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ITAT - Where increased profit on account of transfer pricing adjustment was not brought into India by assessee in convertible foreign exchange; no deduction under section 10B on such profit.
Agilisys IT Services India (P.) Ltd. v. Income-tax Officer, Ward 9 (2) 3, Mumbai
(2015) TaxCorp(LJ) 6978 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=8158&Category=INTLDecisions&CategoryType=Zip
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ITAT - If there is no dress code and the employees are free to wear any dress then exemption u/s 10(14) shall be granted in respect of uniform allowance paid to employees.
Facets Polishing Works (P.) Ltd. v. Income-tax Officer, TDS -1, Surat
(2015) TaxCorp(LJ) 6977 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=41407&Category=ITAT&CategoryType=Zip
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HC - Even when assessee had not shown credit amount in their books as due to assessee, once assessee wrote off a claim in its books of account treating it as a bad debt under section 36(1)(vii), r/w 36(2), claim of bad debts was to be allowed in current year.
Amco Batteries Ltd. v. Assistant Commissioner of Income-tax, Circle 11(1), Bangalore
(2015) TaxCorp(LJ) 6976 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=61356&Category=Judgment&CategoryType=Zip
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HC - Royalty paid by assessee to its parent company was revenue expenditure and could not be treated as capital expenditure.
Commissioner of Income Tax-IV v. Denso India Ltd.
(2015) TaxCorp(LJ) 6975 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=59194&Category=Judgment&CategoryType=Zip
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ITAT - Buildings for starting educational institutions were under construction, therefore assessee was not entitled for registration since no charitable activity was carried out during year.
Progressive Educational & Charitable Trust v. Commissioner of Income-tax
(2015) TaxCorp(LJ) 6974 (ITAT-COCHIN) · http://taxcorp.in/FileOpenDT.aspx?ID=39297&Category=ITAT&CategoryType=Zip
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ITAT - A Company providing Pharma support services cannot be compared with Government companies engaged in providing consultancy services in water, power and infrastructure development in view of functional difference.
Novartis Healthcare (P.) Ltd. v. Additional Commissioner of Income-tax, Range 7 (1), Mumbai
(2015) TaxCorp(LJ) 6973 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=8123&Category=INTLDecisions&CategoryType=Zip
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ITAT - Auditor's certificate cannot be substitute for TP Study to benchmark international transaction. The same will have to be benchmarked to an external comparable determining ALP.
Metro Tunneling Group v. Joint Commissioner of Income-tax-17 (3), Mumbai
(2015) TaxCorp(LJ) 6972 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=8276&Category=INTLDecisions&CategoryType=Zip
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HC - Since income from letting out of property of educational institution was used for educational purposes only, same not taxable.
Director of Income-tax ( Exemptions), Mumbai v. Shri Vile Parle Kelavani Mandal
(2015) TaxCorp(LJ) 6971 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=61057&Category=Judgment&CategoryType=Zip
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ITAT - Merely because assessee had violated (condition of max built-up area) provisions of section 80-IB(10)(c) in respect of two units, deduction under section 80-IB(10) could not be denied in entirety.
Income-tax Officer, Ward-2, Ratnagiri v. Paras Builders
(2015) TaxCorp(LJ) 6970 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=41000&Category=ITAT&CategoryType=Zip
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HC - ITAT view that transaction in shares were investment and not business transaction was based on evidence, no interference called for.
Joint Commissioner of Income-tax v. Bajranglal Chowdhury
(2015) TaxCorp(LJ) 6969 (HC-CALCUTTA) · http://taxcorp.in/FileOpenDT.aspx?ID=60468&Category=Judgment&CategoryType=Zip
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ITAT - On failure of revenue to establish service of reassessment notice to assessee, reassessment to be quashed.
Smt. Chapala Kalita v. Income-tax Officer, Ward 3 (1), Dispur
(2015) TaxCorp(LJ) 6968 (ITAT-GAUHATI) · http://taxcorp.in/FileOpenDT.aspx?ID=41396&Category=ITAT&CategoryType=Zip
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ITAT - Section 43B is applicable even when return is filed under presumptive tax provision of Sec 44AF.
Good Luck Kinetic vs. ITO
(2015) TaxCorp(LJ) 6967 (ITAT-PANAJI) · Sections. 43B, 44AF
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ITAT - Depreciation allowable once asset is ‘ready-to-use’ and ‘inauguration-date’ is not relevant.
DCIT. Vs. SPR Publications P. Ltd.
(2015) TaxCorp(LJ) 6966 (ITAT-HYDERABAD)
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ITAT - Addition u/s 68 needs to be deleted once source of ‘source of credit’ is proved.
Subbiah Ramanathan and R.M. Janaki Vs The Income Tax Officer
(2015) TaxCorp(LJ) 6965 (ITAT-CHENNAI) · Section. 68
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ITAT - The fact of interest payment for delayed TDS-deposit is of relevance, penalty levy u/s 271C upheld.
Classic Concepts Home India (P) Ltd. vs. ACIT
(2015) TaxCorp(LJ) 6964 (ITAT-COCHIN) · Section. 271C
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HC - Mere filing of appeal does not suo-moto stay recovery proceedings. AO to exercise discretion u/s 220(6) for granting stay.
Jalan Jee Polytex Ltd. vs. ACIT and Anr.
(2015) TaxCorp(LJ) 6963 (HC-ALLAHABAD)
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HC - Deduction allowable u/s 37 to ONGC for royalty payments to State Govt. No violation of Sec 6A of the Oilfield (Exploration and Development Act), 1948. Explanation to Sec 37 not triggered.
CIT. vs. Oil and Natural Gas Corporation
(2015) TaxCorp(LJ) 6962 (HC-UTTARAKHAND) · Section. 37
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ITAT - Where prices varies on account of various issues, then CUP method cannot be applied and it is most appropriate to apply TNMM method.
Amphenol Interconnect India (P.) Ltd. v. Additional Commissioner of Income-tax, Range-8
(2015) TaxCorp(LJ) 6961 (ITAT-PUNE) · http://taxcorp.in/FileOpenINTL.aspx?ID=8273&Category=INTLDecisions&CategoryType=Zip
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ITAT - Since assessee was occupying house as per independent rent agreement with employer (landlord) and no benefit accrued to assessee in his capacity of employee, just because assessee was employee could not mean that he was deriving perquisite u/s 17(2)(ii).
Assistant Commissioner of Income-tax, Central Circle-2, Mumbai v. Yusuf K. Hamied
(2015) TaxCorp(LJ) 6960 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=41357&Category=ITAT&CategoryType=Zip
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ITAT - In the absence of any evidence to suggest that transaction allegedly noted on loose paper pertained to year in which assessee firm was in existence; No sec. 69 additions in name of firm can be made after its dissolution.
Mantri Developers v. Income-tax Officer
(2015) TaxCorp(LJ) 6959 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=41356&Category=ITAT&CategoryType=Zip
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