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HC - Compensation/damages received for breach of oral agreement to transfer immovable property is not in the nature of relinquishment for 'specific performance' claim, therefore not liable for capital-gains tax
M/s. Sterling construction & Investments Vs. Assistant Commissioner of Income Tax
(2015) TaxCorp(LJ) 6135 (HC-BOMBAY)
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HC - Manufacture and sale of sweetmeats & farsan by charitable trust not being integral / incidental to main charitable activity, assessee liable to taxation as "business"
Commissioner of sales tax vs Paramhans Shri Ganeshji Pandit Memorial Trust
(2015) TaxCorp(LJ) 6134 (HC-BOMBAY)
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HC - ‘Provision for Lease Equalization account’ is not a reserve while computing book profits u/s 115JA. Addition as per Explanation (b) to Sec 115JA(2) not correct.
Cit vs ICICI Venture Funds Management Co. Ltd
(2015) TaxCorp(LJ) 6133 (HC-KARNATAKA)
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HC - Construction of ‘prayer hall’ or encouraging meditation yoga etc. would not be religious activities, section 80G deduction available.
CIT vs. Shree Public Charitable Trust
(2015) TaxCorp(LJ) 6132 (HC-KARNATAKA) · Section 80G
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HC - Exemption u/s 11 to an educational trust in respect of “Management Development Programme and consultancy charges” is available even though assessee did not maintain separate books of account for said programme.
DIT vs Vile Parle Kelavani Mandal
(2015) TaxCorp(LJ) 6131 (HC-BOMBAY) · Section. 11
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HC - Reassessment solely on basis of ground already raised in assessment is invalid without having any tangible material.
Commissioner of Income-tax-II v. Jet Speed Audio (P.) Ltd.
(2015) TaxCorp(LJ) 6123 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=60439&Category=Judgment&CategoryType=Zip
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HC - Slump sale was effected and factory was in operation, thereafter interest could not be capitalized.
Commissioner of Income-tax- IV v. Sandvik Chokshi Ltd.
(2015) TaxCorp(LJ) 6122 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=59146&Category=Judgment&CategoryType=Zip
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ITAT - When income having been offered to tax was not considered in scrutiny assessment by AO, there was apparent mistake in assessment order which could be rectified under section 154.
Deputy Director of Income-tax, Circle-2(2), New Delhi v. Sumitomo Corporation
(2015) TaxCorp(LJ) 6121 (ITAT-DELHI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7538&Category=INTLDecisions&CategoryType=Zip
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ITAT - Entities with high related party transactions and functional differences in comparable lists, therefore impugned addition by TPO deserved to be set aside
Shell India Markets (P.) Ltd. v. Assistant Commissioner of Income-tax, Large Taxpayer Unit, Mumbai
(2015) TaxCorp(LJ) 6120 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7721&Category=INTLDecisions&CategoryType=Zip
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HC - Order transferring jurisdiction of assessee without serving it a notice or affording an opportunity of hearing, deserved to be set aside.
Piyush Shelters India (P.) Ltd. v. Commissioner of Income-tax,Gurgaon
(2015) TaxCorp(LJ) 6119 (HC-P&H) · http://taxcorp.in/FileOpenDT.aspx?ID=60443&Category=Judgment&CategoryType=Zip
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ITAT - Goodwill is an asset under Explanation 3(b) to section 32(1) and, thus, it is eligible for depreciation. CIT v. SMIFS Securities Ltd. [2012] 348 ITR 302 (SC) Followed.
Assistant Commissioner of Income-tax, Circle-9, Pune v. GKN Sinter Metal (P.) Ltd.
(2015) TaxCorp(LJ) 6118 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=34972&Category=ITAT&CategoryType=Zip
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ITAT - There is no restriction imposed under section 54F that capital gain derived from sale of agricultural land is not eligible for exemption under section 54F. Assessee can claim sec. 54B and 54F reliefs, simultaneously, on sale of agricultural land
Koganti Venkata Ramaiah v. Assistant Commissioner of Income-tax, Circle 2 (1), Vijayawada
(2015) TaxCorp(LJ) 6117 (ITAT-VISAKHAPATNAM) · http://taxcorp.in/FileOpenDT.aspx?ID=40291&Category=ITAT&CategoryType=Zip
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ITAT - Unless comparable is functionally similar to tested party's function, same cannot be included in list of comparables for computing ALP as per provisions of rule 10B(2)(b). A manufacturing Co. can not be treated as comparable to a Co. rendering travel support services.
Intrepid Travel Pty. Ltd. v. Assistant Director of Income-tax, Circle 1 (2), New Delhi
(2015) TaxCorp(LJ) 6116 (ITAT-DELHI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7915&Category=INTLDecisions&CategoryType=Zip
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ITAT - Provision of Section 2(22)(e) is not applicable to advance against sales.
Smt. Uma Pandey Versus Income Tax Officer, Ward-2(4) Kanpur
(2015) TaxCorp(LJ) 6111 (ITAT-LUCKNOW) · http://taxcorp.in/FileOpenDT.aspx?ID=40242&Category=ITAT&CategoryType=Zip
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HC - Assessee is required to collect TCS on sale of imported timber to registered dealers in country.
Excel Timber (P.) Ltd. v. Deputy Commissioner of Income Tax And Income Tax Officer [TDS] Kozhikode
(2015) TaxCorp(LJ) 6110 (HC-KERALA) · http://taxcorp.in/FileOpenDT.aspx?ID=60836&Category=Judgment&CategoryType=Zip
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ITAT - Since document (letters/e-mail) seized was both undated and unsigned, therefore can not be relied upon by AO to make additions.
Commissioner of Income-tax-XIV v. Vivek Aggarwal
(2015) TaxCorp(LJ) 6109 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=60419&Category=Judgment&CategoryType=Zip
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ITAT - Since interest free loan from tenant had no nexus with leasing of property, therefore interest-free loan taken from tenant is not includible in 'Annual Letting Value' of property on notional basis.
Care Institute of Medical Sciences Ltd. v. Deputy Commissioner of Income-tax, Circle-1 (2), Hyderabad
(2015) TaxCorp(LJ) 6108 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=40280&Category=ITAT&CategoryType=Zip
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ITAT - Transfer pricing adjustment should be restricted only for international transaction with AE and not with unrelated parties.
Honeywell Automation India Ltd. v. Deputy Commissioner of Income-tax, Circle 7, Pune
(2015) TaxCorp(LJ) 6107 (ITAT-PUNE) · http://taxcorp.in/FileOpenINTL.aspx?ID=7932&Category=INTLDecisions&CategoryType=Zip
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HC - Provisional booking of a house property is a 'capital asset' and eligible for exemption us/ 54 along with sum incurred on its improvement.
Commissioner of Income-tax-XVI v. Ram Gopal
(2015) TaxCorp(LJ) 6106 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=60388&Category=Judgment&CategoryType=Zip
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ITAT - Section 50C will not apply to an encumbered property because market value of property as taken for purpose of payment of stamp duty could not be adopted as sale consideration in such case (where assessee not absolute owner of property)
Smt. D. Anitha v. Income Tax Officer, Ward 10(2), Hyderabad
(2015) TaxCorp(LJ) 6104 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=40279&Category=ITAT&CategoryType=Zip
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