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ITAT - Income enhanced pursuant to expense disallowance u/s 40(a)(ia) is “eligible profits” for computing deduction u/s 10B.
ACIT vs Precision Camshafts Limited
(2015) TaxCorp(LJ) 9431 (ITAT-PUNE) · Sections 10B, 40(a)(ia)
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ITAT - No TDS u/s 194H on amount paid to a credit company towards “authority to guarantee” under a risk sharing agreement.
John Deere India Pvt. Ltd. vs CIT(A)
(2015) TaxCorp(LJ) 9430 (ITAT-PUNE) · Section 194H
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ITAT - Sale of tea-estate as a “going concern” is not a slump-sale u/s 50B as not a case of sale by lock, stock and barrel.
DCIT vs. Tongani Tea Co. Ltd.
(2015) TaxCorp(LJ) 9429 (ITAT-KOLKATA)
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ITAT - Relief u/s 90 for taxes paid by assessee in foreign country is available against MAT liability.
DCIT vs. Subex Technology Ltd
(2015) TaxCorp(LJ) 9428 (ITAT-BANGALORE) · Section 90
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HC - Although Sec 185 r.w.s. 184, is worded in emphatic terms, is not intended to be a mandatory provisions. Partners' remuneration allowed despite non-filing of reconstituted deed with return.
CIT vs. S.R. Batliboi & Associates
(2015) TaxCorp(LJ) 9422 (HC-CALCUTTA)
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HC - TRO not authorized to attach a property belonging to the company under liquidation. Official Liquidator to take the possession of the same.
Official Liquidator of Jupiter Bioscience Limited vs. TRO
(2015) TaxCorp(LJ) 9421 (HC-KARNATAKA)
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ITAT - Due to huge variation in profit margin of comparable company from that of assessee-company, said company should be excluded from comparable list.
NYK Line (India) Ltd. v. Additional Commissioner of Income-tax, Range 1 (3), Mumbai
(2015) TaxCorp(LJ) 9420 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=8757&Category=INTLDecisions&CategoryType=Zip
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HC - In case of a hotel, renovation of hotel rooms, conference hall, etc., was an allowable revenue expenditure.
Commissioner of Income-tax v. Cama Hotels Ltd.
(2015) TaxCorp(LJ) 9419 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=58868&Category=Judgment&CategoryType=Zip
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HC - For application of provisions of section 194C, agreement with contractor/sub-contractor can be an oral agreement.
Commissioner of Income-tax, Belgaum v. Maruti Subray Patil
(2015) TaxCorp(LJ) 9418 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=62064&Category=Judgment&CategoryType=Zip
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ITAT - On failure of AO to make enquiry whether land sold by assessee was used for agricultural purposes in last two years or not while allowing exemption u/s 54B, revision u/s 263 was justified.
Om Prakash Rajoria v. Commissioner of Income-tax, Ajmer
(2015) TaxCorp(LJ) 9417 (ITAT-JAIPUR) · http://taxcorp.in/FileOpenDT.aspx?ID=43785&Category=ITAT&CategoryType=Zip
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ITAT - In international transactions LIBOR is best basis for benchmarking interest rate.
Deputy Commissioner of Income-tax, Range 8 (1), Mumbai v. Geodesic Ltd.
(2015) TaxCorp(LJ) 9414 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=8450&Category=INTLDecisions&CategoryType=Zip
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HC - Since refunds accrued to assessee for earlier assessment years were not processed, Assessing Officer has no powers under section 245 to adjust the same for any new subsisting due.
Assistant Commissioner of Income-tax, Large Taxpayer Unit-I, Chennai v. Sundaram Asset Management Co. Ltd.
(2015) TaxCorp(LJ) 9413 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=61377&Category=Judgment&CategoryType=Zip
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HC - On failure of assessee to prove that he had received Rs. 15 lakhs in cash towards advance for sale of property, penalty u/s 271D justified.
Parayil Balan Nair v. Commissioner of Income-tax, Kannur
(2015) TaxCorp(LJ) 9412 (HC-KERALA) · http://taxcorp.in/FileOpenDT.aspx?ID=62292&Category=Judgment&CategoryType=Zip
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HC - No Power to AO to pass attachment order when appeal filed against such order alongwith stay application
M. Kannabiran v. Commissioner of Income-tax-Chennai
(2015) TaxCorp(LJ) 9395 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=62262&Category=Judgment&CategoryType=Zip
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ITAT - No penalty u/s 271D for receipt of share application in cash as no violation of sec. 269SS
Income-tax Officer v. Sunder Synthetics (P.) Ltd.
(2015) TaxCorp(LJ) 9394 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=42133&Category=ITAT&CategoryType=Zip
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ITAT - Contracts with BIAL is eligible for Sec 80IA deduction. BIAL was discharging statutory functions/ public functions for the convenience of travelling and therefore is a State under Article 12 of the Constitution of India.
ACIT Banglore vs Menzies Aviation Bobba Pvt Ltd
(2015) TaxCorp(LJ) 9380 (ITAT-BANGALORE) · Section 80IA
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SC - Collaboration agreement for land development would be covered under the ambit of transfer u/s 269UA.
Unitech Ltd. vs. UOI
(2015) TaxCorp(LJ) 9365 (SC) · Section. 269UA
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ITAT - Submission of Form 10 at any time before the completion of assessment is valid compliance of law. Accumulation claim made u/s 11(2) by filing Form 10 allowed.
Fashion Design Council of India vs. ADIT (E)
(2015) TaxCorp(LJ) 9364 (ITAT-DELHI) · Section. 11(2)
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ITAT - Service tax collected by assessee cannot form part of gross receipts for the purpose of presumptive taxation u/s 44BB.
Oceaneering International GmbH vs. Dy. DIT
(2015) TaxCorp(LJ) 9363 (ITAT-MUMBAI) · Section. 44BB
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When the transaction has been duly accounted for and the profit/loss has accrued to the concerned parties in whose names transactions have been closed, there cannot be any basis or justification for considering those profit/loss in the case of the assessee on the basis of mere presumption or suspicion.
ACIT vs. Shri Amar Mukesh Shah Tanki Chowk
(2015) TaxCorp(LJ) 9360 (ITAT-AHMEDABAD)
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