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ITAT - When registration under section 12A was not available with the assessee for the impugned assessment year, benefit of exemption under section 11 cannot be given to the assessee
Awadh Public School Academy Versus Income Tax Officer
(2015) TaxCorp(LJ) 5364 (ITAT-LUCKNOW) · http://taxcorp.in/FileOpenDT.aspx?ID=39678&Category=ITAT&CategoryType=Zip
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ITAT - The activities are meant for general public utility, i.e. whoever wants to advance his/her qualifications in the banking industry and eligible for deduction u/s 11
The Indian Institute of Banking & Finance Versus DDIT(Exemption) - Range II(1), Mumbai
(2015) TaxCorp(LJ) 5363 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39680&Category=ITAT&CategoryType=Zip
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ITAT - Since the society is eligible for exemption u/s 11 and 12 of the Act, the necessary corollary is that treatment of heads of income become irrelevant.
Help, C/o Vinod Kumar Bindal And Co. Versus ADIT (E), Trust Circle-Ii, New Delhi
(2015) TaxCorp(LJ) 5362 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39681&Category=ITAT&CategoryType=Zip
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ITAT - A flat which is newly constructed by a builder on behalf of the assessee is in no way different from a house constructed. Section 54F being a beneficial provision has to be interpreted so as to give the benefit of residential unit viz., flat instead of house
Sri Pradeep Kumar Chowdhry, Hyderabad Versus The Deputy CIT Circle-1(1) Hyderabad
(2015) TaxCorp(LJ) 5361 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39682&Category=ITAT&CategoryType=Zip
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ITAT - Capacity Sales Agreement not taxable as royalties u/s 9(1)(vi)
M/s. Flag Telecom Group Limited Versus DCIT Cir-2(1) and Asst. DIT (IT) -1(1) Mumbia
(2015) TaxCorp(LJ) 5360 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39646&Category=ITAT&CategoryType=Zip
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HC - Doctors drawing variable pay with or without contract and doctors drawing fixed plus variable pay; TDS applicable u/s 194J and not u/s 192
The Commissioner of Income Tax (TDS), Pune Versus Grant Medical Foundation (RUBY Hall Clinic)
(2015) TaxCorp(LJ) 5359 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=60380&Category=Judgment&CategoryType=Zip
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HC - Royalty u/s 9(1)(vi) - Lump-sum payments are covered under the term ‘royalty’. The agreement postulated grant of permission to use or right to use intellectual property rights or know how and it is not a case of outright sale
HCL LIMITED Versus THE COMMISSIONER OF INCOME TAX NEW DELHI
(2015) TaxCorp(LJ) 5358 (HC-DELHI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7865&Category=INTLDecisions&CategoryType=Zip
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ITAT - Flat purchased by the assessee in the name of his wife out of the sale consideration of flat in the name of the assessee should be considered as allowable deduction u/s.54(2)
Shirish Vinayak Godbole Vs. ITO
(2015) TaxCorp(LJ) 5353 (ITAT-PUNE) · Section 54
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HC - The contribution made by the respective persons was treated as a loan and the explanation that they were to be made partners later was not accepted. Thus, penalty Imposable on cash loan from person other than partners
M/s. Soundarya Textiles Vs. The Assistant Commissioner Of Income Tax
(2015) TaxCorp(LJ) 5352 (HC-KERALA)
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ITAT - Repair and maintenance expenses of a rented premises taken on lease for five year is capital expenditure
Vardhman Developers Ltd. vs. ITO
(2015) TaxCorp(LJ) 5351 (ITAT-MUMBAI)
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HC - The partner to whom property was sold has admitted the receipts of Rs.65 lakhs, coupled with the fact that the market value was Rs.62.38 lakhs, addition upheld on firm.
Sri Saleswara Industries Mahajanahalli v. Income-tax Officer, Ward-3, Davangere
(2015) TaxCorp(LJ) 5345 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=58917&Category=Judgment&CategoryType=Zip
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ITAT - AO is precluded from making a reference to the TPO u/s 92CA(1) of the Act for the purposes of computing arm's length price in relation to the international transaction when no assessment proceedings are pending in relation to the relevant assessment year. Since there was no assessment proceedings pending, reference to TPO was invalid, and consequently the subsequent order passed by the TPO was a nullity in law and void ab initio. Reopening also not valid.
Maximize Learning Private Limited vs. ACIT
(2015) TaxCorp(LJ) 5333 (ITAT-PUNE)
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AAR - Assessee which is a project engineering company, is entitled to exemption u/s 10B on plant installation project executed outside India.
CIT vs AAR ESS EXIM Pvt Ltd
(2015) TaxCorp(LJ) 5332 (HC-DELHI) · Section 10B
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HC - Lumpsum payment by assessee to a foreign company under the “Technology Transfer and Technical Assistance Agreement” for 5 yrs., is “Royalty" as rights not fully alienated
HCL Limited vs. The CIT
(2015) TaxCorp(LJ) 5331 (HC-DELHI)
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ITAT - Interest on indirect taxes takes the shape of taxes and are allowable under the provisions of the Act
Silicon Graphics Systems (I), Pvt. Ltd. Versus DCIT, Circle 8(1), New Delhi
(2015) TaxCorp(LJ) 5330 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=38919&Category=ITAT&CategoryType=Zip
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ITAT - Notices were sent on the wrong address of the assessee, despite this fact that the new address was very much available on the record of the Assessing Officer on which earlier notices u/s 143(2) were sent by the same AO and assessment u/s 143(3), thus reassessment framed u/s 147 r.w.s. 143(3) of the Act will be null and void
DCIT, Circle 15(1), New Delhi Versus M/s Reliable Securities Ltd.
(2015) TaxCorp(LJ) 5329 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39267&Category=ITAT&CategoryType=Zip
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HC - Jobbing and arbitrage - Section 73 has no application to a contract entered into by a member of the NSE or Bangalore Stock Exchange, whose business is in trading of shares on behalf of his clients, which is known as jobbing or arbitrage. Any loss which may arise in the course of such business, shall not be deemed to be a speculative transaction.
THE COMMISSIONER OF INCOME-TAX AND THE ASSISTANT COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE-1(4) BANGALORE Versus M/s. FIRST SECURITIES PVT. LTD.
(2015) TaxCorp(LJ) 5327 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=59096&Category=Judgment&CategoryType=Zip
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HC - Since the Assessing Officer did not identify the loanee or depositor and has simply invoked the provisions in relation to an internal financial adjustment among the firms, no penalty u/s 271E
GURURAJ MINI ROLLER FLOUR MILLS Versus ADDITIONAL COMMISSIONER OF INCOME-TAX
(2015) TaxCorp(LJ) 5326 (HC-AP) · http://taxcorp.in/FileOpenDT.aspx?ID=59094&Category=Judgment&CategoryType=Zip
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HC - One of the functions to be performed by the assessee was to incur the advertisement and promotion expenditure, then the expenditure incurred for the said purpose should be allowed under section 37(1) as incurred wholly and exclusively.
COMMISSIONER OF INCOME TAX Versus DISCOVERY COMMUNICATION INDIA
(2015) TaxCorp(LJ) 5325 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=59095&Category=Judgment&CategoryType=Zip
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ITAT - The adjustment if counted only on international transactions of the assessee with its AE, then ALP would fall within safe harbour of +/- 5 per cent and no adjustment would be called for
Smt. Dina Sudhir Shah v. Assistant Commissioner of Income-tax, 16 (13), Mumbai
(2015) TaxCorp(LJ) 5318 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39645&Category=ITAT&CategoryType=Zip
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