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HC - Reopening of assessment u/s 147 - The reasons to believe must be such, which upon a plain reading, should demonstrate that such a reasonable belief could be formed on some basis/ foundation and had in fact been formed by the Assessing Officer that income has escaped assessment.
Krown Agro Foods Pvt. Limited Versus Assistant Commissioner of Income-Tax Circle 5 (1) New Delhi
(2015) TaxCorp(LJ) 5972 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=60741&Category=Judgment&CategoryType=Zip
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HC - PLR rates are not applicable to loans to be re-paid in foreign currency. The interest rates vary and are thus dependent on the foreign currency in which the repayment is to be made
Commissioner of Income Tax-I Versus M/s Cotton Naturals (i) pvt. Ltd.
(2015) TaxCorp(LJ) 5971 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=60758&Category=Judgment&CategoryType=Zip
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HC - Since Assessing Officer held that brand launch expenses were of revenue nature, the same could not be treated as deferred revenue expenditure and spread over 5 years.
Commissioner of Income-tax v. Vodafone Essar South Ltd.
(2015) TaxCorp(LJ) 5963 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58647&Category=Judgment&CategoryType=Zip
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HC - Assessee developing housing projects of IRWO & DDA on a turnkey contract is entitled to deduction u/s S.80-IB(10). Explanation to S.80-IB(10) not retrospective
CIT vs. VRM India Ltd
(2015) TaxCorp(LJ) 5954 (HC-DELHI) · Section 80-IB(10)
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HC - S.271(1)(c) does not compel Revenue to initiate penalty proceedings in all cases where findings were adverse against the assessee at a given point of time.
CIT vs. Jain Export Private Ltd
(2015) TaxCorp(LJ) 5908 (HC-DELHI) · Section 271(1)(c)
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HC - Property advances cannot be deemed as sales for a real-estate developer. Addition not justified as assessee was consistently following project completion method. Insistence of Revenue to follow percentage completion method as per Accounting Standard (AS) - 7 is not justified. Previous years ‘Project Completion’ method was accepted to be in line with AS-7.
CIT vs. Malibu Estate P Ltd
(2015) TaxCorp(LJ) 5889 (HC-DELHI)
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HC - If AO does not conduct proper inquiry, the obligation to do so is on the CIT(A) & ITAT
CIT. vs. Jansampark Advertising & Marketing (P) Ltd.
(2015) TaxCorp(LJ) 5876 (HC-DELHI) · Section. 68
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HC - Assessee companies suffered business loss on their sale of non - convertible debentures (‘NCDs’) at ‘nil’ consideration and such loss was business loss that constituted allowable deduction. Such transfer was not ‘colorable-device'.
CIT vs. Abhinandan Investment Ltd
(2015) TaxCorp(LJ) 5865 (HC-DELHI)
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HC - It is yet to be ascertained whether the assessee is the actual owner of the stolen cash recovered, therefore its release for penalty recovery is declined.
ADIT vs. Government of NCT of Delhi
(2015) TaxCorp(LJ) 5851 (HC-DELHI)
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HC - Amount paid by Hero Honda for acquiring right to use technical know-how was revenue in nature as ownership of intellectual property rights in know how remained with foreign Company.
Commissioner of Income Tax-IV v. Hero Honda Motors Ltd.
(2015) TaxCorp(LJ) 5814 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=60332&Category=Judgment&CategoryType=Zip
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HC - It cannot be said that the delay in issuing the notice (although the satisfaction note was recorded within reasonable time) was fatal to the block assessment against the assessee.
Commissioner of Income-tax v. Sudhir Dhingra
(2015) TaxCorp(LJ) 5802 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=60335&Category=Judgment&CategoryType=Zip
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HC - Set-off of loss u/s.10B against income from non-10B units is not allowed.
CIT vs Kei Industries
(2015) TaxCorp(LJ) 5783 (HC-DELHI) · Section 72
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HC - Opinion of DVO, per se, is not an information and cannot be relied upon in the absence of other corroborative evidence
Commissioner of Income Tax Vs. Naveen Gera
(2015) TaxCorp(LJ) 5765 (HC-DELHI)
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HC - An addition cannot be made solely and on the basis of the report of the Departmental Valuation Officer in absence of any material pointing to under valuation
CIT. Vs. Nishi Mehra & Others
(2015) TaxCorp(LJ) 5764 (HC-DELHI)
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HC - The “bright line test” has no statutory mandate and a broad-brush approach is not mandated or prescribed. Parameters specified in paragraph 17.4 of Special Bench verdict in L. G. Electronics are not binding on the assessed or the Revenue. Matter remanded to the Tribunal for de novo consideration because the legal standards or ratio accepted and applied by the Tribunal was erroneous
Sony Ericsson Mobile Communications India Pvt. Ltd vs. CIT
(2015) TaxCorp(LJ) 5762 (HC-DELHI)
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Hc - The correct approach should be to examine the reasonableness of claim rather than strictly apply a guidance note (AS-7), formulated and published later (in the year 2012)
Commissioner of Income Tax-1 Versus Ansal Land Mark Township (P) Ltd.
(2015) TaxCorp(LJ) 5708 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=60595&Category=Judgment&CategoryType=Zip
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HC - Unexplained credit u/s 68. The obligation to examine the genuinity of transactions shifts on the Appellate Authorities, in case of failure of the AO to fulfill his obligation and due procedure. Flow of transactions through banking channels, is not sufficient to establish the satisfaction as to the creditworthiness of the parties or the genuineness of such transactions
The Commissioner Of Income Tax Versus M/s Jansampark Advertising And Marketing (p) ltd.
(2015) TaxCorp(LJ) 5704 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=60602&Category=Judgment&CategoryType=Zip
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HC - No revision u/s 263 by CIT to make sec. 68 addition as assessee had furnished confirmations from all debtors and creditors having balance in excess of Rs. One lakh in their bank account as directed and said fact was duly verified by Assessing Officer.
Commissioner of Income-tax, Circle-II v. Ankit Garments Manufacturing Co.
(2015) TaxCorp(LJ) 5656 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58766&Category=Judgment&CategoryType=Zip
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HC - No disallowance can be made u/s 14A r/w Rule 8D if AO does not record satisfication with reference to accounts that assessee's claim is improper. However, if Rule 8D applies, assessee's claim that interest is not disallowable on ground of "own funds" is not acceptable
CIT vs. Taikisha Engineering India Ltd
(2015) TaxCorp(LJ) 5641 (HC-DELHI) · Section 14A
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HC - There has been no failure on the part of the petitioner to make a full and true disclosure of the material facts pertaining to the closing stock, reopening of assessment beyond four years from relevant assessment year was unjustified
Avtec Ltd. v. Deputy Commissioner of Income-tax
(2015) TaxCorp(LJ) 5633 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58907&Category=Judgment&CategoryType=Zip
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