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HC - ‘Fringe-benefit’s’ defined u/s 115WB (under Chapter XII-H relating to fringe benefit tax cannot be imported for perquisite u/s 17(2).
All India Bank Officers' Confederation Vs Union of India, The Central Board of Direct Taxes
(2016) TaxCorp(LJ) 10248 (HC-MADRAS) · Section 17(2)
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HC - Sec. 17(2)(viii) and Rule 3(7)(i) of the IT Rules constitutionally valid. Pegging perquisite valuation (bank employees' concessional loans) to SBI-rate not 'hardship'.
All India Union Bank Officers Federation vs. Union of India
(2016) TaxCorp(LJ) 10245 (HC-MADRAS)
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HC - Interest on income-tax refund to an Italy-based company u/s 244A is not taxable in India under India-Italy DTAA.
Ansaldo Energia SPA Vs. The Commissioner of Income Tax
(2016) TaxCorp(LJ) 10239 (HC-MADRAS)
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HC - Once income is offered, then the same cannot be withdrawn. CIT has rightly rejected the application u/s 264 on this ground.
M/s. S. Thanislas Nadar & Sons Versus The Commissioner of Income Tax-II
(2016) TaxCorp(LJ) 10228 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=65297&Category=Judgment&CategoryType=Zip
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HC - When assessee had complied with the provisions of the Act, ITAT should not have refused to condone the delay on this ground.
Wayne Burt Petro Chemicals (P) Ltd. vs. ITAT, ACIT
(2016) TaxCorp(LJ) 10168 (HC-MADRAS)
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HC - To fall under the ambit of Sec 73 explanation, there should be a “business” of speculative transactions. Loss on share-sale transaction for assessee engaged in manufacturing, not speculative.
Rajapalayam Mills Limited vs. DCIT
(2016) TaxCorp(LJ) 10156 (HC-MADRAS) · Section. 73
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S. 195/ 40(a)(ia): Commission paid to a non-resident for services rendered outside India is not chargeable to tax in India and is not liable for TDS. Insertion of Explanation 4 to s. 9(1)(i) and Explanation 2 to s. 195(1) by FA 2012 w.r.e.f. 01.04.1962 and insertion of Explanation below s. 9 (2) by FA 2010, w.r.e.f. 01.06.1976 makes no difference to the law
CIT vs. Farida Leather Company
(2016) TaxCorp(LJ) 10153 (HC-MADRAS) · Sections 195, 40(a)(ia)
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HC - Waiver of 'principal' loan amount by bank is taxable perquisite of beneficiary assessee u/s 28(iv).
CIT. vs. Ramaniyam Homes P. Ltd.
(2016) TaxCorp(LJ) 10139 (HC-MADRAS) · Section. 28(iv)
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HC - Payment to Tamil Nadu Industrial Development Corporation Limited for executing 99 years land lease deed is not rent. No TDS u/s 194I.
TRIL Inforpark Limited vs. ITO
(2016) TaxCorp(LJ) 10120 (HC-MADRAS) · Section. 194I
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HC (SB) - There is no law, which says that a firm cannot be a partner in another firm.
Megatrends Inc. vs. CIT
(2016) TaxCorp(LJ) 10109 (HC-MADRAS)
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HC - Cyprus notification upheld.
T. Rajkumar vs. UOI
(2016) TaxCorp(LJ) 10099 (HC-MADRAS)
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HC - Cyprus notification u/s 94A upheld as also CBDT Press Release dated Nov 1 , 2013.
T Rajkumar vs. CBDT
(2016) TaxCorp(LJ) 10095 (HC-MADRAS) · 94A
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HC - No TDS u/s194I on one-time non-refundable upfront charges for acquiring leasehold rights in land for long duration.
Foxconn India Developer (P) Ltd. vs. ITO
(2016) TaxCorp(LJ) 10088 (HC-MADRAS) · Section. 194I
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S. 80-IA: As CBDT's Circular No.1/ 2016 dated 15.2.2016 is in line with Velayudhaswamy Spinning Mills 340 ITR 477 (Mad) the Dept should not agitate the controversy whether deduction u/s 80IA is allowable without setting off losses/unabsorbed depreciation which were set off in earlier years against other business income
CIT. vs. G.R.T. Jewellers (India) Pvt. Ltd.
(2016) TaxCorp(LJ) 10002 (HC-MADRAS) · Section. 80-IA
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HC - Sec 251 conferrs wide powers on appellate authorities while deciding an appeal. SCN issued by CIT(A) proposing income enhancement upheld.
Megatrends Inc represented Vs. The Commissioner of Income Tax, The Assistant Commissoner of Income Tax
(2016) TaxCorp(LJ) 9966 (HC-MADRAS)
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Interest on TDS deduction default not sustainable, where tax liability of deductor is NIL
M/s. Anusha Investments Ltd. vs. ITO
(2016) TaxCorp(LJ) 9857 (HC-MADRAS) · Section 195
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HC - When record itself justified expenses claimed by assessee, there was no justification in rejecting books of account or vouchers merely on specious plea that one person signed for all persons.
Southern Sizing Mills v. Deputy Commissioner of Income-tax, Circle I, Erode*
(2015) TaxCorp(LJ) 9531 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=60715&Category=Judgment&CategoryType=Zip
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HC - Personal loan to assessee holding substantial interest by a private company would be treated as deemed dividend.
Sunil Kapoor v. Commissioner of Income-tax, Tamil Nadu-I, Chennai*
(2015) TaxCorp(LJ) 9480 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=60680&Category=Judgment&CategoryType=Zip
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HC - Since refunds accrued to assessee for earlier assessment years were not processed, Assessing Officer has no powers under section 245 to adjust the same for any new subsisting due.
Assistant Commissioner of Income-tax, Large Taxpayer Unit-I, Chennai v. Sundaram Asset Management Co. Ltd.
(2015) TaxCorp(LJ) 9413 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=61377&Category=Judgment&CategoryType=Zip
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HC - No Power to AO to pass attachment order when appeal filed against such order alongwith stay application
M. Kannabiran v. Commissioner of Income-tax-Chennai
(2015) TaxCorp(LJ) 9395 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=62262&Category=Judgment&CategoryType=Zip
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