-
ITAT - Assessee's (a senior citizen) explanation for cash deposits made from bank withdrawals is accepted as valid u/s 68. The departmental machinery so set in motion in the case of “Senior-citizens” may need an administrative policy rethink
ITO vs Dinesh Chand
(2015) TaxCorp(LJ) 5658 (ITAT-DELHI)
-
ITAT - Once assessee has taken a stand that it had not incurred any expenditure under section 14A, then the AO is not justified in invoking Rule 8D(2)(iii) for a disallowance of indirect expenditure unless he recorded his dis-satisfaction of claim. Disallowance under section 14A requires finding of incurring of expenditure where it is found that for earning exempted income no expenditure has been incurred, disallowance under Section 14A cannot stand.
DCIT vs Subramanya Constructions & Development Co.Ltd.
(2015) TaxCorp(LJ) 5657 (ITAT-BANGALORE) · Section 14A
-
HC - No revision u/s 263 by CIT to make sec. 68 addition as assessee had furnished confirmations from all debtors and creditors having balance in excess of Rs. One lakh in their bank account as directed and said fact was duly verified by Assessing Officer.
Commissioner of Income-tax, Circle-II v. Ankit Garments Manufacturing Co.
(2015) TaxCorp(LJ) 5656 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58766&Category=Judgment&CategoryType=Zip
-
HC - Sec 201 proceedings initiated after seven years for non-deduction of tax is not valid. By and large, four years is treated as the period within which any penal action can be initiated against an assessee.
Cit vs. U.B. Electronic Instruments Ltd
(2015) TaxCorp(LJ) 5645 (HC-AP) · Section 201
-
ITAT - S.14A disallowance not justified when there was no exempt income in previous year. Cir.5/2014 contrary to the High Court's decisions cannot be the basis to sustain the disallowance made by the Revenue authorities
Anriya Project Management Services(P)Ltd vs DCIT
(2015) TaxCorp(LJ) 5644 (ITAT-BANGALORE) · Section 14A
-
ITAT - Royalty paid to the assessee is not in pursuance of "an agreement” as contemplated u/s.115A(b)(AA), therefore, tax rate of 15% as given in India-USA DTAA is applicable.
Six Continents Hotels Inc vs. DDIT
(2015) TaxCorp(LJ) 5643 (ITAT-MUMBAI) · Section 115A
-
ITAT - CIT(A) not justified in passing ex-parte order in respect of penalty proceedings without allowing proper opportunity to the assessee to present its case
Nitco Tiles Ltd. vs DCIT
(2015) TaxCorp(LJ) 5642 (ITAT-MUMBAI)
-
HC - No disallowance can be made u/s 14A r/w Rule 8D if AO does not record satisfication with reference to accounts that assessee's claim is improper. However, if Rule 8D applies, assessee's claim that interest is not disallowable on ground of "own funds" is not acceptable
CIT vs. Taikisha Engineering India Ltd
(2015) TaxCorp(LJ) 5641 (HC-DELHI) · Section 14A
-
HC - Even if contract is awarded to the Joint Venture, the income is assessable only in the hands of the person which has executed the work
CIT vs. M/s SMSL-UANRCL (JV)
(2015) TaxCorp(LJ) 5640 (HC-BOMBAY)
-
ITAT- Land ceases to be a capital asset on date of application for conversion into N. A. land. Pursuant to amendment to s. 53A of TOP Act , non-registered development agreement does not result in transfer u/s 2(47)(v). Law in Chaturbhuj Dwarkadas Kapadia 260 ITR 461 (Bom) does not apply after amendment to s. 53A
Fardeen Khan vs. ACIT
(2015) TaxCorp(LJ) 5639 (ITAT-MUMBAI) · Section 2(47)(v)/(vi)
-
HC - Assessee cannot claim interest on interest on amount that are due to him by way of refund
Joseph Korah v. Income-tax Officer, Ward-1, Kottayam
(2015) TaxCorp(LJ) 5636 (HC-KERALA) · http://taxcorp.in/FileOpenDT.aspx?ID=58523&Category=Judgment&CategoryType=Zip
-
ITAT - Since investment in shares was fully financed out of sale proceeds of shares held as long term capital investment and not out of borrowed funds and income earned on sale of those shares was also offered as long term capital gains, no disallowance of interest expenditure by u/s 14A r/w rule 8D
Sanjay Kumar J. Poddar v. Assistant Commissioner of Income-tax, Circle 15 (1), Mumbai
(2015) TaxCorp(LJ) 5635 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39903&Category=ITAT&CategoryType=Zip
-
HC - Since carry forward losses had already been set off against other income of business, brought forward loss not to be reduced while computing sec. 80-IA relief
Commissioner of Income-tax, Coimbatore v. Eastman Exports Global Clothing (P.) Ltd.
(2015) TaxCorp(LJ) 5634 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=59196&Category=Judgment&CategoryType=Zip
-
HC - There has been no failure on the part of the petitioner to make a full and true disclosure of the material facts pertaining to the closing stock, reopening of assessment beyond four years from relevant assessment year was unjustified
Avtec Ltd. v. Deputy Commissioner of Income-tax
(2015) TaxCorp(LJ) 5633 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58907&Category=Judgment&CategoryType=Zip
-
HC - Reassessment should be barred in law when prior approval of CCIT/ CIT is not obtained as per proviso to Sec 151(1); resort to Section 292B cannot be made to cure the action.
Dhadda Exports vs. ITO
(2015) TaxCorp(LJ) 5632 (HC-RAJASTHAN) · Sections 148, 292B
-
HC - Jewellery received as gift from father and father-in-law on occasion of marriage, no addition warranted as being from "unexplained source" u/s 69. On occasion of marriage, it is not possible to expect the bride to ask for evidence of bills/invoices to support the purchase of the jewellery
Mrs. Komal Wazir. Vs. The Deputy Commissioner of Income Tax
(2015) TaxCorp(LJ) 5631 (HC-BOMBAY) · Section 69
-
HC - The mere fact that the orders impugned in writ petitions have been complied with since there was no interim order, would not validate a patently illegal and bad order. Settlement Commission’s order passed in violation of statutory provision quashed.
CIT vs. UOI and others
(2015) TaxCorp(LJ) 5630 (HC-ALLAHABAD)
-
ITAT - The assessee is a purely software development service provider, that too to its AE only, can't be chosen as comparable for Software development Co.
DE Shaw India Software (P.) Ltd. v. Assistant Commissioner of Income-tax, Circle -1(2), Hyderabad
(2015) TaxCorp(LJ) 5629 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39899&Category=ITAT&CategoryType=Zip
-
HC - Expenditure on advertisement by assessee, engaged in service of trading of mobile handsets and its accessories are allowable as revenue expenditure as every year expenditure has to be incurred to make and keep public informed, aware and remain in limelight
Commissioner of Income-tax-III v. Spice Distribution Ltd.
(2015) TaxCorp(LJ) 5628 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58251&Category=Judgment&CategoryType=Zip
-
HC - Money received on basis of bogus transaction and credited by assessee in his books of account which remained unexplained had to treated as cash credit u/s 68
Chandan Gupta v. Commissioner of Income-tax, Ludhiana
(2015) TaxCorp(LJ) 5627 (HC-P&H) · http://taxcorp.in/FileOpenDT.aspx?ID=58418&Category=Judgment&CategoryType=Zip
Headnote lines are open to everyone. The full headnote and the judgment text open with a subscription — see plans or sign in.