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ITAT - Assessee had capitalised the TSS fee payable over 5 years. Depreciation be re-computed on actual payment of TSS fee and not on the provision created for payment of TSS fee.
ACIT vs Universal Comfort Products Pvt Ltd
(2015) TaxCorp(LJ) 6050 (ITAT-AHMEDABAD)
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ITAT - Addition based on statements recorded at odd hours pursuant to search is not sustainable.
ACIT vs. Kunvarji Finance Pvt. Ltd
(2015) TaxCorp(LJ) 6049 (ITAT-AHMEDABAD)
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ITAT - Since AO has merely relied on inquiries conducted by Sales Tax Department, without conducting any other investigation, therefore, no Sec 69C addition can be made for unexplained purchases.
Deepak Popatlal Gala vs. Income Tax Officer
(2015) TaxCorp(LJ) 6048 (ITAT-MUMBAI)
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ITAT - Loss in currency swap contracts for working capital loans allowable under section 37(1). Loss in currency swap contract cannot be denied to be set off against other heads of income taking it as speculative loss.
Adani Enterprises Ltd. v. Additional Commissioner of Income-tax, Range-1, Ahmedabad
(2015) TaxCorp(LJ) 6026 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=40236&Category=ITAT&CategoryType=Zip
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HC - When the application for stay is to be considered and decided, it would be required for concerned authority to record reasons and then to reach to the ultimate conclusion as to whether the stay should be granted or not and if yes on what condition. In absence of any reasons, the order cannot be sustained.
Hitech Outsourcing Services v. Income-tax Officer-Ward 6 (2)
(2015) TaxCorp(LJ) 6025 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=59307&Category=Judgment&CategoryType=Zip
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ITAT - Wife of assessee was an independent assessee having separate PAN and had been filing her separate return of income and who owns independent source of income, therefore the income of wife could not be clubbed with income of husband.
Deputy Commissioner of Income-tax, Salary Circle-I, Chennai v. Justice P.D. Dinakaran
(2015) TaxCorp(LJ) 6024 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=40235&Category=ITAT&CategoryType=Zip
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HC - Since trustees were paid for their services in proportion to growth of trust, therefore payments for such services could not be said in contravention of section 13(1)(c) and benefit under section 11 could not be denied to assessee.
Commissioner of Income-tax, Exemptions, Bangalore v. CMR Jnanadhara Trust
(2015) TaxCorp(LJ) 6023 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=60787&Category=Judgment&CategoryType=Zip
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HC - Based on the conjectures and surmises, AO made comparison of the sale price and reduced the profit while computing deduction under section 10B, however if transaction with AE was not made for shifting profits to assessee, benefit of section 10B can not be denied.
Commissioner of Income-tax, Chennai v. Cauvery Stone Impex (P.) Ltd.
(2015) TaxCorp(LJ) 6022 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=60339&Category=Judgment&CategoryType=Zip
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HC - Assessee had been lackadaisical in its approach and had sought delay (1000+ days condonation request) in a nonchalant manner, thus parameters laid down by the Supreme Court when not to condone delay gets attracted to the facts of the present case.
P S Rajeswari Vs ACIT
(2015) TaxCorp(LJ) 6020 (HC-MADRAS)
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ITAT - Even if the issue share capital is bogus, no addition can be made in assessee's hands if identity of shareholder is established. Assessee is not required to show source of shareholder's funds. CIT VS. Lovely Export 299 ITR 261 (SC) Followed.
ITO vs. Neelkanth Finbuild Ltd
(2015) TaxCorp(LJ) 6019 (ITAT-DELHI) · Section 68
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ITAT - Transfer Pricing - While an adjustment for working capital investment is required, the transaction of sale of goods and receivables arising therefrom can be aggregated. If the differential impact of working capital has been factored in the pricing of the transaction of sale, no further adjustment can be made
Kusum Healthcare Pvt. Ltd vs. ACIT
(2015) TaxCorp(LJ) 6018 (ITAT-DELHI)
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HC - Transfer Pricing - Entire law on determining ALP of transaction of loan of money to AE discussed
CIT vs. Cotton Naturals (I) Pvt. Ltd
(2015) TaxCorp(LJ) 6017 (HC-DELHI)
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ITAT - ITDC, a hospitality company, could not be considered as a comparable company for determining ALP of international transaction of assessee which was engaged in research and development activity on behalf of its holding company.
Assistant Commissioner of Income-tax, Circle-12(1), New Delhi v. Honda R & D (India) (P.) Ltd.
(2015) TaxCorp(LJ) 5993 (ITAT-DELHI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7993&Category=INTLDecisions&CategoryType=Zip
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HC - Interest was rightly charged under section 234B(4) despite fact that no interest had been levied under section 234B(1) at time of framing regular assessment.
AIMS Oxygen Ltd. v. Additional Commissioner of Income-tax
(2015) TaxCorp(LJ) 5992 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=58861&Category=Judgment&CategoryType=Zip
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ITAT - Survey fee paid to non-residence surveyors was not FTS as they didn't make available technical know-how to assessee-insurer, not taxable under section 9(1)(vii).
Deputy Director of Income-tax, (International Taxation-I), Pune v. Bajaj Allianz General Insurance Co. Ltd.
(2015) TaxCorp(LJ) 5991 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=40209&Category=ITAT&CategoryType=Zip
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ITAT - Private hospitals have been made in a five star style, DIT(E)’s order cancelling Sec 12A registration is justified. Collecting samples of patients for testing desirability of introducing new drug by commercial companies, not a 'medical research' activity as per assessee’s objects but a commercial activity.
Devki Devi Foundation vs DIT
(2015) TaxCorp(LJ) 5989 (ITAT-DELHI)
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ITAT - Ownership of State cannot be considered or taken into account to determine the character or nature of the activities carried on by the MIDC. Sec 11 charity exemption not available to MIDC as hit by Sec 2(15) proviso.
Maharashtra Industrial Development Corporation vs. DDIT
(2015) TaxCorp(LJ) 5988 (ITAT-MUMBAI) · Section 2(15)
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ITAT - Penalty was levied by invoking Explanation 1 to Sec 271(1)(c) which deems ‘concealment' of income, therefore, prosecution u/s.276C, being for 'wilful attempt to evade taxes’, cannot be launched unless the additions and penalty is established. Stay u/S.254(2)(a) proviso against launch of Prosecution is granted.
Jindal Steel & Power Ltd vs ACIT
(2015) TaxCorp(LJ) 5987 (ITAT-DELHI) · Section 254(2)(a)
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ITAT - Assessee held shares of group companies for strategic purposes and not for selling/buying shares frequently and further no expenditure was actually incurred by the assessee to maintain such investments, no Sec 14A disallowance
Piem Hotels Limited vs. DCIT
(2015) TaxCorp(LJ) 5986 (ITAT-MUMBAI) · Section 14A
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ITAT - AO is not entitled to treat all purchases as bogus merely because sales-tax department has called the seller a "Hawala dealer". The AO ought to have verified the bank details of the assessee and the seller and other evidence before treating the purchases as bogus
Ramesh Kumar & Co
(2015) TaxCorp(LJ) 5985 (ITAT-MUMBAI)
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