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HC - Credited balance amount to capital reserve account was a capital receipt and it could not be a remission or cessation of a trading liability under section 41(1) when assessee made premature payment of deferred sales tax at Net Present Value from such reserve.
Commissioner of Income-tax-8, Mumbai v. Sulzer India Ltd.
(2015) TaxCorp(LJ) 5414 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=58784&Category=Judgment&CategoryType=Zip
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ITAT - Derivate trading via MCX Stock Exchange which was recognised by Notification No. S.O.1327(E), dated 22-5-2009 couldn't be held as speculative merely due to delay in recognition of such exchange
Vimal Oil & Foods Ltd. v. Assistant Commissioner of Income-tax, Circle-8, Ahmedabad
(2015) TaxCorp(LJ) 5413 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39740&Category=ITAT&CategoryType=Zip
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HC - Payment to UPPCL towards construction of a transmission line and other supporting work to erect transmission lines for sake of its customer was revenue expenditure
Additional Commissioner of Income-tax, Bareilly v. Dhampur Sugar Mill (P.) Ltd.
(2015) TaxCorp(LJ) 5412 (HC-ALLAHABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=58542&Category=Judgment&CategoryType=Zip
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ITAT - Activities of France Company ('assessee') in connection with exploration, mining etc of oil & gas on behalf of CGG (ONGC-Contractee), and payments received for vessel charter to carry exploration, is not Royalty. Section 44BB benefit available to main contractor and to a subcontractor (assessee) also; Such rental was akin to time-charter.
Louis Dreyfus Armateures SAS vs ADIT
(2015) TaxCorp(LJ) 5411 (ITAT-DELHI) · Section. 44BB
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SC - Payment of ‘success fee’ to a Foreign Company, acting as a ‘financial advisor’ to assessee, is taxable as FTS u/s 9(1)(vii)(b); Consequently assessee is liable to deduct tax at source while making ‘success fee’ payment
GVK Industries Ltd. & Anr. vs. The Income Tax Officer & Anr.
(2015) TaxCorp(LJ) 5410 (SC)
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ITAT - Retainership charges and commission paid by assessee to overseas non-resident agents for promoting assessee's business in foreign countries would be outside the ambit of 'FTS' and not liable to be taxed in India.
Le Passage to India Tours & Travel (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle 4 (1), New Delhi
(2015) TaxCorp(LJ) 5409 (ITAT-DELHI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7777&Category=INTLDecisions&CategoryType=Zip
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ITAT - Where two international transactions were to be evaluated separately for determination of ALP, Segmental results couldn’t be rejected merely because segmental results were unaudited and break up was done after closing of accounts.
Tata Communications Transformation Services Ltd. v. Deputy Commissioner of Income-tax, Range No. 7(3), Mumbai
(2015) TaxCorp(LJ) 5408 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7681&Category=INTLDecisions&CategoryType=Zip
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HC - When voluntary disallowance made by assessee under section 14A is found to be unsatisfactory on examination of accounts, only then AO can invoke rule 8D to compute deduction.
Commissioner of Income-tax- VI v. Taikisha Engineering India Ltd.
(2015) TaxCorp(LJ) 5407 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58850&Category=Judgment&CategoryType=Zip
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ITAT - Amount received on sale of portfolio loans by discounting ‘future interest receivables’ by a Micro Finance institution, taxable in the year of receipt.
Asmitha Microfin Ltd. vs. ACIT
(2015) TaxCorp(LJ) 5406 (ITAT-HYDERABAD)
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HC - Technical services provided outside India in connection with business of computer software export, to be included in export turnover while computing deduction u/s.80HHE
CIT vs. Motor Industries Co Ltd
(2015) TaxCorp(LJ) 5405 (HC-KARNATAKA) · Section 80HHE
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HC - The applicant had a complete opportunity to pursue the legal issue as there was no decision of the Jurisdictional High Court. It cannot be held that once the applicant by his own volition had decided to accept a judicial order, the applicant can at any time assail the same may be for the reason that subsequently new decisions are rendered on that issue.
Somerset Place Co-operative Housing Society Ltd vs. ITO
(2015) TaxCorp(LJ) 5404 (HC-BOMBAY)
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HC - Reserve created under Section 45-IC of the Reserve Bank of India Act, 1934 can neither be diversion of income at source nor constitute an expenditure or liability
SREI Infrastructure Finance Ltd vs. ACIT
(2015) TaxCorp(LJ) 5403 (HC-DELHI) · Section 115JB
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ITAT - Interest income from temporary advancement of funds cannot be treated as income from business and it has to be treated as income from other sources.
M/s. Devansh Enterprises P. Ltd. Versus Income Tax Officer 15(1) (13) Mumbai
(2015) TaxCorp(LJ) 5402 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39702&Category=ITAT&CategoryType=Zip
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ITAT - Diversion of Listing fee and transfer to Investor Protection Reserve, etc. directly from listing fee receipts would not make the same as diversion of income by overriding title at the source.
The Deputy Commissioner of Income Tax Versus M/s Madras Stock Exchange Ltd.
(2015) TaxCorp(LJ) 5400 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39708&Category=ITAT&CategoryType=Zip
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HC - The revenue did not discharge the burden of proving due service of notice u/s 143(2), therefore the notice issued after the period of limitation could not be held against the assessee.
MOHAN S LAKHANI Versus INCOME TAX OFFICER & ANR
(2015) TaxCorp(LJ) 5399 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=60399&Category=Judgment&CategoryType=Zip
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ITAT - The “derivatives” include foreign currency and call option/ put option, are transactions of derivative markets and cannot be termed as speculative in nature u/s S. 43(5)
IVF Advisors Private Limited vs. ACIT
(2015) TaxCorp(LJ) 5397 (ITAT-MUMBAI) · Section 43(5)
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HC - A new ruling is no ground for reviewing a previous judgment. Also entire law on condonation of delay u/s 260A explained
Somerset Place Co-operative Housing Society Ltd vs. ITO
(2015) TaxCorp(LJ) 5396 (HC-BOMBAY) · Section 260A
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HC - Statutory reserve created u/s 45-IC of RBI Act is not a "diversion of income at source" and cannot be excluded from book profits
Srei Infrastructure Finance Ltd vs. ACIT
(2015) TaxCorp(LJ) 5395 (HC-DELHI) · Section 115JB
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ITAT - Without there being any incriminating material found at the time of search, no addition over and above the income which already stood assessed can be made as assessments which have attained finality cannot be disturbed or varied.
Jignesh P. Shah vs. DCIT
(2015) TaxCorp(LJ) 5394 (ITAT-MUMBAI) · Section 153A
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ITAT - No capital gains exemption u/s 54B/54F on properties purchased in name of assessee’s married major daughters.
Ganta Vijaya Lakshmi vs ITO
(2015) TaxCorp(LJ) 5393 (HC-AP) · Sections 54B, 54F
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