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HC - TDS u/s 194C not applicable on sum paid for extra cost incurred by contractor due to delay in completion of work by sub-contractor
Commissioner of Income-tax- II v. Karnavati Infrastructure (P.) Ltd.
(2015) TaxCorp(LJ) 5540 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=58773&Category=Judgment&CategoryType=Zip
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HC - A tenancy right is a capital asset and its surrender would attract section 45. It cannot be treated as a casual and nonrecurring receipt under section 10(3) and subject to tax under section 56 of the Act
ACIT Versus GC. SHAH & CO.
(2015) TaxCorp(LJ) 5524 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=58886&Category=Judgment&CategoryType=Zip
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HC - Amount received on redemption of Stock Appreciation Rights are capital gain and not perquisite under Sec.17(2)(iii)
BHARAT V. PATEL Versus CIT. -I
(2015) TaxCorp(LJ) 5474 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=59283&Category=Judgment&CategoryType=Zip
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HC - No TDS u/s 194C on cinecasting/distribution of movies
Commissioner of Income Tax Versus Sunset Drive-In Cinema Pvt. Ltd.
(2015) TaxCorp(LJ) 5437 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=60412&Category=Judgment&CategoryType=Zip
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HC - Writing off bad debt in P&L and reducing it from Loans and Advances from Assets side by Assesses-Bank is enough to claim deduction. It was not necessary to close individual account of each of its debtors in its books
Commissioner of Income-tax v. Newanagar Co-operative Bank Ltd.
(2015) TaxCorp(LJ) 5415 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=60424&Category=Judgment&CategoryType=Zip
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HC - Since Tribunal has reversed findings of Commissioner (Appeals) without assigning cogent reasons, matter was to be remanded back.
Bhaktiprasad Nagori Timber & Plywood (P.) Ltd. v. Assistant Commissioner of Income-tax
(2015) TaxCorp(LJ) 5383 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=58794&Category=Judgment&CategoryType=Zip
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HC - The sale proceeds from the business of nursery carried on by the assessee constitute income from agriculture
Commissioner of Income Tax Versus Dhirajlal B. Vadalia
(2015) TaxCorp(LJ) 5172 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=59264&Category=Judgment&CategoryType=Zip
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HC - The Tribunal was correct in treating the amount received on redemption of Stock Appreciation Rights as capital gain as against treated as perquisite under Sec.17(2)(iii) of the I.T. Act and in treating the amount received on exercising the opinion of Employee's Stock Option Plan (EOSP) as long term capital gains instead of treating the same as short term capital gains.
CIT. –I Versus Bharat V. Patel
(2015) TaxCorp(LJ) 5171 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=59283&Category=Judgment&CategoryType=Zip
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HC - For the purpose of tax under the Act, the Assessing Officer may be in a position to find out the status of the beneficiaries of the First Level Trust and while finding out the status of the beneficiaries of the First Level Trust, he may look upon the taxable liability of the beneficiaries of Second Level Trust, who are the beneficiaries of First Level Trust and if the tax payable is higher, while making assessment of the First Level Trust, option may be resorted to under Section 164 of the Act to that extent only, but such cannot be permitted again to reach to the Third Level Trust and to find out the taxable liability of the beneficiaries of the Third Level Trust.
NEO TRUST Versus INCOMETAX OFFICER
(2015) TaxCorp(LJ) 5165 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=59295&Category=Judgment&CategoryType=Zip
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Hc - It is evident that the assessee had inflated the expenditure by showing higher amount of purchase price through the fictitious invoices in the names of 33 bogus suppliers. Considering the overall factual scenario, the Tribunal was justified in disallowing 25% of the purchase price.
VIJAY PROTEINS LTD. Versus COMMISSIONER OF INCOME TAX
(2015) TaxCorp(LJ) 5119 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=59181&Category=Judgment&CategoryType=Zip
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HC - When the services are rendered partially, revenue is to be shown proportionate to the degree of completion of the service and therefore the assessee was justified in spreading over the amount of membership fee and expenses.
COMMISSIONER OF INCOME TAX Versus WINNER BUSINESS LINK PVT. LTD.
(2015) TaxCorp(LJ) 5118 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=59180&Category=Judgment&CategoryType=Zip
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HC - The purpose for which the Special Court was enacted will prevail over other law when in conflict. No TDS default for non-deduction pursuant to special court order
Ethnic Holdings Pvt. Ltd vs. ITO
(2015) TaxCorp(LJ) 5086 (HC-GUJARAT)
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HC - For the purpose of computation of long term capital gain, the indexed cost of acquisition has to be computed with reference to the year in which the previous owner first held the asset and not the year in which the assessee became the owner of the asset
CIT. Vs. Gautam Manubhai Amin
(2015) TaxCorp(LJ) 5083 (HC-GUJARAT)
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HC - The depreciation is optional to the assessee and once he chooses not to claim it, the AO cannot allow it while computing the income
DCIT vs Sun Pharmaceuticals Ind Ltd
(2015) TaxCorp(LJ) 5079 (HC-GUJARAT)
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HC - Assessee acted under the bona fide belief that the gift coupons, being in the nature of mementos to commemorate conferment of awards, were not in the nature of payment of salary. No Penalty u/s 271C
COMMISSIONER OF INCOME TAX (TDS) Versus INDIAN PETROCHEMICALS CORPORATION LTD.
(2015) TaxCorp(LJ) 5059 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=59069&Category=Judgment&CategoryType=Zip
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HC - Depreciation is optional to the assessee and once he chooses not to claim it, the Assessing Officer cannot allow it while computing the income. Further, once depreciation is optional, it will be optional for block of assets also
DCIT. Vs. Sun Pharmaceuticals Ltd.
(2015) TaxCorp(LJ) 5049 (HC-GUJARAT) · Sections. 80-IA, 80HHC
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HC - There is nothing under section 80-IB(10) requiring that ownership of the land must vest in the developer to be able to qualify for such deduction
Commissioner of Income-tax- IV v. Vishal Developers
(2015) TaxCorp(LJ) 5040 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=58839&Category=Judgment&CategoryType=Zip
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HC - Principle of consistency - It would not be equitable to permit the revenue to take a different stand subsequently in respect of the amounts which were the subject matter of previous years’ assessment
VIRENDRA R. GANDHI Versus ACIT
(2015) TaxCorp(LJ) 4978 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=59039&Category=Judgment&CategoryType=Zip
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HC - Assessee was liable to pay interest u/s 234B and 234C in respect of tax determined on the basis of Section 115JA
JOINT COMMISSIONER OF INCOME TAX Versus SUMIT INDUSTRIES LTD.
(2015) TaxCorp(LJ) 4967 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=59054&Category=Judgment&CategoryType=Zip
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HC - The quantum of penalty must be determined by reference to the law as it stood when the offence or default was committed.. The amendment brought about to section 272A(2) is purely procedural in nature providing for the machinery for having and collecting penalty. This amendment does not affect the very ingredients of the default contemplated u/s 206
COMMISSIONER OF INCOME TAX-III Versus SOUTH GUJARAT ROLLER FLOUR MILLS
(2015) TaxCorp(LJ) 4950 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=59030&Category=Judgment&CategoryType=Zip
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