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HC - In view of the fact that petitioner does not dispute about deposits held by it on behalf of the assessee and the same being payable by the petitioner to the assessee and non-compliance of the demand notice raised by the Department under section 226(3), Department have rightly held that petitioner is to be treated as an assessee in default.
Shree Aashraya Souhard Credit Society Ltd. v. Assistant Commissioner of Income-tax
(2014) TaxCorp(LJ) 4820 (HC-KARNATKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=57571&Category=Judgment&CategoryType=Zip
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HC - Authority should not be mislead or guided by the balance sheet which is prepared to satisfy the shareholders by resorting to window dressing. Expenses actually incurred to be allowed even though presented as being 'deferred in printed balance sheet for shareholders to show earning of profits
CIT vs Karnataka Soaps and Detergents Ltd.
(2014) TaxCorp(LJ) 4801 (HC-KARNATKATA)
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HC - Since interest income earned by assessee (co-operative society engaged in providing credit facilities to its members) from short term deposits with banks is 'attributable' to carrying on credit business, deduction u/s 80P(2) is available
Tumkur Merchants Souharda Credit Cooperative Limited vs ITO
(2014) TaxCorp(LJ) 4788 (HC-KARNATKATA)
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HC –Cost Sharing Agreement only a device to avoid tax; payment to use intranet facilitytaxable as“royalty”
CIT, ITO vs. CGI Information Systems and Management Consultants Pvt Ltd
(2014) TaxCorp(LJ) 4659 (HC-KARNATKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=4041&Category=Landmark&CategoryType=Zip
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HC - Subsequent amendment though retrospective will not attract Section 263 whereassessment already made
Commissioner of Income-tax, Bangalore v. Sasken Communication Technologies Ltd.
(2014) TaxCorp(LJ) 4653 (HC-KARNATKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=58658&Category=Judgment&CategoryType=Zip
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HC - Indexed Cost of Acquisition in case of capital asset acquired through succession
Commissioner of Income-tax, Mysore Versus Smt. Asha Machaiah
(2014) TaxCorp(LJ) 4626 (HC-KARNATKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=58130&Category=Judgment&CategoryType=Zip
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HC -Set-off of notionally brought forward losses available for eligible profits u/s 80IA(5)
M/s Microlabs Ltd vs ACIT
(2014) TaxCorp(LJ) 4556 (HC-KARNATKATA) · Section. 80IA(5)
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HC - Order of ITAT not proper as was against principals of natural justice; an opportunity of being heard had to be necessarily granted.
CIT vs Wifi Network Pvt Ltd.
(2014) TaxCorp(LJ) 4552 (HC-KARNATKATA)
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HC - Brokerage for public deposits allowable as neither extension of capital nor for issue of shares for increase in share capital
CIT vs. Karnataka Power Corporation Ltd
(2014) TaxCorp(LJ) 4549 (HC-KARNATKATA)
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HC - If capital assets upgraded goes on changing as time progresses due to competition in the market then product development expense is revenue in nature
CIT vs. Tejas Networks India (P) Ltd.
(2014) TaxCorp(LJ) 4545 (HC-KARNATKATA)
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Premature payment of sales-tax deferral loan by paying an amount equal to the net present value of the deferred tax by which the entire liability to pay tax/loan stood discharged is not a "benefit" taxable u/s 41 (1)
CIT vs. McDowell & Co Ltd.
(2014) TaxCorp(LJ) 4219 (HC-KARNATKATA) · Section. 41(1)
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