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SC - Ponds designed for breeding of prawns are plant for depreciation purposes
Assistant Commissioner of Income-tax v. Victory Aqua Farm Ltd.
(2015) TaxCorp(LJ) 8781 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=61861&Category=Judgment&CategoryType=Zip
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SC - SLP Dismissed - HC had held that benefit u/s 80IB(10) available inspite of non- fulfilment commercial establishments area limit inserted vide clause (d) to Sec 80-IB(10) w.e.f April 1, 2005.
CIT. vs. Happy Home Enterprises
(2015) TaxCorp(LJ) 8750 (SC) · Section. 80IB(10)
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SC - SLP Dismissed - HC had quashed reassessment as Sec 148 notice invoking Sec 149(1)(c) was barred by limitation absent foreign asset.
ITO and Ors.vs. Deccan Digital Networks Pvt. Ltd. And Anr.
(2015) TaxCorp(LJ) 8717 (SC)
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SC - SLP Dismissed - HC had held that the assessee is required to disclose full and true material facts and need not explain or interpret the law. Legal inference has to be drawn by the Assessing Officer from the facts disclosed by the assessee
CIT. vs. Cray Research India Ltd.
(2015) TaxCorp(LJ) 8714 (SC)
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SC - The client is not bound by a statement or admission which he or his lawyer was not authorised to make. The Lawyer generally has no implied or apparent authority to make an admission or statement which would directly surrender or conclude the substantial legal rights of the client unless such an admission or statement is clearly a proper step in accomplishing the purpose for which the lawyer was employed The Supreme Court had to inter alia consider the following issues
Himalayan Cooperative Group Housing Society Vs. Balwan Singh
(2015) TaxCorp(LJ) 8669 (SC)
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SC - SLP Dismissed - HC had quashed reassessment notice as satisfaction of Joint Commissioner was recorded mechanically.
CIT. Vs. Goyanka Lime and Chemicals Ltd.
(2015) TaxCorp(LJ) 8608 (SC)
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SC - SLP Dismissed - Clearances from statutory authorities and receipt of amount through normal banking channels insufficient, ‘’source’ creditworthiness must under section 68.
Velocient Technologies Ltd. vs. CIT
(2015) TaxCorp(LJ) 8573 (SC)
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SC - CBDT Instruction No. 3/2011 specifying minimum monetary tax effect of Rs 10 lacs for Revenue appeals before HC is not retrospective in nature. Instruction applicable only to such cases which are filed after the issuance of the instruction.
CIT. vs. Suman Dhamija
(2015) TaxCorp(LJ) 8551 (SC)
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SC - Income of trust was not taxable in the hands of assessee even though the same was created for the benefit of assessee’s minor children because clubbing provisions are not applicable where minor child is entitled to income on attaining majority.
Kapoor Chand vs. ACIT
(2015) TaxCorp(LJ) 8548 (SC)
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SC - Allows additional depreciation claim even where Form 3AA (i.e Accountant’s report for claiming additional depreciation) was not filed along-with the return of income but during assessment proceedings.
CIT. vs. G.M. Knitting Industries(P) Ltd.
(2015) TaxCorp(LJ) 8543 (SC)
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SC - HC, being Court of Record under Article 215, have the inherent power of review.
CIT. vs. Meghalaya Steels Ltd.
(2015) TaxCorp(LJ) 8510 (SC)
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SC - SLP Dismissed - Gujarat High Court had rejected AO’s invocation of Explanation 3 to Sec 43(1). Factum of respondent-assessee not having paid consideration for acquiring individual assets cannot be construed as illusory or colorable.
CIT. vs. Sandvik Chokshi Ltd.
(2015) TaxCorp(LJ) 8508 (SC)
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SC - SLP Dismissed - Gujarat HC had granted Sec 32AB deduction to assessee for utilizing amount withdrawn from investment deposit account towards term loans’ repayment.
CIT. vs. Nirma Credit & Capital Ltd.
(2015) TaxCorp(LJ) 8499 (SC) · Section 32AB
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SC - Section 234B interest is automatic if conditions are met. Form I.T.N.S. 150 is a part of the assessment order and it is sufficient if the levy of interest is stated there.
CIT vs. Bhagat Construction Co. Pvt. Ltd
(2015) TaxCorp(LJ) 8494 (SC) · Section 234B
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SC - High Courts, being Courts of Record under Article 215, have the inherent power of review. There is nothing in s. 260A(7) to restrict the applicability of the provisions of the CPC to s. 260A appeals.
CIT vs. Meghalaya Steels Ltd
(2015) TaxCorp(LJ) 8493 (SC) · Section 260A
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SC - Interest u/s 234B was part of Form I.T.N.S. 150, which contained calculation of interest payable on assessed tax, therefore Sec 234B interest is to be levied for shortfall in advance tax payment despite no direction in the assessment order for payment of interest.
CIT. vs. Bhagat Construction Co.
(2015) TaxCorp(LJ) 8486 (SC) · Section. 234B
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Interest u/s 234B is automatic even if assessment order does not contain any direction for payment- SC
Bhagat Construction Co Private Limited vs. Commissioner of Income-tax, Delhi
(2015) TaxCorp(LJ) 8480 (SC) · Section. 234B
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SC - CBDT’s SLP against Gujarat HC ruling dismissed which allowed writ praying return filing due-date extension.
CBDT. Vs. All Gujarat Federation of Tax Consultants
(2015) TaxCorp(LJ) 8467 (SC)
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Interim stay of the operation and implementation of the judgement of the Bombay High Court upholding the constitutional validity of service-tax on lawyers granted
Bombay Bar Association vs. UOI
(2015) TaxCorp(LJ) 8464 (SC)
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HC - Advances paid towards acquisition of assets amounts to utilization of capital gains for the purpose of exemption u/s 54G.
Fibre Boards (P) Ltd. vs. CIT
(2015) TaxCorp(LJ) 8449 (SC)
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