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ITAT - Sale of land - Merely because of the fact that the land was sold in a short period of holding, it cannot be held that income arising from the sale of land was taxable as profit arising from the adventure in the nature of trade or capital gain.
Smt. R. Venkat Ramani Versus Dy. Commissioner of Income-tax
(2015) TaxCorp(LJ) 5797 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=40036&Category=ITAT&CategoryType=Zip
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Income derived from building was being applied for charitable purpose is to be clearly proved to avail building tax exemption- SC
SH MEDICAL CENTRE HOSPITAL Vs. STATE OF KERALA & ORS.
(2015) TaxCorp(LJ) 5796 (SC)
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HC - Revenue had failed to adjust seized cash against assessee’s tax liability, therefore interest charged u/s 234A/B/C is deleted
CIT vs. Sunil Chandra Gupta
(2015) TaxCorp(LJ) 5795 (HC-ALLAHABAD) · Section 234A/B/C
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ITAT - For the purpose of grant of registration, the application of income in India is not a pre-condition, if its activities otherwise fall in the definition of charitable activities. Charity’ definition u/s 2(15) does not require charitable activity to be performed ‘in India’ only
M/s. Critical Art and Media Practices Vs The Director of Income Tax
(2015) TaxCorp(LJ) 5794 (ITAT-MUMBAI) · Section 12A
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ITAT - Cash credit - share capital - The sole basis for making addition about these companies is the inspector report. No doubts have been raised by the Assessing Officer about the documents filed by the assessee-company. The inspector report as alleged above cannot be a basis for disbelieving the assessee's version.
DCIT, Central Circle 13, New Delhi Versus M/s. GDA Finvest & Trade Pvt. Ltd.
(2015) TaxCorp(LJ) 5793 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=38881&Category=ITAT&CategoryType=Zip
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ITAT - Dis-allowance of expenditure u/s 48 which was found as unexplained u/s 69C justified. Unrecorded expenditure cannot be claimed by the assessee in any year by overriding proviso to sec 69C of the Act.
Kailash Chand Garg Thru: Legal Heir Smt Manju W/O Deceased Assessee Prop. Garg Sari Centre, Kota Versus Income Tax Officer
(2015) TaxCorp(LJ) 5792 (ITAT-JAIPUR) · http://taxcorp.in/FileOpenDT.aspx?ID=40021&Category=ITAT&CategoryType=Zip
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ITAT - In the case of carried forward credit, which is from earlier year, provisions of section 68 cannot be applied. In the present case, the liabilities outstanding in the books of account of the assessee for the assessment year under consideration and only the provisions of the section 41(1) of the Act could be applied.
Bharat Dana Bera C/o., Jayesh Sanghrajka & Co. Versus The Income tax Officer
(2015) TaxCorp(LJ) 5790 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=40027&Category=ITAT&CategoryType=Zip
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SC - The activities of institutions be looked at carefully. If they are not genuine, or are not being carried out in accordance with all or any of the conditions subject to which approval has been given, such approval and exemption u/s 10(23C)(iiiad) must forthwith be withdrawn
M/s. Queen’s Educational Society Versus Commissioner of Income Tax
(2015) TaxCorp(LJ) 5786 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=60660&Category=Judgment&CategoryType=Zip
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ITAT - Even though contributions were received by Bombay Gymkhana from corporates, who were non-members, still concept of mutuality will apply to these receipts being‘Objects' test as prominent. corporate sponsorships not income.
DCIT vs Bombay gymkhana
(2015) TaxCorp(LJ) 5785 (ITAT-MUMBAI)
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ITAT - In case of inability of assessee to support the primary basis of cost-allocation reimbursements, expenses borne, under a global cost-allocation policy, against the receipts by the assessee for services rendered to its AE cannot be allowed.
BG International Ltd vs ADIT
(2015) TaxCorp(LJ) 5784 (ITAT-DELHI) · Section 44BB
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HC - Set-off of loss u/s.10B against income from non-10B units is not allowed.
CIT vs Kei Industries
(2015) TaxCorp(LJ) 5783 (HC-DELHI) · Section 72
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ITAT - In case the income is to be computed as per sub-section (1A) of section 11 of the Act, if the net consideration for transfer of capital asset of a charitable trust is utilized for acquiring new capital asset, then the whole of the capital gain is exempt
ACIT. Vs. Shri. Dwarikadhish Temple Trust
(2015) TaxCorp(LJ) 5782 (ITAT-LUCKNOW)
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ITAT - The onus is fully upon the assessee to explain with evidence as to the reason why it is retracting from its earlier disclosure of undisclosed income.
M/s. VS. Kalbhor And Associates Versus Asstt. Commissioner of income tax
(2015) TaxCorp(LJ) 5781 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=39714&Category=ITAT&CategoryType=Zip
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ITAT - In case the transaction have been treated as genuine in the hands of the seller, the same very transaction cannot be non-genuine in the hands of the purchaser
Income Tax Officer, Ward-9(4), Kolkata Versus Kiran Consortium Trade Pvt Ltd
(2015) TaxCorp(LJ) 5780 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=39710&Category=ITAT&CategoryType=Zip
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SC - For the purpose of Sec. 10(23C)(v) & (vi), mere surplus does not mean institution is existing for making profit. The predominant object test must be applied. The AO must verify the activities of the institution from year to year
Queens Educational Society vs. CIT
(2015) TaxCorp(LJ) 5774 (SC) · Section 10(23C)(v) & (vi)
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HC - Definition of “rent" u/s.194I "means any payment by whatever name called under any lease, sublease, tenancy or any other agreement or arrangement”. Though payments were styled as lease towards right to manage, administer and control the hospitals it undoubtedly included building and infrastructure and was thus was squarely covered by Sec 194I.
CIT vs. Manipal Health Systems Pvt. Ltd
(2015) TaxCorp(LJ) 5773 (HC-KARNATAKA)
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ITAT - Since assessee was under bonafide belief that TDS was inapplicable and that assessee duly started deducting tax at source subsequent to the Bombay HC decision, benefit of doubt should be given to the assessee; no Sec. 40(a)(ia) disallowance for Stock-Exchange Transaction-Charges
DCIT vs Mehta Vakil and Co Pvt.Ltd
(2015) TaxCorp(LJ) 5772 (ITAT-MUMBAI) · Section 40(a)(ia)
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ITAT - For exemption u/s 10B to EOU, approval from the Board appointed by Central Government u/s 14 of Industries (Development & Regulation) Act, 1951 is mandatory and not STPI
ACIT vs. Vishwak Solutions Pvt. Ltd.
(2015) TaxCorp(LJ) 5771 (ITAT-CHENNAI)
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HC - At time of granting approval under section 80G, only object of trust is required to be examined without considering application of income. Rejection on ground that Trust had not spent 85 per cent of amount towards object of trust is not valid.
Commissioner of Income-tax, Rajkot-III v. Vipassana Trust
(2015) TaxCorp(LJ) 5770 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=59027&Category=Judgment&CategoryType=Zip
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HC - Assessing Officer could not initiate reassessment proceedings after expiry of four years from end of relevant year merely on basis of change of opinion. No denial of set-off losses of amalgamating Co. against book profit of assessee.
Crompton Greaves Ltd. v. Assistant Commissioner of Income-tax, Circle 6(2)
(2015) TaxCorp(LJ) 5769 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=58966&Category=Judgment&CategoryType=Zip
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