ITAT Judgments - Page 40

Security deposit forfeited against outstanding rent is allowable

Homecare Retail Marts Pvt. Ltd. Vs. ACIT (ITAT Mumbai)

The AO while completing the assessment disallowed the write off of security deposit treating it as capital deposit and by observing that it cannot partake the nature of revenue expenditure. He also observed that this deposit was not offered as income in the books of account and the transaction of passing security deposit is a capital tran...

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Compilation of recent important Income-tax Rulings 2016

Sec 194J TDS inapplicable on payments in kind, allows relief to SRK company [Red Chillies Entertainment Pvt. Ltd - ITA No.5271/Mum/2013 (Mum)]: Mumbai ITAT deletes expense disallowance u/s 40(a)(ia) in case of Red Chillies Entertainment Pvt. Ltd. for AY 2010-11, holds no Sec 194J TDS for payments made in kind to actors; Relies on SC ru...

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Posted Under: Income Tax |

All surrounding circumstances to a transaction is to be examined by AO in deciding genuineness of a claim

M/s. Maruti Impex vs JCIT (ITAT Mumbai)

The ITAT Mumbai in the above cited case held that the surrounding circumstances and human probabilities attached to a transaction should be examined by considering the transactions as a whole. Therefore, AO cannot decide the geniuses only finding some unusual things but also bound to examine the things which are indicating that the claim...

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Auditor’s opinion on Section 80P Interpretation, cannot be a Information for Reopening U/s 147

Jaipur Sahakari Kraya Vikraya Samiti Ltd. Vs ITO (ITAT Jaipur)

The case of assessee was reopened and the assessment under section 144 read with section 147 of the IT Act, 1961. While framing the assessment, the AO restricted the deduction claimed u/s 80P(2)(c)(i) of the Act and also confirmed the disallowance u/s 40(a)(ia) consequent to deposit...

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CIT cannot revise assessment for issues already examined by AO

M/s. Rachana Finance & Investments Pvt. Ltd. Vs CIT (ITAT Mumbai)

ITAT Mumbai held that CIT cannot revise assessment for making afresh examination of an issue already examined by the AO who has taken one of the possible views because there has been no erroneous order which could ordered to be revised. ...

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Can Non Resident Assessee avail 10% Tax rate on LTCG?

DDIT Vs Mitsubishi Motors Corporation (ITAT Delhi)

The assessee had applied tax rate of 10% in the terms of the proviso to section 112(1) of the Income Tax Act. However, the AO has applied tax rate of 20% as the proviso below section 112(1)(c) was not applicable in the case of non-residents....

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No TDS on commission paid outside India for services received outside India by Non-Residents

DCIT Vs M/s Sess Resources Ltd. (ITAT Panaji)

The commission earned by the non-resident agent who carried on the business of selling Indian goods outside India, cannot be said have deemed to be, income which has accrued and/or arisen in India & therefore no occasion to deduct tax at source in respect of the payment made to the non-resident agent arise & thus there is no liability to ...

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Reopening invalid if AO records satisfaction in mechanical manner & without application of mind

M/S Banke Bihari Properties Pvt. Ltd Vs ITO (ITAT Delhi)

While the CIT may have proceeded on the basis that the reopening of the assessment was valid, this does not satisfy the requirement of law that prior to the reopening of the assessment, the AO has to, applying his mind to the materials, conclude that he has reason to believe that income of the Assessee has escaped assessment....

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Demolition/Redevelopment not amounts to transfer, so no withdrawal of 54F

Shri Dilip Manhar Parekh Vs The Dy. CIT (ITAT Mumbai)

The assessee has been denied the deduction u/s 54F of the Act. the assessee has duly purchased and made investment in the residential bungalow at Juhu(new asset) along with co-owner Smt. Chhaya B. Parekh. The said bungalow was demolished for the purposes of redevelopment....

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In case of AIR based scrutiny AO’s scope is limited to AIR transactions only

Smt. Gurpreet Kaur Vs ITO (ITAT Amritsar)

ITAT Amritsar held that the scrutiny of cases selected on the basis of information received through Annual Information Return (AIR) would be limited only to the aspects of information received through AIR....

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