Category: Judgments

DVO Valuation report taking 2 Percent per month escalation for determining the value of property relying on none month old sales instance was not based on any Income Tax Rules-ITAT

DVO Valuation report taking 2 Percent per month escalation for determining the value of property relying on none month old sales instance was not based on any Income Tax Rules-ITAT

May 15, 2016 Income Tax, ITAT, Judgments
DVO Valuation report taking 2 Percent per month escalation for determining the value of property relying on nine month old sales instance was not based on any Income Tax Rules. This was held by the ITAT Hyderabad in a recent judgment. It also pointed out that if the DVO has not …
Reopening us 147 for accommodation entries quashed. AO did not describe how and what manner assessee received entries from operators and paid cash

Reopening us 147 for accommodation entries quashed. AO did not describe how and what manner assessee received entries from operators and paid cash

May 14, 2016 Income Tax, ITAT, Judgments
Reopening us 147 for accommodation entries quashed. AO did not describe how and what manner assessee received entries from operators and paid cash. Case Law Details: Dhanuka Agritech Ltd vs. ACIT ITA No. 1003/Del./2014 : AY : 2003-04 Date f Order/Judgment: 11/05/2016 Brief Facts of the Case: After the …
Basic Maxims-Principles of Natural Justice. Audi alteram partem, nemo judex in re sua. Order passed without confronting assessee with remand report quashed

Basic Maxims-Principles of Natural Justice. Audi alteram partem, nemo judex in re sua. Order passed without confronting assessee with remand report quashed

May 14, 2016 Income Tax, ITAT, Judgments
Basic Maxims-Principles of Natural Justice. Audi alteram partem, nemo judex in re sua Quoting the above maxim of natural justice as laid down by the Supreme Court, ITAT, New Delhi in a recent judgment set aside order passed by CIT(A) without confronting the assessee with the remand report …
Juridical seat of Arbitration attracts law of the location. In such cases Part I of the Arbitration Act would not have any application-Supreme Court

Juridical seat of Arbitration attracts law of the location. In such cases Part I of the Arbitration Act would not have any application-Supreme Court

May 14, 2016 Supreme Court
Juridical seat of Arbitration attracts law of the location. In such cases Part I of the Arbitration Act would not have any application-Supreme Court Case Law Details: Civil Appeals Nos. 5131-5133 of 2016 Eitzen Bulk A/S …. Appellants vs. Ashapura Minechem Ltd. & ANR. ..Respondents Civil Appeal No. 5136 of 2016 Ashapura …
No difference between gift and settlement for capital gain. Holding period of previous owner (settlor) transferring capital asset u/s 2(42A) to be counted

No difference between gift and settlement for capital gain. Holding period of previous owner (settlor) transferring capital asset u/s 2(42A) to be counted

May 12, 2016 Income Tax, ITAT, Judgments
No difference between gift and settlement for capital gains purposes. In a recent judgment, ITAT, Chennai has held that  there is no difference between a gift and settlement and for the purpose of computing capital gains, the holding period of the capital asset (Trade Mark) transferred,  the holding period …
No mandatory show cause notice requirement us 263. Only reasonable opportunity of hearing to be afforded to the assessee-Supreme Court

No mandatory show cause notice requirement us 263. Only reasonable opportunity of hearing to be afforded to the assessee-Supreme Court

May 11, 2016 Income Tax, Judgments, Supreme Court
No mandatory show cause notice requirement us 263-SC. Only reasonable opportunity of hearing to be afforded to the assessee The Supreme Court in its latest judgment delivered in the case of legendary Indian Movie actor Amitabh Bachchan (Big-B) has upheld and restored the CIT revisionary order u/s 263 …
15% deduction for CPWD and State PWD rate variation allowable when AO estimated construction cost based on valuation cell report using CPWD Rates

15% deduction for CPWD and State PWD rate variation allowable when AO estimated construction cost based on valuation cell report using CPWD Rates

May 10, 2016 Income Tax, ITAT, Judgments
15% deduction for CPWD and State PWD rate variation allowable when AO estimated the cost of building construction based on the report of the valuation cell. This was stated by ITAT Visakhapatnam in a recent judgment as under: Case Law Details: I.T.A.No.430/Vizag/2014  Assessment Year: 2007-08 B. Madhusudhana Reddy  vs. ACIT Date …
The Word record us 154 include all records available with AO. Rectification of Mistake not confined to mere clerical or arithmetical mistake-ITAT

The Word record us 154 include all records available with AO. Rectification of Mistake not confined to mere clerical or arithmetical mistake-ITAT

May 10, 2016 Income Tax, ITAT, Judgments
The Word record us 154 include all records available with AO. Rectification of Mistake not confined to mere clerical or arithmetical mistake. Meaning of the word “record” was clarified by ITAT Visakhapatnam in a recent judgment as under: Case Law Details: ITA No.727/Vizag/2013  Assessment Year: 2008-09 M/s. Y.V.R. & …
No Violation us 269SS-loan accepted passing journal entries. Penalty 271D can not be levied for acknowledgment of loan by passing journal entries

No Violation us 269SS-loan accepted passing journal entries. Penalty 271D can not be levied for acknowledgment of loan by passing journal entries

May 10, 2016 Income Tax, ITAT, Judgments
No Violation us 269SS-loan accepted passing journal entries. When the loan is accepted by acknowledgement of debt by passing journal entries in the books of accounts it cannot be considered as acceptance of loan in violation of the provisions of section 269SS of the Act, consequently, no penalty …