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ITAT - Section 50C does not come into operation where what is transferred by the assessee is only the leasehold rights in land which were acquired by it from Maharashtra Industrial Development Corporation on a 99 years lease basis
Kancast Pvt. Ltd. vs. ITO
(2015) TaxCorp(LJ) 5222 (ITAT-PUNE) · Section. 50C
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ITAT - Payments were not reimbursement of cost of agent for rendering services to assessee but were in fact payment made to the third party through the agent for the services provided by the third party to assessee, TDS applicable u/s 194C
DCIT. Vs. Kodak India Pvt. Ltd.
(2015) TaxCorp(LJ) 5221 (ITAT-MUMBAI)
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HC - Royalty/technical service fee paid to foreign principals for grant of technology license is allowable u/s 37(1) on the ground of commercial expediency. Commercial expediency means everything that serves to promote trade and commerce and includes every means suitable to that end…includes such expenditure as a prudent man may incur for the purpose of his business
CIT. Vs. Yum Restaurants (I) Pvt. Ltd.
(2015) TaxCorp(LJ) 5220 (HC-DELHI)
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HC - Since transaction of purchase of land was in nature of an adventure in trade, sum received in pursuance of consent decree was liable to tax as business income under section 28(iv) and not as capital gain
Ramesh Babulal Shah v. Commissioner of Income-tax
(2015) TaxCorp(LJ) 5219 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=59305&Category=Judgment&CategoryType=Zip
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HC - Amount received by the assessee in the name of the service charges was meant for the service to be rendered in the second year from the date of sale, advance couldn't be held as income on receipt basis
Commissioner of Income-tax, Meerut v. Sumati Television (P.) Ltd.
(2015) TaxCorp(LJ) 5218 (HC-ALLAHABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=58268&Category=Judgment&CategoryType=Zip
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ITAT - Once exemption is granted u/s 80G there is no need for assessee to make fresh application for renewal as it is perpetuity in nature
Dream & Beauty Charitable Trust v. Commissioner of Income-tax, Circle-I, Ludhiana
(2015) TaxCorp(LJ) 5217 (ITAT-CHANDIGARH) · http://taxcorp.in/FileOpenDT.aspx?ID=39247&Category=ITAT&CategoryType=Zip
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HC - Where due to technical error or clerical mistake while making payment of sales tax, tax is wrongly paid in wrong account, cross adjustment between CST and State tax allowable, no interest leviable for short payment
Hindustan Unilever Limited Vs. Deputy Commissioner, Commercial Taxes
(2015) TaxCorp(LJ) 5211 (HC-CALCUTTA)
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ITAT - AO is directed to calculate interest due to the assessee without reducing the interest u/s 244A, which is part of the refund earlier granted from the refund due
Central Bank of India Versus Deputy Commissioner of Income Tax
(2015) TaxCorp(LJ) 5196 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39566&Category=ITAT&CategoryType=Zip
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ITAT - Renting of terrace for installation of mobile antenna is taxable as income from House Property and deduction of 30% u/s 24(a) is allowed
Manpreet Singh Versus Income Tax Officer
(2015) TaxCorp(LJ) 5195 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39394&Category=ITAT&CategoryType=Zip
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ITAT - For Non deduction of TDS u/s 194J, certificate issued by the CAs would be sufficient compliance for the purpose of taxes paid by the deductees. Not required that Certificate should be given by the statutory auditor.
M/s Genins India TPA Ltd. Versus ACIT (TDS) New Delhi
(2015) TaxCorp(LJ) 5194 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39577&Category=ITAT&CategoryType=Zip
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ITAT - Even after adjusting the loan amount against the sundry debtor, the assessee company is still to receive 2,73,72,010 from its holding company, therefore, interest on such loan cannot be allowed and expenditure claimed by the assessee company on interest is not allowable
Dilli Karigari Ltd., Versus DCIT, Circle-10(1), New Delhi
(2015) TaxCorp(LJ) 5193 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39578&Category=ITAT&CategoryType=Zip
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ITAT - Provision for payment made on behalf of subsidiary company claimed as expense is not allowable as the loss being crystallized on 3.3.1997, the same was in the AY 1997-98 and not during the assessment year under consideration i.e. AY 1998-99
DCIT, Bharuch Circle Bharuch Versus Gujarat Narmada Valley Fertilizers Bharuch
(2015) TaxCorp(LJ) 5192 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39580&Category=ITAT&CategoryType=Zip
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ITAT - Deputed employees if continued to be on pay rolls of overseas entities or they continue to have their lien with jobs with overseas entities and are rendering their services in India, service PE will emerge. It is therefore, held that the seconded employees or deputationist working in India for the Indian entity will constitute a service PE in India. Salary cost of said employees reimbursed by Indian companies was taxable in India in terms of article 7 of Indian USA DTAA
Morgan Stanley International Incorporated v. Deputy Director of Income-tax, (IT) (4) (1)
(2015) TaxCorp(LJ) 5189 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7715&Category=INTLDecisions&CategoryType=Zip
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HC - Since there was no relation between assessee and NRI donors and assessee could not explain giving of huge amount to assessee as gift and execution of gift deed was not in accordance with law, addition u/s 68 is upheld
Aalok Khanna v. Commissioner of Income-tax, Bhopal
(2015) TaxCorp(LJ) 5188 (HC-MP) · http://taxcorp.in/FileOpenDT.aspx?ID=58864&Category=Judgment&CategoryType=Zip
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HC - A notice under section 251(2) must be issued if in assessee's appeal Commissioner (Appeals) wants to fasten additional liability
Y Brahmiah v. Income-tax Officer, Karimnagar
(2015) TaxCorp(LJ) 5187 (HC-AP) · http://taxcorp.in/FileOpenDT.aspx?ID=58097&Category=Judgment&CategoryType=Zip
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ITAT - The additional evidences filed by the assessee is admitted. Since these evidences go to the root of the matter for adjudication of the allowability of corporate cost of allocation expenses, the issue is restored to the file of the Assessing Officer with a direction to give one more opportunity to the assessee to explain his case
Eaton Industries Manufacturing Gmbh v. Deputy Director of Income-tax (International Taxation-I), Pune
(2015) TaxCorp(LJ) 5186 (ITAT-PUNE) · http://taxcorp.in/FileOpenINTL.aspx?ID=7714&Category=INTLDecisions&CategoryType=Zip
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ITAT - Assessee had enough interest free funds in the form of reserves and surplus and there was no relation between the interest expenditure and the dividend income. Therefore, disallowance of interest expenditure, by invoking the provision of section 14A, was uncalled for. Licenses to use softwares which facilitated smooth carrying on of business operation, fee paid for said licenses was revenue expenditure
Deputy Commissioner of Income-tax, Circle 11 (1), New Delhi v. Eicher Motors Ltd.
(2015) TaxCorp(LJ) 5185 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39181&Category=ITAT&CategoryType=Zip
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HC - The issue whether the assessee had held the mutual funds as investment or sold them for earning profits to be taxed as business income is a complex and vexed one. Matter remanded for fresh consideration by Tribunal
Commissioner of Income-tax v. Central News Agency (P.) Ltd.
(2015) TaxCorp(LJ) 5184 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58088&Category=Judgment&CategoryType=Zip
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HC - For the purpose of section 278B, once the offence is shown to have been committed by the company, then the liability of the directors in charge of its affairs is attracted. The burden then shifts to such directors to show that the offence occurred without their knowledge or that they had exercised all due diligence to prevent the commission of such offence.
Income-tax Officer v. Anil Batra
(2015) TaxCorp(LJ) 5183 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58238&Category=Judgment&CategoryType=Zip
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ITAT - Incurring of AMP expenses towards promotion of brand, legally owned by the foreign AE, constitutes a 'transaction' and would attract TP provisions.
Yum Restaurants (India) (P.) Ltd. v. Income-tax Officer, Ward-18 (4), New Delhi
(2015) TaxCorp(LJ) 5182 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39040&Category=ITAT&CategoryType=Zip
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