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HC - AO had adopted GP rate of 25% on ad hoc basis for civil contractor. ITAT was justified in adopting presumptive tax rate of 8 per cent as mentioned in section 44AD even though turnover of assessee was in excess of Rs. 40 lakh.
Commissioner of Income-tax-XIII v. Lovish Oberoi
(2015) TaxCorp(LJ) 5392 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=57871&Category=Judgment&CategoryType=Zip
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ITAT - Even though assessee did not offer interest income to tax received from his NRE fixed deposits account, still no penalty u/s 271(1)(c) as assessee was under bona fide impression that it is exempt under Sec. 10(4).
Ramasamy Senthilvel v. Assistant Commissioner of Income-tax, Salary Range-V, Chennai
(2015) TaxCorp(LJ) 5387 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=38312&Category=ITAT&CategoryType=Zip
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HC - Sale of assets by a firm to a Company chargeable as capital gain since it was not a case of succession of firm much less there was any exercise of corporatisation or demutualization which were essential to attract section 47(xiii).
Ana Labs v. Deputy Commissioner of Income-tax
(2015) TaxCorp(LJ) 5386 (HC-AP) · http://taxcorp.in/FileOpenDT.aspx?ID=59141&Category=Judgment&CategoryType=Zip
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ITAT - Since rate of interest charged from AE was more than LIBOR on foreign currency loan paid by assessee, no TP adjustment in respect of interest is required.
V.I.P. Industries Ltd. v. Additional Commissioner of Income-tax, Range 7(3), Mumbai
(2015) TaxCorp(LJ) 5385 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39147&Category=ITAT&CategoryType=Zip
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ITAT - Revenue could not justify the application of CUP method to arm's length working in respect of royalty paid to AE as there was no comparable data of uncontrolled transactions.
Assistant Commissioner of Income-tax, Circle-2, Alwar v. Sakata Inx (India) Ltd.
(2015) TaxCorp(LJ) 5384 (ITAT-JAIPUR) · http://taxcorp.in/FileOpenINTL.aspx?ID=7689&Category=INTLDecisions&CategoryType=Zip
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HC - Since Tribunal has reversed findings of Commissioner (Appeals) without assigning cogent reasons, matter was to be remanded back.
Bhaktiprasad Nagori Timber & Plywood (P.) Ltd. v. Assistant Commissioner of Income-tax
(2015) TaxCorp(LJ) 5383 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=58794&Category=Judgment&CategoryType=Zip
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HC - Income from allowing usage of commercial building constructed on leasehold land along with facilities is chargeable as business income.
Black Pearl Hotels (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle-11(1) Bangalore
(2015) TaxCorp(LJ) 5382 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=60394&Category=Judgment&CategoryType=Zip
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ITAT - Since subsidiary personnel not rendering services as de-facto employees, assessee had no business connection in India and neither did its subsidiary constitute Service PE or Dependent Agent PE in India
Swiss Re-insurance Company Limited vs. DDIT
(2015) TaxCorp(LJ) 5380 (ITAT-MUMBAI)
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HC - Merely because certain attributes, like fixed remuneration, leave rules, fixed timings were applicable, doctors not employees of assessee hospital, TDS u/s 194J applicable on doctors remuneration and not u/s 192.
CIT vs. Grant Medical Foundation
(2015) TaxCorp(LJ) 5379 (HC-BOMBAY)
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ITAT - Even though the assessed filed the revised return of income after the receipt of notice u/s 143(2), yet the the assessing officer did not seek any type of particulars in that notice hence revised ROI amounts to voluntary disclosure.
Prema Gopal Rao vs. DCIT
(2015) TaxCorp(LJ) 5378 (ITAT-MUMBAI) · Section 271(1)(c)
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ITAT - Since there is no mention of the approval sought from the CIT on the reasons, as recorded by the AO to initiate reassessment proceedings, the entire initiation has been vitiated and become bad in law.
GTL Limited vs. ACIT
(2015) TaxCorp(LJ) 5377 (ITAT-MUMBAI) · Sections 147, 151
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ITAT - Non-eligible unit’s loss is not entitled to set-off against Section 10A profits.
Mindteck India Ltd vs. ITO
(2015) TaxCorp(LJ) 5376 (ITAT-BANGALORE) · Section. 10A
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HC - Dept is not entitled to challenge the ITAT's decision to determine the interest rate ALP of funds advanced to AE as per Euribor if the earlier ITAT judgements relied upon by ITAT have not been challenged by the Dept
CIT vs. Tata Autocomp Systems Ltd
(2015) TaxCorp(LJ) 5375 (HC-BOMBAY)
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HC - Returns filed electronically within due-date prescribed u/s 139(1) are valid returns, even though ITR-V were filed belatedly.
CIT. vs. Borkar Packaging Pvt Ltd.
(2015) TaxCorp(LJ) 5374 (HC-BOMBAY)
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ITAT - Investment in purchase or construction of ‘a residential house’ and not ‘new residential house’ is required for the purpose of exemption u/s 54
DCIT vs. Sri Vidyasagar Dontineni
(2015) TaxCorp(LJ) 5373 (ITAT-HYDERABAD) · Section. 54
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HC - Deduction u/s 80I is available on the gross income without reducing Sec 80HH deduction
Commissioner Of Income Tax Del-Iii Vs. Unipatch Rubber Ltd.
(2015) TaxCorp(LJ) 5372 (HC-DELHI) · Section. 80HH
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HC - Unless Revenue sets out reasons either in appeal memo or on affidavit as to why the ratio of earlier orders inapplicable, appeal will not be entertained.
CIT. vs. Smt. Veena Gope Shroff
(2015) TaxCorp(LJ) 5371 (HC-BOMBAY)
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HC - Unaccounted Sales - It is not the entire sales consideration which is to be brought to tax but only the profit attributable on the total unrecorded sales consideration which alone can be subject to income tax
CIT. Vs. Hariram Bhambhani
(2015) TaxCorp(LJ) 5369 (HC-BOMBAY)
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HC - Revision u/s 263 - If a query is raised during assessment proceedings and responded to by the assessee, the mere fact that it is not dealt with in the assessment Order would not lead to a conclusion that no mind had been applied to it
CIT. Vs. Fine Jewellery (India) Ltd.
(2015) TaxCorp(LJ) 5368 (HC-BOMBAY) · Saction. 263
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HC - Uniformity in treatment is the basis premise of rule of law. The Dept cannot arbitrarily pick and choose which orders of the ITAT should be challenged in the High Court. If ITAT has followed an order which is not challenged by the Dept then an affidavit must be filed explaining the distinguishing features which warrants the different view
CIT. Vs. State Bank Of India
(2015) TaxCorp(LJ) 5367 (HC-BOMBAY)
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