Once Insurance Policy Is Assigned By Employer To Employee, Value Received By Employee Can't Be Taxed In View Of Sec 10(10D): Delhi ITAT

The New Delhi ITAT recently reiterated that once insurance policy is assigned by the employer to employee, the insurance policy gets converted into an ordinary policy, and in that case, the value received by employee would not be subjected to tax in view of section 10(10D) of the Act. Referring to the decision of Delhi High Court in the case of CIT vs Rajan Nanda [2012] 18...

Addition Solely Based On Photocopy Of Sale Agreement Is Completely Unjustifiable: Delhi High Court

The Delhi High Court has held that an addition solely based on a photocopy of the sale agreement is completely unwarranted and unjustifiable.The bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav has observed that the entire foundation of the addition was laid down on the basis of the photocopy of the alleged agreement to sell. The original copy of the document has not seen...

Incorrect calculation by AO Is Not 'Failure On Part Of Taxpayer To Disclose Material Fact', For Initiating Reopening: Ahmedabad ITAT

The Ahmedabad ITAT ruled that mathematical incorrectness by AO cannot be said to be failure on the part of the assessee to disclose any material fact, so as to initiate reopening of assessment. The Bench of Annapurna Gupta (Accountant Member) and Siddhartha Nautiyal (Judicial Member) observed that “as rightly pointed out by the counsel for the assessee, escapement of income as per...

Secured Creditor Registered With CERSAI Will Have Precedence Over VAT Authorities Against Proceeds Of Enforcement: Bombay HC

The Bombay High Court recently clarified that in a sale of a mortgaged asset, where the mortgage in favour of a secured creditor is registered prior in time with CERSAI, and the MVAT Authorities too have a charge, the proceeds of the enforcement of the mortgage would first go towards discharging the dues owed to the secured creditor. It is only the residue, if any, after discharging...

No Reference Can Be Made To DVO Once Value Of Capital Asset Declared By Taxpayer Is More Than FMV: Chennai ITAT

Finding that value determined by the DVO is less than the valuation adopted by assessee for computing fair market value (FMV), the Chennai ITAT ruled that the value adopted by the DVO cannot be taken for computing FMV. The Bench of Mahavir Singh (Vice President) and Manoj Kumar Aggarwal (Accountant Member) observed that “where value of capital assets shown by the assessee being...

Payment From Google Towards Marketing & Distribution Rights Of AdWords Is Not Royalty, Clarifies Bangalore ITAT

Following the Coordinate Bench ruling in IT(IT)A No.2845/Bang/2017, wherein it was held that the payment made by Google India to assessee was not in the nature of royalty/ FTS and consequently it could not be brought to tax in the hands of assessee, the Bangalore ITAT ruled that amount received by Google Ireland (Assessee) from Google India towards marketing & distribution...

Payments Made To Doctors Would Be Covered By TDS Provisions U/S 194J Of Income Tax Act: ITAT

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) consisting of M. Balaganesh (Accountant Member) and Anubhav Sharma (Judicial Member) has held that the payments made to doctors would be covered by TDS provisions under Section 194J and not Section 192 of the Income Tax Act. Section 194J of Income Tax Act relates to fees for professional or technical services. Section 194J in the Income...

ITAT Quashes Pre-Drafted Performa Penalty Notice Containing Both Concealed And Inaccurate Particulars Of Income

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has quashed a pre-drafted penalty notice containing both concealed particulars of income and furnished inaccurate particulars of income.The bench of Vikas Awasthy (Judicial Member) and S. Rifaur Rahman (Accountant Member) has observed that where the Assessing Officer clearly records satisfaction for imposing penalty on one or both...

Hostel Service Constitutes 'Residential Dwelling Unit' For Girl Students And Working Women, Will Be Exempt From GST: Madras High Court

The Madras High Court has recently ruled that Hostel services providing welling to girl students and working women will be exempt from the GST regime as they are residential dwelling units for the girl students and working women. Justice Krishnan Ramasamy stressed the work “residential dwelling” referred to in Entry 12 of the Exemption Notification No. 12 of 2017 would include...

Inputs Used For Fabrication Of Tower, Shelter Used For Providing Telephone Services, BSNL Entitled To Avail Cenvat Credit: CESTAT

The Kolkata Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) has held that inputs used for the fabrication of towers and shelters used for providing telephone services are entitled to BSNL cenvat credit.The bench of Ashok Jindal (Judicial Member) and K. Anpazhakan (Technical Member) has relied on the decision of the Delhi High Court in the case of Vodafone Mobile...

Contribution Made By NSE To Core SGF Is Not In The Nature Of Any Deposit/Contingency/Reserve: ITAT

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has held that the contribution made by the assessee stock exchange to Core SGF is not in the nature of any deposit, contingency, or reserve. The bench of Aby T. Varkey (Judicial Member) and S. Rifaur Rahman (Accountant Member) has observed that the AO/CIT(A) erred in holding that the contribution made by the assessee to Core SGF is...

CIT(A) Not Empowered To Dismiss An Appeal On Account Of Non-Prosecution: ITAT

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the CIT(A) has no power to dismiss an appeal on account of non-prosecution.The bench of Challa Nagendra Prasad (Judicial Member) and Pradip Kumar Kedia (Accountant Member) has referred to Section 250(6) of the Income Tax Act, which enjoins that the CIT(A) shall state the points for determination before it and the decision...