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ITAT - Provision for loss on derivative contracts is an item of expenditure under s. 37(1) as there is an actual contract for sale of merchandise
M/s. Quality Engineering and Software Technologies Pvt. Ltd. Versus Dy. Commissioner of Income Tax, Circle 12(2), Bangalore
(2015) TaxCorp(LJ) 5138 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=39418&Category=ITAT&CategoryType=Zip
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ITAT - Expenditure (like audit fees) required to be incurred irrespective of income cannot be disallowed. Investments in subsidiaries are not to earn dividend income and cannot be considered for disallowance u/s 14A/ Rule 8D
ITO vs. Pioneer Radio Training Services Pvt. Ltd
(2015) TaxCorp(LJ) 5128 (ITAT-DELHI) · Section 14A
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ITAT - The transaction of sale to the AE and credit period allowed in realization of sale proceeds are closely linked as they are inter linked and the terms and conditions of sale as well as the price are determined based on the totality of the transaction and not on individual and separate transaction.
Goldstar Jewellery Limited vs. JCIT
(2015) TaxCorp(LJ) 5127 (ITAT-MUMBAI)
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ITAT - Taxability of stock options allotted outside India by foreign co to NOR employee for services rendered in India considered. assessee having residential status of ‘not ordinarily resident’, only that portion of the stock awards and SOTP attributable to services rendered in India can form part of total income
Anil Bhansali vs. ITO
(2015) TaxCorp(LJ) 5126 (ITAT-HYDERABAD) · Section 5(1)
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ITAT - When the assessee claims that the assessee has paid the management fee to the AE, no doubt the burden is on the assessee to prove that it has received services from its AE. But when the assessee has produced such material before any of the authorities below it is also the duty of the authorities to consider the same before coming to any conclusion on merits.
M/s. Safran Aerospace India Pvt. Ltd. Versus Deputy Commissioner of Income-tax
(2015) TaxCorp(LJ) 5125 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenINTL.aspx?ID=7801&Category=INTLDecisions&CategoryType=Zip
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ITAT - Conditions precedent for allowability of labour charges for repairing of vehicles
The DCIT Patan Circle Patan Versus Gayatri Construction Co.
(2015) TaxCorp(LJ) 5124 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39376&Category=ITAT&CategoryType=Zip
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ITAT - For initiating valid jurisdiction u/s 153C, the date on which exercise is done would be considered as the date of receiving the books of account or document by the AO having jurisdiction over such other person.
Sh. Bhupinder Pal Singh Sarna Versus Asstt. Commissioner of Income Tax, New Delhi
(2015) TaxCorp(LJ) 5123 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39380&Category=ITAT&CategoryType=Zip
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ITAT - As per the provisions of clause (iiiae) of section 10(23C), only those income which are received by a hospital on account of treatment is exempt u/s 10(23C)(iiiae) and not any income received by the said entity
Income Tax Officer-2(2), Lucknow Versus Radha Mohan Mehrotra Medical Relief Trust
(2015) TaxCorp(LJ) 5122 (ITAT-LUCKNOW) · http://taxcorp.in/FileOpenDT.aspx?ID=39381&Category=ITAT&CategoryType=Zip
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ITAT - When undisputedly, there is no cost of acquisition to assessee, the computation provision fails, accordingly, capital gain cannot be computed. No Long Term Capital Gain when assessee executed a release deed of property.
Income-tax Officer, Ward – 4(1) Versus Sri Anthati Bikshapathy
(2015) TaxCorp(LJ) 5121 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39383&Category=ITAT&CategoryType=Zip
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ITAT - On record creditworthiness of donor and genuineness of gift is not proved because the assessee had no direct relationship with the donor and in the absence of any direct relationship, natural love and affection between the donor and donee was not established
Shri Prem Prakash Chaudhary Versus DCIT, CC-23, New Delhi
(2015) TaxCorp(LJ) 5120 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39387&Category=ITAT&CategoryType=Zip
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Hc - It is evident that the assessee had inflated the expenditure by showing higher amount of purchase price through the fictitious invoices in the names of 33 bogus suppliers. Considering the overall factual scenario, the Tribunal was justified in disallowing 25% of the purchase price.
VIJAY PROTEINS LTD. Versus COMMISSIONER OF INCOME TAX
(2015) TaxCorp(LJ) 5119 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=59181&Category=Judgment&CategoryType=Zip
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HC - When the services are rendered partially, revenue is to be shown proportionate to the degree of completion of the service and therefore the assessee was justified in spreading over the amount of membership fee and expenses.
COMMISSIONER OF INCOME TAX Versus WINNER BUSINESS LINK PVT. LTD.
(2015) TaxCorp(LJ) 5118 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=59180&Category=Judgment&CategoryType=Zip
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HC - If the assessment order is to be disturbed, then the Assessing Officer must strictly satisfy the condition precedent as provided under Section 147/148 before he can issue a notice, seeking to reopen an assessment.
GKN Sinter Metals Ltd. (Formerly Mahindra Sintered Products Ltd.) Versus Ms. Ramapriya Raghavan, The Assistant Commissioner of Income Tax Circle 2(1) And Others
(2015) TaxCorp(LJ) 5117 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=59186&Category=Judgment&CategoryType=Zip
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ITAT - Order passed by an officer equal in rank to CIT can only be challenged before ITAT and not before CIT(A)
Raibareilly District Co-operative Bank Ltd vs DIT
(2015) TaxCorp(LJ) 5116 (ITAT-LUCKNOW)
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HC - Unless the assessee knows the precise reasons for the transfer orders u/s 127, he would be handicapped in putting forth his objections effectively and in case the transfer of case is based on extraneous considerations then issuance of show cause notice becomes meaningless and is reduced to an idle formality
Anand Chauhan and Others vs CIT
(2015) TaxCorp(LJ) 5115 (HC-HP) · Section 127
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HC - 'Business exigency' is reasonable cause u/s 273B for purported violation of Sec 269SS/269T for dealing in cash loans. No penalty on short term cash borrowings from friends in emergency
CIT vs. T.Perumal
(2015) TaxCorp(LJ) 5114 (HC-MADRAS)
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ITAT - In order to impose any penalty, it is obligatory on the part of the Officer to indicate specific allegation. Penalty for non-filing of transfer pricing documents cannot be levied in a general manner
ACIT vs. Gillette India Ltd
(2015) TaxCorp(LJ) 5113 (ITAT-JAIPUR) · Section 92D, 271G
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ITAT - Important propositions of law laid down for cancellation of registration u/s 12AA as also for an assessee to be classified as charitable under the residuary category
Delhi & District Cricket Association vs. DIT (E)
(2015) TaxCorp(LJ) 5112 (ITAT-DELHI) · Section 11
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ITAT - It is the real accrual of income that has to be taken into consideration and not a hypothetical accrual of income. The rights would commence in respect of each of the films on different dates and accordingly the assessee has offered the income in subsequent years in respect of advance received for transfer of home video & satellite broadcasting for a period of five years
B. R. Films vs. ACIT
(2015) TaxCorp(LJ) 5111 (ITAT-MUMBAI)
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HC - The sine quo non for action under Section 147 (to deal with escapement of income) is gathering or availability of some “tangible material” requiring the matter to be re-opened. Assessment cannot be reopened in the absence of "fresh material"
Donaldson India Filters Systems Pvt. Ltd vs. DCIT
(2015) TaxCorp(LJ) 5110 (HC-DELHI) · Section 147
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