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ITAT - Bifurcation of depreciation on vehicles based on the ‘turnover’, between its STP and Non-STP unit is not allowed.
Tata Technologies Limited vs. JCIT
(2015) TaxCorp(LJ) 6917 (ITAT-PUNE)
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ITAT - Set off of loss from activity of horse-breeding against assessee’s other income is allowed. Sec 74A not applicable
Five Stars Shipping Co Pvt Ltd. Vs. DCIT
(2015) TaxCorp(LJ) 6916 (ITAT-MUMBAI) · Section. 74A
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ITAT - The moratorium of 60 days for the disposal of the appeal would expire only on 16.6.2015. Consequently, the Assessee cannot be given immediate early hearing.
Ryatar Sahakari Sakkare Karkhane vs. ITO
(2015) TaxCorp(LJ) 6915 (ITAT-PANAJI)
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ITAT - Diagnostic service are also covered under medical relief. Sec 11 exemption available.
Lions Club Of Annanagar Charitable Trust Vs. DDIT
(2015) TaxCorp(LJ) 6914 (ITAT-CHENNAI) · Section. 11
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ITAT - In a case where undisclosed income is already charged to tax at a heavy rate of 60 percent (block assessment), the provisions like section 158BF relating to non-levy of interest and certain penalties in certain cases is justified.
ACIT. Vs. Sh. Akhil Jain
(2015) TaxCorp(LJ) 6913 (ITAT-DELHI) · Section 234B
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ITAT - It cannot be stated that assessee has concealed income by furnishing inaccurate particulars of income and explanation given by the assessee cannot be brushed aside totally false. No concealment penalty.
M/s. Allgrow Finance & Investment Pvt. Ltd. Vs. ITO
(2015) TaxCorp(LJ) 6912 (ITAT-DELHI)
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ITAT - No Exemption U/s 54B on amount invested for Leveling and filling of new agriculture land.
A.C.I.T. Vs. Smt Sudha Jajodia
(2015) TaxCorp(LJ) 6911 (ITAT-KOLKATA) · Section. 54B
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HC - UAE Concern acts as a liaisoning agent for the assessee, and receives its remuneration from each client that it successfully solicits for the assessee. Such services cannot be said to be included within the meaning of consultancy services. No TDS obligation on remittance.
CIT. vs. Grup ISM P. Ltd.
(2015) TaxCorp(LJ) 6910 (HC-DELHI)
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HC - Assessee-society was providing credit mainly to its members and its transactions with non-members were insignificant. Deduction u/s 80P cannot be denied to society merely due to receipt of small portion of revenue from non-members
Quepem Urban Co-operative Credit Society Ltd. v. Assistant Commissioner of Income-tax, Circle-1, Margoa
(2015) TaxCorp(LJ) 6909 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=61322&Category=Judgment&CategoryType=Zip
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HC - Interest paid on partners' capital which was utilized for construction of property from which rental income was earned was allowable.
Commissioner of Income-tax-12, Mumbai v. Sane & Doshi Enterprises
(2015) TaxCorp(LJ) 6908 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=60958&Category=Judgment&CategoryType=Zip
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ITAT - Cost of reworking done abroad reimbursed to NR is not FTS (not taxable in India under section 9(1)(vii)), where re-working has no link with business of payer in India
Deputy Commissioner of Income-tax, Circle -11, Kolkata v. A. T. & S India (P.) Ltd.
(2015) TaxCorp(LJ) 6907 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=41223&Category=ITAT&CategoryType=Zip
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ITAT - Director is not entitled to challenge the order passed against Company if dues of Company were not recoverable from him under sec. 179 as he could not be treated as an aggrieved party.
R. Subba Rao v. Income-tax Officer, Ward 3 (4), Hyderabad
(2015) TaxCorp(LJ) 6906 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39984&Category=ITAT&CategoryType=Zip
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ITAT - Since all products sold by assessee fell in category of insecticides and were used as supplementary to each other, all insecticide products sold by assessee to its AE in each country would be clubbed and aggregated together to compute ALP.
Godrej Sara Lee Ltd. v. Additional Commissioner of Income-tax, Range 10 (2), Mumbai
(2015) TaxCorp(LJ) 6905 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=8000&Category=INTLDecisions&CategoryType=Zip
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ITAT - Amount received by overseas Telecom assessee under the “Restoration Agreement” with VSNL is not ‘fees for technical services’ u/s 9(1)(vii).
Flag Telecom Group Limited Vs. Dy. Director of Income Tax (International Taxation)
(2015) TaxCorp(LJ) 6904 (ITAT-MUMBAI)
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HC - Registration of ‘agreement to sale’ not mandatory, except in cases covered by Sec 53A. As per said section, transferor is debarred from enforcing against transferee any right in respect of the property, where transferee in part performance of contract enjoys possession and has performed / is willing to perform his part of the contract.
Swarnendu Das Gupta vs. Sadhana Banerjee
(2015) TaxCorp(LJ) 6903 (HC-CALCUTTA) · Section. 53A
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Mere denial by RBI to Register Assessee as NBFC do not change nature of business income to Income from Other Sources
Premius Investment and Finance Ltd. vs. DCIT
(2015) TaxCorp(LJ) 6902 (ITAT-MUMBAI)
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ITAT - A company engaged in services for 2D and 3D animation is functionally different from a company in software development services
Kodiak Networks India (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle 11 (5), Bangalore
(2015) TaxCorp(LJ) 6901 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenINTL.aspx?ID=8111&Category=INTLDecisions&CategoryType=Zip
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ITAT - AO has powers to determine actual cost of used asset under Section 43(1) (Explanation 3) after satisfying that its actual price of such asset had been inflated or deflated for an ulterior purpose.
Assistant Commissioner of Income-tax, Circle-I, Meerut v. Jitender Kumar Gupta
(2015) TaxCorp(LJ) 6900 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=40713&Category=ITAT&CategoryType=Zip
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HC (FB) - If one single article / unit / component itself is sufficient to fulfill the functioning of shuttering, then it could be treated as a ‘plant’, but not otherwise. 100% depreciation claim on each item of “shuttering material” valuing less than Rs. 5000 denied.
CIT. vs. S.Vijaya Kumar
(2015) TaxCorp(LJ) 6895 (HC-AP)
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HC - Reserve for export market development allowance is not to be added while computing profits of general insurance business
The Oriental Insurance Co. Ltd. vs. CIT
(2015) TaxCorp(LJ) 6894 (HC-DELHI)
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