-
HC - When record itself justified expenses claimed by assessee, there was no justification in rejecting books of account or vouchers merely on specious plea that one person signed for all persons.
Southern Sizing Mills v. Deputy Commissioner of Income-tax, Circle I, Erode*
(2015) TaxCorp(LJ) 9531 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=60715&Category=Judgment&CategoryType=Zip
-
ITAT - Conversion charge was paid in installment for using factory land for commercial/service activities, were revenue expenditure.
Deputy Director of Income-tax v. Micron Instruments (P.) Ltd.
(2015) TaxCorp(LJ) 9530 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39877&Category=ITAT&CategoryType=Zip
-
ITAT - A company rendering engineering consultancy services could not be accepted as comparable for a company rendering marketing services.
Microsoft Corporation India (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle 6 (1), New Delhi
(2015) TaxCorp(LJ) 9529 (ITAT-DELHI) · http://taxcorp.in/FileOpenINTL.aspx?ID=8287&Category=INTLDecisions&CategoryType=Zip
-
ITAT - TP adjustment made on the guarantee commission on the corporate guarantees provided by assessee to its AEs is to be upheld.
Mylan Laboratories Ltd. v. Assistant Commissioner of Income-tax, Circle-16 (2), Hyderabad
(2015) TaxCorp(LJ) 9528 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenINTL.aspx?ID=8473&Category=INTLDecisions&CategoryType=Zip
-
HC - In absence of details like business visa, name of person at whose invitation business trip was held, proof of any meetings abroad and details alike, expenditure on foreign trip of MD and his wife disallowed
Commissioner of Income-tax, Bangalore v. HMA Data Systems (P.) Ltd.
(2015) TaxCorp(LJ) 9527 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=61399&Category=Judgment&CategoryType=Zip
-
ITAT - Since delay in filing TDS returns occurred due to non-submission of PAN details by concerned deductees within stipulated time, no penalty u/s 272A(2)(k).
Assistant Commissioner of Income-tax (TDS), Circle 1 (1), Hyderabad v. Greater Hyderabad Municipal Corporation
(2015) TaxCorp(LJ) 9526 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=42487&Category=ITAT&CategoryType=Zip
-
ITAT - company engaged in animation services for 2D and 3D animation is not comparable to software development service company.
Hewlett- Packard (India) Globalsoft (P.) Ltd. v. Deputy Commissioner of Income-tax, Central Circle-11 (4), Bangalore
(2015) TaxCorp(LJ) 9525 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=43943&Category=ITAT&CategoryType=Zip
-
ITAT - Upfront premium received by assessee for leasing out land to companies for 30 years on BOT basis is taxable on receipt basis. Spreadover claim not justified.
New Mangalore Port Trust vs. ACIT
(2015) TaxCorp(LJ) 9524 (ITAT-BANGALORE)
-
ITAT - There was no intention on the part of assessee-deductor to furnish wrong PAN details. The system is erroneous to the extent if it restricts the deductor to revise its TDS return/statement within some corners. Assessee-deductor not in default u/s 201(1)/(1A).
Oil &Natural Gas Corporation Ltd vs DCIT
(2015) TaxCorp(LJ) 9523 (ITAT-AHMEDABAD) · Section 206AA
-
ITAT - Mere circumstances that a property is purchased in the hope that when sold later on it would leave a margin of profit, would not be sufficient to show, an intention to trade at the inception.
ACIT vs Mansi Finance Chennai Ltd
(2015) TaxCorp(LJ) 9522 (ITAT-CHENNAI)
-
S. 14A/ Rule 8D: The AO must give reasons before rejecting the assessee's claim. He must establish nexus between the expenditure & the exempt income. The disallowance cannot exceed the exempt income
DCM Ltd vs. DCIT
(2015) TaxCorp(LJ) 9521 (ITAT-DELHI) · Section 14A
-
S. 143(1)/ 147: If the assessment is reopened on the ground of “bogus purchases”, the reasons must contain an averment of which details on record reflect the bogus purchases
Varshaben Sanatbhai Patel vs. ITO
(2015) TaxCorp(LJ) 9520 (HC-GUJARAT) · Sections 143(1), 147
-
S. 143(1)/ 147: As a s. 143(1) intimation is not an assessment, there is no question of "change of opinion" by the AO
DCIT vs. Zuari Estate Development & Investment Co Ltd (Supreme Court)
(2015) TaxCorp(LJ) 9519 (SC) · Sections 143(1), 147
-
SC - SLP Dismissed - Karnataka HC had allowed deduction to assessee company for expenses incurred on buy-back of shares.
CIT vs. Motor Industries Co. Ltd
(2015) TaxCorp(LJ) 9509 (SC)
-
The object of introduction of Securities Transaction Tax (STT) was to end litigation on the issue of whether profit earned from delivery based sale of shares is capital gains or business profit. Merely because the assessee liquidates its investment within a short span of time, which had given better overall earning to the assessee, would not lead to the conclusion that the assessee had no intention to keep on the funds as investor in equity shares, but was actually intended to trade in shares
Hema Hiren Dand vs. JCIT
(2015) TaxCorp(LJ) 9508 (ITAT-MUMBAI)
-
Rule 10A(d): Law on when multiple transactions can be regarded as a single composite transaction for determining arm’s length price explained. Fact that a transaction results in a profit or a loss has no bearing on whether it is at arm’s length price
Knorr-Bremse India Pvt. Ltd vs. ACIT
(2015) TaxCorp(LJ) 9507 (HC-P&H)
-
CBDT & Govt are bound by their own interpretation of a statutory provision. Principle of "contemporanea expositio" explained. The word "or" can be interpreted as "and" if the former leads to unintelligible and absurd results
Spentex Industries Ltd vs. CCE
(2015) TaxCorp(LJ) 9506 (SC)
-
SC - Loan advanced to subsidiary company was imperative as business expediency in view of undertaking given to the financial institutions for providing additional margin for subsidiary's working capital requirements. Interest deduction allowed.
Hero Cycles (P) Ltd vs CIT
(2015) TaxCorp(LJ) 9488 (SC)
-
HC - Income earned by a 100% EOU from export incentives, customer claims, freight subsidy and FD interest are eligible for deduction u/s 10B.
Riviera Home Furnishing vs ACIT
(2015) TaxCorp(LJ) 9487 (HC-DELHI) · Sections 10B, 80A(4)
-
HC - Tax planning may be legitimate provided it is within the framework of law. Colourable devices cannot be part of tax planning.
CIT vs. Abhinandan Investments
(2015) TaxCorp(LJ) 9486 (HC-DELHI)
Headnote lines are open to everyone. The full headnote and the judgment text open with a subscription — see plans or sign in.