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HC - Opinion of DVO, per se, is not an information and cannot be relied upon in the absence of other corroborative evidence
Commissioner of Income Tax Vs. Naveen Gera
(2015) TaxCorp(LJ) 5765 (HC-DELHI)
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HC - An addition cannot be made solely and on the basis of the report of the Departmental Valuation Officer in absence of any material pointing to under valuation
CIT. Vs. Nishi Mehra & Others
(2015) TaxCorp(LJ) 5764 (HC-DELHI)
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ITAT - TPO is directed to adopt foreign entity as the ‘tested party’ for analyzing the inter-company transactions of the assessee
General Motors India Pvt. Ltd. vs. DCIT
(2015) TaxCorp(LJ) 5763 (ITAT-AHMEDABAD)
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HC - The “bright line test” has no statutory mandate and a broad-brush approach is not mandated or prescribed. Parameters specified in paragraph 17.4 of Special Bench verdict in L. G. Electronics are not binding on the assessed or the Revenue. Matter remanded to the Tribunal for de novo consideration because the legal standards or ratio accepted and applied by the Tribunal was erroneous
Sony Ericsson Mobile Communications India Pvt. Ltd vs. CIT
(2015) TaxCorp(LJ) 5762 (HC-DELHI)
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ITAT - Stamp valuation u/s 50C is not relevant while computing WDV on sale of asset forming part of the block of assets ‘Building’.
Bhaidas Cursondas and Company vs ACIT
(2015) TaxCorp(LJ) 5761 (ITAT-MUMBAI) · Section 50C
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ITAT - Mark-to-market loss on interest rate swap contracts is not a notional loss. Benefit against s. 40(a)(ia) disallowance conferred in Kotak Securities 340 ITR 333 (Bom) has to be extended to cases where ROI was filed pre-delivery of the verdict
IDBI Capital Market Services Ltd vs. DCIT
(2015) TaxCorp(LJ) 5749 (ITAT-MUMBAI) · Section 40(a)(ia)
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ITAT - Though u/s 80-IA(5), the profits of the eligible unit has to be computed on the ‘stand alone’ principle, in a case where the assessee also has non-business income, the brought forward unabsorbed depreciation u/s. 32(2) has to be set off against the eligible profits before computing s. 80-IA deduction
Deepi Arora vs. ITO
(2015) TaxCorp(LJ) 5748 (ITAT-MUMBAI) · Section 80-IA(5)
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ITAT - If assessee's plea about compulsion to pay/ receive loans in cash is not disputed, the violation of s. 269SS/269T is deemed to be bonafide and does not attract penalty
Chemfert Traders (Bombay) Pvt. Ltd vs. ACIT
(2015) TaxCorp(LJ) 5747 (ITAT-MUMBAI) · Sections 271D, 271E
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ITAT - Applying commonsense approach, unclaimed liabilities becoming assessee’s own money are assessable as income even if not credited to P&L A/c
Genre Exports Private Limited vs. ITO
(2015) TaxCorp(LJ) 5746 (ITAT-MUMBAI)
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ITAT - Simply the liabilities being reflected against certain names in the books of account would not establish the genuineness of liabilities. Failure to establish genuineness of old liabilities means that there is a remission/ cessation of such liabilities
Bharat Dana Bera vs. ITO
(2015) TaxCorp(LJ) 5745 (ITAT-MUMBAI) · Sections 41(1), 68
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HC - Loss due to fraud & financial irregularities has to be allowed in the year of detection. The loss by embezzlement must be deemed to have occurred when the assessee came to know about the embezzlement and realized that the amount embezzled could not be recovered
ACIT vs. Boots Piramal Health Care Ltd
(2015) TaxCorp(LJ) 5744 (ITAT-MUMBAI) · Sections 29, 37(1)
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HC - Expenditure allowable u/s 35D cannot be capitalized to asset for claim of depreciation
International Computers Indian Manufacture vs. CIT
(2015) TaxCorp(LJ) 5743 (HC-BOMBAY) · Sections 32, 35D
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HC - Institution consistently generating surplus, utilizing the surplus to buy assets, spending meager amount on treatment of poor patients is not existing “solely for philanthropic purpose” and “not for the purpose of profits”. Fact that exemption has been allowed in the past does not mean exemption has to be continued
M/s Yash Society vs. CCIT
(2015) TaxCorp(LJ) 5742 (HC-BOMBAY) · Section 10(23C)(via)
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ITAT - Interest on funds borrowed and extended as interest-free advances to subsidiaries being for commercial expediency is allowable as deduction.
Idea Cellular Ltd. vs. ACIT
(2015) TaxCorp(LJ) 5715 (ITAT-MUMBAI)
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ITAT - As oral gift satisfied all the requirements of ‘transfer’ under Mohammedan law u/s.129 TOPA, S.54F benefit allowed
Sajida Begum vs ITO
(2015) TaxCorp(LJ) 5714 (ITAT-BANGALORE) · Sections 129, 54F
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HC - Assessee (a hospital) incurred expenditure on employee's (MD’s daughter) higher education, allowable as expense had direct nexus with business also daughter of MD/CEO not relevant
Mallige Medical Centre Pvt. Ltd vs JCIT
(2015) TaxCorp(LJ) 5713 (HC-KARNATAKA)
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HC - Service tax on “temporary transfer or permitting the use or enjoyment” of, any copyright as defined in the Copyright Act, 1957 is justified.
AGS Entertainment Private Ltd. Vs. Union of India
(2015) TaxCorp(LJ) 5712 (HC-MADRAS)
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HC - Notification No.25/2012 dated 20.06.2012 is not arbitrary and discriminatory as it extends only to performing artistes in theatre and drama and not artistes in films. No Service Tax exemption to Film Actors.
Siddharth Suryanarayan Vs. Union of India
(2015) TaxCorp(LJ) 5711 (HC-MADRAS)
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ITAT - Order of the Director of Income-tax cannot be challenged or assailed by filing an appeal before an the Commissioner (Appeals) because appellate court or jurisdiction can examine the order of the inferior court and not of the court or authority who is equivalent in rank
Raibareilly District Co-operative Bank Ltd. Vs. DCIT
(2015) TaxCorp(LJ) 5710 (ITAT-LUCKNOW)
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HC - Once inquiry was made, a mere non discussion or non mention thereof in assessment order cannot lead to assumption that Assessing Officer did not apply his mind or that he has not made inquiry on the subject and this would not justify interference by Commissioner by issuing notice under Section 263
CIT. Vs. M/s. Krishna Capbox (P) Ltd.
(2015) TaxCorp(LJ) 5709 (HC-ALLAHABAD) · Section. 263
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