Priya Fulwani

Section 68, 69, 69A, 69B and 69C of Income Tax Act, 1961

Income Tax - Comparison between section 68, section 69, section 69A, section 69B and section 69C: -So far as section 68 is concerned, the onus is wholly upon the Assessee to explain the source of the entry. But in cases falling under section 69, 69A, 69B and 69C, the words used show that before any of these sections are invoked, the condition preceden...

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Set Off of Losses or Carry Forward and Set Off of Losses

Income Tax - SET OFF OF LOSS FROM ONE SOURCE AGAINST INCOME FROM ANOTHER SOURCE UNDER THE SAME HEAD OF INCOME (INTER SOURCE). SET OFF OF LOSS FROM ONE HEAD AGAINST THE INCOME FROM ANOTHER (INTER HEAD) ...

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Municipal value is a bonafide method to determine ALV even if market value of rent is higher

CIT Vs M/s NRB Bearing Ltd (ITATMumbai) - M/s NRB Bearing Ltd vs. Addl. Commissioner of Income Tax (ITAT Mumbai) Municipal rateable value cannot be rejected straightway.To reject the same, there must be reliable material on record.The market rate in the locality is an approved method for determining the fair rental value but it is only when...

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S. 80IB(10) -Canopy/ Porch cannot be treated as part of Built up Area as it is not habitable

DCIT Vs Smt. Suman Jagannath Pharande (ITAT Pune) - DCIT vs. Smt. Suman Jagannath Pharande (ITAT Pune) For the contention of inclusion of Canopy area in total built area, the ITAT held that built up area means the inner measurement of the residential unit at the floor level, including the projection and balconies, as increased by the thickness of the...

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ITAT explain difference between Corporation by and under an Act while considering TDS on Interest to Noida

Additional CIT (TDS) Vs Canara bank (ITAT Delhi) - The assessee, a Branch of Canara Bank, made interest payment of Rs.201,000,000/- to New Okhla Industrial Development Authority (herewith ‘NOIDA’), a creation of the UP Industrial Area Development Act, 1976, without withholding any tax at source....

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In absence of supportings addition to existing house may not be treated as construction of new house

Smt. Shakeera Begum Vs The Income Tax Officer (ITAT Hyderabad) - Smt. Shakeera Begum vs. ITO (ITAT Hyderabad) In the instant case, as the municipal approvals, completion certificates and authentic plans were not available, the ITAT could not conclude whether assessee had constructed new independent house and there was no evidence that the old building was ever de...

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Reimbursement of salary cost of high level managerial personal can be treated as FTS

M/s Food world Supermarkets Ltd. Vs Deputy Director of Income Tax (ITAT Bangalore) - Food world Supermarkets Ltd. vs.DCIT- ITAT Bangalore observed that the 5 seconded employees were not ordinary employees or workers but they were deputed at the high level managerial/executive positions which showed that they were deputed because of expertise and managerial skills in the field. ...

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Recent Posts in "Priya Fulwani"

Section 68, 69, 69A, 69B and 69C of Income Tax Act, 1961

Comparison between section 68, section 69, section 69A, section 69B and section 69C: -So far as section 68 is concerned, the onus is wholly upon the Assessee to explain the source of the entry. But in cases falling under section 69, 69A, 69B and 69C, the words used show that before any of these sections are invoked, the condition preceden...

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Municipal value is a bonafide method to determine ALV even if market value of rent is higher

CIT Vs M/s NRB Bearing Ltd (ITATMumbai)

M/s NRB Bearing Ltd vs. Addl. Commissioner of Income Tax (ITAT Mumbai) Municipal rateable value cannot be rejected straightway.To reject the same, there must be reliable material on record.The market rate in the locality is an approved method for determining the fair rental value but it is only when the AO is convinced that the case befor...

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S. 80IB(10) -Canopy/ Porch cannot be treated as part of Built up Area as it is not habitable

DCIT Vs Smt. Suman Jagannath Pharande (ITAT Pune)

DCIT vs. Smt. Suman Jagannath Pharande (ITAT Pune) For the contention of inclusion of Canopy area in total built area, the ITAT held that built up area means the inner measurement of the residential unit at the floor level, including the projection and balconies, as increased by the thickness of the walls but does not include the common a...

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ITAT explain difference between Corporation by and under an Act while considering TDS on Interest to Noida

Additional CIT (TDS) Vs Canara bank (ITAT Delhi)

The assessee, a Branch of Canara Bank, made interest payment of Rs.201,000,000/- to New Okhla Industrial Development Authority (herewith ‘NOIDA’), a creation of the UP Industrial Area Development Act, 1976, without withholding any tax at source....

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In absence of supportings addition to existing house may not be treated as construction of new house

Smt. Shakeera Begum Vs The Income Tax Officer (ITAT Hyderabad)

Smt. Shakeera Begum vs. ITO (ITAT Hyderabad) In the instant case, as the municipal approvals, completion certificates and authentic plans were not available, the ITAT could not conclude whether assessee had constructed new independent house and there was no evidence that the old building was ever demolished....

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Reimbursement of salary cost of high level managerial personal can be treated as FTS

M/s Food world Supermarkets Ltd. Vs Deputy Director of Income Tax (ITAT Bangalore)

Food world Supermarkets Ltd. vs.DCIT- ITAT Bangalore observed that the 5 seconded employees were not ordinary employees or workers but they were deputed at the high level managerial/executive positions which showed that they were deputed because of expertise and managerial skills in the field. ...

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Printing of Newspaper amounts to production & manufacture

M/s. Rajasthan Patrikia Pvt. Ltd. Vs ACIT (ITAT Jaipur)

Rajasthan Patrikia Pvt. Ltd. vs. ACIT- ITAT Jaipur held that newspapers and periodicals are distinct commodity than the paper, printing ink and other ingredients used therein. Since a new commercial product comes into existence...

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Mere transfer of unexpired contracts cannot be treated as Capital Expenditure

Tata Consultancy Services Ltd. (Upon merger of TCS e-serve Limited with Tata Consultancy services Ltd.) Vs ACIT (ITAT Mumbai)

Tata Consultancy Services Ltd. vs. ACIT (ITAT Mumbai) ITAT observed that the assessee has acquired the service agreement whereby all the liabilities, rights and obligation and interest in the afore-stated agreement are acquired by the assessee. ...

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Payment made to Independent Consultants is liable for deduction u/s 194J and not 192

DCIT (TDS) Vs Asian Heart Institute & Research Centre Pvt. Ltd. (ITAT Mumbai)

Appeal filed by Assessee - The Assessee is a company incorporated under the provisions of Companies Act, 1956 and is engaged in running a Super Specialty Cardiac hospital. The assessee employs two types of Doctors, viz. Full time Consultants (herewith “FTCs)...

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Addition cannot be justified u/s 68 merely because creditors were not produced before AO

M/s Hind Globe Links Vs Income Tax Officer (ITAT Delhi)

The Assessee was engaged in the manufacturing of readymade garments and export to foreign countries. The Assessee had filed the Income Tax Return, declaring an income of Rs. 11,82,236/- which was processed u/s 143(1) of the Income Tax Act, 1961...

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India Finland DTA- Technical services if technical knowledge skill, know how or design been made available

Income Tax Officer, TDS Vs Nokia India Pvt. Ltd. (ITAT Delhi)

ITAT Delhi has held in the case of ITO, TDS vs. Nokia India Pvt. Ltd that services rendered does not qualify as FTS for technical services under the India Finland Tax Treaty if service provider has not made available to assessee any technical knowledge skill...

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Intention of letting out property is to be seen for section 23(1)(c)

ACIT Vs Suryashankar Properties Limited (ITAT Mumbai)

ITAT Mumbai held in case of ACIT vs. Suryashankar Properties Limited that Intention of letting out the property is to be seen for invoking clause (c) of section 23(1) for computing the annual letting value of the property and it is irrelevant whether the property is/was let out. ...

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Penalty cannot be imposed for mere non acceptance of claim made by Assessee

TechNVision Ventures Ltd. Vs DCIT (ITAT Mumbai)

TechNVision Ventures Ltd. Vs. DCIT (ITAT Mumbai) Merely because the assessee had claimed the expenditure, where claim was not accepted or was not acceptable to the revenue, that by itself would not, attract the penalty under Section 271(1)(c)....

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Retrospective amendments make no difference to non-taxability of payments made to foreign companies if income accrues abroad

DIT Vs M/s Lufthansa Cargo India (Delhi High Court)

Delhi High Court has held in the case of DIT vs. M/s Lufthansa Cargo India that Retrospective amendments seeking to tax income of non-residents does not affect the source rule'. The amendment makes no any difference to the non-taxability of payments made to foreign companies if the income accrues abroad – Section 9....

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Bogus sales / purchases- Addition based on mere statement of supplier not justified

ACIT Vs Tristar Jewellery Exports Pvt. Ltd (ITAT Mumbai)

ITAT Mumbai has held in the case of ACIT vs. Tristar Jewellery Exports Pvt. Ltd. That Reliance on statement of supplier who confesses to providing accommodation entries without giving assessee right of cross-examination violates principles of natural justice. ...

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Deduction u/s 194C instead of u/s 194J renders shortfall liable for disallowance u/s 40(a)(ia)

CIT Vs PVS Memorial Hospital Ltd (Kerala High Court)

The Court relied on the agreement concluded between Assessee and M/s Lakeshore according to which M/s Lakeshore would run Gastroenterology, Gastrointestinal surgery, Urology, Nephrology and Anesthesiology departments of the assessee upon receipt of payments as per the agreement which was not the case of undertaking a contract work. ...

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If payment is for variety of services & use of land is minor, Payment cannot be treated as rent –SC

Japan Airlines Co. Ltd Vs CIT (Supreme Court of India)

The charges such as Landing Charges, Lighting Charges, Approach and Aerodrome Control Charges, Aircraft Parking Charges, Aerobridge Charges, Hangar Charges, Passenger Service Charges, Cargo Charges etc. ...

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S. 80IB(10) Restriction on extent of commercial area not applies to projects approved before 1.4.2005

CIT Vs Sarkar Builders (Supreme Court of India)

CIT vs. Sarkar Builders (Supreme Court of India)- Restriction on extent of commercial area in 'housing project' imposed w.e.f. 1.4.2005 does not apply to housing projects approved before 1.4.2005 even though completed after 1.4.2005 – Section 80-IB(10)....

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Deduction u/s. 80HHC allowable only against profit from export business- SC

Jeyar Consultant & Investment Pvt. Ltd. Vs CIT (Supreme Court of India)

The appellant-assessee is engaged in the business of export of marine products and also financial consultancy and trading in equity shares. Its total business does not consist purely of exports but includes business within the country as well which situation is covered by Section 80HHC (3)(b). ...

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Set Off of Losses or Carry Forward and Set Off of Losses

SET OFF OF LOSS FROM ONE SOURCE AGAINST INCOME FROM ANOTHER SOURCE UNDER THE SAME HEAD OF INCOME (INTER SOURCE). SET OFF OF LOSS FROM ONE HEAD AGAINST THE INCOME FROM ANOTHER (INTER HEAD) ...

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Gift to be treated as genuine if identity of donors is genuine & source of gift stays explained

Prem Kumar Chowdhary Vs CIT (Income Tax Appellate Tribunal “B” Bench, Kolkata)

In the impugned year the blood relation is not necessary for the gift to be a genuine gift, but the relationship matters a lot. In all the probabilities the gift is found to be genuine as the donors have explained the source of gift, copy of bank accounts, income tax return. ...

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Factoring charges on sale cannot be termed as interest & not comes within the purview of section 2(28A)

M. Sons Gems N Jewellery Pvt. Ltd. Vs Addl. CIT (ITAT Delhi)

The Tribunal upheld the contention of the Assessee and also relied upon the judgment of the Hon’ble Calcutta High Court in the case of CIT vs. MKJ Enterprises which held that factoring charges were not interest and as such, provisions of TDS are not applicable....

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Vend fee paid by assessee to Government, even if of the nature of ‘privilege fee’ falls within the expression ‘fee by whatever name called’

CIT, Kerala Vs M/s. Travancore Sugars & Chemicals Ltd. (Supreme Court of India)

The Assessee contented that the so-called vend fee in the present case is nothing but a consensual arrangement by which ultimately machinery and equipment used by sugar mills which were very old and which require urgent repair / replacement could be so repaired or replaced....

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