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ITAT - Non filing of tax audit report and non filing of return in time by placing reliance on erstwhile Accountant is not reasonable cuase. Penalty u/s. 271B and 271F confirmed.
M/s. Laxmi Vayaapar Pvt. Ltd. Versus Income-tax Officer, Wd-3 (4), Kolkata
(2016) TaxCorp(LJ) 10668 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=50252&Category=ITAT&CategoryType=Zip
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ITAT - Merely because no explanation has been offered by the assessee , AO cannot automatically proceed to levy penalty as penalty proceeding is independent of assessment proceedings.
Manju Devi Dhanuka Versus Commissioner of Income-tax, Kolkata
(2016) TaxCorp(LJ) 10667 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=50253&Category=ITAT&CategoryType=Zip
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ITAT - AO cannot mechanically apply the provisions of Rule 8D for the purpose of disallowance u/s 14A. The same could be used only as a last resort only in the event of the AO not able to make a fair substitution of the disallowance figureu/s 14A(2).
M/s. Soyuz Trading Co. Ltd. Versus I.T.O., Ward-8 (4) , Kolkata
(2016) TaxCorp(LJ) 10665 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=50255&Category=ITAT&CategoryType=Zip
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ITAT - Expenditure on issue of convertible debenture directly related to the expansion of capital base of the companyis to be treated as capital expenditure.
Gruh Finance Ltd. Versus ACIT, Cir. 4 Ahmedabad
(2016) TaxCorp(LJ) 10664 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=50256&Category=ITAT&CategoryType=Zip
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SC - SLP Granted - Taxability of lease-line charges reimbursement
DIT. vs. WNS Global Services (UK) Ltd.
(2016) TaxCorp(LJ) 10663 (SC)
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ITAT - Providing services from SEZ within India doesn’t amount to export of services to foreign country so as to qualify for deduction u/s 10AA.
YCH Logistics (India) Private Limited vs. DCIT
(2016) TaxCorp(LJ) 10662 (ITAT-CHENNAI) · Section. 10AA
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ITAT - Since revenue failed to demonstrated as to how there was concealment of income/ furnishing inaccurate particulars of income, no penalty u/s 271(1)(c).
Qpro Infotech Ltd. vs. DCIT
(2016) TaxCorp(LJ) 10661 (ITAT-MUMBAI) · Section. 271(1)(c)
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HC - Possession date and not agreement date is relevant for determining land’s “effective” holding period.
Bindiya H. Malkani and Others vs. CIT
(2016) TaxCorp(LJ) 10660 (HC-BOMBAY)
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ITAT - Taxable income arising on account of revaluation, adjustment could be made to the profit and loss account for the purpose of “book profits” u/s 115JB.
Infibeam Incorporation Ltd. Versus The ITO Ward-4 (3), Ahmedabad
(2016) TaxCorp(LJ) 10659 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=50229&Category=ITAT&CategoryType=Zip
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ITAT - Where assessee immediately offered to rectify the mistake on detection, levy of penalty u/s 271(1) (c) not valid. Merely submitting an incorrect claim in law for the expenditure would not amount to furnishing inaccurate particulars of income.
Hewitt Associates (India) Pvt. Ltd. Versus DCIT, Circle 12 (1), New Delhi
(2016) TaxCorp(LJ) 10658 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=50231&Category=ITAT&CategoryType=Zip
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ITAT - Assessment order passed by AO on a defunct company was non est in the eyes of law.
VGB Investments Pvt. Ltd. Versus ITO Ward-17 (1), New Delhi.
(2016) TaxCorp(LJ) 10657 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=50232&Category=ITAT&CategoryType=Zip
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ITAT - CBDT has clarified that in cases prior to 1-4-2016, if any adjustment is made in the income computed for the purpose of MAT, then the levy of penalty u/s. 271(1) ( c) of the Act, will depend on the nature of adjustment. The CBDT has also directed the revenue authorities that no appeal may henceforth be filed on this ground and appeals already filed, if any, on this issue before various courts/tribunals may be withdrawn or not pressed upon.
M/s. Arviva Industries (India) Ltd. Versus The Asst. Commissioner of Income Tax, Circle-9 (1), Mumbai
(2016) TaxCorp(LJ) 10656 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=50233&Category=ITAT&CategoryType=Zip
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ITAT - Payments made by assessee to its foreign subsidiaries is not FTS as per the DTAA . No TDS u/s 195.
Batlivala and Karani Securities (India) Pvt. Ltd. Versus Deputy Commissioner of Income-tax, Circle-5, Kolkata.
(2016) TaxCorp(LJ) 10655 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=50234&Category=ITAT&CategoryType=Zip
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SC - SLP Dismissed - HC had held that mere sending of pre-printed notice with all ground mentioned not sufficient to levy penalty.
CIT. vs. Veerbhadrappa Sangappa & Co.
(2016) TaxCorp(LJ) 10654 (SC)
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ITAT - Where language of relevant provision is very clear and without any ambiguity, penalty u/s 271(1)(c) upheld.
SBI DFHI Limited Vs. Asst. CIT
(2016) TaxCorp(LJ) 10653 (ITAT-MUMBAI)
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An assessment made u/s 153A only on the basis of pre-search enquiries and because the parties did not appear in response to s. 133(6) summons is not valid if no incriminating material was found in search. A s. 143(1) Intimation is deemed to be a completed assessment if no notice u/s 143 (2) has been issued prior to the date of search. The ratio of CIT vs. Kabul Chawla 380 ITR 173 (Del) has to be understood by perusing the judgment in entirety and not by picking up the favourable sentences and by ignoring the unfavourable ones
Jaipuria Infrastructure Developers vs. ACIT
(2016) TaxCorp(LJ) 10652 (ITAT-DELHI) · Sections 153A, 133(6), 143(1)
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S. 9(1)(vi): Though in Infrasoft 220 Taxman 273 (Del) the impact of the amendment to s. 9(1)(vi) on the question whether consideration received for sale of pre-packaged software was “royalty” or “fee for technical services” or "business income" was not examined, it is not required to be examined because u/s 90 (3) provides that the Act prevails only if it is more beneficial compared to the DTAA
CIT vs. Halliburton Export Inc
(2016) TaxCorp(LJ) 10651 (HC-DELHI) · Section 9(1)(vi)
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HC - Where issue was examined by the AO during original assessment, it would not be open for the AO to reopen the assessment on this ground particularly after four years.
Adani Exports vs. ITO
(2016) TaxCorp(LJ) 10650 (HC-GUJARAT)
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HC - Very foundation of the reason recorded by the Assessing Officer for reopening the assessment fails. Reopening of assessment to make addition u/s 68 not valid.
M/s GUJARAT ECO TEXTILE PARK LTD Versus ASSISTANT COMMISSIONER OF INCOME TAX
(2016) TaxCorp(LJ) 10649 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=65671&Category=Judgment&CategoryType=Zip
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ITAT - The entire business of the stock broker constituted as one single composite indivisible business and therefore income or loss cannot be artificially bifurcated. Provisions of Explanation to Section 73 would not be applicable.
Deputy Commissioner of Income-tax, Circle-4, Kolkata Versus M/s. MPC Securities Ltd.
(2016) TaxCorp(LJ) 10648 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=50216&Category=ITAT&CategoryType=Zip
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