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ITAT - Exempted capital gains shall not enter the stream of the expression ‘accumulated profits’ for the purpose of deemed dividend u/s 2(22)(e).
Manoj Murarka vs. ACIT
(2015) TaxCorp(LJ) 9485 (ITAT-KOLKATA)
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ITAT - No prudent person could incur a higher expenditure to earn a known lower income. Higher interest expense u/s 57(iii) disallowed.
Deepak Nagji Vira vs ITO
(2015) TaxCorp(LJ) 9484 (ITAT-MUMBAI) · Section 57
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ITAT - TDS u/s 195 applicable on freight payments to non-resident shipping companies. Demurrage charges assume the same nature as of freight charges.
Elve Corporation vs. ACIT
(2015) TaxCorp(LJ) 9483 (ITAT-MUMBAI) · Section 195
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HC - Second proviso to section 40(a)(ia) introduced with effect from 1-4-2013 is only prospective.
Thomas George Muthoot v. Commissioner of Income-tax, Kottayam
(2015) TaxCorp(LJ) 9482 (HC-KERALA) · http://taxcorp.in/FileOpenDT.aspx?ID=60720&Category=Judgment&CategoryType=Zip
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ITAT - Sales tax subsidy received under West Bengal Incentive Scheme, 1999 is a capital receipt
Deputy Commissioner of Income-tax, Circle-2 (1), Chandigarh v. Bhushan Ltd.
(2015) TaxCorp(LJ) 9481 (ITAT-CHANDIGARH) · http://taxcorp.in/FileOpenDT.aspx?ID=43861&Category=ITAT&CategoryType=Zip
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HC - Personal loan to assessee holding substantial interest by a private company would be treated as deemed dividend.
Sunil Kapoor v. Commissioner of Income-tax, Tamil Nadu-I, Chennai*
(2015) TaxCorp(LJ) 9480 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=60680&Category=Judgment&CategoryType=Zip
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HC - Stay for recovery of tax demand could not be granted merely on ground that an appeal had been filed disputing such demand.
Jalan Jee Polytex Ltd. v. Assistant Commissioner of Income-tax*
(2015) TaxCorp(LJ) 9479 (HC-ALLAHABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=61346&Category=Judgment&CategoryType=Zip
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ITAT - For TP Analysis company rendering ITES service isn't comparable with software development service provider.
Techbooks International (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle-3, Noida
(2015) TaxCorp(LJ) 9478 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=43860&Category=ITAT&CategoryType=Zip
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ITAT - Amount received from erstwhile JV partner for not sharing expertise is capital receipt. Not profit in lieu of salary since assessee was not subject to direct control/supervision.
Satya Kant Khosla vs ITO
(2015) TaxCorp(LJ) 9477 (ITAT-DELHI)
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ITAT - Since there was no exempt income earned during relevant year, no addition u/s 14A can be made.
Planman Consulting (India) Pvt. Ltd vs ACIT
(2015) TaxCorp(LJ) 9476 (ITAT-DELHI) · Section 14A
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ITAT - The act of maintaining the regular books along with demat account and contract notes and thus organizing proper records cannot be construed as systematic and regular of trading activity. Share sale income is capital gains.
ACIT vs Nemichand P Jain
(2015) TaxCorp(LJ) 9475 (ITAT-MUMBAI)
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ITAT - Upon recruitment of employees, the factum that expenditure under different heads was incurred was indicative that business was set up during subject AY.
Reliance Gems & Jewels Ltd vs. DCIT
(2015) TaxCorp(LJ) 9474 (ITAT-MUMBAI) · Section 37(1)
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ITAT - Merely because a payment is reflected in form no. 26AS and is shown to have been made to the assessee, it cannot be brought to tax in his hands when the said money is not received by the assessee.
Ravindra Pratap Thareja vs. ITO
(2015) TaxCorp(LJ) 9473 (ITAT-JABALPUR)
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HC - Best judgment assessment made otherwise than on the basis of relevant materials gathered by AO after giving hearing opportunity to assessee as required u/s 144 is not valid.
Triyogi Narayan Singh vs. CIT
(2015) TaxCorp(LJ) 9472 (HC-CALCUTTA) · Section 144
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HC - Assessment initiated u/s 158BD in absence of satisfaction note is to be quashed.
Haryana Paneer Bhandhar vs CIT
(2015) TaxCorp(LJ) 9471 (HC-DELHI) · Section 158BD
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HC - Merely because the Assessee participates in the proceedings.. does not obviate the mandatory requirement of the AO having to issue to the Assessee a notice under Section 143(2) of the Act before finalising the order of the reassessment.
Pr.CIT vs. Silver Line
(2015) TaxCorp(LJ) 9470 (HC-DELHI) · Section 143(2)
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ITAT - If the sale consideration/capital gains is utilized for the purchase or construction of the new asset before the date of filing the return under section 139(4), the assessee is entitled to exemption under section 54F.
Income-tax Officer, Ward 14 (1), Bangalore v. R. Srinivas
(2015) TaxCorp(LJ) 9469 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=40035&Category=ITAT&CategoryType=Zip
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HC - Levy of tax on two assessees for same premises and for same period was not justified.
A. Venkateswara Rao v. Assistant Commissioner of Income-tax
(2015) TaxCorp(LJ) 9468 (HC-AP) · http://taxcorp.in/FileOpenDT.aspx?ID=59009&Category=Judgment&CategoryType=Zip
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ITAT - No taxation of interest on accrual basis when recovery of principal amount of loan itself is doubtful.
Cachar Drug Distributors v. Income-tax Officer, Silchar
(2015) TaxCorp(LJ) 9467 (ITAT-GAUHATI) · http://taxcorp.in/FileOpenDT.aspx?ID=43832&Category=ITAT&CategoryType=Zip
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HC - Where assessee carried on lottery business as karta of HUF after his father's demise, income of such business can not be taxed in his individual capacity.
Commissioner of Income-tax, Mangalore v. Manish Kumar Pajwani
(2015) TaxCorp(LJ) 9465 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=61722&Category=Judgment&CategoryType=Zip
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