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ITAT - Simply because the gross profit returned in certain months is lower than the average profit declared by the assessee, cannot be sole ground to estimate the suppressed sales.
DCIT. vs. Ganpati Traders
(2015) TaxCorp(LJ) 8957 (ITAT-DELHI)
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ITAT - Section 11 benefit available to a Development Board.
Karnataka Industrial Area Development Board vs. ADIT
(2015) TaxCorp(LJ) 8956 (ITAT-BANGALORE) · Section. 11
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SC - Entire law on the taxation of deceased persons and their estate explained in the context of the Income-tax Act and the Central Excise Act
Shabina Abraham & Ors vs. Collector of Central Excise
(2015) TaxCorp(LJ) 8955 (SC)
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SC - Important principles relating to valuation of property subject to the Land Ceiling Act explained in the context of the Wealth-tax Act
Sri S. N. Wadiyar (Dead) Through LR vs. CWT
(2015) TaxCorp(LJ) 8954 (SC)
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HC - To determine whether the “agricultural land” is situated within 8 km of the municipal limits so as to constitute a “capital asset”, the distance has to be measured in terms of the approach road and not by the straight line distance on horizontal plane or as per crow's flight (S. 2(14)(iii)(b))
CIT vs. Vijay Singh Kadan
(2015) TaxCorp(LJ) 8953 (HC-DELHI) · Section 2(14)(iii)(b)
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ITAT - The assessee’s representative conceding the evasion of tax is of no consequence because assessee cannot be made to suffer for the wrong advice of counsel. Specific Concealment of Income has to be established for levy of Penalty.
M/s. Chaurasia & Sons. Vs. I.T.O.
(2015) TaxCorp(LJ) 8944 (ITAT-KOLKATA)
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ITAT - Since the credit entries in question do not relate to previous year relevant to AY 2009-10, the same cannot be brought to tax u/s. 68 of the Act. No addition can be made u/s. 68 if credits are not related to relevant Assessment year.
Glen Villiams Vs. ACIT
(2015) TaxCorp(LJ) 8943 (ITAT-BANGALORE) · Section 68
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ITAT - Since the claim has been given up in the second Remand Report by the AO himself, the AO cannot claim to be aggrieved by the findings arrived at relying upon his own Remand Report. Appeal not maintainable against addition deleted based on Remand Report.
ACIT vs. R.P.G.Credit & Capital Ltd.
(2015) TaxCorp(LJ) 8942 (ITAT-DELHI)
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ITAT - Pre A.Y. 2015-16 Sec. 54EC exemption limit of Rs. 50 Lakh is per year & not based on transaction.
C.R. developments Vs. JCIT
(2015) TaxCorp(LJ) 8941 (ITAT-MUMBAI) · Section 54EC
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ITAT - Loan given by Company to its substantial shareholder will attracts provisions of sec. 2(22)(e) if the same were not lent in ordinary course of business and mere payment of loan amount would not escape assesse from provision of Section 2 (22)(e).
CIT Vs. Sh. Chandrakant V. Gosalia
(2015) TaxCorp(LJ) 8940 (ITAT-MUMBAI) · Section 2(22) (e)
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ITAT - Exemption cannot be denied merely for claiming the exemption under section 10B instead of Section 10A.
M/s. Annam Software Pvt. Ltd. vs. Commissioner of Income-Tax
(2015) TaxCorp(LJ) 8939 (ITAT-CHENNAI)
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HC - Tax deduction under a heading by payer cannot be determinative of character of income of payee. Letting out lorries can not be treated as contractual business merely because TDS was deducted u/s 194C instead of u/s 194I.
Kottinatu Transporters vs. CIT, Kottayam
(2015) TaxCorp(LJ) 8893 (HC-KERALA)
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SC - Section 11B of the Central Excise Act, as amended, applies to the cases where though an order has been passed directing refund, implementation of the order is pending.
COMMISSIONER OF CENTRAL EXCISE V/s. M/S. DALMIA CEMENTS (BHARAT) LTD.
(2015) TaxCorp(LJ) 8892 (SC) · Section. 11B
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ITAT - Sum received by the assessee towards the damage to the land belonging to the assessee cannot be said to be revenue receipt.
Jagan Nath Prasad & Sons Vs. Income Tax Officer
(2015) TaxCorp(LJ) 8891 (ITAT-DELHI)
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ITAT - Roaming charges paid by assessee to other telecom operators do not attract TDS u/s 194J/194I /194C as provision of roaming services do not involve any 'human intervention'.
Vodafone East Ltd. vs. ACIT
(2015) TaxCorp(LJ) 8888 (ITAT-KOLKATA) · Sections. 194C, 194I
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ITAT - Following CBDT circular No. 225/45/96, interest on Deep discount bonds is not taxable on “accrual” basis for AY 2000-01.
ICICI Securities Primary Dealership Limited vs. ACIT
(2015) TaxCorp(LJ) 8887 (ITAT-MUMBAI)
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HC - No TDS on Wheeling & Transmission charges u/s 194J/194I in case agreement entered is on principal to principal basis.
CIT. vs. M/s. Maharashtra State Electricity Distribution Company Limited
(2015) TaxCorp(LJ) 8886 (HC-BOMBAY) · Sections. 194J, 194I
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ITAT - Since disallowance was not conceded in the return but was adhoc acceptance during the course of assessment, the assessee could not be bound by it.
CIT. vs. M/s Everest Kento Cylinders Ltd.
(2015) TaxCorp(LJ) 8885 (HC-BOMBAY)
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ITAT- Addition based on third party evidence not tenable if no evidence found from assessee because. No reliance can be placed on the statements of a third person.
Shri Vinit Ranawat vs. ACIT
(2015) TaxCorp(LJ) 8884 (ITAT-PUNE)
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HC - Where two opinion or views are available and one of the view is taken by the AO, cannot be a basis for revision of order u/s 263.
M/s Vijay Udhyog Vs. CIT
(2015) TaxCorp(LJ) 8883 (HC-BOMBAY) · Section. 263
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