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ITAT - The vague affidavit in support of application for condonation of delay given by the C.A. remains uncorroborated and unreliable. The affidavit and cavalier conduct of CA raises serious questions on his professional competence and work ethics in giving such an affidavit which hides more than it explains
M/s. K.G.N.M.M.W. Educational research & Analysis Society
(2015) TaxCorp(LJ) 5467 (ITAT-JAIPUR)
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ITAT - As assessee had filed original return and revised return accepting the position of ‘representative assessee of an NR company', Section 148 notice on assessee is valid. Section 149(3) time-limit not applicable in this case.
ADIT vs Oil & Natural Gas Corporation Ltd.
(2015) TaxCorp(LJ) 5449 (ITAT-DELHI)
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SC - Verdict of Bombay High Court in The Indian Hume Pipe Co Ltd vs. ACIT 348 ITR 439 that “full & true disclosure of material facts” means “specific” disclosure of “each” fact nullified
The Indian Hume Pipe Co Ltd vs. ACIT
(2015) TaxCorp(LJ) 5448 (SC) · Section 147
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ITAT - Purchase of bulk advertisement space by the assessee in TOI attracts TDS liability u/s.194C; Failure to deduct tax justifies Sec 40(a)(ia) disallowance of expenditure
Metropolitan Media Company Ltd. vs. ACIT
(2015) TaxCorp(LJ) 5447 (ITAT-BANGALORE) · Section. 194C
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HC - As Tribunal had overlooked SC Ruling as to whether assessee was entitled to set-off of unabsorbed depreciation against gains from sale of depreciable asset, deemed as capital gains u/s 50, matter remanded back.
Southern Travels vs. ACIT
(2015) TaxCorp(LJ) 5446 (HC-MADRAS) · Section. 50
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HC - There was difference of stock amounting to 28,73,640 as per the books of account of the assessee and as shown in the inflated stock statement given to the bank, addition made by the Assessing Officer of 5,20,889 due to unaccounted fabrication work is justified.
Smt. Shakuntla Thukral Versus Commissioner of Income Tax, Aayakar Bhawan, Rishi Nagar, Ludhiana, Punjab
(2015) TaxCorp(LJ) 5439 (HC-P&H) · http://taxcorp.in/FileOpenDT.aspx?ID=57582&Category=Judgment&CategoryType=Zip
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HC - Concealment Penalty - An admission is substantial evidence of a fact, within the special knowledge of an assessee and if not retracted immediately or within reasonable time is substantive evidence of a fact and may be read against an assessee.
Navdeep Dhingra Versus Commissioner of Income Tax, Karnal
(2015) TaxCorp(LJ) 5438 (HC-P&H) · http://taxcorp.in/FileOpenDT.aspx?ID=60404&Category=Judgment&CategoryType=Zip
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HC - No TDS u/s 194C on cinecasting/distribution of movies
Commissioner of Income Tax Versus Sunset Drive-In Cinema Pvt. Ltd.
(2015) TaxCorp(LJ) 5437 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=60412&Category=Judgment&CategoryType=Zip
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ITAT - There is not even a single case law laying down a principle that books should compulsorily be rejected wherever a survey is conducted. Otherwise also, if this principle is accepted then there would not be any meaning attached to the concept of surrender because in any case books have to be rejected.
M/s Venus Woollen Mills Versus The CIT-III, Ludhiana
(2015) TaxCorp(LJ) 5436 (ITAT-CHANDIGARH) · http://taxcorp.in/FileOpenDT.aspx?ID=39082&Category=ITAT&CategoryType=Zip
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ITAT - No transfer pricing adjustment could be made with regard to corporate guarantee issued by the assessee to its AEs
M/s. Videocon Industries Ltd. And Others Versus. The Addl. Commissioner of Income Tax And Others
(2015) TaxCorp(LJ) 5435 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7866&Category=INTLDecisions&CategoryType=Zip
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ITAT - In the case of an assessee covered under section 49(1) of the Act, the capital gains liability has to be computed by considering that the assessee held the said asset from the date it was held by the previous owner and the same analogy has also to be applied in determining the indexed cost of acquisition.
Dr. Kumar M. Dhawale, M. LDhawale & Associates Versus ACIT 11(2), Aayakar Bhavan, Mumbai
(2015) TaxCorp(LJ) 5434 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39402&Category=ITAT&CategoryType=Zip
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ITAT - Since LIC has itself clarified that on assignment of Key Man Policy , it does not remain a keyman policy and gets converted into an ordinary policy therefore, advantage drawn therefrom is taxable in the hands of assessee.
DCIT, Circle 37(1), New Delhi. Versus Naresh Kumar Trehan
(2015) TaxCorp(LJ) 5433 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39735&Category=ITAT&CategoryType=Zip
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ITAT - Section 54B nowhere talks that the land must be used for agricultural purpose at any time in the preceding two years from the date when the transfer took place. Sec. 54B mandates that the land must have been in the two years immediately preceding the date on which the transfer took place used by the Assessee or his parent for agricultural purpose.
Income Tax Officer Versus Mr. Tome Hilitor Silvester De Oliveira
(2015) TaxCorp(LJ) 5432 (ITAT-PANAJI) · http://taxcorp.in/FileOpenDT.aspx?ID=38670&Category=ITAT&CategoryType=Zip
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ITAT - Assessing officer shall not include the amount received as advance as income of the assessee if it does not contain the income element in it.
AY. Broadcast Foundation Versus The Income Tax Officer, Ward-1, Thiruvalla.
(2015) TaxCorp(LJ) 5431 (ITAT-COCHIN) · http://taxcorp.in/FileOpenDT.aspx?ID=38012&Category=ITAT&CategoryType=Zip
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ITAT - The order cannot be passed by the CIT u/s 263 of the Act to ask the AO to decide whether the assessment order was erroneous or not
Shree Balaji Packaging Versus Commissioner of Income Tax –X, New Delhi
(2015) TaxCorp(LJ) 5430 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39723&Category=ITAT&CategoryType=Zip
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ITAT - AO directed to allow the liability which is found to be reasonable in respect of the provisions out of the expenditure claimed under the head ‘post sales expenses’ for warranty expenses
Assistant Commissioner of Income Tax, Circle-6(1), New Delhi. Versus M/s Fiamm Minda Automotive Ltd.
(2015) TaxCorp(LJ) 5429 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39724&Category=ITAT&CategoryType=Zip
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ITAT - Issue of notice under Section 148 in the name of a dead person is void. Assessment in the name of the erstwhile firm is bad in law, void ab-initio and non-est.
Assistant Commissioner of Income Tax, Circle-31(1), Versus M/s DLF Cyber City Developers Limited
(2015) TaxCorp(LJ) 5428 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=38737&Category=ITAT&CategoryType=Zip
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ITAT - Interest earned on advances paid during pre-commencement period found to be linked to setting up of the plant of the assessee would need to be treated as capital receipt
Costal Gujarat Power Ltd. C/o. Tata Power Co. Ltd. Versus ITO-6(2) (1), Mumbai
(2015) TaxCorp(LJ) 5427 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=38311&Category=ITAT&CategoryType=Zip
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ITAT - The assessee's correct receipts from the contract of CE as well as ONGC needs to be determined and thereafter section 44BB should be applied on the correct receipts. It is duty of Assessing Officer to determine correct tax liability of assessee
Assistant Director of Income-tax, International Taxation v. Global Geophysical Services Ltd.
(2015) TaxCorp(LJ) 5417 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39206&Category=ITAT&CategoryType=Zip
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HC - Writing off bad debt in P&L and reducing it from Loans and Advances from Assets side by Assesses-Bank is enough to claim deduction. It was not necessary to close individual account of each of its debtors in its books
Commissioner of Income-tax v. Newanagar Co-operative Bank Ltd.
(2015) TaxCorp(LJ) 5415 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=60424&Category=Judgment&CategoryType=Zip
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