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HC - There can be no reassessment when original assessment order was cancelled by Commissioner u/s 263.
Pine Chemicals Ltd. v. Deputy Commissioner of Income-tax
(2015) TaxCorp(LJ) 6815 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=61238&Category=Judgment&CategoryType=Zip
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ITAT - Assessment/refund Form ITNS 150 is a part of assessment order and subject to revision under section 263.
Board of Directors, Allahabad Agricultural Institute v. Commissioner of Income-tax
(2015) TaxCorp(LJ) 6814 (ITAT-ALLAHABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=40910&Category=ITAT&CategoryType=Zip
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ITAT - Excise duty being a pass through cost has to be excluded from sales as well as costs for both assessee and comparable companies while computing operating margins under TP study
Ingersoll-Rand (India) Ltd. v. Assistant Commissioner of Income-tax, Circle 11 (4), Bangalore
(2015) TaxCorp(LJ) 6813 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=40909&Category=ITAT&CategoryType=Zip
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ITAT - Reason explained for delay (delay of 373 days) was that assessee-firm was having separate taxation department and it was under a bona fide belief that appeal had been filed by concerned head of taxation department within prescribed time. It will not constitute 'sufficient cause' for delay rather it was a case of gross negligence/inaction on part of assessee. No condonation of delay.
Cenzer Industries Ltd. v. Income-tax Officer 5 (1)(3), Mumbai
(2015) TaxCorp(LJ) 6812 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=40908&Category=ITAT&CategoryType=Zip
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HC - Since assessee had already gifted 30 per cent of its shareholding to his wife and son, no deemed dividend as assessee was not substantial shareholder on the date of advance.
Commissioner of Income-tax-I, Ludhiana v. Paramjit Singh
(2015) TaxCorp(LJ) 6811 (HC-P&H) · http://taxcorp.in/FileOpenDT.aspx?ID=61237&Category=Judgment&CategoryType=Zip
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ITAT - Commissioner (Appeals) has inherent power to stay demand, when appeal is pending for disposal before him
Employees' Provident Fund Organization v. Additional Commissioner of Income-tax (T.D.S.), Ghaziabad
(2015) TaxCorp(LJ) 6810 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=40907&Category=ITAT&CategoryType=Zip
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HC - Since membership card was not transferred in the year of demutualization of exchange, disallowance of depreciation to broker is not correct.
Commissioner of Income-tax-4, Mumbai v. Tata Securities Ltd.
(2015) TaxCorp(LJ) 6809 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=61235&Category=Judgment&CategoryType=Zip
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ITAT - Since there was no transfer order passed by Chief Commissioner or Commissioner, Order passed by AO to transfer case to new jurisdiction was invalid
KIE Infrastructures & Projects (P.) Ltd. v. Income-tax Officer, Ward-5 (3), New Delhi
(2015) TaxCorp(LJ) 6808 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=40519&Category=ITAT&CategoryType=Zip
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HC - Reopening based on material placed before DRP considering the same as new material is not justified as it would be nothing but a ‘change of opinion’ which is not permissible in law.
M/s Lahmeyer Holding GMBH Vs. DDIT
(2015) TaxCorp(LJ) 6807 (HC-DELHI) · Section. 147
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HC - On peculiar facts of the case, involuntary stay must be excluded from computation for purposes of Section 6(1)(a) of Income Tax Act
CIT. Vs. Shri Suresh Nanda
(2015) TaxCorp(LJ) 6806 (HC-DELHI) · Section 6(1)(a)
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HC - Reasons for initiating assessment u/s 147 are required to be recorded prior to issuance of notice u/s 148
Ferrous Infrastructure Pvt. Ltd. Vs. DCIT
(2015) TaxCorp(LJ) 6805 (HC-DELHI) · Sections. 147, 148
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ITAT - Interest cost and cost of acquisition are independent of each other, therefore interest on borrowed capital invested in shares not part of the ‘cost of acquisition’ while computing capital gains u/s 48 on sale of shares.
Natural Gas Company Pvt. Ltd vs. DCIT
(2015) TaxCorp(LJ) 6804 (ITAT-MUMBAI) · Section. 48
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ITAT - Liability to deduct tax at source arises on quarterly expense provisions entries through credit in suspense account even though invoice for underlying expenses not received at the time of making provision. TDS collection de hors charge u/s. 4(1) of the Act.
IBM India Pvt ltd vs ITO(TDS)
(2015) TaxCorp(LJ) 6803 (ITAT-BANGALORE) · Section 4(1)
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ITAT - Transfer of 'Technical know-how" is distinct from ‘Goodwill’, therefore amount received for sale of ‘technical know-how’ upon transfer of ‘transportation business’ not capital gains for AY 1997-98 absent any cost of acquisition.
ABB Limited vs ACIT
(2015) TaxCorp(LJ) 6802 (ITAT-BANGALORE)
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ITAT (TM) - No exemption u/s 11 to assessee (an educational institution) for purchasing car in the name of trustee. In the event of Sec 13(1)(d) violation, only income/investment made in violation of Sec 11(5) shall be liable to tax.
Audyogik Shikshan Mandal vs. ITO
(2015) TaxCorp(LJ) 6801 (ITAT-PUNE) · Section 13(2)(b)
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HC - No exemption u/s 10(23C) on failure of assessee to produce audited books of account
Bhupesh Kumar Sikshan Evam Vikas Sansthan v. Director General of Income-tax
(2015) TaxCorp(LJ) 6800 (HC-PATNA) · http://taxcorp.in/FileOpenDT.aspx?ID=60989&Category=Judgment&CategoryType=Zip
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HC - If assessee-housing finance corporation had not charged any interest, pending litigation on recovery of housing loans, interest income could not be treated as income accrued or received to assessee.
Joint Commissioner of Income-tax v. Parshwanath Housing Financing Corpn. Ltd.
(2015) TaxCorp(LJ) 6799 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=59315&Category=Judgment&CategoryType=Zip
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HC - Availability of alternate remedy under Act would not be a bar for Court to examine notice issued under section 148 if challenged on ground of no jurisdiction, violation of principles of natural justice, no authority of law and validity or vires of statutory provision being under challenge.
Dell India (P.) Ltd. v. Joint Commissioner of Income-tax, Bengaluru
(2015) TaxCorp(LJ) 6798 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=60973&Category=Judgment&CategoryType=Zip
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ITAT - Where assessee did not have "ownership" but had "transferable tenancy rights" of flat giving possession, control and transferable right in flat, assessee was entitled for exemption u/s 54F.
Archana Parasrampuria v. Income-tax Officer, Ward-24 (1) (3), Mumbai
(2015) TaxCorp(LJ) 6797 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=40868&Category=ITAT&CategoryType=Zip
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ITAT - Where assessee (an NRI) transferred to India his own fund, said fund could not represent his unexplained investment under section 69A.
Deputy Commissioner of Income-tax, Circle-16 (1), Hyderabad v. Madhusudan Rao
(2015) TaxCorp(LJ) 6796 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=40065&Category=ITAT&CategoryType=Zip
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