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HC - Quality of representation on behalf of the Revenue - Inconsistent stand being taken by the Revenue in different appeals raising identical issues - most matters are distributed amongst a few Advocates with the result we have occasions where a single Advocate appears in eight/nine matters a day. This indeed is expecting the moon from the panel Advocate.
The Commissioner of Income Tax-8 Versus M/s. TCL India Holdings Pvt. Ltd.
(2016) TaxCorp(LJ) 10698 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=65746&Category=Judgment&CategoryType=Zip
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HC - It is not impermissible for the AO to rely on report of investigation wing, as long as he has applied his mind to the materials on record and formed his own belief that on the basis of such material, it can be stated that income chargeable to tax has escaped assessment.
HVK INTERNATIONAL PVT LTD Versus DEPUTY COMMISSIONER OF INCOME TAX - CENTRAL CIRCLE-3
(2016) TaxCorp(LJ) 10697 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=65747&Category=Judgment&CategoryType=Zip
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HC - Liability to pay the excess amount to the Government arose as soon as the sale of drugs took place and thus, such liability was a determined and statutory.
CIT. vs. Hoechst India Limited
(2016) TaxCorp(LJ) 10688 (HC-BOMBAY)
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ITAT - Advertisement expenses incurred by assessee engaged in portfolio management and advisory services in capacity as a ‘sponsor’ of Mutual Fund for promoting various mutual-fund schemes are allowable u/s 37(1).
Quantum Advisors Pvt. Ltd. vs. DCIT
(2016) TaxCorp(LJ) 10687 (ITAT-MUMBAI)
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ITAT - Interest u/s 234B(1) to be computed from first day of assessment year (AY) till the date of processing u/s. 143(1) and then, enhanced interest shall be levied u/s 234B(3) pursuant to recomputation u/s 153A.
MBG Commodities (P) Ltd. vs. DCIT
(2016) TaxCorp(LJ) 10686 (ITAT-HYDERABAD) · Sections. 234B, 153A
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HC - Since claim u/s 80IA/80HHC were processed by the earlier AO at length, mere fact that such claim were not examined from a particular angle cannot be a ground for reassessment.
Principal CIT. vs. Sun Pharmaceutical Industries Ltd.
(2016) TaxCorp(LJ) 10685 (HC-GUJARAT)
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ITAT - Assessee’s treatment of declaring short term capital gains based on earlier ‘unregistered’ agreement to sale entered with vendee justified. General-law applies over TOPA. Addition deleted.
Sapnaben Dipakbhai Patel Vs. ITO
(2016) TaxCorp(LJ) 10684 (ITAT-AHMEDABAD)
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ITAT - In absence of primarily evidence of nature of services rendered for which commission was paid is not on record, it is not possible to ascertain whether the expenditure was wholly and exclusively incurred for the purpose of business.
I.T.O., Ward-7 (1) , Kolkata Versus M/s. Hitech Visual Channel Pvt. Ltd.
(2016) TaxCorp(LJ) 10683 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=50270&Category=ITAT&CategoryType=Zip
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HC - Expenditure towards bank charges for setting up new business is capital in nature.
M/s Video Plaza Versus I.T. Officer, Ward-1 (4), Durgapur
(2016) TaxCorp(LJ) 10682 (HC-CALCUTTA) · http://taxcorp.in/FileOpenDT.aspx?ID=65686&Category=Judgment&CategoryType=Zip
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ITAT - The burden is upon assessee to prove the necessary ingredients of section 68. Upon failure to do so the consequences were bound to follow.
M/s. Kothari Marketing Pvt. Ltd. Versus Income Tax Officer, Ward 6 (2) Kolkata & Another
(2016) TaxCorp(LJ) 10681 (HC-CALCUTTA) · http://taxcorp.in/FileOpenDT.aspx?ID=65683&Category=Judgment&CategoryType=Zip
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HC - No addition on account of difference in stock statement as furnished before the bank as compared to shown in books of account for availing higher credit facility.
COMMISSIONER OF INCOME TAX RAJKOT-I Versus PATEL PROTEINS PVT. LTD
(2016) TaxCorp(LJ) 10680 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=65703&Category=Judgment&CategoryType=Zip
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ITAT - Where sales effected by the suppliers are accepted, the purchases made from them by the assessee cannot be held to be non- genuine.
Assistant Commissioner of Income-Tax Versus Jaybharat Textiles and Real Estate Ltd.
(2016) TaxCorp(LJ) 10679 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=50114&Category=ITAT&CategoryType=Zip
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ITAT - The assessee has rightly claimed depreciation on the vehicles having possession and dominion over the income and control over their operations.
Mangal Singh Palsania Versus Assistant Commissioner of Income-Tax
(2016) TaxCorp(LJ) 10678 (ITAT-JAIPUR) · http://taxcorp.in/FileOpenDT.aspx?ID=50115&Category=ITAT&CategoryType=Zip
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ITAT - Assessing Officer cannot take a view either against or in favour of the assessee without making proper enquiries and without proper examination. Revision u/s 263 justified.
Late N. Dhanasekaran Versus The Income-tax Officer, Ward-I (1) , Erode and N. Rajendran Versus The Income-tax Officer, Ward-II (4), Erode.
(2016) TaxCorp(LJ) 10677 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=50235&Category=ITAT&CategoryType=Zip
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ITAT - Cash credit - Peak Credit Theory - Bogus purchase - The supplier parties to whom cheque payments were made for purchases booked in books of account, returns the corresponding cash back to the assessee after deducting certain commission, and this cash is available for making subsequent cash purchases. In such circumstances, only the peak of the unexplained cash utilized in cash purchases can be added to the income of the assessee.
Deputy Commissioner of Income Tax, Circle-7 (1) , New Delhi Versus M/s. S.B. Medicare Pvt. Ltd.
(2016) TaxCorp(LJ) 10676 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=50277&Category=ITAT&CategoryType=Zip
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ITAT - TDS u/s 194C and not u/s 194J is applicable on payments made for supplying copies of final negative.
Dy. Commissioner of Income Tax Act (TDS) Versus M/s. Yash Raj Films P. Ltd.
(2016) TaxCorp(LJ) 10674 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=50292&Category=ITAT&CategoryType=Zip
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ITAT -Project development expenditure is revenue in nature as there is no concept of deferred revenue expenditure in the Act.
Reliance Fresh Ltd., Reliance Digital Retail Ltd Versus ACIT 7 (2), Mumbai
(2016) TaxCorp(LJ) 10673 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=50294&Category=ITAT&CategoryType=Zip
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SC - SLP Dismissed - HC had disallowed provision for loss on transit-breakages absent scientific basis to determine the amount of provision.
Seagram Distilleries (P) Ltd. Vs. Commissioner Of Income Tax-Iii
(2016) TaxCorp(LJ) 10671 (SC)
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ITAT - ALV of a commercial complex remaining vacant is Nil’. Revenue's determination of gross ALV based on actual rent received for same property in earlier years not valid.
Vikas Keshav Garud vs. ITO
(2016) TaxCorp(LJ) 10670 (ITAT-PUNE) · Section .23(1)(c)
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ITAT - Show cause notice u/s. 274 does not spell out the grounds on which the penalty is sought to be imposed, no penalty u/s 271(1)(c).
Bengal Infertility and Reproductive Therapy Hospital Pvt. Ltd. Versus A.C.I.T., Central Circle-VII, Presently DCIT-C. C. VII. Kolkata
(2016) TaxCorp(LJ) 10669 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=50251&Category=ITAT&CategoryType=Zip
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