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HC - Unless books of assessee is rejected on some legal or justified basis, no reference can be made to DVO to determine construction cost of factory
Commissioner of Income-tax-II, Amritsar v. Freedom Board & Paper Mills
(2015) TaxCorp(LJ) 6795 (HC-P&H) · http://taxcorp.in/FileOpenDT.aspx?ID=61015&Category=Judgment&CategoryType=Zip
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ITAT - If assessee is dealing with large volume of shares for which one has to devote considerable time and resources and has to carry out activities in a systematic manner, income from share transactions is taxable as business income.
Assistant Commissioner of Income-tax 25(3), Mumbai v. Vinod K. Sharda
(2015) TaxCorp(LJ) 6794 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=40869&Category=ITAT&CategoryType=Zip
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ITAT - 'On-Money' received by a builder on sale of flats held as stock-in-trade is taxable only in the year of sale of the flats and not in the year of offer/ disclosure. Unless the title of the assessee was extinguished, the title of the purchaser could not arise. Both could not be the exclusive owners of the same property at the same time.
DCIT vs. Ohm Developers
(2015) TaxCorp(LJ) 6793 (ITAT-AHMEDABAD)
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ITAT - The transaction of allowing credit period to the AE on realisation of sale proceeds is not an independent transaction and has to be considered along with the main international transaction of sale of goods. Goldstar Jewellery Ltd and Kusum Healthcare Pvt. Ltd. followed
ACIT vs. Information Systems Resource Centre Pvt. Ltd
(2015) TaxCorp(LJ) 6792 (ITAT-MUMBAI)
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ITAT - As per section 43(5)(d), loss from trading in derivatives is not a speculation loss and can be set-off against normal business profits. R.B.K. Securities (P) Ltd. applied.
ITO vs. Emperor International Ltd
(2015) TaxCorp(LJ) 6791 (ITAT-DELHI) · Section 43(5)(d)
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ITAT - Section 143(2) and 153C notices issued in the name of the non-existent amalgamating company are void and render the assessment order null and void
Computer Engineering Services India (P) Ltd vs. ACIT
(2015) TaxCorp(LJ) 6790 (ITAT-DELHI) · Sections 143(2), 153C
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HC - Meaning of expressions "consultancy services" and "independent personal services" in the context of a DTAA explained
CIT vs. Grup ISM P. Ltd
(2015) TaxCorp(LJ) 6789 (HC-DELHI) · Section 9
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HC - Whilst the AO is certainly empowered to examine the nature of expenditure in the application of trust, he cannot go behind the certificate issued under Section 12A.
DIT Vs. Ram Kishan Kulwant Rai Charitable Trust
(2015) TaxCorp(LJ) 6788 (HC-DELHI) · Section 12A
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HC - Assessee did not debit the amount of Service Tax to the P&L as an expenditure nor did the assessee claim any deduction in respect of the amount and considering that the assessed is following the mercantile system of accounting, the question of disallowance u/s 43B would not arise.
Cit vs Noble And Hewitt (I) (P) Ltd.
(2015) TaxCorp(LJ) 6787 (HC-DELHI) · Section 43B
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ITAT - Reassessment’s made for the assessment years under consideration have become invalid for not having served the mandatory notice u/s 143(2) on the assessee.
ITO Vs. M/s Staunch Marketing Pvt. Ltd.
(2015) TaxCorp(LJ) 6786 (ITAT-DELHI) · Sections 143(2), 147
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ITAT - No expenditure has been claimed by the assessee in its books of accounts. Under such circumstances the question of disallowance u/s 43B does not arise.
ITO vs. Nafe Singh Gahalawat
(2015) TaxCorp(LJ) 6785 (ITAT-DELHI) · Section 43B
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HC - Registry not to accept any appeal where appeals is filed by Revenue with “underlined/marked” certified copies.
M/s. Goldstone Technologies Ltd., Vs Commissioner of Income Tax-II
(2015) TaxCorp(LJ) 6784 (HC-AP)
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ITAT - Assessee’s counsel (CA) liable for suitable proceedings under ICAI rules for his professional misconduct, misbehaviour, wasting the time of court and unlawfully attempting to interfere in the process of judicial dispensation. Cost also levied under Rule 32A of ITAT Rules.
M/s. Mundra Woolen Mills (P) Ltd. Vs The ACIT
(2015) TaxCorp(LJ) 6783 (ITAT-JAIPUR)
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ITAT - The revisionary power enshrined in section 263 of the Act is to be exercised sparingly and in a rare care.
Sintex Industries Ltd Vs The CIT-IV
(2015) TaxCorp(LJ) 6782 (ITAT-AHMEDABAD) · Section 263
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ITAT - Since co-operative bank as has failed to create special reserve in audited books out of eligible profits, no sec. 36(1)(viii) deduction.
Shree Sharada Sahakari Bank Ltd. v. Income-tax Officer, Ward 6 (2), Pune
(2015) TaxCorp(LJ) 6781 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=40835&Category=ITAT&CategoryType=Zip
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HC - Contract of manufacturing goods as per specification without supply of material was contract of sale and not a contract for carrying on any work within meaning of section 194C.
Commissioner of Income-tax, Bangalore v. Allergan India (P.) Ltd.
(2015) TaxCorp(LJ) 6780 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=61217&Category=Judgment&CategoryType=Zip
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ITAT - Dept's practice of filing appeals in a routine manner and without application of mind deprecated as it causes inconvenience to taxpayers
DCIT vs. Prescon Builders Pvt. Ltd
(2015) TaxCorp(LJ) 6779 (ITAT-MUMBAI)
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ITAT - Law on treating purchases u/s 69C as "bogus" because the supplier is treated as a "hawala" dealer by the VAT authorities explained
ITO vs. Paresh Arvind Gandhi
(2015) TaxCorp(LJ) 6778 (ITAT-MUMBAI) · Section 69C
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ITAT - Chartered Accountants found guilty of derogatory, defamatory and contemptuous language. The severity of accusations and fury emerging from their language is highly derogatory, defamatory and contemptuous, sent with a scheme and clear intention to intimidate judicial officers to desist from passing an unfavorable order
Mundra Woolen Mills (P) Ltd vs. ACIT
(2015) TaxCorp(LJ) 6777 (ITAT-JAIPUR)
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ITAT - For section 80-IC, the benefit of “substantial expansion” is applicable to units which were in existence at the time of announcement of scheme i.e. in AY 2004-05. Assesses who installed new units during this period and are now going for substantial expansion are not eligible to claim deduction u/s 80IC
Hycron Electronics vs. ITO
(2015) TaxCorp(LJ) 6776 (ITAT-CHANDIGARH) · Section 80-IC
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