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HC - Conversion of outstanding interest into a loan does not amount to an "actual payment" of the interest and so deduction for the interest cannot be claimed under s. 43B Expl 3C
CIT vs. M. M. Aqua Technologies Ltd
(2015) TaxCorp(LJ) 6744 (HC-DELHI) · Section 43B
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HC - Where the agreement between the parties (for sale of shares) indicates that the lump-sum consideration was in respect of two or more promises (i.e. sale of shares & non-compete covenant), it is liable to be bifurcated and apportioned between each of the assets (Vodafone distinguished)
CIT vs. Usha Saboo
(2015) TaxCorp(LJ) 6743 (HC-P&H)
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HC - No sec 43B disallowance in respect of unpaid electricity duty collected by an Electricity supply Company from its customers for deposit with Government
CESC LTD vs C.I.T
(2015) TaxCorp(LJ) 6737 (HC-CALCUTTA) · Section 43B
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HC - Where issue of ownership of seized jewellery was a matter which was pending for final adjudication, jewellery can be released after furnishing bank guarantee.
M.N. Navale (Bigger HUF) v. Somnath M. Wajale, Deputy Commissioner of Income-tax, Central Circle -2 (2), Pune
(2015) TaxCorp(LJ) 6736 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=61188&Category=Judgment&CategoryType=Zip
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ITAT - Where all relevant facts, material to computation of total income is duly furnished by assessee and no deficiencies in furnishing of such facts are pointed out by revenue authorities, declaration of additional income pursuant to survey will not invite concealment penalty.
Vipul Life Sciences Ltd. v. Deputy Commissioner of Income-tax, Circle 7 (3), Mumbai
(2015) TaxCorp(LJ) 6735 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39783&Category=ITAT&CategoryType=Zip
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HC - Interest on borrowed funds used for booking of a property which was to be used as a show room of company in future years was deductible as assessee had sufficient surplus funds for making payment of interest free security deposit to acquire asset in question.
Commissioner of Income-tax,(C)-III v. DD Industries Ltd.
(2015) TaxCorp(LJ) 6734 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=60717&Category=Judgment&CategoryType=Zip
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HC - Even if case of assessee falls in first proviso to section 2(15), no cancellation of trust's registration on ground.
Director of Income-tax, Exemption, Bangalore v. Kodava Samaja
(2015) TaxCorp(LJ) 6733 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=61187&Category=Judgment&CategoryType=Zip
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ITAT - Sum paid to AE for use of its trademark cannot be disallowed in absence of any evidence on record.
Zuari Cement Ltd. v. Deputy Commissioner of Income-tax, Circle-2 (1), Tirupati
(2015) TaxCorp(LJ) 6732 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenINTL.aspx?ID=8074&Category=INTLDecisions&CategoryType=Zip
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HC - Where identity and relationship of donor was known, amount received by assessee by way of gift from said donor could not be treated as cash credit u/s 68
Commissioner of Income-tax v. Ramesh Suri
(2015) TaxCorp(LJ) 6731 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=60392&Category=Judgment&CategoryType=Zip
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ITAT - Assessee engaged in merely providing software services was not functionally comparable to a company engaged in research and development activities which included embedded software solutions.
Principal Global Services (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle-1 (2), Pune
(2015) TaxCorp(LJ) 6730 (ITAT-PUNE) · http://taxcorp.in/FileOpenINTL.aspx?ID=8047&Category=INTLDecisions&CategoryType=Zip
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HC - Development of housing projects for DDA is eligible for deduction under section 80-IB
Commissioner of Income-tax-VI v. VRM India Ltd.
(2015) TaxCorp(LJ) 6729 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=60724&Category=Judgment&CategoryType=Zip
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ITAT - Assessee’s stand that under the Income Tax Act, there was no power conferred on Income-tax authorities for conducting survey to verify TDS details is not correct. “Proceedings” u/s 133A also includes TDS proceedings.
Nokia India Pvt Ltd vs.Dy. DIT
(2015) TaxCorp(LJ) 6728 (ITAT-DELHI)
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ITAT - S. 194-I applies only to amounts paid for “use” of the land and not for amounts paid to “acquire” the rights. Distinction between “lease premium” and “rent” explained
ITO vs. Earnest Towers (P) Ltd
(2015) TaxCorp(LJ) 6727 (ITAT-KOLKATA) · Section 194-I
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ITAT - Even strategic investment in group concerns for purposes of control & not for earning dividend attracts disallowance u/s 14A Rule 8D(2)(iii). Plea that no expenditure is incurred to earn dividend is not acceptable because earning dividend is not an automatic process.
Coal India Limited vs. ACIT
(2015) TaxCorp(LJ) 6726 (ITAT-KOLKATA) · Section 14A
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ITAT - Tests to determine whether there is an employer-employee relationship explained (for the purpose of TDS u/s 192 vs/ 194-J)
DCIT vs. Artemis Medicare Service Ltd
(2015) TaxCorp(LJ) 6725 (ITAT-DELHI) · Sections 192, 194-J
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ITAT - Receipts on account of identification & core site selection from available 2D & 3D seismic data shall be taxed U/s. 44BB
ADIT Vs. TDI Brooks Intl. Inc
(2015) TaxCorp(LJ) 6724 (ITAT-DELHI) · Section 44BB
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ITAT - Order restricting profit at 65% for the purpose of computation of deduction u/s 10A by invoking Sec 10A(7) is upheld.
Varis Technologies P ltd vs ITO
(2015) TaxCorp(LJ) 6723 (ITAT-BANGALORE) · Sections 10A, 10A(7)
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HC - IT information 'exempt from disclosure' under Right to Information Act, 2008 as no element of larger public interest involved in disclosure of information submitted to Income tax authorities by assessees.
Naresh Trehan And Others vs Rakesh Kumar Gupta
(2015) TaxCorp(LJ) 6695 (HC-DELHI)
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HC - Block assessment order not barred by limitation u/s 158BE. Search proceedings ends on revocation of restraint order.
Navin Kumar Agarwal vs. CIT
(2015) TaxCorp(LJ) 6683 (HC-CALCUTTA) · Section. 158BE
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HC - Loss from Compensation bonds issued by Government of India, in lieu of irrecoverable debt due from Iraq Government is a a business loss and not a capital loss.
Ircon International Ltd. vs. DCIT
(2015) TaxCorp(LJ) 6680 (HC-DELHI)
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