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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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ITAT - Where order u/s 263 has been passed without considering the explanation offered by the assessee and without applying his mind, matter should be remitted to the CIT(A) and directed him to pass fresh orders u/s 263.
Mr. Kailash Chand Gupta v. CIT
(2015) TaxCorp(LJ) 6991 (ITAT-HYDERABAD) · Section. 263
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ITAT - HUF would come under the purview of “relative” and Assessee would not be liable to tax u/s 56(2).
Mr. Biravelli Bhaskar v. ITO
(2015) TaxCorp(LJ) 6990 (ITAT-HYDERABAD) · Section. 56(2)(vi)
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ITAT - Depreciation allowable once asset is ‘ready-to-use’ and ‘inauguration-date’ is not relevant.
DCIT. Vs. SPR Publications P. Ltd.
(2015) TaxCorp(LJ) 6966 (ITAT-HYDERABAD)
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ITAT - It is a mistake apparent on record, if Tribunal has omitted to consider a ground of appeal taken before it or if it has failed to pass such order or to issue such directions which were necessary for proper adjudication of subject-matter of appeal, even if assessee/or revenue has not requested for such a direction by filing cross-appeal or cross-objections.
Bharath Biotech International Ltd. v. Deputy Commissioner of Income-tax
(2015) TaxCorp(LJ) 6945 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=38073&Category=ITAT&CategoryType=Zip
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ITAT - Provisions of section 292BB deeming a notice to be valid was inserted by Finance Act, 2008 with effect from 1-4-2008, the same do not have retrospective effect
Ghanshyamdas Gems & Jewels v. Deputy Commissioner of Income-tax
(2015) TaxCorp(LJ) 6923 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=38579&Category=ITAT&CategoryType=Zip
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ITAT - Director is not entitled to challenge the order passed against Company if dues of Company were not recoverable from him under sec. 179 as he could not be treated as an aggrieved party.
R. Subba Rao v. Income-tax Officer, Ward 3 (4), Hyderabad
(2015) TaxCorp(LJ) 6906 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39984&Category=ITAT&CategoryType=Zip
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