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Hc - The correct approach should be to examine the reasonableness of claim rather than strictly apply a guidance note (AS-7), formulated and published later (in the year 2012)
Commissioner of Income Tax-1 Versus Ansal Land Mark Township (P) Ltd.
(2015) TaxCorp(LJ) 5708 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=60595&Category=Judgment&CategoryType=Zip
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HC - There is no specific notification or circular indicating that CPWD rate alone should be adopted in arriving at the cost of construction, the Tribunal is justified in adopting the valuation of the State P.W.D.
Commissioner of Income Tax Versus K. Jayakumar
(2015) TaxCorp(LJ) 5707 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=60598&Category=Judgment&CategoryType=Zip
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HC - Amount received by the appellant under the non-competition agreement is not in the nature of a salary and it is only a capital receipt as there is no relationship of employer and employee between the foreign company and appellant/assessee and this conclusion arrived at by the Tribunal is a misreading of the agreement.
Mr. G. Raveendran Versus The Commissioner of Income Tax
(2015) TaxCorp(LJ) 5706 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=60599&Category=Judgment&CategoryType=Zip
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HC - There was no intention to acquire goodwill of the assessee and therefore, non-compete fee received by the assessee could not be treated as goodwill and it is not taxable as income. The reliance placed by the Assessing Officer on Section 55(2)(a) of the Income Tax Act was repelled by the Tribunal rightly on a plea that the said provision came into effect in the year 1998-99, whereas the assessment year in the present case is 1996-97
Commissioner of Income Tax, Chennai Versus Hackbridge Hewittic & Easun Ltd.
(2015) TaxCorp(LJ) 5705 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=60600&Category=Judgment&CategoryType=Zip
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HC - Unexplained credit u/s 68. The obligation to examine the genuinity of transactions shifts on the Appellate Authorities, in case of failure of the AO to fulfill his obligation and due procedure. Flow of transactions through banking channels, is not sufficient to establish the satisfaction as to the creditworthiness of the parties or the genuineness of such transactions
The Commissioner Of Income Tax Versus M/s Jansampark Advertising And Marketing (p) ltd.
(2015) TaxCorp(LJ) 5704 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=60602&Category=Judgment&CategoryType=Zip
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ITAT - Addition on figures scribbled on loose slips, found and seized during the course of search is not justified as the rest of substantive addition has been deleted, then there is no ground to uphold the protective addition in the hands of present assessee
Asstt. Commissioner of Income Tax, Shri Suresh Monga Versus Shri Suresh Monga, ACIT, Circle 23(1), New Delhi
(2015) TaxCorp(LJ) 5703 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39957&Category=ITAT&CategoryType=Zip
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ITAT - The treatment given in the books of account is not a sole factor to determine the year in which land was converted into ‘stock-in-trade’ but series of events undertaken, facts and circumstances of the case which are very much relevant while considering the year in which “capital asset” is converted into “stock-in-trade”.
Mr. Fardeen Khan, (legal Heir of Late Mr. Feroz Khan) Versus Asstt. Commissioner of Income Tax
(2015) TaxCorp(LJ) 5702 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39959&Category=ITAT&CategoryType=Zip
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HC - Writ challenging partial stay of demand granted by AO u/s.220(6) is dismissed
Jyothy Laboratories Ltd. vs DCIT
(2015) TaxCorp(LJ) 5701 (HC-MADRAS) · Section 220(6)
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ITAT - If the disallowance u/s 40A(3) is directly relatable to the profit of the eligible projects, then the deduction u/s 80IB be accordingly recomputed.
DCIT Versus M/s Surya Merchants Ltd.
(2015) TaxCorp(LJ) 5696 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39941&Category=ITAT&CategoryType=Zip
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ITAT - Assessee furnished the evidences to prove the identity of the creditors/share applicants by furnishing their PAN number and copy of acknowledgment of Income-tax Return, Share application was received through banking channel. No addition on account of bogus accommodation entry.
Income Tax Officer Versus M/s Reliance Marketing Pvt. Ltd.
(2015) TaxCorp(LJ) 5695 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39943&Category=ITAT&CategoryType=Zip
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ITAT - Omission on the part of the assessing officer to issue notice under section 143(2) cannot be cured by taking recourse to the deeming fiction u/s 292 BB
Greater Noida Industrial Development Authority Versus ACIT, Circle 3, Noida
(2015) TaxCorp(LJ) 5694 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39896&Category=ITAT&CategoryType=Zip
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SC - Mere existence of an agreement between the assessee and its selling agents or payment of certain amounts as commission, assuming there was such payment, does not bind the Income Tax Officer to hold that the payment was made exclusively and wholly for the purpose of the assessee's business. Although there might be such an agreement in existence and the payments might have been made.
Premier Breweries Ltd, Karnataka Versus Commissioner of Income Tax, Cochin
(2015) TaxCorp(LJ) 5693 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=60591&Category=Judgment&CategoryType=Zip
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HC - Where authority was satisfied with regard to essential requirements or ingredients of section 10(23C)(via), Revenue couldn’t complain of genuineness of Sec. 10(23C) relief
Director of Income-tax (Exemption) v. Bommanji Dinshaw Petit
(2015) TaxCorp(LJ) 5692 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=58810&Category=Judgment&CategoryType=Zip
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ITAT - Payment made to erstwhile partners for purchase of land in excess of prevalent market rates was liable to be disallowed under section 40A(2)(b)
Kapil Ratan Associates v. Commissioner of Income-tax, -12, Mumbai
(2015) TaxCorp(LJ) 5691 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39953&Category=ITAT&CategoryType=Zip
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HC - Since assessee had submitted all material facts fully and truly in support of its claim alongwith audit report, in view of proviso to section 147, Assessing Officer could not initiate reassessment proceedings after expiry of four years alleging wrong allowance of expenditure.
SKY Diamonds v. Assistant Commissioner of Income-tax
(2015) TaxCorp(LJ) 5690 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=60435&Category=Judgment&CategoryType=Zip
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ITAT - Employment of 37 engineers out of a total staff of 69 by assessee could not per se lead to conclusion that assessee was a technical services provided for transfer pricing purpose
Dassault Systems India (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle-10(1), New Delhi
(2015) TaxCorp(LJ) 5688 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39952&Category=ITAT&CategoryType=Zip
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S. 271(1)(c): Law laid down in Zoom Comm 327 ITR 510 (Del) does not apply if claim of assessee is bona fide and not in defiance of the law
CIT vs. M/s S. M. Construction
(2015) TaxCorp(LJ) 5687 (HC-BOMBAY) · Section 271(1)(c)
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HC - It is open to the assessee to contend that the foundation for block assessment was an illegal search. The Tribunal has power to look into all aspects of search and a valid search is a sine qua non for initiating block assessment.
M. Balakrishna Hegde vs. DCIT
(2015) TaxCorp(LJ) 5686 (HC-KARNATAKA)
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HC - Explanation 5 to S.32 inserted by Finance Act, 2001 in respect of mandatory depreciation deduction is not retrospective, therefore, inapplicable for AY 2001-02.
Himatsingka Seide Ltd vs DCIT
(2015) TaxCorp(LJ) 5685 (HC-KARNATAKA) · Section 32
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SC- SLP Dismissed. The discretion to quash notices u/s.148 can be exercised in favour of the writ petitioner only if his conduct has been in conformity with law.
ADOBE SYSTEMS SOFTWARE IRELAND LTD Vs ADIT
(2015) TaxCorp(LJ) 5676 (SC) · Section 148
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