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ITAT - Law on making adjustments for 'risk' and 'location savings' explained
Watson Pharma Pvt. Ltd. Vs. DCIT
(2015) TaxCorp(LJ) 5048 (ITAT-MUMBAI)
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ITAT - Registration of the transfer in accordance with the agreement to sale cannot be termed as the “date of transfer” as envisaged by Section 50C. The consideration has to be determined on the basis of the circle-rate prevailing on the date of execution of sale deed and not on the basis of the circle-rate prevailing on the date of registration of the sale deed
ITO. Vs. Modipon Ltd.
(2015) TaxCorp(LJ) 5047 (ITAT-DELHI) · Section. 50C
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ITAT - Judgement of a non-jurisdictional High Court has to be preferred over the judgement of a Special Bench of the ITAT. In the absence of exempt income, s. 14A disallowance cannot be added to s. 115JB book profits even if assessee has accepted s. 14A disallowance in the normal computation
Minda Sai Limited Vs. ITO
(2015) TaxCorp(LJ) 5046 (ITAT-DELHI) · Sections. 32(2), 14A, 115JB
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ITAT - Assessee was bound to deduct TDS u/s 195(1) in respect of usance charges paid by the Assessee on import of raw material from countries outside India and failure to do so entails disallowance u/s 40(a)(i)
ACIT. Vs. Indian Furniture Products Limited
(2015) TaxCorp(LJ) 5045 (ITAT-PANAJI) · Sections. 40(a)(i), (2)(b)
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ITAT - Rent from mobile companies for use of terrace to install antennas is chargeable as 'income from house property' and not from 'other sources'. As long as the rent is for the space, terrace and roof space in this case and which space is certainly a part of the building, the rent can only be taxed as 'income from house property''
Manpreet Singh Vs. ITO
(2015) TaxCorp(LJ) 5044 (ITAT-DELHI)
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ITAT - Explanations of assessee were full of discrepancies and contradictions and unsubstantiated, additions under sec. 68 is upheld as assessee didn’t prove that funds were arranged by broker for share transactions
Dhanraj Mills (P.) ltd. v. Assistant Commissioner of Income-tax, Central -3, Mumbai
(2015) TaxCorp(LJ) 5043 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39285&Category=ITAT&CategoryType=Zip
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HC - A notice under section 133(6) can be issued to seek information from credit co-operative society
Kodur Service Co-Operative Bank Ltd. v. Director of Income-tax (Intelligence)
(2015) TaxCorp(LJ) 5042 (HC-KERALA) · http://taxcorp.in/FileOpenDT.aspx?ID=58132&Category=Judgment&CategoryType=Zip
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ITAT - MRP is a legal fiction created for purpose of section 4A of Excise Act read with section 3 of Customs Act and relevant provisions of Standard Weights and Measure Act and has no application under Income Tax Act to impugned transaction to make TP addition
Tianjin Tianshi Biological Development Company Ltd. v. Deputy Commissioner of Income-tax, Circle-2(2), International Taxation, New Delhi
(2015) TaxCorp(LJ) 5041 (ITAT-DELHI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7686&Category=INTLDecisions&CategoryType=Zip
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HC - There is nothing under section 80-IB(10) requiring that ownership of the land must vest in the developer to be able to qualify for such deduction
Commissioner of Income-tax- IV v. Vishal Developers
(2015) TaxCorp(LJ) 5040 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=58839&Category=Judgment&CategoryType=Zip
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HC - As an individual could be a nominal member both of a federal society and a co-operative society and if a federal society extends credit facilities to such nominal members, the income derived from such business falls within sub-section 2(a)(i) of section 80P
Commissioner of Income-tax, Bangalore v. Karnataka State Co-Operative Housing Federation Ltd.
(2015) TaxCorp(LJ) 5039 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=59086&Category=Judgment&CategoryType=Zip
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ITAT - Assessee's case was selected for scrutiny after period prescribed as per CBDT Instruction No. 10 of 2004, dated 20-9-2004, scrutiny assessment was held to be invalid.
Vishal Madnani v. Income-tax Officer
(2015) TaxCorp(LJ) 5038 (ITAT-LUCKNOW) · http://taxcorp.in/FileOpenDT.aspx?ID=38461&Category=ITAT&CategoryType=Zip
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ITAT - Since assessee had not been afforded an effective opportunity to substantiate its computation of royalty expenditure and satisfy authorities that payment of royalty to associate enterprise was at arm's length, matter required readjudication.
Munjal Showa Ltd. v. Assistant Commissioner of Income-tax, Range-5, New Delhi
(2015) TaxCorp(LJ) 5037 (ITAT-DELHI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7778&Category=INTLDecisions&CategoryType=Zip
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ITAT - Even though prescribed authority did not submit form No. 3CL for granting approval under section 35(2AB) in time to income-tax department, Assessee could not be denied deduction under section 35(2AB)
Deputy Commissioner of Income-tax- 2(1) v. Famy Care Ltd.
(2015) TaxCorp(LJ) 5036 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39284&Category=ITAT&CategoryType=Zip
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HC - The entitlement of an assessee to a deduction depends on the relevant provision of law and not on the manner of accounting followed by the assessee. No disallowance under sec. 43B on unpaid differential price of sugarcane as there was no clear and ascertained legal liability till the date that the Supreme court upheld the notification.
Commissioner of Income-tax (LTU) v. Dalmia Bharat Sugar & Industries Ltd.
(2015) TaxCorp(LJ) 5035 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=59085&Category=Judgment&CategoryType=Zip
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ITAT - The assessee has disclosed all relevant details as well as documents in support of its computation of Short term Capital Gain by taking into consideration the actual sale consideration received by the assessee. Consequently penalty u/s 271(1)(c) cannot be levied even if s. 50C is applicable
ACIT. Vs. Sunland Metal Recycling
(2015) TaxCorp(LJ) 5034 (ITAT-MUMBAI) · Sections. 50C, 271(1)(c)
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ITAT - Amounts received under a Power of Attorney for making investments cannot be treated as income in the hands of the recipient
Sannidhi C. Patel Vs. ITO
(2015) TaxCorp(LJ) 5033 (ITAT-MUMBAI) · Section. 56(2)(vi)
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ITAT - High Court verdict in Hindustan Organics Chemicals 270 CTR 478 (Bom) decides that employees' contribution to PF is eligible for s. 43B even though that was not the issue before it. It also does not refer to any judicial precedents. Also, the Question framed by the dept and its representation before the High Court leaves much to be desired. However, the judgement is binding and has to be followed
ITO. vs. Indore Steel and Iron Mills Ltd.
(2015) TaxCorp(LJ) 5032 (ITAT-MUMBAI) · Sections. 43B, 36(1)(va), 43B
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ITAT - It cannot be accepted that a bald statement made by the AO that any transaction/business done with a party would be sham, simply because the opposite party besides doing regular business was also indulging in providing accommodation entries. Simply on the basis of statement given by the third party, that they were also providing accommodation entries as well, the conduct of the assessee cannot be doubted and held to be sham.
ACIT. Vs. M/s. G V Sons
(2015) TaxCorp(LJ) 5031 (ITAT-MUMBAI)
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ITAT = Additions made solely on the basis of AIR information are not sustainable in law. The AO has to prove that assessee has received income from a particular source. The assessee cannot be expected to prove the negative
M/s. ANS Law Associates Vs. ACIT
(2015) TaxCorp(LJ) 5030 (ITAT-MUMBAI)
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ITAT - Sectoin 54F being a benevolent provision, advance payments to builder for construction of residential flat till completion of '3 years' from original property sale would be eligible for exemption u/s 54F
Pradeep Kumar Chowdhry vs DCIT
(2015) TaxCorp(LJ) 5029 (ITAT-HYDERABAD) · Section 54F
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