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ITAT - Deprecation allowable on leasehold land acquired from State Government
NMDC Ltd. v. Joint Commissioner of Income-tax, Range-16, Hyderabad
(2015) TaxCorp(LJ) 6439 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=40521&Category=ITAT&CategoryType=Zip
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ITAT - Entrance fee paid for membership of business club ("The Chambers" of Taj Group) is revenue expenditure. When two divergent views are available on the same issue, the view favourable to the assessee has to be followed
Intervalve (India) Ltd. vs. ACIT
(2015) TaxCorp(LJ) 6438 (ITAT-PUNE)
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HC - Depreciation allowable on amount paid by assessee for acquiring 'marketing, customer support, distribution and associate setups' of transferor company as the same is 'Exclusive network right' (goodwill, an intangible asset)
CIT. vs. Bharti Teletech Ltd.
(2015) TaxCorp(LJ) 6437 (HC-DELHI)
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ITAT - Denial of registration u/s 12AA on ground that no activity has been carried out by trust subsequent to its creation and even up to time of disposal of its application is not justified.
Matru Vandana Trust v. Director of Income-tax (Exemption), Mumbai
(2015) TaxCorp(LJ) 6436 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=40513&Category=ITAT&CategoryType=Zip
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ITAT - No relief under Article 8 of Indo-US DTAA to US Airline company on revenue attributable to the usage of third party carriers.
Delta Air Lines vs. ADIT
(2015) TaxCorp(LJ) 6434 (ITAT-MUMBAI)
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SC - Where object clause of the company included holding of the two properties at Madras and earning income from letting of the properties then property rent would be treated as a business income
Chennai Properties & Investments Ltd. vs CIT
(2015) TaxCorp(LJ) 6433 (SC)
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HC - HC chides Revenue for filing appeal as the issues raised therein did not raise any substantial question of law and that issue was covered in assessee’s favour by earlier year’s ITAT order.
CIT. vs. Aventis Pharma
(2015) TaxCorp(LJ) 6432 (HC-BOMBAY)
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HC - The RBI had formulated one Optional Early Retirement Scheme and the amounts paid under this scheme, were eligible for exemption u/s 10(10C).
Commissioner of Income Tax - III, Pune Versus Shri Ramesh Dattatraya Kulkarni, Late Uma Pramod Deshpande, Shri Shirish Madhav Upadhye
(2015) TaxCorp(LJ) 6431 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=61003&Category=Judgment&CategoryType=Zip
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HC - Though termed as goodwill, what was actually parted with by STL was a commercial right, i.e., exclusivity to the network which would not have been otherwise available but for the terms of the arrangement. Depreciation on 'goodwill' allowable.
Commissioner Of Income Tax Versus Mis Bharti Teletech Ltd.
(2015) TaxCorp(LJ) 6430 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=61017&Category=Judgment&CategoryType=Zip
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HC - Presumption u/s 134(4A)/292C is available only in the case of the person from whose possession and control the documents are found and it is not available in respect of a third party and also it is a rebuttable one.
Commissioner Of Income Tax Versus Anil Khandelwal
(2015) TaxCorp(LJ) 6429 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=61018&Category=Judgment&CategoryType=Zip
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ITAT - Merely because the assessee had made a claim under a wrong section instead of the correct section, the same, should not be a ground to deny the benefit of deduction otherwise allowable to the assessee.
ITO, Ward-1(3), Nashik Versus Shri Anirudha Ashok Jajoo, Nashik
(2015) TaxCorp(LJ) 6428 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=40426&Category=ITAT&CategoryType=Zip
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ITAT - Where surplus amount received by the assessee from jewellery auction was claimed to be returnable to the concerned borrowers, CIT rightly deleted the addition arising from surplus of jewellery auction.
The Karur Vysya Bank Ltd. Versus The Assistant Commissioner of Income Tax, Company Circle I, Tiruchirapalli
(2015) TaxCorp(LJ) 6427 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=34247&Category=ITAT&CategoryType=Zip
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ITAT - TDS u/s 194C is applicable on hiring of pipeline for transportation of gas and no u/s 194I.
ACIT, TDS Circle, Ahmedabad Versus Hazira LNG. Pvt. Ltd.
(2015) TaxCorp(LJ) 6425 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39100&Category=ITAT&CategoryType=Zip
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ITAT - In case of import/export business, where the transactions are demonetarized in the foreign currencies and for the purpose of hedging of the anticipated loss resulting from such import-export business and not otherwise, if the assessee enters into a forward contract in foreign exchange, then such forward contracts are to be treated as integral part or incidental to the business of export/import and cannot be said to be the speculative contracts attracting the provisions of section 43(5) of the Act. in case of import/export business, where the transactions are demonetarized in the foreign currencies and for the purpose of hedging of the anticipated loss resulting from such import-export business and not otherwise, if the assessee enters into a forward contract in foreign exchange, then such forward contracts are to be treated as integral part or incidental to the business of export/import and cannot be said to be the speculative contracts attracting the provisions of section 43(5) of the Act. The loss from such hedging transactions would be treated as business loss.
M/s. Perfect Circle India Ltd. Versus DCIT
(2015) TaxCorp(LJ) 6424 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=40496&Category=ITAT&CategoryType=Zip
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ITAT - Since software licence fee has been paid towards operation as well as application software, therefore the rate of depreciation applicable is 60% (as applicable to computer) and not 25%
M/s TNS India Pvt. Ltd., Hyderabad Versus Dy. Commissioner of Income tax, Circle – 2(3), Hyderabad
(2015) TaxCorp(LJ) 6423 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=40499&Category=ITAT&CategoryType=Zip
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SC - Where letting out of property was the main objective of the company, rental income would be chargeable under the head 'Business'. It cannot be treated as 'income from the house property'
M/s Chennai Properties & Investments Ltd Versus The Commissioner Of Income Tax
(2015) TaxCorp(LJ) 6422 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=60998&Category=Judgment&CategoryType=Zip
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ITAT - Where CIT sanctioned initiation of reassessment without recording his satisfaction (CIT simply put 'approved' and signed report), reassessment proceedings initiated in pursuance to said sanction deserved to be quashed.
Hirachand Kanuga v. Deputy Commissioner of Income-tax
(2015) TaxCorp(LJ) 6421 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=40503&Category=ITAT&CategoryType=Zip
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ITAT - Apart from value of land, solatium should also be taken into consideration while computing fair market value of an asset as on 1-4-1981
Income Tax Officer, Ward 1 (1), Meerut v. Anil Kumar
(2015) TaxCorp(LJ) 6420 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=40502&Category=ITAT&CategoryType=Zip
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HC - Immunity u/s 6 of the Remittance of Foreign Exchange and Investment in Foreign Exchange Bonds (Immunities And Exemptions) Act, 1991 to NRI and donee from disclosure of source of investment, is not available to bogus gifts routing unaccounted money of bond holder, by purchasing bonds for consideration in India
Rajendra Kumar Gupta v. Commissioner of Income-tax (Central)
(2015) TaxCorp(LJ) 6419 (HC-ALLAHABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=60499&Category=Judgment&CategoryType=Zip
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ITAT - Before invoking section 164 AO to determine whether settler and beneficiary of trust are same and whether income arising from sale of shares by assessee-trust and distributed to beneficiaries was offered to tax by beneficiaries and assessed accordingly.
IL & FS Orix Trust v. Income-tax Officer, Ward-19 (3)-2, Mumbai
(2015) TaxCorp(LJ) 6418 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39774&Category=ITAT&CategoryType=Zip
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