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ITAT - CIT was not justified in passing ex parte order without allowing proper opportunity of being heard to the assessee
Smt. Maltidevi Birbal Singh Vs. ITO
(2015) TaxCorp(LJ) 5561 (ITAT-MUMBAI)
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ITAT - AO has proceeded on surmises that assessee was increasing the profits of 80IB(10) units and decreasing the profits of non-80IB units to gain tax advantage. There is no basis whatsoever for this assumption of the AO
The Deputy Commissioner of Income Tax Central Circle-2(2), Bangalore Versus M/s. Sobha Developers
(2015) TaxCorp(LJ) 5555 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=39757&Category=ITAT&CategoryType=Zip
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ITAT - Assessee’s explanation regarding bona fides of claim did not suffer from any apparent in consistencies or factual errors and it was quite in line with human probabilities and market trends, therefore, there was no good reason to reject the explanation and proceed to initiate and levy of penalty u/s 271(1)(c)
Vipul Life Sciences Ltd. Mumbai Versus The Dy. Commissioner of Income Tax Mumbai
(2015) TaxCorp(LJ) 5554 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39783&Category=ITAT&CategoryType=Zip
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ITAT - Share premium is an amount which could not be brought to tax by the revenue or independently, it is an item in the capital field, which otherwise would not be taxable u/s 56(1)
M/s Shreepati Infra Realty Ltd Versus The Income Tax Officer-5(3) (2), Aayakar Bhavan, Mumbai -400 020
(2015) TaxCorp(LJ) 5553 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39784&Category=ITAT&CategoryType=Zip
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ITAT - Payments made by Broadcaster for purchase of Programme from Production-houses is not FTS. Thus, TDS u/s 194C is applicable and not sec. 194J.
DCIT vs. Zee Entertainment Enterprises Ltd.
(2015) TaxCorp(LJ) 5551 (ITAT-MUMBAI) · Section 194C
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HC - Exemption u/s 10(26) is available to a member of a Scheduled Tribe posted or residing in the specified areas even though he may not originally belong to that specified area
Chandra Mohan Sinku and Others vs UOI and Others
(2015) TaxCorp(LJ) 5550 (HC-TRIPURA) · Section 10(26)
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HC - Assessee’s failure to substantiate 6 items of capital expenditure on R&D out of total 9 items leads to sec. 35(2AB) disallowance and penalty u/s 271(1)(c)
Clariant Chemicals (India) Ltd. v. Assistant Commissioner of Income-tax, 1(1)
(2015) TaxCorp(LJ) 5544 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=60514&Category=Judgment&CategoryType=Zip
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ITAT - A software development company cannot be compared with a company mainly engaged in BPO services
International Specialty Products (I) (P.) Ltd. v. Income-tax Officer, Ward-2 (1), Hyderabad
(2015) TaxCorp(LJ) 5543 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenINTL.aspx?ID=7804&Category=INTLDecisions&CategoryType=Zip
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ITAT - Assessee was only a job worker who was entitled for processing charges based on its cost incurred, In such a situation, comparables chosen by the assessee of the full fledged independent manufacturers could not be considered for the purpose of comparability analysis
Hope India Polishing Works (P.) Ltd. v. Deputy Commissioner of Income-tax 8(2), Mumbai
(2015) TaxCorp(LJ) 5542 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7757&Category=INTLDecisions&CategoryType=Zip
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HC - Computation of period for purpose of levy of interest u/s 220(2) could not be adjudicated in a writ petition
Vaata Infra Ltd. v. Income-tax Officer, Company Ward-III (1), Chennai
(2015) TaxCorp(LJ) 5541 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=58514&Category=Judgment&CategoryType=Zip
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HC - TDS u/s 194C not applicable on sum paid for extra cost incurred by contractor due to delay in completion of work by sub-contractor
Commissioner of Income-tax- II v. Karnavati Infrastructure (P.) Ltd.
(2015) TaxCorp(LJ) 5540 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=58773&Category=Judgment&CategoryType=Zip
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HC - Misappropriation of funds of trust by Trustees is no ground for revocation of trust’s registration, if trust was fulfilling its main object of imparting education
Commissioner of Income-tax, Karnataka (Central) v. Islamic Academy of Education
(2015) TaxCorp(LJ) 5539 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=60513&Category=Judgment&CategoryType=Zip
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ITAT - Purchase of material for R&D is enough for deduction under section 35 and it is immaterial whether material is consumed during year or held as closing stock
Balaji Amines Ltd. v. Additional Commissioner of Income-tax, Range-1, Solapur
(2015) TaxCorp(LJ) 5538 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=39797&Category=ITAT&CategoryType=Zip
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HC - Issue relating to promotion of ACIT, petitioners were required to approach Central Administrative Tribunal (CAT) in first instance. Writ petition not maintainable
Sanjay Pandey v. Central Board of Direct Taxes
(2015) TaxCorp(LJ) 5537 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58671&Category=Judgment&CategoryType=Zip
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ITAT - No tax evasion where the transactions of sale and purchase of shares were not made with the ulterior motive of creating an artificial loss, therefore Long-term capital loss on the sale of shares of a group company is allowed.
ITO. v. J.M. Morgan Stanley Private Limited
(2015) TaxCorp(LJ) 5536 (ITAT-MUMBAI)
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ITAT - Since assessee-society is having as its dominant objects of promoting improvement of public health and medical education, therefore ‘endorsement money’ received from Pepsico for products delivering health benefits will be exempt u/s 11.
ADIT vs Indian Medical Association
(2015) TaxCorp(LJ) 5535 (ITAT-DELHI) · Section 11
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ITAT - Amount received on cessation/transfer of distribution business in respect of “Goodwill” is chargeable under the head capital gains tax and not under business head
Elite Orgo Chem Pvt. Ltd vs. ACIT
(2015) TaxCorp(LJ) 5534 (ITAT-MUMBAI)
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ITAT - Performance-bonus payment to director-shareholders @ of 172% of Salary is not “evasion”. Same is allowable u/s 36(1)(ii) on the ground of business expediency
New Silk Route Advisors Private ltd vs DCIT
(2015) TaxCorp(LJ) 5533 (ITAT-MUMBAI)
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HC - Section 201 proceedings initiated after four years against assessee is not justified. Also, Parliament decided against retro amendment to section 201.
CIT vs. C. J. International Hotels Pvt. Ltd
(2015) TaxCorp(LJ) 5532 (HC-DELHI) · Section 201
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HC - On modification of development agreement, no "real income" accrues from constructed area.
CIT vs M/s Chemosyn Ltd, Mumbai
(2015) TaxCorp(LJ) 5531 (HC-BOMBAY)
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