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HC - In absent of PE in India, contract revenue received by a UAE based company from ONGC is not taxable in India
NPCC vs DIT
(2016) TaxCorp(LJ) 9807 (HC-DELHI)
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SC - HC to admit Revenue’s appeal on identical issue admitted earlier.
CIT vs. Bangalore Housing Dev. & Investments
(2016) TaxCorp(LJ) 9806 (SC)
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Subsidy granted to set up a wind project is a capital receipt. the subsidy cannot be reduced under Explanation 10 to s. 43(1) from the cost of the assets acquired though 100% depreciation is allowed on the cost of the assets. The subsidy is also not assessable either u/s 41(1) or u/s 50
UniDeritend Limited vs. ACIT
(2016) TaxCorp(LJ) 9805 (ITAT-MUMBAI) · Sections 41(1), 50
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HC - 50% additional depreciation allowable in second year.
CIT vs. Rittal India Pvt. Ltd.
(2016) TaxCorp(LJ) 9804 (HC-KARNATAKA) · Section 32(1)(iia)
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ITAT - Sec 54F exemption available to assessee for investing long term capital gains arising on sale of various sites in a single property.
Shri. S. Gangadhar vs. CIT
(2016) TaxCorp(LJ) 9803 (ITAT-BANGALORE) · Section 54F
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An installation project which does not last more than 183 days in a fiscal year is not a "Permanent Establishment" and the business profits are taxable only in Singapore under Article 7(1) of the India-Singapore DTAA
In Re Tiong Woon Project & Contracting (Pte) Limited
(2016) TaxCorp(LJ) 9802 (AAR)
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S. 271C: Penalty for failure to deduct TDS cannot be levied if Dept is unable to show contumacious conduct on the part of the assessee
CIT vs. Bank Of Nova Scotia
(2016) TaxCorp(LJ) 9801 (SC) · Section 271C
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ITAT - Investment in preference shares by assessee be considered for determining average value of investments under Rule 8D(2)(iii).
West Bengal Infrastructure Development Finance Corporation vs. ACIT
(2016) TaxCorp(LJ) 9800 (ITAT-KOLKATA)
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ITAT - Settling new house property in favour daughter without any consideration vide settlement deed within 3 years does not violate Sec 54 conditions.
ITO vs. Abdul Hameed Khan Mohammed
(2016) TaxCorp(LJ) 9799 (ITAT-CHENNAI) · Section 54
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ITAT - For salary (u/s 192), flat rate of TDS u/s 206AA is not automatic wherever PAN is not furnished.
Rashtriya Ispat Nigam Ltd. vs. ACIT
(2016) TaxCorp(LJ) 9798 (ITAT-VISAKHAPATNAM) · Sections 206AA, 192
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HC - No TDS u/s 195/194J on software purchase payments by assessee [a Value Added Reseller of software in India] under VAR agreements.
THE PRINCIPAL COMMISSIONER OF INCOME TAX-6 Vs M. TECH INDIA P. LTD.
(2016) TaxCorp(LJ) 9797 (HC-DELHI)
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ITAT - Provisions of sec. 80IB(10) does not talk of any pro-rata deductions.
DCIT vs Models Construction Pvt. Ltd
(2016) TaxCorp(LJ) 9796 (ITAT-PANAJI) · Section 80IB(10)
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AAR - Fees received by a UK company for rendering 'supply management' services to its Indian group company is, neither FTS nor royalty under India-UK DTAA.
Cummins Limited., In re
(2016) TaxCorp(LJ) 9795 (AAR)
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AAR - Proposed transfer of Indian group company’s shares by a Mauritian company to its Singaporean affiliate is not taxable in India being driven by "operational-excellence". No Tax avoidance.
Dow AgroSciences Agricultural Products Ltd., In re
(2016) TaxCorp(LJ) 9794 (AAR)
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AAR - Satyam’s class action suit settlement payments to US Settlement Fund is capital in nature and not taxable in India.
Qualified Settlement Fund USA, In re
(2016) TaxCorp(LJ) 9793 (AAR)
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AAR - Receipt of settlement payments in capacity of trustees for investors' claims is a capital receipt, not taxable in India. Surrogatum principle does not apply to amounts received pursuant to a fraud.
Aberdeen Claims Administration Inc.,
(2016) TaxCorp(LJ) 9792 (AAR)
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HC - Reassessment initiated beyond four years based on audit objections is not valid. Instruction of CBDT cannot override statutory powers to be exercised by an AO in terms of sec. 147
SUN PHARMACEUTICAL INDUSTRIES LTD. Vs DEPUTY COMMISSIONER OF INCOME TAX
(2016) TaxCorp(LJ) 9791 (HC-DELHI) · Section 119
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Tribunal is correct in extending the benefit of Section 32(1)(iia) of the Act to the next assessment year when the income tax Act does not provide for such carryover.
CIT VS. RITTAL INDIA PVT. LTD
(2016) TaxCorp(LJ) 9789 (HC-KARNATAKA)
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SC - Though HC in exercise of its reference jurisdiction cannot review findings of fact arrived at by ITAT by way of re-appreciation and reappraisal of evidence on record, but empowered to re-appraise existing facts not considered by ITAT.
M/S GANAPATHY & CO., Vs THE COMMISSIONER, INCOME TAX
(2016) TaxCorp(LJ) 9788 (SC)
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S. 268A: Though the low tax effect circular No. 21/2015 dated 10.12.2015 does not refer to references filed u/s 256(1), it has to be held to apply to references as well in view of the objective of the CBDT to focus only on large tax effect matters
CIT vs. Sunny Sounds P. Ltd
(2016) TaxCorp(LJ) 9786 (HC-BOMBAY) · Section 268A
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