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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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ITAT - Even though assessee was having STCG on sale of shares specified u/s 111A, still set-off of short term capital loss arising on sale of shares specified u/s 111A against short term capital gain arising on other assets is allowed.
ACIT vs MAC Charles India ltd
(2015) TaxCorp(LJ) 5675 (ITAT-BANGALORE) · Section 111A
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SC - Commission paid by assessee, a liquor manufacturer to agents coordinating with retailers and State Corporations with respect to liquor supply is not allowed as deduction u/s 37(1)
Premier Breweries Ltd. vs. CIT
(2015) TaxCorp(LJ) 5674 (SC)
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ITAT - Any amount received in lieu of a source of income is a capital receipt not chargeable to tax is not applicable in all circumstances. Exception is that when such source of income is in the nature of capital asset, being not any of those specified in section 55(2)
Usha International Ltd. vs. DCIT
(2015) TaxCorp(LJ) 5668 (ITAT-DELHI)
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HC - Even though assessee purchased a new asset, which is habitable but which requires additions, alterations, modifications and improvements and if money is spent on those aspects, it becomes the cost of the new asset u/s 54F and therefore, assessee would be entitled to the benefit of deduction in determining the capital gains.
Rahana Siraj vs. CIT
(2015) TaxCorp(LJ) 5667 (HC-KARNATAKA) · Section 54F
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ITAT - Issuing two notices to the assessee on different dates u/s 263 will not invalidate the order passed u/s 263
Zuari Management Services Ltd Versus The Commissioner of Income-tax
(2015) TaxCorp(LJ) 5666 (ITAT-PANAJI) · http://taxcorp.in/FileOpenDT.aspx?ID=39911&Category=ITAT&CategoryType=Zip
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ITAT - If purchase tax payable by the Assessee was converted into loan under the Karnataka Government scheme before the due date of filing of the return, the deduction u/s 43B be allowed to the Assessee, otherwise not.
M/s. Nirani Sugars Ltd. Versus Asst. Commissioner of Income Tax Central Circle-2
(2015) TaxCorp(LJ) 5664 (ITAT-PANAJI) · http://taxcorp.in/FileOpenDT.aspx?ID=39913&Category=ITAT&CategoryType=Zip
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ITAT -u/s. 292C of the Act, there is a presumption that the documents found in the possession or control of any person in the course of search, belongs to such person and contents of such document are true. Assessee having miserably failed to point out with reference to each of the entries in the seized diary as to how it does not give rise to income, the assessee cannot take a valid plea that he disowned the diary and therefore no reliance can be placed on the diary to make addition in the hands of assessee.
Trishul Buildtech Infrastructure (P) Ltd. [the erstwhile Trishul Developers Versus The Joint Commissioner of Income Tax (OSD)
(2015) TaxCorp(LJ) 5663 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=39916&Category=ITAT&CategoryType=Zip
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ITAT - Revenue has not pointed out any basis for apportionment of expenses on the basis of sales ratio of Parwanoo and non-Parwanoo unit so as to increase the profit of the Parwanoo business which may result in higher deduction u/s 80IB. Apportionment of expenses placed by assessee is approved.
NIIT GIS Ltd. Versus Asstt. Commissioner of Income Tax
(2015) TaxCorp(LJ) 5662 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39920&Category=ITAT&CategoryType=Zip
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HC - If a rational and reasonable balance is struck in the modality adopted for restructuring, the judiciary would loathe interfere with such process, primarily because such restructuring; including the manner in which the restructuring is to be done; is a matter purely in the realm of administration. Writ challenging restructuring of the Income Tax Department is dismissed.
KA. Santhosh Kumar Versus Union of India and Others
(2015) TaxCorp(LJ) 5661 (HC-KERALA) · http://taxcorp.in/FileOpenDT.aspx?ID=60575&Category=Judgment&CategoryType=Zip
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HC - On occasions such as marriage the parents and parents-in-law of a bride do normally gift jewelery to the bride. On occasion such as this, it is not possible to expect the bride to ask for evidence of bills/invoices to support the purchase of the jewelery. One has to proceed on the basis that it is genuine. Invocation of Section 69 of the Act is completely unwarranted
Mrs. Komal Wazir Versus The Deputy Commissioner of Income Tax
(2015) TaxCorp(LJ) 5660 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=60574&Category=Judgment&CategoryType=Zip
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ITAT - Reimbursements by assessee to its foreign JV partner against invoices from company providing debtor-collection services does not fall within the ambit of Royalties or FTS under the Act as well as under Article 13 of the India-USA Tax Treaty. Expense not disallowable u/s 40(a)(i).
DCIT vs. UPS Jetair Express Pvt. Ltd.
(2015) TaxCorp(LJ) 5659 (ITAT-MUMBAI) · Section 40(a)(i)
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