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HC - Since value arrived at by the Registered Valuer of the land was more than its FMV, no jurisdiction was acquired by the authorities to invoke Sec. 55A. However, CIT(A) is empowered to seek reference having powers coterminous with AO
Rallis India Limites Vs. CIT (A)
(2015) TaxCorp(LJ) 5530 (HC-BOMBAY) · Section 55A
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HC - Income arising on sale of assets leading to short term capital gains is not income derived from foreign exchange asset so as to qualify as investment income within the meaning of Section 115E of the Act
CIT vs Sham L. Chellaram
(2015) TaxCorp(LJ) 5529 (HC-BOMBAY) · Section 115E
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ITAT - Assessee has not given the possession of the property to the developer for F.Y. 2008-09 (A.Y. 2009-10) and hence, there is no transfer within the meaning of Sec. 45 r.w.s. 2(47)(v)
Smt. Ranjana P. Doshi Versus DCIT, Circle-2, Pune
(2015) TaxCorp(LJ) 5528 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=39762&Category=ITAT&CategoryType=Zip
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ITAT - Once provisions of section 14A are to be invoked, the disallowance is to be computed as per rule 8D of the rules. Nothing has been brought on record to demonstrate that there was any incorrectness in the computation of disallowance as per rule 8D, thus Order of the AO is confirmed
Dy. CIT Central Circle Bareilly Versus. M/s Goel Investments Ltd. Bareilly
(2015) TaxCorp(LJ) 5527 (ITAT-LUCKNOW) · http://taxcorp.in/FileOpenDT.aspx?ID=39764&Category=ITAT&CategoryType=Zip
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HC - Amendment of the trust deed need not be made by approaching the appropriate civil court when the power has been given to the trustees by the settler. Rectified trust deed can be relied on by the Revenue authorities for the purpose of registration u/s 12AA
The Director of Income Tax (Exemptions) Hyderabad Versus M/s Ramoji Foundation
(2015) TaxCorp(LJ) 5525 (HC-AP) · http://taxcorp.in/FileOpenDT.aspx?ID=58176&Category=Judgment&CategoryType=Zip
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HC - A tenancy right is a capital asset and its surrender would attract section 45. It cannot be treated as a casual and nonrecurring receipt under section 10(3) and subject to tax under section 56 of the Act
ACIT Versus GC. SHAH & CO.
(2015) TaxCorp(LJ) 5524 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=58886&Category=Judgment&CategoryType=Zip
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HC - Identity of the creditors having been established as transaction was made through the proper channel, assessee has given the PAN and full address of each creditors, therefore, addition in respect of credit entries made under section 68 was not sustainable.
Commissioner of Income-tax, Central, Kanpur v. Anurag Agarwal
(2015) TaxCorp(LJ) 5520 (HC-ALLAHABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=58317&Category=Judgment&CategoryType=Zip
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ITAT - Term loan was taken against mortgage of immovable properties which were used for the purpose of pre-schooling business and thus, assessee was eligible for deduction of interest under section 36(1)(iii)
Assistant Commissioner of Income-tax-20 (1), Mumbai v. Ms. Geeta Bhatia
(2015) TaxCorp(LJ) 5519 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39770&Category=ITAT&CategoryType=Zip
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ITAT - No addition in block assessment in respect of assessment years for which assessments were already completed unless any incriminating evidence found in search
Smt. Sunita Bai v. Deputy Commissioner of Income-tax, Central Circle-1, Belgaum
(2015) TaxCorp(LJ) 5518 (ITAT-PANAJI) · http://taxcorp.in/FileOpenDT.aspx?ID=39769&Category=ITAT&CategoryType=Zip
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HC - Cancellation of penalty justified on the ground that the assessee had not been given reasonable opportunity of being heard as mandated by section 158BFA(3)
Commissioner of Income-tax, Davangere v. H.E. Distillery (P.) Ltd.
(2015) TaxCorp(LJ) 5517 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=60491&Category=Judgment&CategoryType=Zip
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ITAT - Co-operative banks are also liable to deduct TDS u/s 194 while making payment of interest in excess of Rs. 10,000 to its depositors
Saraswat Co-Operative Bank Ltd. v. Income-tax Officer,TDS Ward, Belgaum
(2015) TaxCorp(LJ) 5516 (ITAT-PANAJI) · http://taxcorp.in/FileOpenDT.aspx?ID=39768&Category=ITAT&CategoryType=Zip
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ITAT - Similar commission held at ALP in earlier year as per agreement had to be accepted in later years also at ALP unless it was shown by department that facts in year under consideration had undergone a change
Assistant Commissioner of Income-tax, 10 (3), Mumbai v. C.G. International (P.) Ltd.
(2015) TaxCorp(LJ) 5515 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=38828&Category=ITAT&CategoryType=Zip
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HC - Since Tribunal took time to dispose of petition of assessee, Rectification order passed by ITAT u/s 254 after 4 years was valid as it was well within time limit as specified under section 254(2).
Commissioner of Income-tax, Madurai v. Sree Ayyanar Spinning & Weaving Mills Ltd.
(2015) TaxCorp(LJ) 5514 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=58372&Category=Judgment&CategoryType=Zip
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ITAT - Taxability of royalty received by assessee a foreign company from foreign OEMs on sale of CDMA technology-enabled handsets. When the royalty is for use of a technology in manufacturing, it is to be taxed at the situs of manufacturing the product, and, when the royalty is for use of technology in functioning of the product so manufactured, it is to be taxed at the situs of use.
Qualcomm Incorporated vs ADIT
(2015) TaxCorp(LJ) 5513 (ITAT-DELHI)
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HC - Registering of ‘criminal contempt’ is directed against the intervener for alleging collusion between taxpayers and Government Department.
CIT vs. Escorts Ltd
(2015) TaxCorp(LJ) 5512 (HC-DELHI)
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HC - Services rendered in India are also eligible for Sec 80-O deduction, the difference being that they must be ‘from’ India and not’ within’. Mere fact that submission of report was within India, does not take away the matter from the purview of Sec 80-O
CIT vs. Peters & Prasad Association
(2015) TaxCorp(LJ) 5511 (HC-AP) · Section 80-O
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HC - Reopening on ground of "oversight, inadvertence or mistake" is not permissible. Power to reopen is not a power to review an assessment order. It expected of the AO that he will apply mind and pass an order. An assessment order is not a mere scrap of paper.
CIT vs. Jet Speed Audio Pvt. Ltd
(2015) TaxCorp(LJ) 5510 (HC-BOMBAY) · Sections 147, 143(3)
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HC - Purchase and subsequent cancellation of the shares belonging to an estranged brother of the person in the management of the company is allowable as revenue expenditure since incurred for carrying on its business smoothly.
The Commissioner of Income Tax-8, Mumbai Versus M/s. Chemosyn Ltd, Mumbai
(2015) TaxCorp(LJ) 5505 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=60480&Category=Judgment&CategoryType=Zip
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HC - Assessee society had not incurred any cost to acquire TDR attach to land owned by it, therefore transfer of the same to a developer for a consideration for construction of a floor space index, would not give rise to any capital gains chargeable to tax.
Commissioner of Income-tax-18 v. Sambhaji Nagar Co-op. Hsg. Society Ltd.
(2015) TaxCorp(LJ) 5504 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=58998&Category=Judgment&CategoryType=Zip
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ITAT - For granting of deduction under section 80-IB, initial assessment year is year in which business of hotel started functioning and not year in which approval was granted by prescribed authority.
Escapade Resorts (P.) Ltd. v. Assistant Commissioner of Income-tax, Cir. 1 (1), Kochi
(2015) TaxCorp(LJ) 5503 (ITAT-COCHIN) · http://taxcorp.in/FileOpenDT.aspx?ID=39675&Category=ITAT&CategoryType=Zip
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