case of amalgamation, the assessment must be made on the successor i.e. the amalgamated company and not on the predecessor i.e. amalgamating company.
Maruti Suzuki India Ltd. Versus Dy. Commissioner of Income Tax, Circle-16 (1), New Delhi
(2016) TaxCorp(LJ) 10912 (ITAT-DELHI) · http://taxcorp.in/FileOpenINTL.aspx?ID=10631&Category=INTLDecisions&CategoryType=Zip
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