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Interest paid on loan amount sanctioned by bank was directly made over to retiring partners as full payment of consideration agreed to be paid by continuing partners to retiring partners for relinquishment of their share, amount borrowed not for purpose of business. Interest not allowable
Hotel Roopa v. Commissioner of Income-tax
(2015) TaxCorp(LJ) 6835 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=61249&Category=Judgment&CategoryType=Zip
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ITAT(TM) - President or Third Member has no right to go beyond scope of reference and has to consider only difference of opinion as stated by Members of Bench
Income-tax Officer, Ward 3 (1), Guwahati v. Purbanchal Safety Glass (P.) Ltd.
(2015) TaxCorp(LJ) 6834 (ITAT-GAUHATI) · http://taxcorp.in/FileOpenDT.aspx?ID=40976&Category=ITAT&CategoryType=Zip
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ITAT - ALP of 'Soyabean' and 'Sunflower' oil is to be determined on basis of rate quoted in Commodity Exchanges i.e., oil, was a commodity recognized for trading in Commodities Exchanges, price publications of CBOT and Oil World were relevant material while testing international transactions of import of oil from AEs in course of application of CUP method
Cargill Foods India Ltd. v. Deputy Commissioner of Income-tax, Circle-4, Pune
(2015) TaxCorp(LJ) 6833 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=40975&Category=ITAT&CategoryType=Zip
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SC - Gujarat HC’s direction is to be substituted with respect to striking down Sec 80HHC retro amendment on DEPB.
CIT. vs. Avani Exports & Anr.
(2015) TaxCorp(LJ) 6832 (SC) · Section. 80HHC
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HC - It is settled law that there is no bar for grant of relief (extension of stay beyond 365 days under ‘writ’ jurisdiction) if the Court is of the opinion that the circumstances and the ends of justice so warrant.
CANON INDIA PRIVATE LIMITED Vs. DEPUTY COMMISSIONER OF INCOME TAX
(2015) TaxCorp(LJ) 6831 (HC-DELHI)
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SC - HC’s order quashing re-assessment notice under writ jurisdiction is to be quashed as the is erroneous.
DCIT. & Anr. vs. Zuari Estate Dev. & Investment Comp. Ltd.
(2015) TaxCorp(LJ) 6830 (SC)
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HC - In the absence of search in case of assessee, notice u/s 158BC is not valid
CIT. vs. Anil Kumar Chadha
(2015) TaxCorp(LJ) 6829 (HC-ALLAHABAD) · Section. 158BC
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HC - Dry docking Expenses are allowable as revenue expenditure to ONGC
CIT. vs. Oil & Natural Gas Corporation Ltd.
(2015) TaxCorp(LJ) 6828 (HC-UTTARAKHAND)
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ITAT - The transaction of transfer of property would relate to the date when the sale-deed was executed, sale consideration was paid and possession was handed over but not on date when document was presented before the Registrar for registration of the sale-deed.
Amitkumar Ambalal Shah v. Income-tax Officer, Ward-10 (2), Ahmedabad
(2015) TaxCorp(LJ) 6827 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=38500&Category=ITAT&CategoryType=Zip
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ITAT - Where view taken by AO being one of possible views, could not be regarded as erroneous and prejudicial to interest of revenue, no revision u/s 263.
Mudhol Land Holding Company (P.) Ltd. v. Commissioner of Income-tax
(2015) TaxCorp(LJ) 6826 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=40939&Category=ITAT&CategoryType=Zip
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ITAT - A company providing software development services is different from a company providing non-development software services
Tata McGraw Hill Education (P.) Ltd. v. Assistant Commissioner of Income-tax, Circle 16 (1), New Delhi
(2015) TaxCorp(LJ) 6825 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39802&Category=ITAT&CategoryType=Zip
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HC - Where revised return was declared as invalid then tax and interest amount paid on revised income needs to be refunded.
K. Nagesh v. Assistant Commissioner of Income-tax, Bangalore
(2015) TaxCorp(LJ) 6824 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=61246&Category=Judgment&CategoryType=Zip
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ITAT - Valuation loss on stock-in-trade of shares to be allowed as purchases were genuine and valuation was made as per AS-2
Income-tax Officer, Ward 6 (1), Jaipur v. Smt. Meena Baid
(2015) TaxCorp(LJ) 6823 (ITAT-JAIPUR) · http://taxcorp.in/FileOpenDT.aspx?ID=37699&Category=ITAT&CategoryType=Zip
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ITAT - Addition made solely on the basis of a disclosure and without any incriminating material is not sustainable if facts show that disclosure was under duress. CBDT Instruction dated 10.03.2003 relied
Shri Basant Bansal vs. ACIT
(2015) TaxCorp(LJ) 6822 (ITAT-JAIPUR) · Section 143(3)/153A
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ITAT - Under section 11(1)(a), charitable institutions are eligible to a blanket deduction of 15% of the gross receipts without being required to satisfy any condition
ITO vs. Bhartiya Vidya Mandir Trust
(2015) TaxCorp(LJ) 6821 (ITAT-CHANDIGARH) · Section 11(1)(a)
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ITAT - For the purpose of sections 2(15)/11, before any activity can be branded as being in the nature of trade or commerce, the AO has to demonstrate the intention of parties backed with facts and figures of carrying out activities with profit motive. Mere surplus from any activity which has been undertaken to achieve the dominant object does not imply that the same is run with profit motive. The intention has to be gathered from circumstances which compelled the carrying on the activity
India International Centre vs. ADIT
(2015) TaxCorp(LJ) 6820 (ITAT-DELHI) · Sections 2(15), 11
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HC - Hire charges received by a lessor under a hire- purchase transaction is not in the nature of interest.
Rani Leasing & Finance Ltd. vs. CIT
(2015) TaxCorp(LJ) 6819 (HC-CALCUTTA)
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ITAT - Gift amounting to Rs. 160 crore received by assessee-company from other Indian corporate bodies is not taxable, being capital receipt for AY 2009-10.
DCIT. Vs. KDA enterprises
(2015) TaxCorp(LJ) 6818 (ITAT-MUMBAI)
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ITAT - A company providing high end services, i.e., special knowledge and domain expertise, cannot be compared to a low end service provider, namely, call center services
iQor India Services (P.) Ltd. v. Income-tax Officer, Ward 11 (4), New Delhi
(2015) TaxCorp(LJ) 6817 (ITAT-DELHI) · http://taxcorp.in/FileOpenINTL.aspx?ID=8126&Category=INTLDecisions&CategoryType=Zip
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ITAT - Since receipt as well as making of gift were authorized by respective Memorandum and Articles of Association of assessee and donor companies and all essential requisites of a valid gift had been duly fulfilled, no tax or MAT on donee-company
Deputy Commissioner of Income-tax, 3 (2), Mumbai v. KDA Enterprises (P.) Ltd.
(2015) TaxCorp(LJ) 6816 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=40160&Category=ITAT&CategoryType=Zip
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