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HC - Even if service tax is paid prior to Show Cause Notice, still the penalty shall be leviable u/s 76/78, 77 of Finance Act’94
K. Madhav Kamath Brother & Co. v. Asst. Comm. of Central Excise
(2014) TaxCorp(LJ) 4892 (HC-KARNATAKA)
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ITAT - Unless the decision of Marilyn Shipping & Transport is reversed by the Court, it is binding on all the benches of the Tribunal. Judicial discipline mandates that the decision of the special bench has to be followed by other benches
Income Tax Officer Vs. Smt. Zeenat N. Shaik
(2014) TaxCorp(LJ) 4891 (ITAT-MUMBAI)
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ITAT - Rejection of books of account and estimation of profit cannot be made without pointing out the defects
ITO. Vs. M/s Royal Health Care Pvt. Ltd.
(2014) TaxCorp(LJ) 4890 (ITAT-MUMBAI)
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ITAT - Assessee is entitled to carry forward the unabsorbed depreciation u/s 32(2) without any reference to section 57. Set off of unabsorbed depreciation against the rental income treated as income from other sources from discontinued activity is allowed.
M/s. Ongole Educational Academy (P) Ltd. Versus Income Tax Officer
(2014) TaxCorp(LJ) 4886 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39157&Category=ITAT&CategoryType=Zip
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ITAT - The payment made by assessee to the producers for acquiring satellite rights is towards outright sale, distribution or exhibition of cinematographic films, which are specifically excluded under clause (v) of Explanation 2 from being treated as consideration paid towards royalty. The payments are outside the purview of section 194J
Asst. Commissioner of Income tax Versus M/s. Aishwaraya Arts Creations P. Ltd.
(2014) TaxCorp(LJ) 4885 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39161&Category=ITAT&CategoryType=Zip
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HC - When loss shown by the assessee is not supported by a cogent documentary evidence, in the absence of such supporting material, loss is to be estimated
GUJARAT HEAVY CHEMICALS LTD. Versus DY. CIT
(2014) TaxCorp(LJ) 4884 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=58988&Category=Judgment&CategoryType=Zip
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HC - For the purpose of interest u/s 234B and 234C, “assessed tax“ is defined to mean the tax assessed on regular assessment which means the tax determined on the application of Section 115J/115JA in the regular assessment
ACIT Versus GUJARAT STEEL TUBES LTD.
(2014) TaxCorp(LJ) 4883 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=58961&Category=Judgment&CategoryType=Zip
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HC - Cinecasting/distribution of movies would be outside the purview of section 194C requiring tax deduction at source since no work is carried out by the distributor
COMMISSIONER OF INCOME TAX Versus CITY GOLD ENTERTAINMENT PVT. LTD.
(2014) TaxCorp(LJ) 4882 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=58989&Category=Judgment&CategoryType=Zip
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ITAT - 'Depository charges' paid to Stock Exchange in the absence of the amount 'payable' at year end does not attract provisions of Sec 40(a)(ia)
Arcadia Share & Stock Brokers Pvt. Ltd. Vs. DCIT
(2014) TaxCorp(LJ) 4881 (ITAT-MUMBAI) · Section. 40(a)(ia)
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HC - 'Advance' given by a closely held company to its sister concerns and substantial shareholder does not fall within ambit of deemed dividend u/s 2(22)(e) if such a payment is made firstly not out of accumulated profits and secondly even if it is out of accumulated profits, but as trade advance as a consideration for the goods received or for purchase of a capital asset which indirectly would benefit the company advancing the loan, such advance cannot be brought within the word 'advance' used in the aforesaid provision
Bagmane Constructions Pvt. Ltd. vs CIT
(2014) TaxCorp(LJ) 4880 (HC-KARNATAKA)
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ITAT - Since Commissioner (Appeals) had given relief to assessee by admitting and relying on additional evidence which was not before Assessing Officer, matter was to be restored back to file of Assessing Officer for fresh adjudication as per law
Director of Income-tax (Exemption) v. Shree Nirman Foundation Charitable Trust
(2014) TaxCorp(LJ) 4879 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=38066&Category=ITAT&CategoryType=Zip
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HC - Provision for revised power tariff could not be granted when it was neither stated that amount was paid to electricity supplier or that liability had been acknowledged. Simply stating that there was dispute between assessee and electricity supplier company regarding revised power tariff is not enough
Coromandal Cements Ltd. v. Commissioner of Income-tax
(2014) TaxCorp(LJ) 4878 (HC-AP) · http://taxcorp.in/FileOpenDT.aspx?ID=58137&Category=Judgment&CategoryType=Zip
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HC - Whenever an amount deducted as tax at source becomes incapable of being adjusted or counted towards tax payable, it acquires the character of income. In such an event, it partakes the character of any other income. No TDS credit will be available in case assessee had not offered corresponding income to tax in relevant year
Y. Rathiesh v. Commissioner of Income-tax-I, Vishakhapatnam
(2014) TaxCorp(LJ) 4877 (HC-AP) · http://taxcorp.in/FileOpenDT.aspx?ID=58004&Category=Judgment&CategoryType=Zip
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HC - Premature redemption premium can neither be treated as capital expenditure nor can it be spread over the period for which the debentures were issued as the contract between assessee and debenture holders came to an end
CIT vs Grindwell Norton Ltd.
(2014) TaxCorp(LJ) 4876 (HC-BOMBAY)
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HC - Delay should not be condoned only because the Revenue or the Government Department will be affected. Delay occurred essentially because the officers in the Department have not been vigilant and careful. Delay condoned only on Revenue assurance that Departmental affairs improving.
CIT vs Goldgerg Finance Pvt. Ltd.
(2014) TaxCorp(LJ) 4875 (HC-BOMBAY)
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HC - The purpose and objective behind sub-section (6) to Section 32A is to facilitate reconstruction and amalgamation and not to obstruct genuine transactions of such nature. Investment allowance benefit u/s 32A available in case of amalgamation
CIT vs. DCM Ltd
(2014) TaxCorp(LJ) 4874 (HC-DELHI) · Section 32A
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ITAT - Setting off carry forward business losses now depends on the finality of the addition made by Assessing Officer u/s 14A. The allowability of setting off the carry forward business losses depends upon the total income as per the outcome of the appeal
M/s. Ravian International (P) Ltd. (Now merged with M/s. Phulchand Exports (P) Ltd.) Versus Income Tax Officer
(2014) TaxCorp(LJ) 4873 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39146&Category=ITAT&CategoryType=Zip
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ITAT - Even if the arm’s length interest adopted as 5.71% which is LIBOR + 2.5%, the assessee’s interest charged to the AE at the rate of 10% is more than the arm’s length interest rate and accordingly no adjustment on account of arm’s length of interest is warranted
VIP. Industries Ltd. Versus Addl. Commissioner of Income Tax
(2014) TaxCorp(LJ) 4872 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39147&Category=ITAT&CategoryType=Zip
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ITAT - Amount waived by the lender bank is not an income u/s 2(24) and further Section 28 also does not include amount of loan waive by the lender u/s 41 cannot apply to this receipt in respect of this amount
DCIT Circle-5, Ahmedabad Versus Core Healthcare Ltd.
(2014) TaxCorp(LJ) 4871 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39149&Category=ITAT&CategoryType=Zip
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ITAT - Assessee is a distinct and separate legal/juristic entity and funds of the assessee also belong to assessee, income of A.P. Pollution Control Board has to be considered as income/receipt of the board and not of the state govt
AP. Pollution Control Board, Hyderabad Versus Dy. Director of Income-tax (E)
(2014) TaxCorp(LJ) 4870 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39152&Category=ITAT&CategoryType=Zip
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