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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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S. 68/ 69/69A: Law relating to assessment of undisclosed income, based on disputed documents found in the premises of the assessee during search explained. Also, the law on admission of additional evidence sourced from foreign countries, onus of the assessee and onus of the revenue and law on 'telescoping' of additions also explained
Hassan Ali Khan vs. DCIT
(2016) TaxCorp(LJ) 10001 (ITAT-MUMBAI) · Sections. 68, 69, 69A
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HC - Sec 201(1)/(1A) proceedings in respect of periods prior to April 2007 for TDS default on pre-paid cards payment quashed in writ.
Vodafone Essar Mobile Services Ltd., Tata Teleservices Ltd. vs. UOI, ACIT
(2016) TaxCorp(LJ) 10000 (HC-DELHI) · Section. 201(3)
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ITAT - Foreign tax credit allowable to assessee in respect of dividend received from its JV company in Oman.
Krishak Bharati Cooperative Ltd. vs. ACIT
(2016) TaxCorp(LJ) 9999 (ITAT-DELHI)
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ITAT - No TDS liability on year-end provisions for expenses which got reversed on first day of next accounting year.
Bosch Limited vs. ITO
(2016) TaxCorp(LJ) 9998 (ITAT-BANGALORE)
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ITAT - 5 tests for determining business connection viz 1) Continuity 2) Real and intimate connection 3) Attribution of income 4)Common Control and 5) Professional connection.
DCIT vs. Vertex Customer Management Ltd
(2016) TaxCorp(LJ) 9997 (ITAT-DELHI)
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ITAT - Mutuality concept applicable to surplus generated out of contributions received by assessee- condominium (a resident welfare association) from tenants.
Beverlly Park-1, Condominium vs. ACIT
(2016) TaxCorp(LJ) 9996 (ITAT-DELHI)
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Transfer Pricing: The existence of an "international transaction" w.r.t. AMP Expenditure cannot be assumed. The onus is on the TPO to prove such transaction. There is no machinery provision to ascertain the price to promote the AE's brand values. The AMP Expenditure should be treated as operating cost to apply TNMM and determine ALP of transactions with AE
Essilor India Pvt.Ltd vs. DCIT
(2016) TaxCorp(LJ) 9995 (ITAT-BANGALORE)
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Entire law on difference between premium (salami) paid to acquire a lease and rent paid to use a lease explained in the context of whether a lease results in a transfer u.s 2(47)
ITO vs. Dr. Vasant J Rath Trust
(2016) TaxCorp(LJ) 9994 (ITAT-MUMBAI) · Section 2(47)
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Transfer Pricing: Even if TNMM is found acceptable as regards all other transactions, it is open to the TPO to segregate a portion and subject it to an entirely different method i.e. CUP if the assessee does not provide satisfactory replies to his queries
Denso India Limited vs. CIT
(2016) TaxCorp(LJ) 9993 (HC-DELHI)
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ITAT - For computing continuous stay for PE purpose actual stay of employees has to be considered and not the entire contract period.
Rheinbraun Engineering Und Wasser GmbH vs. Dy. Director of Income Tax
(2016) TaxCorp(LJ) 9992 (ITAT-MUMBAI)
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ITAT - As assessee had antecedent interest over property as early as 3.3.1970 and a vested right over property by paying entire sale consideration prior to 1.4.1981, Sec 55(2)(b)(i) benefit should be allowed.
Stewarts & Lloyds of India ltd. vs. CIT
(2016) TaxCorp(LJ) 9991 (ITAT-KOLKATA)
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ITAT - Share-warrants forfeiture being a capital receipt not liable to be taxed u/s 115JB.
D.C.I.T, C.C-XXVIII. Vs. M/s. Binani Industries Ltd.
(2016) TaxCorp(LJ) 9990 (ITAT-KOLKATA)
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ITAT - Sec 11 exemption available to charitable trust registered u/s 12A on bank interest income.
Bombay Presidency Golf Club Ltd. Vs. ITO
(2016) TaxCorp(LJ) 9989 (ITAT-MUMBAI) · Section. 11
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ITAT - Sec 154 could not be invoked in a case where two views are possible.
Apna Organics (P) Ltd. vs. ACIT
(2016) TaxCorp(LJ) 9988 (ITAT-MUMBAI) · Sections. 240, 154
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SC - Proceeds generated from scrap sales should not be included in ‘total turnover’ for the purpose of computing deduction u/s 80HHC.
JAGRAON EXPORTS vs. CIT
(2016) TaxCorp(LJ) 9987 (SC) · Section. 80HHC
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ITAT - Since assessee had sufficient share capital, reserves and surplus to make investments made in subsidiary companies and mutual funds, no sec 14A disallowance.
Sun TV Network Ltd. vs. ACIT
(2016) TaxCorp(LJ) 9986 (ITAT-CHENNAI) · Section. 14A
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ITAT - Deduction u/s 24(b) is available for interest paid on funds borrowed and used for purchasing land on which construction was undertaken by a developer.
Mrs. Samiksha Mahajan, Mrs. Anita Rani Vs. Assistant Commissioner of Income
(2016) TaxCorp(LJ) 9985 (ITAT-DELHI) · Section. 24(b)
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ITAT - Sec 154 could not be invoked in a case where two views are possible.
Apna Organics (P) Ltd. vs. ACIT
(2016) TaxCorp(LJ) 9984 (ITAT-MUMBAI) · Sections. 240, 154
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HC - No Sec 14A disallowance on interest expense in rexpect of investment made in tax-free securities as issue has been concluded in assessee’s favour by co-ordinate bench in its own case.
HDFC Bank Ltd. vs. DCIT
(2016) TaxCorp(LJ) 9983 (HC-BOMBAY) · Section. 14A
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