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HC - Provisions of section 2(22)(e) could be applied where assessee can be treated as both registered as well as beneficial shareholder.
CIT (TDS) Vs. CJ International Hotel Pvt. Ltd.
(2015) TaxCorp(LJ) 7039 (HC-DELHI) · Section 2(22)(e)
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HC - For relief u/s 54, even booking rights or rights to purchase the apartment or to obtain its letter is also capital asset.
Commissioner of Income Tax Vs Ram Gopal
(2015) TaxCorp(LJ) 7038 (HC-DELHI) · Section 54
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ITAT - Mere Entries found in third party books are not enough to make addition in the hands of the Assessee.
Income tax Officer vs. Shri Harsharansingh Dharni
(2015) TaxCorp(LJ) 7037 (ITAT-MUMBAI)
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ITAT - Provisions of Section 2(22)(e) have no application to non-registered shareholders.
IAG Promoters & Developers Pvt. Ltd. VS. ACIT
(2015) TaxCorp(LJ) 7036 (ITAT-DELHI)
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HC - In order to make addition AO must enquire further and brought out contrary material to make addition u/s 68, if primary onus of proving identity, creditworthiness and genuineness was discharged by assessee.
CIT. vs. Shokeen Properties Pvt. Ltd.
(2015) TaxCorp(LJ) 7035 (HC-DELHI) · Section. 68
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ITAT - Assessee has valued the closing stock of finished goods at realizable value/sale price and as such there is no understatement of closing stock.
ACIT. Vs. Milton Cycle Industries Ltd.
(2015) TaxCorp(LJ) 7034 (ITAT-DELHI)
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ITAT - Instruction No.5/14 dated 10.07.2014 issued by the CBDT are applicable for the pending cases also. Appeals should Not Be Filed in Cases Where Tax Effect not Exceeds Monetary Limits
ITO. Vs. Santosh Kumar (HUF)
(2015) TaxCorp(LJ) 7033 (ITAT-DELHI)
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ITAT - Law on what is “undisclosed income” and levy of penalty on the basis of a “dumb” document and surrender by the assessee explained
SPS Steel & Power Ltd vs. ACIT
(2015) TaxCorp(LJ) 7032 (ITAT-KOLKATA) · Section 271AAA
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ITAT - The postal authorities are the agent of the recipient. There is a presumption that handing over notice to the postal department means that it has been served on the assessee.
ITO vs. Shubhashri Panicker
(2015) TaxCorp(LJ) 7031 (ITAT-JAIPUR) · Section 282
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ITAT - Orders of the ITAT are binding on the lower authorities and should be followed unreservedly. Blatant failure to do so could attract contempt of court proceedings.
DCIT vs. Sham Sunder Sharma
(2015) TaxCorp(LJ) 7030 (ITAT-CHANDIGARH) · Section 250
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ITAT - Law on time limit for passing penalty order u/s 271(1)(c) explained. Challenge by assessee to validity of penalty order entertained in Dept's appeal despite lack of C. O. /cross-appeal by assessee.
ITO vs. Pandit Vijay Kant Sharma
(2015) TaxCorp(LJ) 7029 (ITAT-DELHI) · Section 275(1)(a)
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ITAT - Section 269SS does not apply to non-monetary book entry transactions of loans and advances. No penalty u/s 271D.
CIT vs. Mahagun Technologies Pvt. Ltd
(2015) TaxCorp(LJ) 7028 (ITAT-DELHI) · Section 271D
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ITAT - Law on levy of penalty u/s 271(1)(c) in a case where satisfaction is recorded in s. 153C/153D assessments by AO who is common to the searched party and the assessee explained
KPC Medical College & Hospital vs. DCIT
(2015) TaxCorp(LJ) 7027 (ITAT-KOLKATA) · Section 271(1)(c)
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ITAT - Conversion of outstanding interest into a loan does not constitute "actual payment" of the interest so as to qualify for disallowance u/s u/s 43B(e).
DCIT vs. Jyoti Ltd
(2015) TaxCorp(LJ) 7026 (ITAT-AHMEDABAD) · Section 43B(e)
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ITAT - Appeal in the ITAT can be filed against order of the CIT(A) on a stay application. Stay should be granted if relevant criteria of existence of prima facie arguable case, irreparable loss and financial position are not considered by the CIT(A).
Bharat Heavy Electrical Ltd vs. ITO
(2015) TaxCorp(LJ) 7025 (ITAT-DELHI) · Section 253
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ITAT - Where AO ignored definition of ‘capital employed’ while verifying assessee’s claim u/s 35D, CIT’s exercise of revisionary jurisdiction u/s 263 justified.
Subex Ltd. vs. CIT
(2015) TaxCorp(LJ) 7014 (ITAT-BANGALORE) · Sections. 35D, 263
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ITAT - Payment by an assessee-advertising co. to hoarding contractors for display of clients’ advertisement is subject to TDS u/s 194C and not 'rent' attracting TDS u/s 194I.
Madison Communication Pvt. Ltd. vs. DCIT
(2015) TaxCorp(LJ) 7013 (ITAT-MUMBAI) · Section. 194I
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HC - Excess amount refunded by assessee-builder to original purchasers upon cancellation of construction agreement is not interest u/s 2(28A), TDS u/s 194A not applicable.
Beacon Projects Pvt. Ltd. vs. CIT
(2015) TaxCorp(LJ) 7012 (HC-KERALA) · Section. 2(28A)
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HC - ITAT has powers to extend stay beyond 365 days if satisfied that assessee not indulged into any delay tactics and the delay in disposing of appeal not attributable to the assessee.
DCIT. vs. Vodafone Essar Gujarat Limited
(2015) TaxCorp(LJ) 7011 (HC-GUJARAT)
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ITAT - As per proviso to section 201(3), AO was required to pass the order u/s.201(1)/201(1A) on or before 31- 03-2011.
M/s. Vamona Developers Pvt. Ltd. V. DCIT
(2015) TaxCorp(LJ) 6999 (ITAT-PUNE) · Sections. 201(1), 201(1A), 201(3)
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