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HC - Interest on FDR kept as margin with bank qualifies for deduction u/s 10B.
Universal Precision Screws vs. Pr. CIT
(2015) TaxCorp(LJ) 9224 (HC-DELHI)
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Making allegations of fraud against Dept’s Counsel and claiming that they deliberately presented weak case seeks to prejudice and interfere with due course of judicial proceedings & prima facie constitutes criminal contempt of court
CIT. vs. Escorts Limited
(2015) TaxCorp(LJ) 9221 (HC-DELHI)
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HC - 0.5% of average tax free investment is required to be considered for sec. 14A disallowance and not total investment.
ACB India Ltd. v. Assistant Commissioner of Income-tax
(2015) TaxCorp(LJ) 9213 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=60790&Category=Judgment&CategoryType=Zip
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S. 263: Claim that notional interest on funds placed by the s. 10A eligible unit with the H.O. is allowable as a deduction to the H.O. and is exempt in the hands of the s. 10A unit is an “unsustainable view” justifying revision action
Thomson Press (India) Ltd. vs. CIT
(2015) TaxCorp(LJ) 9192 (HC-DELHI) · Section. 263
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S. 147: Reopening only on the basis of information received that the assessee has introduced unaccounted money in the form of accommodation entries without showing in what manner the AO applied independent mind to the information renders the reopening void
Pr. CIT. vs. G & G Pharma India Ltd.
(2015) TaxCorp(LJ) 9191 (HC-DELHI)
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HC - Reopening assessment on the basis of a judicial precedent (SC ruling) delivered more than eight years earlier is merely a 'change of opinion'. Reassessment not valid.
Coperion Ideal Private Limited vs. CIT
(2015) TaxCorp(LJ) 9168 (HC-DELHI)
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S. 147: Laid laid down in ALA Firm v. CIT 189 ITR 285 (SC) does not mean that an assessment can be reopened merely because the AO omitted to apply a binding judgement
Coperdion Ideal Private Limited vs. CIT
(2015) TaxCorp(LJ) 9162 (HC-DELHI) · Section 147
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HC - Sec 10A exemption available even on the basis of revised computation of income filed by assessee during assessment proceedings.
CIT. vs. E-Funds International India Pvt Ltd.
(2015) TaxCorp(LJ) 9149 (HC-DELHI)
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S. 10A/ 80HHE: Claiming deduction u/s 80HHE for one year does not debar the assessee from claiming deduction u/s 10A for another year. Fact that claim is not made via a revised return is no bar on the right of the appellate authority to consider it
Pr. CIT vs. E-Funds International India Pvt Ltd
(2015) TaxCorp(LJ) 9119 (HC-DELHI) · Section 10A, 80HHE
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HC - Assessee (an educational institution)was under a bonafide belief that it was not required to file return u/s 139(1) as its entire income was exempt u/s 10(22)/10(23C). Therefore, surplus disclosed in its books of account cannot be considered as ‘undisclosed income’.
DIRECTOR OF INCOME TAX (EXEMPTION) Vs. ALL INDIA PERSONALITY ENHANCEMENT
(2015) TaxCorp(LJ) 9109 (HC-DELHI)
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HC - Figures in the accounts cannot be altered though by way of “regrouping”, once the audited balance sheet was signed by directors/auditors and submitted to statutory authorities including ROC.
CIT. vs Morgan securities & Credits Pvt Ltd.
(2015) TaxCorp(LJ) 9107 (HC-DELHI)
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HC - AS-29 makes it explicit that no provision for a contingent liability can be recognized. Expense provision made without scientific basis disallowed.
Seagram Distilleries Pvt Ltd. vs. CIT
(2015) TaxCorp(LJ) 9104 (HC-DELHI)
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S. 14A/ Rule 8D cannot be automatically invoked. It cannot be invoked if the AO does not record satisfaction as to why the assessee’s voluntary disallowance is not proper
CIT. vs. I. P. Support Services India (P) Ltd.
(2015) TaxCorp(LJ) 9071 (HC-DELHI) · Section. 14A
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HC - Invocation of 14A is not automatic and does not come into operation as soon as the dividend income is claimed exempt.
CIT. vs. LP support services India(P) Ltd.
(2015) TaxCorp(LJ) 9069 (HC-DELHI)
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HC - Service tax collected by the assessee cannot form part of gross receipts for the purpose of computing income u/s 44BB, since it does not have element of income.
DIT. vs. Mitchell Drilling International Pvt. Ltd.
(2015) TaxCorp(LJ) 9014 (HC-DELHI) · Section. 44BB
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HC - Netting off bank-interest expense allowed against interest income earned from advancing loan to holding company assessable under the head “income from other sources”. Tuticorin Alkali (SC) Distinguished.
Vodafone South Limited vs. CIT
(2015) TaxCorp(LJ) 9013 (HC-DELHI)
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HC - Lease of plant/machinery along-with land/building for 10 years period is not transfer u/s 2(47). No capital gains u/s 45 for AY 1994-95.
Teletube Electronics Limited vs. CIT
(2015) TaxCorp(LJ) 8962 (HC-DELHI)
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HC - To determine whether the “agricultural land” is situated within 8 km of the municipal limits so as to constitute a “capital asset”, the distance has to be measured in terms of the approach road and not by the straight line distance on horizontal plane or as per crow's flight (S. 2(14)(iii)(b))
CIT vs. Vijay Singh Kadan
(2015) TaxCorp(LJ) 8953 (HC-DELHI) · Section 2(14)(iii)(b)
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HC - Compensation received from prospective employer for non- commencement of employment, a capital receipt and not taxable
CIT vs. Pritam Das Narang
(2015) TaxCorp(LJ) 8880 (HC-DELHI)
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HC - Section 68 applicable even if assessee was taxable on presumptive basis and where he fails to explain source of deposits.
Commissioner of Income-tax v. Chander Prakash Pabreja
(2015) TaxCorp(LJ) 8857 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=59326&Category=Judgment&CategoryType=Zip
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