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HC - Order of Tribunal granting set-off of business loss of AY 2002-03 against the profits of erstwhile 10A unit for AY 2005-06 is confirmed as losses/depreciation set-off arising from AY 2001-02 and subsequent years is allowed.
CIT vs. Shantivijay Jewels Ltd
(2015) TaxCorp(LJ) 6163 (HC-BOMBAY) · Section. 10A
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HC - Non-compete relatable to consideration for sale of division is taxable as business income u/s 28(va)
Arun Toshniwal and Anr vs. DCIT
(2015) TaxCorp(LJ) 6161 (HC-BOMBAY) · Section. 28(va)
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HC - Where assessee's claim for depreciation on intangible asset was based on incorrect valuation, notice under section 148 was valid.
Powerdeal Energy Systems (I) (P.) Ltd. v. Assistant Commissioner of Income-tax, Circle 2, Nashik
(2015) TaxCorp(LJ) 6160 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=58502&Category=Judgment&CategoryType=Zip
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ITAT - Loan advanced to other registered trusts from unutilised portion of income which exceeded more than 15 per cent, will not be held as application of income
Income-tax Officer, Ward-1, Thiruvalla v. Believers Church India
(2015) TaxCorp(LJ) 6158 (ITAT-COCHIN) · http://taxcorp.in/FileOpenDT.aspx?ID=39133&Category=ITAT&CategoryType=Zip
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HC - Where tenancy of rental premises belonged to individual partners and not to assessee-firm, Firm could not be assessed for transfer of tenancy rights.
Commissioner of Income Tax-17 v. Bombay Electric Laundry
(2015) TaxCorp(LJ) 6157 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=59246&Category=Judgment&CategoryType=Zip
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ITAT - A software product company cannot be regarded as a comparable to a company engaged in software development services.
Invensys Development Centre India (P.) Ltd. v. Deputy Commissioner of Income-tax, Hyderabad
(2015) TaxCorp(LJ) 6156 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenINTL.aspx?ID=7908&Category=INTLDecisions&CategoryType=Zip
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HC - Calculation of Average Investment U/s 14A r.w rule 8D only Tax Free Investment to be Considered
ABC India Ltd. Vs. ACIT
(2015) TaxCorp(LJ) 6155 (HC-DELHI) · Section. 14A
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ITAT - CIT(A)’s order rejecting stay petition is appealable before ITAT u/s 253. CIT(A) is empowered to grant stay when appeal is pending disposal before him.
Employees’ Provident Fund Organization vs. ACIT
(2015) TaxCorp(LJ) 6148 (ITAT-DELHI)
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HC - CBDT’s order rejecting assessee’s (an IT Park developer) application for issuance of notification u/s 80IA(4)(iii) for availing deduction is set aside since assessee had complied with all the conditions prescribed by the Scheme and also obtained certificate from competent authority.
Techniplex vs. Central Board of Direct Taxes
(2015) TaxCorp(LJ) 6147 (HC-BOMBAY) · Section. 80IA(4)(iii)
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ITAT - Mistake in claiming deduction of interest expenditure despite s. 43B attracts penalty u/s 271(1)(c)
Trans Polyurethane Pvt. Ltd vs. DCIT
(2015) TaxCorp(LJ) 6146 (ITAT-MUMBAI) · Section 271(1)(c)
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ITAT - There is no judicial impropriety in the CIT filing an appeal before the Tribunal against his own order as CIT(A) deciding the appeal in favour of the assessee
ITO vs. M/s. Paras Builders
(2015) TaxCorp(LJ) 6145 (ITAT-MUMBAI) · Section 253(2)
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ITAT - An appeal can be filed before the Tribunal against an order of the CIT(A) rejecting the stay application
Employees’ Provident Fund Organization vs. ACIT
(2015) TaxCorp(LJ) 6144 (ITAT-DELHI) · Section 253(1)(a)
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ITAT - Penalty u/s 221(1) cannot be levied for non-payment of S. A tax if the assessee has financial hardship
DCIT vs. Aanjaneya Life Care Ltd
(2015) TaxCorp(LJ) 6143 (ITAT-MUMBAI) · Section 221(1)
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HC - Reopening (even of s. 143(1) assessment) on the ground that a specific aspect requires verification is not permissible
Nivi Trading Limited vs. UOI
(2015) TaxCorp(LJ) 6142 (HC-BOMBAY) · Section 147
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ITAT - Costs which do not involve any functions to be performed so as to consider it for profitability purpose needs to be excluded while working out operating cost in TP study.
HSBC Electronic Data Processing India (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle-2 (2), Hyderabad
(2015) TaxCorp(LJ) 6141 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39912&Category=ITAT&CategoryType=Zip
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ITAT - Where some of comparables selected by TPO were inappropriate on account of functional difference with entity engaged in investment advisory to its AE, TP adjustments to be set aside.
Actis Advisers (P.) Ltd. v. Assistant Commissioner of Income-tax, Circle 1 (1), New Delhi
(2015) TaxCorp(LJ) 6140 (ITAT-DELHI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7535&Category=INTLDecisions&CategoryType=Zip
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ITAT - Sale of software license to end user customers in India through distributors and their retailers would amount to royalty in the hands of Singapore based company.
Autodesk Asia Pte Ltd. v. Joint Director of Income-tax, (International Taxation), Range-I, Bangalore
(2015) TaxCorp(LJ) 6139 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenINTL.aspx?ID=7936&Category=INTLDecisions&CategoryType=Zip
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ITAT - Appellate authority has jurisdiction to entertain fresh claim and plea, therefore assessee’s claim of exempt Long Term Capital Gains, inadvertently offered as taxable STCG is allowed.
Preeti Paresh Bhagat vs ACIT
(2015) TaxCorp(LJ) 6138 (ITAT-MUMBAI)
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SC - SLP dismissed - HC had held assessee in default for not depositing TDS into Government account.
Kingfisher Airlines Limited vs. CIT & Anr & etc
(2015) TaxCorp(LJ) 6137 (SC)
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SC - SLP Dismissed - HC had held that expenditure incurred for upgrading existing product in the telecommunication industry is revenue in nature.
Cit vs Tejas Networks India ltd
(2015) TaxCorp(LJ) 6136 (SC)
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