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ITAT - Information as per Revenue database cannot be sole basis for addition, but only a trigger for further inquiries. addition made solely on the basis of OLTAS / 26AS details is to be deleted.
ITO vs. Basant Kumar
(2015) TaxCorp(LJ) 6103 (ITAT-DELHI)
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HC - In computing the income of charitable institutions exempt u/s 11, income exempt u/s 10 has to be excluded. The requirement in s. 11 with regard to application of income for charitable purposes does not apply to income exempt u/s 10
DIT (E) vs. M/s. Jasubhai Foundation
(2015) TaxCorp(LJ) 6078 (HC-BOMBAY) · Sections 10, 11
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HC - As per section 170, once the assessment in case of predecessor was made at Bangalore, the subsequent merger would not give right to the assessing authorities who had jurisdiction over the successor company and only the AO of the predecessor company would have jurisdiction.
CIt vs Motorola solutions
(2015) TaxCorp(LJ) 6077 (HC-P&H)
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HC - Value of tax exempt investments to be considered while computing the “average value of investment” under Rule 8D(2)(iii)
ACB India Ltd vs. ACIT
(2015) TaxCorp(LJ) 6076 (HC-DELHI)
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HC - Late filing of Form 10 audit report which is required u/s 12A(1)(b) for claiming Sec 11 exemption, do not disentitle assessee from claiming Sec 11 benefits. A technical plea cannot take away benefit accruing to the assessee under the law.
CIT vs. Mumbai Metropolitan Regional Iron & Steel Market Committee
(2015) TaxCorp(LJ) 6075 (HC-BOMBAY) · Section. 11
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HC - For the purpose of S. 14A & Rule 8D(2)(iii), in computing the “average value of investment”, only the investments yielding non-taxable income have to be considered and not all investments.
ACB India Ltd vs. ACIT
(2015) TaxCorp(LJ) 6074 (HC-DELHI) · Section 14A
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HC - The notice u/s 148 should not be in a standard format but indicate why s. 147 has been resorted to. The term "failure to disclose material facts" has a specific legal connotation. The non-disclosure has to be of a "material fact" to attract s. 147
Tata Business Support Services Ltd vs. DCIT
(2015) TaxCorp(LJ) 6073 (HC-BOMBAY) · Sections 147, 148
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SC - Where there are losses in the export business but the profits in respect of business carried out within India are more than the export losses then deductions under erstwhile Sec 80HHC(3) will not be available. It has to be satisfied that there are profits from the export business. That is the pre- requisite.
Jeyar Consultant & Investment Pvt. Ltd vs. Commissioner Of Income Tax, Madras
(2015) TaxCorp(LJ) 6072 (SC) · Section. 80HHC
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HC - Exemption u/s 10(26) - A member of a Scheduled Tribe would be entitled to the benefit of Section 10(26) only when he is posted in the specified areas. Once he is posted outside the specified areas then he ceases to reside in the specified area and the income does not accrue to him in the specified area. A member of Scheduled Tribe is bound to obtain a certificate of exemption in terms of Section 197.
Shri Chandra Mohan Sinku and Anothers Versus The Union of India, New Delhi and Others
(2015) TaxCorp(LJ) 6066 (HC-TRIPURA) · http://taxcorp.in/FileOpenDT.aspx?ID=60772&Category=Judgment&CategoryType=Zip
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ITAT - Trust - It cannot be said that two or more beneficiaries joined in a common purpose or common action and therefore the tests for considering the Assessee as AOP was satisfied. The beneficiaries are mere recipients of the income earned by the trust. They cannot therefore be regarded as an AOP
The Income Tax Officer Versus M/s. India Advantage Fund-I The Deputy Commissioner of Income Tax Versus M/s. ICICI Emerging Sectors Fund & M/s. ICICI Econet Internet &Technology Fund
(2015) TaxCorp(LJ) 6065 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=40246&Category=ITAT&CategoryType=Zip
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ITAT - Payment of channel placement charges to cable operators/MSOs - TDS to be deducted u/s 194C and not u/s 194J
ITO (TDS) & Others Versus M/s Times Global Broadcasting Co. Ltd. & Others
(2015) TaxCorp(LJ) 6064 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=40243&Category=ITAT&CategoryType=Zip
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ITAT - Unexplained cash credit u/s.68 - For a scrip to trade at nearly 50 times its’ face value, only a few months after its issue, only implies, if not price manipulation, trail blazing performance and/or great business prospects is conspicuous by its absence, i.e., even years after the transaction/s - The company is, by all counts, a paper company and its share transactions, managed.
ITO Versus Shamim M. Bharwani Noor-E-Rehmant
(2015) TaxCorp(LJ) 6063 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=40244&Category=ITAT&CategoryType=Zip
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ITAT - Event though assessee had made payments to three agencies notified by Government but it could not be regarded as payment directly made to Government, therefore sec. 40A(3) disallowance confirmed.
Prathamik Krishi Pattin Sahakari Bank Ltd. v. Income-tax Officer, Ward 1 (3), Belgaum
(2015) TaxCorp(LJ) 6058 (ITAT-PANAJI) · http://taxcorp.in/FileOpenDT.aspx?ID=40249&Category=ITAT&CategoryType=Zip
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ITAT - Amount received by consultant-cum-independent contractor in foreign currency for rendering technical service abroad is not taxable in India
Income-tax Officer (International Taxation)-I, Hyderabad v. Janardhan Pannir
(2015) TaxCorp(LJ) 6057 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39625&Category=ITAT&CategoryType=Zip
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ITAT - Transaction of derivative market which included foreign currency and call option/put option, could not be treated as speculative in nature.
IVF Advisors (P.) Ltd. v. Assistant Commissioner of Income-tax, Range 10 (1), Mumbai
(2015) TaxCorp(LJ) 6056 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=40248&Category=ITAT&CategoryType=Zip
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HC - Mobilization advance received outside India by a foreign company falls within ambit of Sec 44BB levy. Sec 5(2) does not bar Revenue from including the amount of mobilization advance.
Fugro Geoteam AS vs. ADIT
(2015) TaxCorp(LJ) 6055 (HC-UTTARAKHAND) · Section. 44BB, 5
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HC - Prize money received by Editor of India Today from B.D. Goenka Trust for excellence in Journalism is capital receipt, because amount not directly relatable to carrying on of vocation as a journalist, but linked with assessee’s personality.
Aroon Poorie vs CIT
(2015) TaxCorp(LJ) 6054 (HC-DELHI)
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HC - Assessee society (running hospital) is not existing for philanthropic purposes because of huge increase in fixed assets, which resulted in generation of more income, also concessional treatment figures indicate that assessee spent meagre amount on the weaker section of the society. Therefore, not entitle for exemption u/s 10(23C)
Yash Society Vs. Chief Commissioner of Income Tax and Ors.
(2015) TaxCorp(LJ) 6053 (HC-BOMBAY) · Section. 10(23C)
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HC - Guidance note 7 issued in 2012 by ICAI could not be the basis for making addition in AY 2009-10. The correct approach should be to examine the reasonableness of claim rather than strictly apply a guidance note, formulated and published later
CIT vs. Ansal Landmark Township (P) Ltd.
(2015) TaxCorp(LJ) 6052 (HC-DELHI)
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HC - Assessee is liable for wealth-tax on the value of building which is let out to a bank.
South India Structural Corporation Ltd vs Dy CWT
(2015) TaxCorp(LJ) 6051 (HC-MADRAS)
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