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ITAT - Merely because society had received deposits from non-members and violated provisions of APMACS Act, no denial of sec. 80P benefit.
Assistant Commissioner of Income-tax v. Rangareddy District Judicial Employees Mutually Aided Co-Operative Credit Society Ltd.
(2015) TaxCorp(LJ) 8862 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=40730&Category=ITAT&CategoryType=Zip
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ITAT - Failure to apply s. 50C and offer capital gains as per the stamp value does not constitute concealment/ furnishing of inaccurate particulars of income for levy of penalty u/s 271(1)(c)
Bhavya Anant Udeshi vs. ITO
(2015) TaxCorp(LJ) 8765 (ITAT-HYDERABAD) · Section 271(1)(c)
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ITAT - Without establishing through positive evidence that assessee and its related party have arranged their business transaction in a manner to produce more than ordinary profit to assessee, AO cannot invoke the provisions of section 10A(7) read with section 80IA(10) on mere presumptions and surmises.
DCIT. Vs. Quick MD
(2015) TaxCorp(LJ) 8583 (ITAT-HYDERABAD) · Section. 10A
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S. 40(a)(ia)/ 194A/ 197A(1A): If payer obtains declarations in Form 15G/ 15H, tax is not deductible at source. Failure to furnish such declarations to CIT may attract penalty u/s 272A(2)(f). However, disallowance u/s 40(a)(ia) cannot be made
Malineni Babulu (HUF) vs. ITO
(2015) TaxCorp(LJ) 8434 (ITAT-HYDERABAD) · Sections 40(a)(ia)/ 194A/ 197A(1A)
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ITAT - Consideration received on sale of carbon credits is capital receipt and not taxable.
Dy CIT vs. Indur Green Power Private Limited
(2015) TaxCorp(LJ) 8414 (ITAT-HYDERABAD)
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S. 68: If the assessee has furnished the details of the creditors with their PAN, the onus is on the AO to examine their credit-worthiness and source of payment to assessee
KLR Industries Ltd vs. DCIT
(2015) TaxCorp(LJ) 7276 (ITAT-HYDERABAD) · Section 68
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ITAT - Charitable activities cannot be held as business merely due to charge of fee for rendering services and there is no profit motive in the activities of the assessee.
Institute for Development and Research in Banking Technology (IDRBT) Vs. ACIT
(2015) TaxCorp(LJ) 7126 (ITAT-HYDERABAD)
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ITAT - Important principles of what is a "charitable purpose" and the scope of the proviso to section 2(15) of the Act explained.
Institute for Development and Research in Banking Technology (IDRBT) vs. ADIT
(2015) TaxCorp(LJ) 7118 (ITAT-HYDERABAD) · Section 2(15), 11
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ITAT - Expenditure in cash was genuine in nature and debited to account as collective sum while payment was made to many labours. Cannot be disallowed u/s 40A(3).
DCIT. vs. Kolli Gopal Krishna
(2015) TaxCorp(LJ) 7101 (ITAT-HYDERABAD) · Section. 40A(3)
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ITAT - Handing over possession of property by assessee to the IT Dept in terms of Govt. order is not to be deemed as transfer u/s 2(47)(v).
DCIT. Vs. AP State Agro Industries Development Corporation Ltd.
(2015) TaxCorp(LJ) 7082 (ITAT-HYDERABAD) · Section. 53A
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ITAT - Where two views were possible and the AO had taken one view with which the CIT did not agree, it could not be treated as an erroneous order prejudicial to the interests of the Revenue, unless the view taken by the Income Tax Officer was unsustainable in law.
Sanka Venkata Rama Rao vs. Income Tax Officer
(2015) TaxCorp(LJ) 7078 (ITAT-HYDERABAD) · Section. 263
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ITAT - Having religious objects by way of propagating spirituality (i.e. preaching teachings of Vedas and Upanishads, Quran and Bible and other scriptures) in addition to charitable objects does not violate the provision of section 11(1)(a). Entitled to Sec 12A registration.
Shiva Shakthi Shiridi Sai Anugraha Mahapeetam vs. DDIT
(2015) TaxCorp(LJ) 7072 (ITAT-HYDERABAD) · Section. 12A
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ITAT - For determining point of deducting TDS, date of credit in books is relevant date.
Spectrum Power Generation Ltd. vs. ACIT (TDS)
(2015) TaxCorp(LJ) 7057 (ITAT-HYDERABAD)
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Section 68- Trade credits cannot be taxed as unexplained cash credit
Bhagyanagar Oil Industries vs. ITO
(2015) TaxCorp(LJ) 7054 (ITAT-HYDERABAD) · Section 68
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ITAT - Where the claim of the assessee that he was prevented by sufficient reason in not complying with the provisions of section 269SS, AO was directed to examine the entire issue after giving reasonable opportunity to the assessee.
Sri Venkateswara Reddy Kasireddy v. ITO
(2015) TaxCorp(LJ) 6998 (ITAT-HYDERABAD) · Section. 269S
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ITAT - Though AO was justified in entertaining doubt that the assessee is engaged in the business of money lending and the cheques have been obtained, only after the amounts were advanced. But, in the absence of any positive evidence in support of lending money to the persons, blank cheques can’t be treated as an unexplained investments.
Sri Laxmi Narayan Agarwal v. ACIT
(2015) TaxCorp(LJ) 6997 (ITAT-HYDERABAD)
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ITAT - Assessee did not attract the provisions of section 40(a)(ia) as reimbursement of expenses do not consist the income of the recipient and the payments are not governed by the provisions of section 194C.
Shri M/s. Cipro Pharmaceuticals v. A.C.I.T.
(2015) TaxCorp(LJ) 6995 (ITAT-HYDERABAD) · Section. 194C
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ITAT - Since assessee did not have accumulated profits, which is one of the conditions for invoking section 2(22)(e), advance received can’t be termed as a dividend U/s. 2(22)(e).
Shri Ch. Krishna Murthy v. D.C.I.T
(2015) TaxCorp(LJ) 6994 (ITAT-HYDERABAD) · Section. 2(22)(e)
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ITAT - All transactions in different bank accounts are required to be taken in consideration by AO during assessment proceedings.
Shri Sama Srinivas Reddy v. ITO
(2015) TaxCorp(LJ) 6993 (ITAT-HYDERABAD)
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ITAT - Assessee (a contractor) cannot be compelled to comply with the condition or fulfill the condition which was not stipulated at the time of sanction of the project, reopening cannot be allowed if there is any subsequent change in Law.
ACIT. V. Sahara States
(2015) TaxCorp(LJ) 6992 (ITAT-HYDERABAD) · Section. 147
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