-
HC - When the property was not shown as capital assets but was shown as stock in trade, it should not be considered for the purpose of exemption u/s 54F. Any stock in trade by profession is excluded from the definition of capital asset.
Commissioner of Income Tax, The Assistant Commissioner of Income Tax Versus Shri Gregory Mathias
(2016) TaxCorp(LJ) 11337 (HC-KARNATKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=66548&Category=Judgment&CategoryType=Zip
-
HC - If the notice is found to be illegal and is found to be unsustainable in law and the consequences would be that there is breach of natural justice. Levy of Penalty u/s 271 (1)(c) is not justified.
Shri Muninaga Reddy Versus The Asst. Commissioner of Income Tax
(2016) TaxCorp(LJ) 11326 (HC-KARNATKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=66552&Category=Judgment&CategoryType=Zip
-
S. 200A/234E: As the amendment to s. 200A has come into effect on 1.6.2015 and has prospective effect, no computation of fee for the demand or the intimation for the fee u/s 234E can be made for TDS deducted prior to 1.6.2015. Hence, the demand notices u/s 200A for payment of fee u/s 234E is without authority of law
Fatheraj Singhvi vs. UOI
(2016) TaxCorp(LJ) 11280 (HC-KARNATKATA) · Section 200A, 234E
-
HC - No TDS u/s 194A for cooperative society on the payment of interest on time deposits of members paid or credited before 1st June 2015.
2016 (9) TMI 1078 - KARNATAKA HIGH COURT
(2016) TaxCorp(LJ) 11174 (HC-KARNATKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=66299&Category=Judgment&CategoryType=Zip
-
HC - Intimation raising demand prior to 1.6.2015 u/s 200A levying Sec 234E late fees is not valid.
Fathehraj Singhvi vs. UOI
(2016) TaxCorp(LJ) 11125 (HC-KARNATKATA) · Sections. 200A, 234E
-
HC - Writ against ruling of AAR dismissed - AAR had disposed of assessee’s application as having become infructuous in view of completion of assessment proceedings.
Eplanet Ventures Mauritius Ltd. vs. DIT
(2016) TaxCorp(LJ) 11107 (HC-KARNATKATA)
-
S. 14A is applicable even where the motive of the assessee in acquiring the shares is to obtain controlling interest in a company and not to earn dividends
United Breweries Limited vs. DCIT
(2016) TaxCorp(LJ) 10877 (HC-KARNATKATA) · Section 14A
-
HC - Assessee entitled to sxemption u/s 54F even where builder has not handed over the possession within the time limit prescribed under section 54F.
Principle Commissioner of Income Tax & Assistant Commissioner of Income Tax, Circle 15 (1) , Versus Sri. C. Gopalaswamy
(2016) TaxCorp(LJ) 10400 (HC-KARNATKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=65422&Category=Judgment&CategoryType=Zip
-
HC - No interest u/s 234A on self-assessment tax paid before due-date of furnishing tax-return.
Suresh Sharma vs. ACIT
(2016) TaxCorp(LJ) 10254 (HC-KARNATKATA) · Section. 234A
-
HC - Cost-Accountants competent to audit cooperative society’s accounts u/s 63 of the Karnataka Co-operative Societies Act, 1959.
Karnataka State Chartered Accountants vs. State of Karnataka
(2016) TaxCorp(LJ) 10237 (HC-KARNATKATA) · Section. 244(1A)
-
HC - Once it is found that the amount realized by sale of carbon credit is not taxable as profit, naturally it will have no adverse effect on the Revenue. Revision u/s 263 not justified.
Commissioner of Income Tax-III Versus M/s. Subhash Kabini Power Corporation Limited
(2016) TaxCorp(LJ) 10226 (HC-KARNATKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=65293&Category=Judgment&CategoryType=Zip
-
HC - Entitlements earned on sale of carbon- credit is a capital receipt.
Subhash Kabini Power Corporation Ltd. Vs. CIT
(2016) TaxCorp(LJ) 10162 (HC-KARNATKATA)
-
HC - Merely because the creditor could not be traced on the date when the verification was made, same is not a ground to conclude that there was cessation of the liability. No Sec 41(1) addition.
CIT vs Alvares and Thomas
(2016) TaxCorp(LJ) 10142 (HC-KARNATKATA) · Section 41(1)
-
S. 147: An assessment cannot be reopened for the purpose of making a fishing and roving enquiry
C M Mahadeva vs. CIT
(2016) TaxCorp(LJ) 10089 (HC-KARNATKATA) · Section 147
-
HC - Simply because the AOP couldn’t be taxed is not a valid ground to tax assessee- member in respect of distribution of AOP’s properties on its dissolution.
Pr. CIT. vs. IND Sing Developers P. Ltd.
(2016) TaxCorp(LJ) 10060 (HC-KARNATKATA)
-
HC - Sec 40(a)(ia) disallowance justified for TDS default on rent, professional charges and contractual payments to transporters made by assessee. Reliance on Vector Shipping ruling by ITAT not correct.
Ryatar Sahakari Sakkare Karkhane Niyamit vs. ACIT & Others
(2016) TaxCorp(LJ) 10017 (HC-KARNATKATA) · Section. 40(a)(ia)
-
S. 44AB/ 271B: Belief that a mutual association like a club is not liable for tax audit is a bona fide one and constitutes reasonable cause u/s 273B
Koramangala Club vs. ITO
(2016) TaxCorp(LJ) 9978 (HC-KARNATKATA) · Sections 44AB, 271B
-
HC - Sec 40(a)(iib) inserted vide Finance Act, 2013 disallowing privilege fee payment was not clarificatory in nature and hence not applicable retrospectively.
Karnataka State Beverages Corporation Limited. Vs. The Commissioner of Income-Tax
(2016) TaxCorp(LJ) 9973 (HC-KARNATKATA) · Section. 40(a)(iib)
-
HC - AO has no powers to embark upon a fresh enquiry to question audited books of assessee while computing book profits under sec. 115JB.
Sri Hariram Hotels (P.) Ltd. v. Commissioner of Income-tax-(III), Bangalore
(2016) TaxCorp(LJ) 9947 (HC-KARNATKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=62546&Category=Judgment&CategoryType=Zip
-
HC - No penalty u/s 271(1)(c) upon disallowance of assessee’s claim of financial expenses details of which were disclosed in the return of income.
Safina Hotels Private Limited vs. CIT
(2016) TaxCorp(LJ) 9941 (HC-KARNATKATA) · Section. 271(1)(c)
Headnote lines are open to everyone. The full headnote and the judgment text open with a subscription — see plans or sign in.