Judiciary

HC on Validity of Service of notice by post, in person and then by affixture

Success Tours & Travels (P) Ltd. & Anr. Vs. ITO & Ors. (Calcutta High Court)

Service by post, which had been returned with the endorsement addressee not found, followed by an attempt at personal service and subsequent affixture would constitute substantial compliance of sec­tion 282 ...

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Section 14A cannot be applied to losses due to diminution in value of investments due to merger/amalgamation

ACIT Vs Af-taab Investment Company Limited (ITAT Mumbai)

These are bunch of seven appeals filed by the assessee as well as the Revenue for assessment year 2006-07, 2007-08, 2009-10, 2010-11 and 2011-12 . First we shall take up cross appeals field by the assessee as well as the Revenue in ITA 4284/Mum/2014 and 1807/Mum/2011 for assessment year ( AY ) 2006-07 respectively....

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12 principles governing section 44BB culled out from various judgments

Swiwar Offshore Pte. Ltd. Vs. Addl. DIT (ITAT Mumbai)

The Income Tax Appellate Tribunal recently ruled that the service tax collection shall be deducted from gross Receipts while computing the profit for the purpose of Section 44BB of the Income Tax Act, 1961. ...

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Cancellation of Assess Trust justified for accepting donation and giving back the same in cash

Batanagar Education & Research Trust Vs CIT (Exemptions) (ITAT Kolkata)

These are appeals by the assessee against two orders both dated 25-2-2016 of C.I.T. (Exemptions), Kolkata (i) passed under section 12AA(3) of the Income Tax Act, 1961 withdrawing/cancelling the registration with effect from 1-4-2012...

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Transfer of property by way of GPA is not a valid transfer, So no capital gain arises

Smt. Maniza Jumabhoy Vs. Asst. Commissioner of Income Tax (ITAT Hyderabad)

Smt. Maniza Jumabhoy Vs. Asst. Commissioner of Income Tax (ITAT Hyderabad) Assessee has entered into is not a ‘sale deed’ as considered by the AO and CIT(A) but only an ‘agreement of sale cum Irrevocable General Power of Attorney’ for a property, which the Hon’ble Court has held that these three parties have no ownership [&h...

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Co-Op Credit Society can claim Section 80P deduction on interest income from nationalized banks

Income-tax Officer Vs. The Electro Urban Co-op. Credit Society Ltd. (ITAT Kolkata)

Kolkata bench of Income Tax Appellate Tribunal (ITAT) has recently held that interest income earned from nationalized banks shall be treated as business income for which deduction under Section 80P of the Income Tax Act can be claimed....

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Sect. 40(ba) will not be attracted in absence of Profit or remuneration to any JV member

KCL AMRCL Joint Venture Vs. Income-tax Officer (ITAT Hyderabad)

Since the assessee has not shown any profit nor paid any remuneration to any of the members, the provisions of section 40(ba) will not be attracted....

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Interest on Bank overdraft- Used in business vis-a-vis investment in mutual funds

Allen Career Institute Vs The JCIT (ITAT Jaipur)

1. The impugned additions and disallowance made in the order dated 29-12-2011 under section 143(3) of the Act, bad in law and on facts of the case, for want of jurisdiction and various other reasons and hence the same kindly be deleted....

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Google Case: ITAT Grants Conditional Stay on Income Tax Demand

Google India P. Ltd Vs DCIT (ITAT Bangaluru)

The present four stay petitions are filed by the assessee for the assessment years 2009-10 to 2012-13, seeking extension of the stay earlier granted by the Tribunal on various occasions. In this regard, it was pointed out by the Ld. AR that the assessee had made the following payments out of the total demand, for the assessment years 2009...

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ITAT refuses plea of ‘Wrong Legal Opinion’ of Assessee being director of a Company

Smt. V. Sujatha Vs. Income Tax Officer (ITAT Hyderabad)

It was the explanation of assessee that the legal opinion given by the Counsel that there is no capital gain on the STT paid transactions, was not accepted by AO stating that she is a promoter of a company and has a battery of legal advisors and her husband also has legal knowledge....

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