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HC - Depreciation on machinery would be allowed even if it is installed for trial run, though not for production
Commissioner of Income-tax, Delhi-IV v. Escorts Tractors Ltd.
(2015) TaxCorp(LJ) 6417 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=61021&Category=Judgment&CategoryType=Zip
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SC - SLP Dismissed - 5% restriction on commercial area introduced u/s 80IB from April 2005 not clarificatory and shall apply prospectively
CIT. vs. Veena Developers
(2015) TaxCorp(LJ) 6415 (SC)
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HC - No interest on delayed payment of interest u/s 244A on principal refund amount be allowed to the assessee
CIT. Vs. Indian Farmer Fertilizer Co-operative
(2015) TaxCorp(LJ) 6414 (HC-DELHI) · Section. 244A
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HC - Where assessee distributed gifts without TDS as it was under a bona fide belief that gift coupons being in nature of mementos were not in nature of payment of salary, was to be accepted and, penalty u/s 271(1)(c) was not exigible.
Commissioner of Income-tax (TDS) v. Indian Petrochemicals Corporation Ltd.
(2015) TaxCorp(LJ) 6413 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=59069&Category=Judgment&CategoryType=Zip
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ITAT - Commerciality is not a test to determine genuineness of charitable nature of education activities of a trust or institution under amended provision of section 2(15). Conditions of franchiser under franchisee agreement could not be a ground to assume that income of trust would not be applied for educational activity
Meritta Welfare Trust v. Commissioner of Income-tax, Dehradun
(2015) TaxCorp(LJ) 6412 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=61009&Category=Judgment&CategoryType=Zip
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ITAT - TPO is entitled to use data available at TP audit even though the same was not available to assessee at time of preparation of TP study
Deputy Commissioner of Income-tax, Circle 12 (1), Bangalore v. Misys Software (I) (P.) Ltd.
(2015) TaxCorp(LJ) 6411 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenINTL.aspx?ID=8107&Category=INTLDecisions&CategoryType=Zip
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ITAT - If AO had verified physical quantity of stock during assessment then no revision u/s 263 can be made alleging discrepancy in stock
K.N. Ramchandra Naidu v. Commissioner of Income-tax, Panaji
(2015) TaxCorp(LJ) 6410 (ITAT-PANAJI) · http://taxcorp.in/FileOpenDT.aspx?ID=38978&Category=ITAT&CategoryType=Zip
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HC - AO to record satisfaction that interest bearing funds have been used to earn tax free income based upon credible and relevant evidence; No Sec. 14A disallowance absent any such material.
Commissioner of Income-tax-I, Ludhiana v. Abhishek Industries Ltd.
(2015) TaxCorp(LJ) 6409 (HC-P&H) · http://taxcorp.in/FileOpenDT.aspx?ID=60494&Category=Judgment&CategoryType=Zip
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HC - It is mandatory that if application for approval u/s 80G is not disposed off within six months from date on which application is made, Commissioner has no jurisdiction to pass an order either granting approval or rejecting it.
Maheshwari Foundation v. Director of Income-tax (Exemptions), Bangalore
(2015) TaxCorp(LJ) 6408 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=61008&Category=Judgment&CategoryType=Zip
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ITAT - Retrospective amendment brought to section 9(1)(vii) by Finance Act, 2010 was not in existence at time when assessee had made payments to foreign parties, therefore law prevalent at time of making payments would decide TDS liability; no disallowance.
Assistant Commissioner of Income-tax, Circle-2 (1), Panaji, Goa v. Ajit Ramakant Phatarpekar
(2015) TaxCorp(LJ) 6407 (ITAT-PANAJI) · http://taxcorp.in/FileOpenDT.aspx?ID=40247&Category=ITAT&CategoryType=Zip
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HC - ITAT’s practice of routinely consolidating appeals is “most unfortunate, disturbing and dangerous” and leads to “pile-up” of cases. Such “elementary mistakes” should not be committed in future. ITAT is expected not to sign judgments and decisions unless they are checked thoroughly after transcription. It may be a boring task but it has to be performed by none other than the decision makers
DIT vs. M/s. Societe Generale
(2015) TaxCorp(LJ) 6406 (HC-BOMBAY)
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HC - ITAT justified in deleting the deemed dividend u/s 2(22)(e) on the ground that assessee company is not a registered share holder of the lender company
Principal Commissioner of Income Tax Versus Ram Shipping Industries Pvt. Ltd.
(2015) TaxCorp(LJ) 6401 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=60993&Category=Judgment&CategoryType=Zip
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HC - Expenditure towards the procurement of technical know how by paying a lumpsum consideration for use in the course of business is a revenue allowable u/s 37 and the provisions of Section 35 AB are not applicable
M/s Diffusion Engineers Ltd. (Formerly Known As Diffusion Engineers Pvt. Ltd.) Versus The Deputy Commissioner of Income Tax
(2015) TaxCorp(LJ) 6400 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=60994&Category=Judgment&CategoryType=Zip
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HC - Rental income from property (where husband is the owner of the land and wife the owner of the structure) has to be taxed u/s 22 and not as other sources u/s 56
Commissioner Of Income Tax Versus Smt Mina Deogun
(2015) TaxCorp(LJ) 6399 (HC-CALCUTTA) · http://taxcorp.in/FileOpenDT.aspx?ID=60996&Category=Judgment&CategoryType=Zip
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HC - Sec 194C TDS and not commission or brokerage u/s Sec 194H is applicable in respect of payment made for administration and management of drug store by assessee, the same being a contractual payment.
CIT. vs. Jaslok Hospital and Research Centre
(2015) TaxCorp(LJ) 6398 (HC-BOMBAY) · Section. 194C
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HC - Application for stay of order in appeal before CIT(A) is inherent in it as an appellate authority while Assessing Officer and Commissioner do not stay order in appeal but only stay demand issued consequent to order which is in appeal
GERA Realty Estates v. Commissioner of Income-tax (Appeals)
(2015) TaxCorp(LJ) 6397 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=58556&Category=Judgment&CategoryType=Zip
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ITAT - Credit of foreign tax paid in Japan against tax levied on corresponding income is eligible for deduction u/s 10B of the Act in India. After amendment by Finance Act, 2000 w.e.f. 1-4-2001 deduction u/s 10A being from the total income leads to the conclusion that there is charge of income tax in India also on the income that has been subjected to tax in Japan
Blue Star Infotech Ltd. vs ACIT
(2015) TaxCorp(LJ) 6396 (ITAT-MUMBAI) · Section. 10B
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ITAT - Shares were purchased out of assessee's own funds and kept as investment all along, therefore profit on sale of shares was to be taxed as Capital Gain.
Assistant Commissioner of Income Tax-25(3), Mumbai v. Mrs. Kinnary Sanghavi
(2015) TaxCorp(LJ) 6395 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=40482&Category=ITAT&CategoryType=Zip
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HC - In respect of gift from an NR, assessee must prove genuineness of the gift and the fact that it was made out of love and affection.
Sarita Aggarwal v. Income-tax Officer
(2015) TaxCorp(LJ) 6394 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=60420&Category=Judgment&CategoryType=Zip
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ITAT - Gift of residential property by assessee to her husband (prior to transfer date of original asset) is legitimate, Sec 54F benefit available.
Maya A. Ajwani vs. ITO
(2015) TaxCorp(LJ) 6393 (ITAT-MUMBAI) · Section. 54F
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