-
ITAT - The AO cannot step into the shoe of the businessman as to how much the businessman has to earn profit out of the same transaction
M/s. BBF Industries Ltd. (Formerly Known As Bharat Box Factory Ltd.) Versus The JCIT (OSD), Circle-1, Ludhiana
(2014) TaxCorp(LJ) 4869 (ITAT-CHANDIGARH) · http://taxcorp.in/FileOpenDT.aspx?ID=39153&Category=ITAT&CategoryType=Zip
-
HC - Inquiry was not carried forward by AO u/s 68 with a view to discharge the initial or basic onus to find out genuineness of transaction in shares; addition deleted
Commissioner of Income Tax-13 Versus Mr. Shyam R. Pawar
(2014) TaxCorp(LJ) 4868 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=58976&Category=Judgment&CategoryType=Zip
-
HC - Retrospective amendment to be considered for revision u/s 264 as Commissioner is not only entitled but is duty bound to correct the assessment in revision u/s 264
Kalpesh M. Nagda Versus The Commissioner of Income Tax-24 And Another
(2014) TaxCorp(LJ) 4867 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=58978&Category=Judgment&CategoryType=Zip
-
Delhi VAT : Sale of used cars not subject to VAT
Anand Decors Vs. Commissioner Of Trade And Taxes
(2014) TaxCorp(LJ) 4866 (HC-DELHI)
-
ITAT - Depreciation available on civil structure and the electric fitting of windmill as these are part and parcel of the windmill and cannot be separated from the same
The ACIT Circle-6, Ahmedabad Versus M/s. Maharshi Udyog
(2014) TaxCorp(LJ) 4865 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39132&Category=ITAT&CategoryType=Zip
-
ITAT - The payment or credit to other trust is prohibited by Explanation to section 11(2) and section 11(3)(d) was not considered by both the authorities below. Matter remanded
ITO, Wd. 1 Thiruvalla Versus M/s. Believers Church India
(2014) TaxCorp(LJ) 4864 (ITAT-COCHIN) · http://taxcorp.in/FileOpenDT.aspx?ID=39133&Category=ITAT&CategoryType=Zip
-
ITAT - Merely variation in the rate of interest cannot be the reasons for making the disallowance u/s 40A(2)(b)
The Asstt. Commissioner of Income Tax Versus M/s. HH. Patel & Company
(2014) TaxCorp(LJ) 4863 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=39134&Category=ITAT&CategoryType=Zip
-
ITAT - Mere selling of goods at low margin cannot be made the reason for rejection of books of accounts when no defect was pointed by the AO
Yes Power and Infrastructure Pvt. Ltd. (formerly Yamuna Engineers and Suppliers Limited) Versus Income Tax Officer
(2014) TaxCorp(LJ) 4862 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39137&Category=ITAT&CategoryType=Zip
-
ITAT - While determining Arm’s Length Price on international transactions, there is no justification for allowing adjustment for the rupee depreciation, i.e. foreign exchange transaction loss adjustment not to be granted
M/s. NSK India Sales Company Private Limited Versus The Assistant Commissioner of Income-tax, Company Circle-IV(4), Chennai.
(2014) TaxCorp(LJ) 4861 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39037&Category=ITAT&CategoryType=Zip
-
ITAT - Expenses incurred prior to setting up of Plant and machinery are capital in nature and cannot be allowed
M/s Essar Steel Limited Versus ADCIT-5(1), Mumbai-400 020
(2014) TaxCorp(LJ) 4860 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=38129&Category=ITAT&CategoryType=Zip
-
ITAT - The moment the owners have handed over the possession to the developer a right to receive the developed area would accrue to the owners. It is a consideration in kind, which has a value, which can be worked out
Income Tax Officer Versus Sri. NS. Nagaraj, Kodandarama Nilaya
(2014) TaxCorp(LJ) 4859 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=39020&Category=ITAT&CategoryType=Zip
-
ITAT - Currency swap arrangement with the Bank to reduce the burden of the interest cost, assessee has not made any excess claim on account of interest
Dy. Commissioner of Income Tax, Circle 12(2), Bangalore. Versus M/s. Prestige Garden Constructions Pvt. Ltd.,
(2014) TaxCorp(LJ) 4858 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=39097&Category=ITAT&CategoryType=Zip
-
ITAT - A company cannot be selected as a comparable not only on the reason of failing employee cost filter, but also due to amalgamation during the year, which has changed the business model of the company
M/s. Ameriprise India Pvt. Ltd. Versus DCIT, Circle-1(1), New Delhi
(2014) TaxCorp(LJ) 4857 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39139&Category=ITAT&CategoryType=Zip
-
ITAT - When the provisions of sec. 271D/269SS do not make any distinction whether a transaction is genuine or not, it cannot be read into the statutory provisions; obtaining of cash loans attracts penalty u/s 271D
Smt. B. Madhavi, Hyderabad Versus Jt. Commissioner of Income tax
(2014) TaxCorp(LJ) 4856 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39141&Category=ITAT&CategoryType=Zip
-
ITAT - Since owner was responsible for running cost, maintenance, driver cost and other incidental charges like accident etc., it is not a case of renting of plant and machinery; TDS to be deducted u/s 194C
The Regional Manager, UPSRTC (Ghaziabad Depot) Versus Dy. Commissioner of Income Tax (TDS)
(2014) TaxCorp(LJ) 4855 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39142&Category=ITAT&CategoryType=Zip
-
ITAT - Advance given for purchase of capital assets are not allowable as bad debts/business loss
The Hindustan Times Ltd. Versus DCIT, Circle-16(1), New Delhi
(2014) TaxCorp(LJ) 4854 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39131&Category=ITAT&CategoryType=Zip
-
ITAT - As per Section 80IB, deduction is allowable in respect of income derived from the eligible housing project, thus statutorily allowable deduction to the assessee cannot be denied
M/s. Nilkanth Developers Versus The Income Tax Officer
(2014) TaxCorp(LJ) 4853 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39144&Category=ITAT&CategoryType=Zip
-
HC - In the absence of the notice being served within the stipulated period under section 143 (2), the assessment proceeding comes to an end and is deemed to have become final
Commissioner of Income Tax Versus Smt. Meenakshi Devi
(2014) TaxCorp(LJ) 4852 (HC-ALLAHABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=58958&Category=Judgment&CategoryType=Zip
-
Hc - Effect of amendment u/s 40A(3) w.e.f. 1.4.2009. The amendment is applicable w.e.f. 1st April, 2009 not prior to that
Commissioner of Income Tax-XIII Versus Hitesh Bansal
(2014) TaxCorp(LJ) 4851 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58964&Category=Judgment&CategoryType=Zip
-
ITAT - Employee secondment by assessee to its India subsidiary creates service PE. Any cost incurred has to be allowed as deduction. Since salary is a cost to the assessee the same is to be allowed
Morgan Stanley International Incorporated vs DDIT
(2014) TaxCorp(LJ) 4850 (ITAT-MUMBAI)
Headnote lines are open to everyone. The full headnote and the judgment text open with a subscription — see plans or sign in.