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1.TDS u/s 194I or 194C : logistic service for carrying goods by sea route in containers, in any event, tax deduction at source liability is only a vicarious liability and when the principal liability of the assessee is discharged, it ceases exist. [Assistant Commissioner of Income Tax TDS Circle, Rajkot vs Pushpak Logistics Pvt Ltd - 2016 (2) TMI 883 - ITAT Rajkot]
2.Validity of penalty orders u/s 271(1) (c), assessee has not filed the details in respect of interest payment, unexplained investment in jewellery, bogus sundry creditors, levy of penalty confirmed. [Tangi Hari vs DCIT Central Circle-2, Visakhapatnam - 2016 (2) TMI 878 -ITAT, Visakhapatnam] Claim of deduction written off on account of unrecoverable advance made for purchase of machinery is allowed. [Rinder India Pvt. Ltd. vs The Deputy Commissioner of Income Tax Circle – 10, Pune - 2016 (2) TMI 876 - ITAT Pune]
3.Entitlement to exemption u/s 10(34) - When the company with which SARA fund has been invested, had already paid additional income tax on the earned dividend as required u/s 115-O of the Act, SARA fund was not required to pay additional income tax second time on the same income. [Japan International Cooperation Agency vs DDIT, International Taxation, Circle 3 (1) , New Delhi and Japan International Cooperation Agency vs ADIT, Circle 3 (1) , International Taxation, New Delhi - 2016 (2) TMI 882 - ITAT DELHI]
4.Revision u/s 263, disallowance u/s 14A: where the Assessing Officer had recorded the satisfaction as required u/s 14A of the Act, made enquiries and accepted the calculations of the assessee, such an order passed by the AO cannot be said to be erroneous.[ Kalyani Consultant Pvt. Ltd. vs The Commissioner of Income Tax - I, Pune - 2016 (2) TMI 827 - ITAT PUNE]
5.While granting sanction u/s 151, application of mind is sacrosanct. [I.T.O vs. M/s Observer Investment & Finance Pvt. Ltd (Delhi ITAT)].
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1.TDS u/s 194I or 194C : logistic service for carrying goods by sea route in containers, in any event, tax deduction at source liability is only a vicarious liability and when the principal liability of the assessee is discharged, it ceases exist. [Assistant Commissioner of Income Tax TDS Circle, Rajkot vs Pushpak Logistics Pvt Ltd - 2016 (2) TMI 883 - ITAT Rajkot]
2.Validity of penalty orders u/s 271(1) (c), assessee has not filed the details in respect of interest payment, unexplained investment in jewellery, bogus sundry creditors, levy of penalty confirmed. [Tangi Hari vs DCIT Central Circle-2, Visakhapatnam - 2016 (2) TMI 878 -ITAT, Visakhapatnam] Claim of deduction written off on account of unrecoverable advance made for purchase of machinery is allowed. [Rinder India Pvt. Ltd. vs The Deputy Commissioner of Income Tax Circle – 10, Pune - 2016 (2) TMI 876 - ITAT Pune]
3.Entitlement to exemption u/s 10(34) - When the company with which SARA fund has been invested, had already paid additional income tax on the earned dividend as required u/s 115-O of the Act, SARA fund was not required to pay additional income tax second time on the same income. [Japan International Cooperation Agency vs DDIT, International Taxation, Circle 3 (1) , New Delhi and Japan International Cooperation Agency vs ADIT, Circle 3 (1) , International Taxation, New Delhi - 2016 (2) TMI 882 - ITAT DELHI]
4.Revision u/s 263, disallowance u/s 14A: where the Assessing Officer had recorded the satisfaction as required u/s 14A of the Act, made enquiries and accepted the calculations of the assessee, such an order passed by the AO cannot be said to be erroneous.[ Kalyani Consultant Pvt. Ltd. vs The Commissioner of Income Tax - I, Pune - 2016 (2) TMI 827 - ITAT PUNE]
5.While granting sanction u/s 151, application of mind is sacrosanct. [I.T.O vs. M/s Observer Investment & Finance Pvt. Ltd (Delhi ITAT)].
For more News Like us on https://www.facebook.com/caonlineofficial Or Subscribe on mail visit : www.caonline.in
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