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HC - Where an assessee, who is responsible u/s 194C to deduct and pay over TDS fails to do so, the payments in respect of which TDS was to be deducted and paid over, are to be disallowed u/s 40(a)(ia). Liability to deduct tax at source under Chapter XVII is 'mandatory' and nothing in any of the sections therein warrant reading of the word "shall" as "may". Vector Shipping distinguished.
P.M.S Diesels & Ors vs. CIT
(2015) TaxCorp(LJ) 6937 (HC-P&H) · Section 40(a)(ia)
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SC - Factory building let-out to subsidiary company is subject to wealth tax u/s 40(3) of Finance Act, 1983 for AY 1984-85
KAPRI INTERNATIONAL (P) LTD Vs Commissioner of welath tax
(2015) TaxCorp(LJ) 6936 (SC)
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ITAT (TM) - There is no requirement to issue a notice u/s 143(2) before making an assessment u/s 153A
Sumanlata Bansal vs. ACIT
(2015) TaxCorp(LJ) 6935 (ITAT-MUMBAI) · Section 153A
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ITAT - Trust has not only furnished the names and addresses of the donors but also furnished a number of other details in respect of such donors viz. their PANs, copy of ITRs, copy of bank statements their confirmations, financial statements, computation of income etc. Thus, trust has established the identity of donors as provided u/s 115BBC and the donations cannot be categorized as anonymous donations.
ITO vs. Saraswati Educational Charitable Trust
(2015) TaxCorp(LJ) 6934 (ITAT-LUCKNOW) · Sections 11, 68, 115BBC
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ITAT - Section 40(a)(ia) second proviso is curative and retrospective. Legitimate business expenditure cannot be disallowed if the payee has paid tax thereon
Santosh Kumar Kedia vs. ITO
(2015) TaxCorp(LJ) 6933 (ITAT-KOLKATA) · Section 40(a)(ia)
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ITAT - In computing the "book profits" u/s 115JB, the entire capital gains have to be included without computing the benefits of indexation
Dharmayug Investments Ltd vs. ACIT
(2015) TaxCorp(LJ) 6932 (ITAT-MUMBAI) · Section 115JB
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ITAT - Non-payment of statutory liability before due date of filing of return would attract disallowance u/s 43B even when assessee opts for presumptive taxation scheme.
Good Luck Kinetic v. Income Tax Officer, Ward -2, Margao
(2015) TaxCorp(LJ) 6931 (ITAT-PANAJI) · http://taxcorp.in/FileOpenDT.aspx?ID=41254&Category=ITAT&CategoryType=Zip
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ITAT - No section 194C TDS on sum paid on account of legal obligations instead of contractual agreement.
Executive Officer v. Income-tax Officer TDS-II, Jalandhar
(2015) TaxCorp(LJ) 6930 (ITAT-AMRITSAR) · http://taxcorp.in/FileOpenDT.aspx?ID=41154&Category=ITAT&CategoryType=Zip
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ITAT - Since Liaison Office of foreign company was set-up in India to purchase goods for purpose of export and not indulged in carrying on commercial activities, no taxation of foreign company in India.
Assistant Director of Income-tax (International Taxation), Circle-2 (1), Bangalore v. Tesco International Sourcing Ltd.
(2015) TaxCorp(LJ) 6929 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=41274&Category=ITAT&CategoryType=Zip
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HC - For same assessment year and also on same facts AO had resorted to reassessment which was quashed by High Court. AO cannot justify reassessment by mentioning same reasons in different words.
Le Passage To India Tours & Travels (P.) Ltd. v. Additional Commissioner of Income-tax
(2015) TaxCorp(LJ) 6928 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=57234&Category=Judgment&CategoryType=Zip
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ITAT - Trust could not be penalized for delay in transferring application from office of Chief Commissioner to office of Commissioner. Trust's registration not to be delayed and will be granted from application date.
Gauhati Greater Sewa Nidhi Trust v. Commissioner of Income-tax, Guwahati
(2015) TaxCorp(LJ) 6927 (ITAT-GAUHATI) · http://taxcorp.in/FileOpenDT.aspx?ID=41253&Category=ITAT&CategoryType=Zip
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ITAT - Sec. 10A exemption allowed to assessee as AO failed to prove that undertaking was formed by splitting up of an existing business
APS Technologies v. Income-tax Officer
(2015) TaxCorp(LJ) 6926 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=41252&Category=ITAT&CategoryType=Zip
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ITAT - Where advance was given for purchase of capital assets, same would not be allowed as bad debts/business loss.
Hindustan Times Ltd. v. Deputy Commissioner of Income-tax
(2015) TaxCorp(LJ) 6925 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39131&Category=ITAT&CategoryType=Zip
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ITAT - Since Explanation 1 to section 271(1)(c) is applicable in respect of particulars which have been concealed and not for furnishing inaccurate particulars of income, no levy penalty for furnishing 'inaccurate' particulars by invoking Explanation 1 to section 271(1)(c).
Deputy Commissioner of Income-tax v. Nepa Ltd.
(2015) TaxCorp(LJ) 6924 (ITAT-INDORE) · http://taxcorp.in/FileOpenDT.aspx?ID=41289&Category=ITAT&CategoryType=Zip
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ITAT - Provisions of section 292BB deeming a notice to be valid was inserted by Finance Act, 2008 with effect from 1-4-2008, the same do not have retrospective effect
Ghanshyamdas Gems & Jewels v. Deputy Commissioner of Income-tax
(2015) TaxCorp(LJ) 6923 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=38579&Category=ITAT&CategoryType=Zip
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ITAT - Even if assessee submitted manual return though e-filing was mandatory for him, still deductions cannot be denied to assessee.
Deputy Commissioner of Income-tax v. Sucram Pharmaceuticals
(2015) TaxCorp(LJ) 6922 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=37757&Category=ITAT&CategoryType=Zip
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ITAT - Commission paid to NR agent for procuring export orders are not assessable to tax in India as 'FTS'.
Assistant Commissioner of Income-tax, Co. Circle II (3), Chennai v. India Shoes Exports (P.) Ltd.
(2015) TaxCorp(LJ) 6921 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=41290&Category=ITAT&CategoryType=Zip
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HC - Compensation received against surrender of tenancy right in premises is taxable as ‘capital gains’ and not income from other sources
CIT. Vs. Kewal Silk Mills
(2015) TaxCorp(LJ) 6920 (HC-BOMBAY)
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HC - Since assessee already furnished relevant document such as Swiss bank account statement and said facts were conveyed to authorities by sending letters on different dates, no criminal prosecution against assessee.
Shravan Gupta v. Assistant Commissioner of Income-tax
(2015) TaxCorp(LJ) 6919 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=60847&Category=Judgment&CategoryType=Zip
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ITAT - Since assessee’s claim of deduction u/s 54F with respect to conversion of loan into sale consideration is highly debatable, no concealment penalty u/s. 271(1)(c).
Aftab Abdul Rehman Badshah vs. ITO
(2015) TaxCorp(LJ) 6918 (ITAT-MUMBAI) · Section. 54F
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