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ITAT - Since the sole reason based on which reassessment was initiated stands deleted, re-assessment based on issues not forming subject matter of re-assessment notice to be quashed. Explanation 3 to Sec 147, inserted by Finance (No.2) Act, 2009, empowering AO to make additions for issues not covered by Sec 148 notice, was only prospective in nature.
Sabic Research & Technology Pvt. Ltd. vs. ITO
(2015) TaxCorp(LJ) 8466 (ITAT-AHMEDABAD) · Section. 147
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ITAT - Amount spent on buy-back of shares of employees while computing capital gains upon transfer of assessee’s division on slump-sale basis is allowable as deduction u/s 48.
DCIT. vs. Nitrex Chemicals India Ltd.
(2015) TaxCorp(LJ) 8465 (ITAT-DELHI) · Section. 48
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Interim stay of the operation and implementation of the judgement of the Bombay High Court upholding the constitutional validity of service-tax on lawyers granted
Bombay Bar Association vs. UOI
(2015) TaxCorp(LJ) 8464 (SC)
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S. 271(1)(c): Claim that interest income is eligible for s. 10B exemption, though upheld by the ITAT for an earlier year, is so implausible that it attracts penalty for concealment/ furnishing inaccurate particulars of income
DCIT vs. Cybertech Systems & Software P. Ltd
(2015) TaxCorp(LJ) 8463 (ITAT-MUMBAI) · Section 271(1)(c)
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S. 144: If books are rejected and Gross Profit rate is estimated, separate disallowance of expenses cannot be made
CIT vs. Hind Agro Industries
(2015) TaxCorp(LJ) 8462 (ITAT-CHANDIGARH) · Section 144
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Strictures passed against the Dept for ‘mischievous adamancy to attempt to mislead the Tribunal’, ‘obduracy and adamancy in filing meritless appeal’, ‘travesty of justice’, ‘Mocking at the system by filing the appeals’, ‘grave assault on the trust and reputation of fair play enjoyed by the tax administration’ etc
ACIT vs. R.P.G.Credit & Capital Ltd
(2015) TaxCorp(LJ) 8461 (ITAT-DELHI)
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S. 41(1)/ 68: Old unclaimed liabilites which are not written back by the assessee can neither be assessed as "cash credits" u/s 68 nor assessed u/s 41(1) as "remission or cessation of liability"
Glen Williams vs. ACIT
(2015) TaxCorp(LJ) 8451 (ITAT-BANGALORE) · Sections 41(1), 68
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S. 36(1)(vii)/ 36(2): The principal part of the Inter-corporate Debt (ICD) can be claimed as a bad debt if the interest thereon has been offered to tax in some year
CIT vs. Pudumjee Pulp & Paper Mills Ltd
(2015) TaxCorp(LJ) 8450 (HC-BOMBAY) · Section 36(1)(vii), 36(2)
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HC - Advances paid towards acquisition of assets amounts to utilization of capital gains for the purpose of exemption u/s 54G.
Fibre Boards (P) Ltd. vs. CIT
(2015) TaxCorp(LJ) 8449 (SC)
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HC - “Wheeling charges” not taxable as FTS u/s 194J as as there is absence of human intervention.
CIT. vs. Delhi Trans Co. Ltd.
(2015) TaxCorp(LJ) 8448 (HC-DELHI) · Section 194J
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ITAT - No TDS u/s 194H on incentive payments to retailers under the trade-discount scheme. Payments merely formed part of the sale-promotion scheme. There was no direct connection between assessee and retail dealers.
United Breweries Ltd. vs. ITO.
(2015) TaxCorp(LJ) 8447 (ITAT-VISAKHAPATNAM) · Section. 194H
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HC - Cconversion of interest payable into equity shares should be treated as ‘actual payment’, as such section 43B disallowance not triggered.
CIT. vs. Rathi Graphics Technologies Ltd.
(2015) TaxCorp(LJ) 8437 (HC-DELHI) · Section. 43B
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HC - "Political sensitivity" irrelevant in tax litigation
Jagati Publications Ltd. Vs. The president, Income Tax Appellate Tribunal
(2015) TaxCorp(LJ) 8436 (HC-BOMBAY)
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S. 92B(1): If assessee contends that it has not entered into an "international transaction" with an AE, the TPO has to counter that by furnishing relevant information. Failure to do so can be challenged by a Writ Petition
Price Waterhouse vs. CIT
(2015) TaxCorp(LJ) 8435 (HC-CALCUTTA) · Section 92B(1)
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S. 40(a)(ia)/ 194A/ 197A(1A): If payer obtains declarations in Form 15G/ 15H, tax is not deductible at source. Failure to furnish such declarations to CIT may attract penalty u/s 272A(2)(f). However, disallowance u/s 40(a)(ia) cannot be made
Malineni Babulu (HUF) vs. ITO
(2015) TaxCorp(LJ) 8434 (ITAT-HYDERABAD) · Sections 40(a)(ia)/ 194A/ 197A(1A)
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HC - Unutilised subsidy from AE is not required to be recognised as income of assessee in the year of receipt. Where assessee follows Accrual/Mercantile system of Accounting, income can be recognised only when the matching expenditure is also accounted for, irrespective of the cash outflows/inflows during the year.
CIT Vs Canon India Pvt Limited
(2015) TaxCorp(LJ) 8433 (HC-DELHI)
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HC - Any SC judgment interpreting a particular provision would have a prospective effect unless expressly made retrospective in the judgment. 'Additional tax' arising due to subsequent SC ruling to be deleted.
DCIT vs. Surat Electricity Company Limited
(2015) TaxCorp(LJ) 8432 (HC-GUJARAT)
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(i) DR can only support the AO's order and cannot set up an altogether new case before the ITAT, (ii) Loss on sale of shares, even if a speculation loss, can be set-off against the gains on sale of shares
DCIT vs. Envision Investment & Finance Pvt. Ltd
(2015) TaxCorp(LJ) 8423 (ITAT-MUMBAI)
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ITAT - Consideration received on sale of carbon credits is capital receipt and not taxable.
Dy CIT vs. Indur Green Power Private Limited
(2015) TaxCorp(LJ) 8414 (ITAT-HYDERABAD)
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ITAT - In an appeal against AO’s order giving effect to Tribunal’s order, the CIT(A) cannot saddle assessee with taxability of new source of income, which has not been considered by AO.
Cheil India Pvt. Ltd vs ITO
(2015) TaxCorp(LJ) 8413 (ITAT-DELHI)
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