Category: Judgments

DVO Reference u/s 55A condition u/s 50C applies only when stamp duty value is higher than the sales consideration as per agreement-ITAT

DVO Reference u/s 55A condition u/s 50C applies only when stamp duty value is higher than the sales consideration as per agreement-ITAT

May 8, 2016 Income Tax, ITAT, Judgments
DVO Reference u/s 55A condition u/s 50C applies only when stamp duty value is higher than the sales consideration as per agreement. This was held by ITAT Mumbai in its recent judgment as under: Case Law Details: ITA No. 5133/Mum/2014  Assessment Year : 2009-10 Dy. Commissioner of Income Tax vs. M/s Shree Aditya …
Assessee entitled to option u/s 112(1)(a) for indexation/ non-indexation and pay tax on capital gains @20% or 10%. Benefit cannot be denied merely for not filing details in income return.

Assessee entitled to option u/s 112(1)(a) for indexation/ non-indexation and pay tax on capital gains @20% or 10%. Benefit cannot be denied merely for not filing details in income return.

May 8, 2016 Income Tax, ITAT, Judgments
Assessee entitled to option u/s 112(1)(a) for indexation/ non-indexation and pay tax on capital gains @20% or 10%. Benefit cannot be denied merely for not filing details in income return. This was ruled by ITAT Mumbai in a recent judgment as under. Case Law Details: ITA No. 5977/Mum/2013  Assessment Year : 2010-11 …
Penalty u/s 271(1)(c) merely because quantum was decided against assessee by ITAT. The assessment and penalty proceedings are independent

Penalty u/s 271(1)(c) merely because quantum was decided against assessee by ITAT. The assessment and penalty proceedings are independent

May 7, 2016 Income Tax, ITAT, Judgments
Penalty u/s 271(1)(c) not imposable merely because quantum was decided against assessee by ITAT. The assessment proceedings and penalty proceedings are independent proceedings. ITAT Amritsar, in a recent judgment, upheld the deletion of the peanlty when additions were made on estimation basis. Case Law Details : I.T.A No.148 (Asr)/2014 Assessment Year: …
The contents of Reports alleging sexual harassment can hardly relate to affairs of State or anything concerning national security-Supreme Court

The contents of Reports alleging sexual harassment can hardly relate to affairs of State or anything concerning national security-Supreme Court

May 6, 2016 Supreme Court
The contents of Reports alleging sexual harassment can hardly relate to affairs of State or anything concerning national security-Supreme Court. The Government officials seems to have double standards when it comes to maintain transparency in their conduct in dealing with sexual harassment at work place. The recent judgment …
Debenture restructuring charge paid to debenture holders for re-negotiating terms and conditions to extend the redemption date held revenue expenditure-ITAT

Debenture restructuring charge paid to debenture holders for re-negotiating terms and conditions to extend the redemption date held revenue expenditure-ITAT

May 6, 2016 Income Tax, ITAT, Judgments
Debenture restructuring charge paid to debenture holders for re-negotiated terms and conditions to extend the redemption date was held to be revenue expenditure-ITAT Case Law Details: DCIT vs. M/S JUBILANT FOOD WORKS LTD. ITA No.1407/Del/2014 A.Y. : 2004-05 Date of Order/Judgment: 05/05/2016 Important Case Laws Referred: CIT vs. Gujarat Guardian …
Temporary business closure, lull-Rent, staff, other business expenses incurred to keep business alive cannot be disallowed-ITAT

Temporary business closure, lull-Rent, staff, other business expenses incurred to keep business alive cannot be disallowed-ITAT

May 5, 2016 Income Tax, ITAT, Judgments
Temporary business closure, lull and disallowance of expenses Expenses of rent staff and various other business expenses establish that those were incurred to keep its business alive they cannot be disallowed merely on the ground of temporary closure or lull in business due to recession in the market-held by …
CIT(Appeals) must pass speaking order even in ex-parte cases. Appeal dismissed in limine for non appearnace remanded back by ITAT

CIT(Appeals) must pass speaking order even in ex-parte cases. Appeal dismissed in limine for non appearnace remanded back by ITAT

May 5, 2016 Income Tax, ITAT, Judgments
CIT Appeals must pass speaking order even in ex-parte cases. ITAT Delhi, in a recent case remanded back the appeal of the assessee which was dismissed in limine by CIT(A) for non appearnace.  Case Law Details: I.T.A .No.-2379/Del/2015 (ASSESSMENT YEAR-2010-11) Abhinav Dwivedi vs ITO Date of Judgment/Order: 04/05/2016 Brief Facts of the …
Reopening u/s 147/148. Post mortem exercise of analysing materials will not cure an order invalid due to non satisfaction of jurisdictional requirement

Reopening u/s 147/148. Post mortem exercise of analysing materials will not cure an order invalid due to non satisfaction of jurisdictional requirement

May 4, 2016 Income Tax, ITAT, Judgments
Reopening of a case u/s 147/148, a post mortem exercise of analysing materials produced subsequently will not cure an inherently defective reopening order from invalidity due to non satisfaction of jurisdictional requirement. ITAT Delhi has relied on Delhi High Court judgment and quashed the reassessment proceedings and allowed the legal issue in …
Merging orders of re-assessment u/s 143(3)/147 and original assessment u/s 143(3) for the purpose of rectification time limit u/s 154 do not apply

Merging orders of re-assessment u/s 143(3)/147 and original assessment u/s 143(3) for the purpose of rectification time limit u/s 154 do not apply

May 2, 2016 Income Tax, ITAT, Judgments
In a recent judgment, ITAT Kolkata has held that the re-assessment under section 143(3)/147 is independent and separate from the original assessment order passed u/s 143(3) and it can not be said that the both the orders of assessment made u/s 143(3) originally and the assessment made subsequently u/s …