This weekly update covers the most important Judgement pieces published on Studycafe in the previous week, from July 17 to July 22, 2023.
Reetu | Jul 24, 2023 |
Weekly Judgments Compilation from July 17 to July 22, 2023
This weekly update covers the most important Judgement pieces published on Studycafe in the previous week, from July 17 to July 22, 2023.
The Income Tax Appellate Tribunal (ITAT Delhi) in the matter of Religare Finvest Ltd. vs. Deputy Commissioner of Income-Tax, has held that CCDs are in the nature of borrowed fund and continued to be debt till conversion thereof into shares and consequently interest on CCDs is allowable as revenue deduction u/s 36(1)(iii) of the Act.
Citation: Religare Finvest Ltd. vs. Deputy Commissioner of Income-Tax(ITAT Delhi); I.T.A. No. 4796/DEL/2017; 2012-13; 13.07.2023
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The Income Tax Appellate Tribunal(ITAT) Delhi in the matter Shri Satya Pal vs. Income Tax Officer has held that, issue of notice under section 148 of the Act by the Income Tax Officer having no jurisdiction over the assessee and consequent assessment made under section 143(3) read with section 147 of the Act is void and bad in law.
Citation: Shri Satya Pal vs. Income Tax Officer(ITAT Delhi); I.T.A No. 3024/Del/2017; 2010-11; 13.07.2023
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Appellant not eligible for ITC of GST paid on works contract service for payment of Output GST on Renting of property: AAAR
The Telangana State Appellate Authority For Advance Ruling (AAAR Telangana) has upheld the ruling by the Telangana Authority For Advance Ruling (AAR Telangana) that the appellant is not eligible to take an input tax credit (ITC) of GST paid on the supply of works contract service for payment of GST on their output service i.e., Renting of immovable property.
Citation: In re. Shri Satya Dev Bommireddy (AAAR Telangana); AAAR.COM/08/2022; 28.04.2022
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The Income Tax Appellate Tribunal (ITAT Chennai) in the matter of ITO Vs. Smt. Easwari Sukanya Krishnan has ruled quoted that revenue can not controvert judicial precedent of the jurisdictional High Court.
Citation: ITO Vs. Smt. Easwari Sukanya Krishnan(ITAT Chennai); ITA No.403/Chny/2023; 2019-20; 17-07-2023
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The Income Tax Appellate Tribunal (ITAT Delhi) in the matter of Sheetal Mehra vs. ITO has retreated decision of Hon’ble Gujarat High Court in the case of New Sorathia Engineering Company vs. CIT (2006) 282 ITR 642 (Guj.) and decision of the Co-ordinate Bench in the case of A2Z Maintenance & Engineering Services Limited vs. DCIT and others ITA No.2631/Del/2018 and ors. order dated 28.03.2023. ITAT quoted that in essence, where the concerned IT authorities are not sure about the nature of default, the panel action u/s 271(1)(c) of the Act is not sustainable in law.
Citation: Sheetal Mehra vs. ITO(ITAT Delhi); ITA No.907/Del/2019; 2010-11; 17.07.2023
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The Income Tax Appellate Tribunal(ITAT Delhi) in the matter of Kushal Navlakha vs. DCIT has quoting Circular Number 275/29/2014-IT-(B) has said that ITAT cannot direct the AO to give the credit of TDS deducted and noted deposited to the government. However, the Tribunal directed AO not to take any recovery action for the outstanding tax liability keeping in mind the mandate of aforestated CBDT circular.
Citation: Kushal Navlakha vs. DCIT(ITAT Delhi); ITA No.1663/Del/2020; 2018-19; 17/07/2023
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The Income Tax Appellate Tribunal(ITAT Pune) in the matter of Shri Pramod S. Shingte vs. Shri Ramnath Murkunde has retreated that Income Tax Amendment levying TDS late filing fee u/s 234E is applicable w.e.f. 01.06.2015.
Citation: Shri Pramod S. Shingte vs. Shri Ramnath Murkunde(ITAT Pune); 617/PUN./2023; 17.07.2023
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The Income Tax Appellate Tribunal(ITAT Delhi) in the matter of Diamond Tradex Co. Ltd. Vs. ACIT has retreated decision of Hon’ble High Court of Bombay in the case of Mohammed Hazi 103 taxmann.com 459 that Addition on Account of Bogus Purchases restricted to Gross Profit/Net Profit shown by Assessee.
Citation: Diamond Tradex Co. Ltd. Vs. ACIT(ITAT Delhi); ITA No.7385/Del/2018; 2010-11; 17/07/2023
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The Income Tax Appellate Tribunal(ITAT Ahmedabad) in the matter Nirma Limited Vs. DCIT has said that denial of a claim of deduction will not be tantamount to concealment of income and/or furnishing of inaccurate particulars of income so as to attract a levy of penalty under section 271(1)(c) of the Act. The proposition of law in this regard has been settled by the Hon’ble Supreme Court in the case of CIT Vs. Reliance Petroproducts P. Ltd (supra).
Citation: Nirma Limited Vs. DCIT(ITAT Ahmedabad); ITA No.1405/Ahd/2019; 1997-98; 12/07/2023
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The Income Tax Appellate Tribunal(ITAT Mumbai) in the matter of Dy.CIT Vs. Shri Kutchi Visa Oswal Jain has ruled out that Income accrued from Pharmacy store is incidental to the dominant object of running Hospital.
Citation: Dy.CIT Vs. Shri Kutchi Visa Oswal Jain(ITAT Mumbai); I.T.A.No.912/Mum/2023; 2017-18; 12.07.2023
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The Income Tax Appellate Tribunal (ITAT Mumbai) in the matter of Abbott India Ltd. Vs. ACIT has retreated that the Assessment order passed in the name of a non-existent entity was bad in law.
Citation: Abbott India Ltd. Vs. ACIT(ITAT Mumbai); ITA No. 7778/MUM/2012; 2008-09; 12.07.2023
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The Gujarat High Court in the matter of MESSRS SHREE RENUKA SUGARS LTD. Vs. STATE OF GUJARAT has pointed out that GST Refund cannot be rejected outright merely on a technicality when substantive conditions are satisfied.
Citation: MESSRS SHREE RENUKA SUGARS LTD. Vs. STATE OF GUJARAT(Gujarat High Court); R/SPECIAL CIVIL APPLICATION NO.22339 of 2022; 13/07/2023
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The Gujarat High Court in the matter of THE PRINCIPAL COMMISSIONER OF INCOME TAX Vs. AXIS BANK LTD. has said that No Penalty levied when excess depreciation claimed having been surrendered by the assessee itself without any prior detection of the Revenue.
Citation: THE PRINCIPAL COMMISSIONER OF INCOME TAX Vs. AXIS BANK LTD.(Gujarat High Court); R/TAX APPEAL NO. 169 of 2023; 11/07/2023
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The Income Tax Appellate Tribunal(ITAT Bangalore) in the matter of Mahalasa Exports vs. The Income Tax Officer has quoted that Interest paid by the assessee towards excess claim of refund of duty drawback is not penal in nature. Therefore, Explanation 1 to section 37 will not apply and assessee is eligible to claim it as expenditure.
Citation: Mahalasa Exports vs. The Income Tax Officer(ITAT Bangalore); ITA No.282/Bang/2023; 2018-19; 17.07.2023
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The Income Tax Appellate Tribunal(ITAT Delhi) in the matter of DCIT vs. Aedas Pte. Ltd. in the light of the decisions in the case of Gera Developments P. Ltd. (supra) and Devi Ashmore India Ltd. (supra) held that payments made to the assessee in consideration of architectural design services could not be classified as royalty under Article 12(3) of India- Singapore DTAA.
Citation: DCIT vs. Aedas Pte. Ltd.(ITAT Delhi); ITA No. 716/Del/2020; 2015-16; 10.07.2023
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