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HC - Premium received by assessee-co-operative housing society upon transfer of plot by its outgoing member is not chargeable to tax in the hands of society. Principles of mutuality applied.
CIT. vs. Prabhukunj Co-op Hsg Soc Ltd.
(2015) TaxCorp(LJ) 8778 (HC-GUJARAT)
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ITAT - Discusses law relating to clause on 'general public utility’. Sec 11 exemption available to assessee trust engaged in planned development of cities and towns under the supervision / control of State Govt.
Hoshiarpur Improvement Trust vs. ITO
(2015) TaxCorp(LJ) 8767 (ITAT-AMRITSAR) · Section. 2(15)
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HC - Payment made by the assessee to his sisters for acquiring absolute title in property is allowable u/s 49.
ACIT. vs. Kamlakar Moghe
(2015) TaxCorp(LJ) 8766 (HC-BOMBAY)
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ITAT - Failure to apply s. 50C and offer capital gains as per the stamp value does not constitute concealment/ furnishing of inaccurate particulars of income for levy of penalty u/s 271(1)(c)
Bhavya Anant Udeshi vs. ITO
(2015) TaxCorp(LJ) 8765 (ITAT-HYDERABAD) · Section 271(1)(c)
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ITAT - Even post insertion of proviso to s. 2 (15) but before 01.04.2016, s. 11 benefit cannot be denied to business activities carried by the trust in the course of actual carrying out of such advancement of any other object of general public utility. Trusts are entitled to carry out activities in the nature of trade, commerce or business etc as long as these activities are carried out in the course of actual carrying out of advancement of any other object of general public utility. On facts, activity of auctioning commercial plots for maximum revenue cannot be regarded as a profit-making exercise
Hoshiarpur Improvement Trust vs. ITO
(2015) TaxCorp(LJ) 8764 (ITAT-AMRITSAR)
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ITAT - Since ladies in indian families normally possess quantity of jewelleries as was found in search and assessee declared investments in gold and silver articles in VDIS, value of gold and silver would not be includible in undisclosed income. No additions under sec. 69
Assistant Commissioner of Income-tax v. Kandasamy Sah
(2015) TaxCorp(LJ) 8763 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39910&Category=ITAT&CategoryType=Zip
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ITAT - After 1-6-2015, assessing authority is well within his limit to levy fee under section 234E even while processing the statement under section 200A and making adjustment.
Smt. G. Indhirani v. Deputy Commissioner of Income-tax, CPC-TDS, Uttar Pradesh
(2015) TaxCorp(LJ) 8762 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=42112&Category=ITAT&CategoryType=Zip
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HC - Order passed by Tribunal under sec. 254(2) is not appealable before High Court u/s 260A
Commissioner of Income-tax v. Saroop Tanneries Ltd.
(2015) TaxCorp(LJ) 8761 (HC-P&H) · http://taxcorp.in/FileOpenDT.aspx?ID=61304&Category=Judgment&CategoryType=Zip
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HC - No interest under section 234B could be levied on the basis of retro-amendment in sec. 115JB
Commissioner of Income-tax, Mumbai v. JSW Energy Ltd.
(2015) TaxCorp(LJ) 8759 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=61183&Category=Judgment&CategoryType=Zip
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ITAT - Translation service is also one of IT enabled service as provided in Income-tax Rules and, therefore, company earning revenue from translation services can be compared with company providing IT enables services in transfer pricing study.
Sanmina SCI India (P.) Ltd. v. Deputy Commissioner of Income-tax, Company Range VI (1), Chennai
(2015) TaxCorp(LJ) 8758 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=8386&Category=INTLDecisions&CategoryType=Zip
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ITAT - Expenditure incurred towards overseas travel of doctors available in the hands of a pharmaceutical company
ACIT. vs. Liva Healthcare Ltd.
(2015) TaxCorp(LJ) 8757 (ITAT-MUMBAI)
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HC - Where one of the ventures of assessee had ended in a loss, such loss would not be treated as capital expenditure.
Commissioner of Income-tax v. Saka Marketing Services (P.) Ltd.
(2015) TaxCorp(LJ) 8756 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=60589&Category=Judgment&CategoryType=Zip
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ITAT - In view sub-clause (d) to clause (5) of section 43, transactions of derivative trading and commodity future entered into by assessee could not be regarded as speculative.
Income-tax Officer, Ward 11 (1), New Delhi v. Emperor International Ltd.
(2015) TaxCorp(LJ) 8755 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=41009&Category=ITAT&CategoryType=Zip
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HC - ITAT has wide powers while hearing appeals and cross objections. Assessee permitted to urge plea for the first time before ITAT.
Fast Booking (I) Pvt. Ltd. vs. DCIT
(2015) TaxCorp(LJ) 8754 (HC-DELHI)
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HC - Since assessee company as well as parent company, both were assessed to tax at maximum marginal rate, payment to AE could not be said to be excessive.
Principal Commissioner of Income-tax-2 v. Gujarat Gas Financial Services Ltd.
(2015) TaxCorp(LJ) 8753 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=61470&Category=Judgment&CategoryType=Zip
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SC - SLP Dismissed - HC had held that benefit u/s 80IB(10) available inspite of non- fulfilment commercial establishments area limit inserted vide clause (d) to Sec 80-IB(10) w.e.f April 1, 2005.
CIT. vs. Happy Home Enterprises
(2015) TaxCorp(LJ) 8750 (SC) · Section. 80IB(10)
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HC - Exemption u/s 54F available even though assessee did not deposit amount in capital-gains account scheme.
CIT. vs. K Ramachandra Rao
(2015) TaxCorp(LJ) 8747 (HC-KARNATAKA) · Section. 54F
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ITAT - Deduction available to assessee for premium paid on 'keyman' insurance policy taken on one of its partner.
Suri Sons vs. ACIT
(2015) TaxCorp(LJ) 8746 (ITAT-AMRITSAR) · Section. 10(10D)
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HC - Appeal in HC against non extension of Tax Audit due date
Avinash Gupta and Ors V/s Union of India and Ors.
(2015) TaxCorp(LJ) 8745 (HC-DELHI)
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HC - S. 54EC - If REC Bonds are not available during the prescribed period, time for investment has to be extended. Fact that NHAI Bonds were available is irrelevant. Amount paid to sisters as per family arrangement for permitting transfer of property is decutible u/s 49(1)
ACIT vs. Kamlakar Moghe
(2015) TaxCorp(LJ) 8744 (HC-BOMBAY) · Section 54EC
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