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ITAT - First time an appeal against a s. 264 revision order has been entertained by the ITAT
Gausia Cold Storage Pvt. Ltd. vs. ACIT
(2015) TaxCorp(LJ) 5089 (ITAT-MUMBAI) · Section. 264
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HC - There has been a change in opinion and consequently no jurisdiction to the AO to reopen the assessment as per Sec 147. Assesse's 'writ' allowed
GKN Sinter Metals Ltd vs. ACIT
(2015) TaxCorp(LJ) 5088 (HC-BOMBAY)
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HC - If the benefit of interest on refund is confined only to cases where an order is passed by the Assessing Officer and a consequent demand is made from the assessee, then it would have the effect of depriving that benefit to a person who has volunteered and filed the return on self assessment
CWT vs Nazim Zacheria
(2015) TaxCorp(LJ) 5087 (HC-KERALA)
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HC - The purpose for which the Special Court was enacted will prevail over other law when in conflict. No TDS default for non-deduction pursuant to special court order
Ethnic Holdings Pvt. Ltd vs. ITO
(2015) TaxCorp(LJ) 5086 (HC-GUJARAT)
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HC - Valuation norms under the Excise Act not relevant for the purpose of allowing u/s 37(1). Hire charges incurred on plastic moulds, though given 'free-of-cost' to contract manufacturers, the same is allowable as hire charges incurred "for the purpose of business"
CIT. Vs. Tupperware India Pvt Ltd.
(2015) TaxCorp(LJ) 5085 (HC-DELHI) · Section. 37(1)
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ITAT - Co-operative bank's contribution to Co-operative Education Fund for AY 2010-11 is an "appropriation and not diversion" as contribution was calculated on profits as on March 2009, thus the liability does not belong to profits of the year. Also there is no payment in the year of losses
A.P. Mahesh Coop. Urban Bank Ltd. vs DCIT
(2015) TaxCorp(LJ) 5084 (ITAT-HYDERABAD)
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HC - For the purpose of computation of long term capital gain, the indexed cost of acquisition has to be computed with reference to the year in which the previous owner first held the asset and not the year in which the assessee became the owner of the asset
CIT. Vs. Gautam Manubhai Amin
(2015) TaxCorp(LJ) 5083 (HC-GUJARAT)
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ITAT - Additions made by the Revenue solely based on the AIR information are not sustainable
M/s. A. F. Ferguson & Co. Vs. JCIT
(2015) TaxCorp(LJ) 5082 (ITAT-MUMBAI)
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ITAT - Section 54F does not prescribe that the residential house should be completed within the prescribed period. Thrust was on investment and not on completion
Smt. Rajneet Sandhu Vs. DCIT
(2015) TaxCorp(LJ) 5081 (ITAT-CHANDIGARH) · Section 54
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HC - Rent received from sub-letting of office premises is chargeable under the head 'business income' hence, eligible for Sec 10A benefit
Subex Limited vs ITO
(2015) TaxCorp(LJ) 5080 (HC-KARNATAKA) · Section 10A(4)
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HC - The depreciation is optional to the assessee and once he chooses not to claim it, the AO cannot allow it while computing the income
DCIT vs Sun Pharmaceuticals Ind Ltd
(2015) TaxCorp(LJ) 5079 (HC-GUJARAT)
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ITAT - Refund of Central Excise Duty under the scheme of the Union Government with regard to North Eastern State are capital receipts
M/s. Liddle Manufacturing Pvt. Ltd. C/o. Jammu Metallic Oxides Pvt. Ltd. Versus The Income Tax Officer
(2015) TaxCorp(LJ) 5078 (ITAT-AMRITSAR) · http://taxcorp.in/FileOpenDT.aspx?ID=39305&Category=ITAT&CategoryType=Zip
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ITAT - Any consideration for installation, commissioning or assembly activities, or supervision services in respect thereof, of a property, which obviously includes a plant, equipment or machinery, cannot be included in fees for included services under the Indo Swiss tax treaty. No TDS u/s 195
Birla Corporation Limited Versus Assistant Commissioner of Income Tax (TDS) Jabalpur
(2015) TaxCorp(LJ) 5077 (ITAT-JABALPUR) · http://taxcorp.in/FileOpenINTL.aspx?ID=7791&Category=INTLDecisions&CategoryType=Zip
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ITAT - Invoking of section 263 by CIT mentioning that no proper enquiry had been made by Assessing Officer when nothing had been brought on record by Commissioner was not justified.
Gopal Narayan Singh v. Deputy Commissioner of Income-tax
(2015) TaxCorp(LJ) 5076 (ITAT-PATNA) · http://taxcorp.in/FileOpenDT.aspx?ID=38009&Category=ITAT&CategoryType=Zip
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ITAT - Interest on account of the delay in payment of the sale price of the goods supplied by the undertaking partook of the same nature and character as the sale consideration. Eligible for sec. 80-IA relief
Assistant Commissioner of Income-tax v. Sun N Sand Hotels (P.) Ltd.
(2015) TaxCorp(LJ) 5075 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=36820&Category=ITAT&CategoryType=Zip
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ITAT - A software product company could not be compared with that of assessee a software services company also companies with high turnover and related party transactions are excludible from lists of comparables for TP study
Agile Software Enterprise (P.) Ltd. v. Income-tax Officer, Ward 11 (1), Bangalore
(2015) TaxCorp(LJ) 5074 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenINTL.aspx?ID=7543&Category=INTLDecisions&CategoryType=Zip
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HC - Assessee could not be made to suffer or account of lapse on part of Assessing officer or any other officer of department
Plasticotes Investments (P.) Ltd. v. Chief Commissioner of Income-tax
(2015) TaxCorp(LJ) 5073 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=57846&Category=Judgment&CategoryType=Zip
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HC - Interest under section 234C was to be calculated based on date of presentation of cheque for payment of tax and not on date of clearing of cheque
Commissioner of Income-tax, Chennai v. REPCO Home Finance Ltd.
(2015) TaxCorp(LJ) 5072 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=58554&Category=Judgment&CategoryType=Zip
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HC - There is no non-disclosure as the assessee-Australian company had made it clear in the computation that the rate of tax applicable was 15 per cent in view of the article 11(2). No reassessment on the ground that tax was to be levied at rate of 40 per cent.
Standard Chartered Grindlays (P.) Ltd. v. Deputy Director of Income-tax (International Taxation), Circle 2(2), New Delhi
(2015) TaxCorp(LJ) 5071 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58511&Category=Judgment&CategoryType=Zip
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ITAT - Security deposit received from lessee cannot be treated as 'debt owed' under section 2(m), hence loan taken to repay such deposit not deductible as 'debt owed' for computing net worth
S.T. Holding (P.) Ltd. v. Assistant Commissioner of Wealth Tax- 8 (3), Mumbai
(2015) TaxCorp(LJ) 5070 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39308&Category=ITAT&CategoryType=Zip
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