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Punjab HC - TAR/ITR Due Date. Accepts writ – Issues interim order
Vishal Garg and others v. UOI and anr.
(2015) TaxCorp(LJ) 8834 (HC-P&H)
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SC - ‘Natural pond’ which as per the assessee is specially designed for rearing prawns would be treated as ‘Plant’ within Section 32 of the Income-tax Act, 1961.
Victory Aqua Farm Ltd. Vs. ACIT
(2015) TaxCorp(LJ) 8833 (SC)
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Delhi HC - Petition is not drafted as a Public Interest Litigation (PIL) and does not comply with the rules for filing a petition in public interest. Dismisses ITR/TAR Due Date Extension Appeal.
AVINASH GUPTA & ANR Versus UNION OF INDIA & ORS.
(2015) TaxCorp(LJ) 8832 (HC-DELHI)
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HC - Section 234E is constitutionally valid.
M/s. Dundlod Shikshan Sansthan Vs. UOI
(2015) TaxCorp(LJ) 8831 (HC-RAJASTHAN) · Section. 234E
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HC - When an assessment is sought to be re-opened after expiry of four years from the end of the relevant assessment year, the proviso to section 147 of the Act stipulates a requirement that there must a failure on the part of the assessee to disclose fully and truly all material facts necessary for the assessment.
United Shippers Ltd. Vs. UOI
(2015) TaxCorp(LJ) 8830 (HC-BOMBAY)
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ITAT - Quantum and penalty proceedings under the Act stand on a different footing and each and every disallowance/addition does not lead to automatic imposition of penalty.
Income-tax Officer Vs. M/s. Besto Tradelink (P) Ltd.
(2015) TaxCorp(LJ) 8829 (ITAT-AHMEDABAD)
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HC - Assessee is not entitled to claim deduction of the belated payments to the Provident Fund in view of the section 36(1)(va) and 43B.
The Commissioner of Income Tax, Cochin Vs. M/s South India Corporation Ltd.
(2015) TaxCorp(LJ) 8828 (HC-KERALA) · Section. 43B
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HC - The Act does not envisage double taxation and assessment should be in the hands of the right person and that there cannot two assessments for the same income. Income already assessed in the hands of third party cannot be re-assessed in the hands of assessee
Jose Kuruvinakunnel Vs. CIT
(2015) TaxCorp(LJ) 8827 (HC-KERALA)
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ITAT - Can the expenditure incurred on the renovation of a temple be considered as expenditure incurred towards CSR and hence allowable u/s. 37(1) of the Act?Recommends Special bench
ACIT. Vs. M/s. Bandekar Brothers Pvt. Ltd.
(2015) TaxCorp(LJ) 8826 (ITAT-PANAJI)
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SC - High Courts being Courts of Record under Article 215 of the Constitution of India, the power of review would in fact inhere in them.
Commissioner of Income Tax Vs. M/s. Meghalaya Steels Ltd.
(2015) TaxCorp(LJ) 8813 (SC)
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HC - Even during the period when the facility of payment of excise duty in instalments on fortnightly basis is not available and remains suspended, the only obligation for the assessee is to pay the duty on each clearance and not on deferred basis and it can be paid either through account current or Cenvat Credit.
M/s Jayaswal Neco Ltd. V/s Commissioner of Central Excise, Raipur
(2015) TaxCorp(LJ) 8812 (SC)
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HC - Extra amount refunded cannot be treated as interest because the original sums paid by purchasers were not in the nature of any debt and as such no debtor – creditor relationship existed between the purchaser and assessee. No obligation to deduct tax at source u/s 194A.
M/s Beacon Projects Private Limited vs. CIT
(2015) TaxCorp(LJ) 8811 (HC-KERALA)
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HC - Assessee is allowed to follow hybrid system of accounting for different nature of transactions provided the same is followed consistently and income can be deduced from such accounting.
Kerala Kaumudi P. Ltd. vs. CIT
(2015) TaxCorp(LJ) 8810 (HC-KERALA)
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HC - Burden on revenue to show that service of notice was duly effected on assessee. Mere fact that an Assessee or some other person on his behalf not duly authorised participated in the reassessment proceedings after coming to know of it will not constitute a waiver of the requirement of effecting proper service of notice on the Assessee u/s 148.
CIT. vs. Chetan Gupta
(2015) TaxCorp(LJ) 8808 (HC-DELHI)
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HC - Mere passing of the book entries, which are reversed, would not give rise to an obligation to deduct TAS ('tax at source') by the assessee.
DIT. vs. Ericsson Communications Ltd.
(2015) TaxCorp(LJ) 8807 (HC-DELHI)
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Law Commission and the Bar Council of India should consider whether Advocates should be tested for fitness and competence to argue matters
Shiv Kumar Yadav
(2015) TaxCorp(LJ) 8806 (SC)
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S. 54: To constitute purchase of new house, a registered sale deed is not necessary. Suspicion, howsoever strong, cannot partake the character of evidence
CIT vs. Kapil Nagpal
(2015) TaxCorp(LJ) 8805 (HC-DELHI) · Section 54
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SC - Ponds designed for breeding of prawns are plant for depreciation purposes
Assistant Commissioner of Income-tax v. Victory Aqua Farm Ltd.
(2015) TaxCorp(LJ) 8781 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=61861&Category=Judgment&CategoryType=Zip
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ITAT - Forex loss in forward contract made to hedge loss in export-import transaction is business loss subject to condition that maturity of hedge does not exceed maturity of underlying transaction.
Perfect Circle India Ltd. v. Deputy Commissioner of Income-tax, 5(2), Mumbai
(2015) TaxCorp(LJ) 8780 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=40496&Category=ITAT&CategoryType=Zip
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ITAT - Reversal of a fictitious credit would not result in income accruing to assessee as book entry do not create income but only recognizes it.
Panna S. Khatau v. Income-tax Officer-2(3)(2), Mumbai
(2015) TaxCorp(LJ) 8779 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=41676&Category=ITAT&CategoryType=Zip
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