Category: Judgments

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 …
Penalty 271(1)(c) quashed for non-malafide conduct to evade tax payment for 68 years aged retired scientist not conversant with Income Tax Act

Penalty 271(1)(c) quashed for non-malafide conduct to evade tax payment for 68 years aged retired scientist not conversant with Income Tax Act

May 9, 2016 Income Tax, ITAT, Judgments
Penalty 271(1)(c) quashed for non-malafide conduct to evade tax payment in the case of 68 years aged retired scientist not very much conversant with the provisions of the Income Tax Act by ITAT Kolkata in its recent judgment as under: Case Law Details: ITA No.1900/Kol/2014 Assessment year : 2006-07 Dr.S.N.Ganguly vs. ACIT Date …
Payments to foreign professional firms by Indian CA firm for audit, taxation, VAT services not fee for technical services for disallowance u/s 40(a)(ia)

Payments to foreign professional firms by Indian CA firm for audit, taxation, VAT services not fee for technical services for disallowance u/s 40(a)(ia)

May 8, 2016 Income Tax, ITAT, Judgments
Payments to foreign professional firms by Indian CA firm for audit, taxation, VAT services not fee for technical services  for making disallowance u/s 40(a)(ia)  for non-deduction of tax at source. This was held by ITAT Mumbai in its following recent judgment Case Law Details: ITA No. 1917/MUM/2013 (Assessment …
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 …