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ITAT - No TDS u/s 194LA on land acquisition payments made under "agreement" in absence of compulsory acquisition.
Karnataka Industrial Area Development Board Vs. ITO
(2015) TaxCorp(LJ) 9276 (ITAT-BANGALORE) · Section. 194LA
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ITAT - Share held by an ESOP trust is capital asset u/s 2(14), consequently gains on its transfer to employees is capital gains.
Mahindra & Mahindra Employees’ Stock Option Trust vs. ADCIT
(2015) TaxCorp(LJ) 9275 (ITAT-MUMBAI)
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HC - In absence of employer-employee relationship between assessee-hospital and consultant doctors, doctor's remuneration attracts TDS u/s 194J and not u/s 192.
CIT. vs. Ivy Health Life Sciences Pvt Limited
(2015) TaxCorp(LJ) 9274 (HC-P&H) · Section. 194J
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S. 10A/ 10B: After AY 2001-02 when s. 10A/ 10B became “deduction” provisions instead of “exemption” provisions, the deduction has to be computed before adjusting brought forward unabsorbed losses /depreciation
Vishay Components India Pvt. Ltd. vs. ACIT
(2015) TaxCorp(LJ) 9273 (ITAT-PUNE) · Sections. 10A, 10B
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ITAT - Production could not be termed as a trial production when there was a continuous sale to a particular company and thus, benefit of trial production could not be claimed by the assessee and Sec 80IC was clearly attracted.
ACIT. vs. Phonix Lamps India Ltd.
(2015) TaxCorp(LJ) 9254 (ITAT-DELHI) · Section. 80IC
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HC - Voting power in a company relevant and not the shareholding pattern for allowing loss set-off u/s 79.
CIT. vs. AMCO Power Systems Ltd.
(2015) TaxCorp(LJ) 9253 (HC-KARNATAKA) · Section. 79
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ITAT - Marked to market losses on account of foreign currency forward contract is allowed to be set off against business income of a KPO.
Inventurus Knowledge Services Pvt. Ltd. vs. ITO
(2015) TaxCorp(LJ) 9251 (ITAT-MUMBAI)
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ITAT - Interest payable on disputed arbitration award is not allowable as liability to pay interest is not legally enforceable as at the end of relevant AYs.
National Agricultural Cooperative Marketing Federation of India Ltd. vs. JCIT
(2015) TaxCorp(LJ) 9250 (ITAT-DELHI)
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ITAT - Profits of UAE Company from operation of ships is not taxable in India in as per Article 8 of India-UAE DTAA for AY 2009-2010.
Income Tax Officer (International Taxation) Vs MUR Shipping DMC Co
(2015) TaxCorp(LJ) 9225 (ITAT-RAJKOT)
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HC - Interest on FDR kept as margin with bank qualifies for deduction u/s 10B.
Universal Precision Screws vs. Pr. CIT
(2015) TaxCorp(LJ) 9224 (HC-DELHI)
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S. 37(1): If a claim of damages and interest thereon is disputed by the assessee in the court of law, deduction cannot be allowed for the interest claimed on such damages
National Agricultural Cooperative Marketing Federation of India Ltd. vs. JCIT
(2015) TaxCorp(LJ) 9222 (ITAT-DELHI) · Section. 37(1)
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Making allegations of fraud against Dept’s Counsel and claiming that they deliberately presented weak case seeks to prejudice and interfere with due course of judicial proceedings & prima facie constitutes criminal contempt of court
CIT. vs. Escorts Limited
(2015) TaxCorp(LJ) 9221 (HC-DELHI)
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ITAT - Amount received on family settlement is not taxable u/s 56(2)(v).
Deputy Commissioner of Income-tax v. Paras D. Gundecha
(2015) TaxCorp(LJ) 9218 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=41855&Category=ITAT&CategoryType=Zip
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HC - Exemption u/s 10A is available even where certain on-site development work was sub-contracted to AE.
Commissioner of Income-tax-III, Bangalore v. Mphasis Software & Service India (P.) Ltd.
(2015) TaxCorp(LJ) 9217 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=62137&Category=Judgment&CategoryType=Zip
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ITAT - Where name and address of donor was available and donations were received via cheque, same not unexplained u/s 68.
Deputy Commissioner of Income-tax v. Indo Global Education Foundation
(2015) TaxCorp(LJ) 9214 (ITAT-CHANDIGARH) · http://taxcorp.in/FileOpenDT.aspx?ID=41108&Category=ITAT&CategoryType=Zip
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HC - 0.5% of average tax free investment is required to be considered for sec. 14A disallowance and not total investment.
ACB India Ltd. v. Assistant Commissioner of Income-tax
(2015) TaxCorp(LJ) 9213 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=60790&Category=Judgment&CategoryType=Zip
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HC - assessee’s Indian liaison office engaged in purchasing activity is not PE under Article 5 of India-USA DTAA. Not taxable.
Columbia Sportswear Company vs. DIT
(2015) TaxCorp(LJ) 9212 (HC-KARNATAKA)
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ITAT - License fees paid by assessee to a US company for use of software is revenue in nature.
GE Capital Business Process. vs. ACIT.
(2015) TaxCorp(LJ) 9211 (ITAT-DELHI)
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S. 54F is a beneficial provision & must be interpreted liberally. It does not require that the construction of the new residential house has to be completed, and the house be habitable, within 3 years of the transfer of the old asset. It is sufficient if the funds are invested in the new house property within the time limit
CIT. vs. B. S. Shantakumari
(2015) TaxCorp(LJ) 9210 (HC-KARNATAKA) · Section. 54F
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S. 14A Rule 8D does not apply to shares held as stock-in-trade. AO cannot apply Rule 8D to make a disallowance without showing how the assessee's disallowance is wrong
DCIT. vs. G. K. K. Capital Markets (P) Ltd.
(2015) TaxCorp(LJ) 9209 (ITAT-KOLKATA) · Section. 14A
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