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HC - Tax Planning - Redemption of Early SPN is a clever but permissible tax planning tool therefore, interest cannot be disallowed deductible u/s. 36(1)(iii).
M/S. NIRMA LTD Vs ASSISTANT COMMISSIONER OF INCOME TAX
(2017) TaxCorp(LJ) 13734 (HC-GUJARAT) · Section 36(1)(iii)
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HC - A stay will not stand automatically vacated under the third proviso to Sec. 254(2A), unless ITAT records a finding that the assessee was responsible for the procrastination of the hearing of the appeal.
Vodafone Mobile Services Ltd. Vs. CIT
(2017) TaxCorp(LJ) 13730 (HC-AP) · Section. 254(2A)
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SC - CBDT instruction 3/2011 laying down monetary appeal filing limits for Revenue’s appeals is not retrospective in operation.
Gemini Distilleries Vs. The CIT
(2017) TaxCorp(LJ) 13729 (SC)
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Permanent Establishment (PE) under Article 5 of DTAA: Entire law on concept of “fixed place of business”, “service PE” and “agency PE” explained. The fact that there is close association and dependence between the US company and the Indian companies is irrelevant. The functions performed, assets used and risk assumed, is not a proper and appropriate test to determine whether there is a location PE
ADIT. vs. E-Funds IT Solution Inc.
(2017) TaxCorp(LJ) 13728 (SC)
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Entire law on the valuation of immovable properties under the 'rent capitalisation' method versus the 'land and building' method explained in the context of s. 7(2) of the Wealth-tax Act, 1957. Also, law on taking the view in favour of the assessee if two reasonable constructions of a statute are possible explained
Bimal Kishore Paliwal vs. CWT
(2017) TaxCorp(LJ) 13727 (SC)
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S. 2(22)(e): Any payment by a closely-held company by way of advance or loan to a concern in which a substantial shareholder is a member holding a substantial interest is deemed to be “dividend” on the presumption that the loans or advances would ultimately be made available to the shareholders of the company giving the loan or advance. However, the legal fiction in s. 2(22)(e) does not extend to, or broaden the concept of, a “shareholder”
CIT. vs. Madhur Housing And Development Co.
(2017) TaxCorp(LJ) 13726 (SC) · Section. 2(22)(e)
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ITAT - Interest u/s 201(1A) chargeable where assessee failed to deduct tax at source u/s 194J even though deductee had filed nil return of income and had no tax liability.
Aayush NRI LEPL Health Care Pvt. Ltd. Vs. ACIT
(2017) TaxCorp(LJ) 13719 (ITAT-VISAKHAPATNAM) · Section. 201(1A)
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HC - Payments made by a Hospital to retainer doctors are in the nature of professional fees and not salary. No TDS u/s 192.
Escorts Heart Institute & Research Centre Ltd. Vs. Dy. CIT
(2017) TaxCorp(LJ) 13718 (HC-RAJASTHAN)
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HC - An asset cannot move out of the `Block of Assets', if depreciation was allowed to the asset sometime in the past, even though depreciation was claimed for many years thereafter.
Meena v. Pamnani Vs. CIT
(2017) TaxCorp(LJ) 13717 (HC-BOMBAY) · Section. 50
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ITAT - No exemption u/s. 11 to where trust earned interest income on money lending to small help group, which is against object of assessee-trust and which amounts to commercial activities u/s 2(15).
Sreema Mahila Samity Vs. DCIT
(2017) TaxCorp(LJ) 13716 (ITAT-KOLKATA) · Section. 11
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ITAT - In the case of amalgamation,the transferor company ceases to exist, and there is transfer all rights to the amalgamated company, therefore the proceedings initiated by assessee can only be continued by the transferee company in its own name.
EADS India P. Ltd. Vs. DCIT
(2017) TaxCorp(LJ) 13711 (ITAT-BANGALORE)
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HC - Excess cash seized after adjustment towards payment of tax, surcharge and penalty under the Pradhan Mantri Garib Kalyan Yojana Scheme, 2016 needs to be refunded.
Jaya Balajee Real Media Pvt. Ltd. Vs. The ACIT
(2017) TaxCorp(LJ) 13710 (HC-AP)
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SC - The Indian company only renders support services which enable the assessees in turn to render services to their clients abroad. This outsourcing of work to India would not give rise to a fixed place PE. Also, MAP agreement for earlier year cannot be considered as precedent for subsequent years.
E-Funds IT Solution Inc. ACIT
(2017) TaxCorp(LJ) 13709 (SC)
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ITAT - Google's Adwords distribution agreement with Google Ireland is not the advertisement or selling of the space rather it is focused targeted marketing for the product/ services of the advertiser by the Assessee/Google with the help of technology for reaching the targeted persons based on the various parameters information etc,. Taxable as ‘royalty’ in India. Sec. 40(a)(i) disallowance for failure to make TDS justified.
Google India Private Ltd. Vs. Addi. CIT
(2017) TaxCorp(LJ) 13708 (ITAT-BANGALORE)
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ITAT - Sec. 80IB(3) deduction available despite assesse grew beyond the SSI definition in relevant AY.
Advik Hi-Tech Pvt. Ltd. Vs. DCIT
(2017) TaxCorp(LJ) 13707 (ITAT-PUNE) · Section. 80IB(3)
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ITAT - Considering Indian traditions deletes partial addition for investment in FDs out of gold and silver received as meher by close relatives without any supportive evidence.
Abida Mohammed Rakhangi Vs. ITO
(2017) TaxCorp(LJ) 13706 (ITAT-MUMBAI)
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ITAT - While computing capital gains holding period of the property is to be reckoned from the day on which the assessee got right over the property by virtue of a valid sale agreement.
Anu D Lohana Vs. ITO
(2017) TaxCorp(LJ) 13705 (ITAT-MUMBAI)
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HC - Quashes rejection of assessee’s settlement application before ITSC as the dismissal of the Petitioner’s applications by the ITSC would result in a failure to examine the matter comprehensively and in entirety.
Radico NV Distilleries Maharashtra Ltd. Vs. Commissioner Of Income Tax (Central)-Iii
(2017) TaxCorp(LJ) 13704 (HC-DELHI)
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HC - payments towards salary reimbursements by Bus Stand Management Development Authority, to Himachal Pradesh Road Transport Corporation shall not be liable for TDS u/s. 194J.
H. P. Bus Stand Management & Development Authority Vs. Pr. Commissioner of Income Tax
(2017) TaxCorp(LJ) 13703 (HC-HP) · Section. 194J
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ITAT - Amount credited in books of the assessee in the preceding year cannot be treated as unexplained cash credit u/s 68 in the relevant assessment year.
Income Tax Officer, Ward-1 (5), Samba Versus M/s Choudhary Construction Co. And Vice-Versa
(2017) TaxCorp(LJ) 13702 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=59379&Category=ITAT&CategoryType=Zip
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