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Bombay HC instructs CBDT to extend ITR Due Date to 31.10.2015
The Chamber of Tax Consultants Vs. Union of India & Ors.
(2015) TaxCorp(LJ) 8989 (HC-BOMBAY)
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HC - No TDS on Wheeling & Transmission charges u/s 194J/194I in case agreement entered is on principal to principal basis.
CIT. vs. M/s. Maharashtra State Electricity Distribution Company Limited
(2015) TaxCorp(LJ) 8886 (HC-BOMBAY) · Sections. 194J, 194I
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ITAT - Since disallowance was not conceded in the return but was adhoc acceptance during the course of assessment, the assessee could not be bound by it.
CIT. vs. M/s Everest Kento Cylinders Ltd.
(2015) TaxCorp(LJ) 8885 (HC-BOMBAY)
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HC - Where two opinion or views are available and one of the view is taken by the AO, cannot be a basis for revision of order u/s 263.
M/s Vijay Udhyog Vs. CIT
(2015) TaxCorp(LJ) 8883 (HC-BOMBAY) · Section. 263
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HC - ITAT’s order referring issue to ITAT President for constitution of larger bench set aside as reference was made ignoring judgments & without specific 'reasons'.
Mumbai Metropolitan Region Development Authority Vs. DIT
(2015) TaxCorp(LJ) 8882 (HC-BOMBAY)
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HC - Circumstances in which gains from sale of shares can be assessed as short-term capital gains and not as business profits explained
CIT vs. Datta Mahendra Shah
(2015) TaxCorp(LJ) 8837 (HC-BOMBAY)
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HC - When an assessment is sought to be re-opened after expiry of four years from the end of the relevant assessment year, the proviso to section 147 of the Act stipulates a requirement that there must a failure on the part of the assessee to disclose fully and truly all material facts necessary for the assessment.
United Shippers Ltd. Vs. UOI
(2015) TaxCorp(LJ) 8830 (HC-BOMBAY)
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HC - Payment made by the assessee to his sisters for acquiring absolute title in property is allowable u/s 49.
ACIT. vs. Kamlakar Moghe
(2015) TaxCorp(LJ) 8766 (HC-BOMBAY)
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HC - No interest under section 234B could be levied on the basis of retro-amendment in sec. 115JB
Commissioner of Income-tax, Mumbai v. JSW Energy Ltd.
(2015) TaxCorp(LJ) 8759 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=61183&Category=Judgment&CategoryType=Zip
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HC - S. 54EC - If REC Bonds are not available during the prescribed period, time for investment has to be extended. Fact that NHAI Bonds were available is irrelevant. Amount paid to sisters as per family arrangement for permitting transfer of property is decutible u/s 49(1)
ACIT vs. Kamlakar Moghe
(2015) TaxCorp(LJ) 8744 (HC-BOMBAY) · Section 54EC
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HC - It is sufficient that assessee incurred expenditure of a capital nature on scientific research and there is no requirement that such an expenditure should be capitalised in books to avail deduction u/s 35.
Commissioner of Income-tax v. Hindustan Construction Co. Ltd.
(2015) TaxCorp(LJ) 8698 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=60930&Category=Judgment&CategoryType=Zip
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HC -Premium paid to the departing group of shareholders was on account of business exigency and allowable as revenue expenditure.
CIT. vs. Bramha Bazar Hotels Ltd.
(2015) TaxCorp(LJ) 8658 (HC-BOMBAY)
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HC - Reassessment order quashed which was passed in violation of principles laid down by co-ordinate bench ruling. Censure AO for not withdrawing erroneous order immediately.
Godrej Agrovet Ltd. vs. ACIT
(2015) TaxCorp(LJ) 8542 (HC-BOMBAY)
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HC - Dept’s grievance that if amount is not credited to P&L A/c, accounts are not correctly prepared as per Schedule VI to the Companies Act, 1956 and adjustment to book profits can be made is not acceptable if auditors and ROC have not found fault with A/cs
CIT vs. Forever Diamonds Pvt. Ltd
(2015) TaxCorp(LJ) 8529 (HC-BOMBAY) · Section 115JB
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HC - Interest on NPAs and Stick Loans, even if accrued as per the mercantile system of accounting, is not taxable as per prudential norms. Section 45Q of the RBI Act shall have overriding effect over the income recognition principle followed by cooperative banks. Assessing Officer has to follow the Reserve Bank of India directions 1998.
CIT vs. Deogiri Nagari Sahakari Bank Ltd
(2015) TaxCorp(LJ) 8528 (HC-BOMBAY)
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HC - Capital gains on conversion of capital assets into stock-in-trade, is payable only in year in which assessee ultimately sells such stock-in-trade, still AO was directed to determine date of conversion of capital asset into stock-in-trade for capital gain purposes.
Commissioner of Income-tax- III v. Saffire Hotels (P.) Ltd.
(2015) TaxCorp(LJ) 8492 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=60637&Category=Judgment&CategoryType=Zip
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HC - Mere fact that explanation of assessee was not accepted in quantum proceedings would not ipso facto become a reason to levy penalty for concealment on assessee. No concealment penalty if amount in question was disclosed in notes to accounts and return. Disclosure of amount was made by assessee as a part of notes to its accounts as well as by a letter given alongwith return of income claiming same as not taxable, would be considered as a complete disclosure of all relevant facts.
Commissioner of Income-tax-12 v. S.M. Construction
(2015) TaxCorp(LJ) 8485 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=60654&Category=Judgment&CategoryType=Zip
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HC - Just because order is challenged in High Court u/s 260A but is yet to be admitted, ITAT can't deny rectification u/s 254.
R. W. Promotions (P.) Ltd. v. Income tax Appellate Tribunal
(2015) TaxCorp(LJ) 8476 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=60969&Category=Judgment&CategoryType=Zip
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HC - No deduction to assessee for payment for preventing compulsory acquisition of land as the same is capital in nature.
Sandvik Asia Limited vs. DCIT
(2015) TaxCorp(LJ) 8471 (HC-BOMBAY)
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HC - Amount received by retiring partner towards goodwill in AY 1992-93 not taxable as casual & non-recurring receipt under Sec 10(3).
Manish R. Shah vs. ITO
(2015) TaxCorp(LJ) 8470 (HC-BOMBAY)
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