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HC - The partner to whom property was sold has admitted the receipts of Rs.65 lakhs, coupled with the fact that the market value was Rs.62.38 lakhs, addition upheld on firm.
Sri Saleswara Industries Mahajanahalli v. Income-tax Officer, Ward-3, Davangere
(2015) TaxCorp(LJ) 5345 (HC-KARNATKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=58917&Category=Judgment&CategoryType=Zip
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HC - Jobbing and arbitrage - Section 73 has no application to a contract entered into by a member of the NSE or Bangalore Stock Exchange, whose business is in trading of shares on behalf of his clients, which is known as jobbing or arbitrage. Any loss which may arise in the course of such business, shall not be deemed to be a speculative transaction.
THE COMMISSIONER OF INCOME-TAX AND THE ASSISTANT COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-1(4) BANGALORE Versus M/s. FIRST SECURITIES PVT. LTD.
(2015) TaxCorp(LJ) 5327 (HC-KARNATKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=59096&Category=Judgment&CategoryType=Zip
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HC - Condition precedent for passing an order in block assessment is undisclosed income being recovered in a search proceedings, thus unaccounted stock found prior to search could not be subject matter of block assessment proceedings
Commissioner of Income-tax, Mangalore v. B. Sudheer Baliga
(2015) TaxCorp(LJ) 5310 (HC-KARNATKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=60342&Category=Judgment&CategoryType=Zip
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HC - Sec 220(2) interest be levied from date commencing after end of 30 days period u/s 220(1) and return filing-date u/s 139.
C. Aswathnarayana vs. TRO
(2015) TaxCorp(LJ) 5255 (HC-KARNATKATA) · Section. 220(2)
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HC - "stake money" paid by race clubs to horse owners not liable for TDS u/s 194B
Bangalore Turf Club Limited vs Union of India & others
(2015) TaxCorp(LJ) 5236 (HC-KARNATKATA)
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HC - Assessee a telecom service provider is not liable to deduct tax u/s 194H for payments to Channel Partners /Distributors on Sim card distribution since it is akin to sale of 'right to service'.
Bharti Airtel Ltd & Ors. vs. DCIT
(2015) TaxCorp(LJ) 5233 (HC-KARNATKATA) · Section. 194H
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HC - AO not competent to treat donations as "capitation fees" in view of Karnataka Educational Institution (Prohibition of Capitation Fee) Act. Even though Chairman and few members of KLE Society were Chancellor and members of 'KLE University', donations received by assessee could not be treated as 'capitation fee' for seeking admission in KLE University
CIT vs. Karnataka Lingayat Education Society
(2015) TaxCorp(LJ) 5103 (HC-KARNATKATA)
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HC - The normal effect of repealing a statute or deleting a provision is to obliterate it from the statute book as completely as if it had never been passed, and the statute must be considered as a law that never existed.
CIT vs GE Thermometrics India Pvt. Ltd.
(2015) TaxCorp(LJ) 5101 (HC-KARNATKATA) · Section 10B(9)
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HC - Rent received from sub-letting of office premises is chargeable under the head 'business income' hence, eligible for Sec 10A benefit
Subex Limited vs ITO
(2015) TaxCorp(LJ) 5080 (HC-KARNATKATA) · Section 10A(4)
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HC - The expenditure is claimed is for upgrading the existing product. Therefore, the product so upgraded goes on changing as time progresses, keeping in mind the requirement and the competition in the market. Same was to be treated as revenue expenditure
Commissioner of Income-tax, Bangalore v. Tejas Networks India (P.) Ltd.
(2015) TaxCorp(LJ) 5068 (HC-KARNATKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=58361&Category=Judgment&CategoryType=Zip
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HC - As an individual could be a nominal member both of a federal society and a co-operative society and if a federal society extends credit facilities to such nominal members, the income derived from such business falls within sub-section 2(a)(i) of section 80P
Commissioner of Income-tax, Bangalore v. Karnataka State Co-Operative Housing Federation Ltd.
(2015) TaxCorp(LJ) 5039 (HC-KARNATKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=59086&Category=Judgment&CategoryType=Zip
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HC - A multi purpose co-operative credit society registered under 'Karnataka Co-operative Societies', being primary agricultural credit society, entitled to sec. 80P relief
Venugram Multipurpose Co-Operative Credit Society Ltd. v. Income tax Officer, Ward No.1(2), Belgaum
(2015) TaxCorp(LJ) 5012 (HC-KARNATKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=59083&Category=Judgment&CategoryType=Zip
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HC - Revision u/s 263 on the basis that the figures found in the calculation statement has no basis ignoring that these figures are taken from the books of account is not justified. AO rightly granted sec. 80-IA relief after considering books of account
Commissioner of Income-tax, Bangalore v. Kurlon Ltd.
(2015) TaxCorp(LJ) 5003 (HC-KARNATKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=59064&Category=Judgment&CategoryType=Zip
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HC - The word 'such date' used in Sec 94(7)(b) referred to date of purchase of securities or units and not to the record date. That if the sale of securities is beyond 3 months from date of purchase then the sale would not fall u/s 94(7).
CIT(A) vs Sarosh Nowrojee Burjorjee
(2015) TaxCorp(LJ) 4992 (HC-KARNATKATA)
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HC - Once the section is omitted from the statute book, the result is it had never been passed and be considered as a law that never exists
The Commissioner of Income-tax and The Assistant Commissioner of Income-Tax Versus M/s. GE Thermometrics India Pvt., Ltd.,
(2014) TaxCorp(LJ) 4928 (HC-KARNATKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=59014&Category=Judgment&CategoryType=Zip
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HC - Where assessee failed to produce evidence to prove that payment was made directly to individual workers, matter was to be remanded back to decide applicability of section 194C to assessee
Karnataka Rural Infrastructure Development Ltd. v. Income-tax Officer, TDS Ward
(2014) TaxCorp(LJ) 4900 (HC-KARNATKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=59001&Category=Judgment&CategoryType=Zip
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HC - Even if service tax is paid prior to Show Cause Notice, still the penalty shall be leviable u/s 76/78, 77 of Finance Act’94
K. Madhav Kamath Brother & Co. v. Asst. Comm. of Central Excise
(2014) TaxCorp(LJ) 4892 (HC-KARNATKATA)
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HC - 'Advance' given by a closely held company to its sister concerns and substantial shareholder does not fall within ambit of deemed dividend u/s 2(22)(e) if such a payment is made firstly not out of accumulated profits and secondly even if it is out of accumulated profits, but as trade advance as a consideration for the goods received or for purchase of a capital asset which indirectly would benefit the company advancing the loan, such advance cannot be brought within the word 'advance' used in the aforesaid provision
Bagmane Constructions Pvt. Ltd. vs CIT
(2014) TaxCorp(LJ) 4880 (HC-KARNATKATA)
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HC - Activity of owning and maintaining horses cannot by any stretch of imagination fall in the definition of 'card game or other game of any sort' found in Section 194B
Bangalore Turf Club Ltd. Versus Union of India And Others
(2014) TaxCorp(LJ) 4845 (HC-KARNATKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=58920&Category=Judgment&CategoryType=Zip
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HC - Brokerage paid to mobilize public deposit would be revenue expenditure, if the said money is utilized for working capital
Commissioner of Income-tax v. Karnataka Power Corporation Ltd
(2014) TaxCorp(LJ) 4821 (HC-KARNATKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=58934&Category=Judgment&CategoryType=Zip
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