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S. 40(a)(ia): Merilyn Shipping 146 TTJ 1 (Vizag) has binding effect in view of the SLP dismissal & the clarification in Janapriya Engineers (AP HC) and so amounts already paid during the year cannot be disallowed
Arcadia Share & Stock Brokers Pvt. Ltd vs. DCIT
(2014) TaxCorp(LJ) 4829 (ITAT-MUMBAI) · Section 40(a)(ia)
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ITAT - Mere rejection of application u/s 10(23C)(via) cannot be the basis to reject the claim of exemption u/s. 10(23C)(iiib)
Senate of Serampore College Versus Joint Commissioner of Income-tax (OSD), Circle-2, Hooghly
(2014) TaxCorp(LJ) 4828 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=39098&Category=ITAT&CategoryType=Zip
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ITAT - Income earned by the assessee from growing of mushrooms cannot be treated as agricultural income
CHANDER MOHAN Versus ITO. WARD 4 YAMUNANAGAR
(2014) TaxCorp(LJ) 4827 (ITAT-CHANDIGARH) · http://taxcorp.in/FileOpenDT.aspx?ID=39030&Category=ITAT&CategoryType=Zip
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ITAT - Seized paper indicates assessee was receiving on-money in the ordinary course of its business. Even the unaccounted expenditures are also reflected in the seized papers. A reasonable profit should be taxed which is embedded in the total unaccounted gross receipts
M/s. Platinum Properties Versus The DCIT, Central Circle-1, Mumbai
(2014) TaxCorp(LJ) 4826 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39072&Category=ITAT&CategoryType=Zip
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ITAT - Sec. 2(22)(e) covers only those transactions which benefit the shareholder alone and results in no benefit to the company. The loan account differs from current account and the provisions of section 2(22)(e), being a deeming section, cannot be applied to current account
Mr. Purushottam Das Mimani Versus Dy. Commissioner of Income Tax, Central Circle-V Kolkata
(2014) TaxCorp(LJ) 4825 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=39071&Category=ITAT&CategoryType=Zip
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ITAT - Most appropriate method for determining the ALP of the royalty - Transfer of intangibles - matter remitted back to the AO/TPO for determination of ALP of royalty by adopting TNMM
M/s. Toyota Kirloskar Auto Parts Pvt. Ltd. Versus Asst. Commissioner of Income-tax
(2014) TaxCorp(LJ) 4824 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=39031&Category=ITAT&CategoryType=Zip
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ITAT - if the method of accounting followed by the assessee is in contravention to the notified accounting standards, the provisions of Sec. 145 will prevail. As there is no doubt that the assessee has been consistently following accounting standard-7, the method followed by the assessee has to be accepted
M/s. International Metro Civi l Contractors Versus The ACIT
(2014) TaxCorp(LJ) 4823 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7516&Category=INTLDecisions&CategoryType=Zip
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HC - A single transaction may constitute a speculative business so as to be treated differently from other business under section 28
KANUBHAI A. PATEL Versus ACIT
(2014) TaxCorp(LJ) 4822 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=58925&Category=Judgment&CategoryType=Zip
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HC - Brokerage paid to mobilize public deposit would be revenue expenditure, if the said money is utilized for working capital
Commissioner of Income-tax v. Karnataka Power Corporation Ltd
(2014) TaxCorp(LJ) 4821 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=58934&Category=Judgment&CategoryType=Zip
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HC - In view of the fact that petitioner does not dispute about deposits held by it on behalf of the assessee and the same being payable by the petitioner to the assessee and non-compliance of the demand notice raised by the Department under section 226(3), Department have rightly held that petitioner is to be treated as an assessee in default.
Shree Aashraya Souhard Credit Society Ltd. v. Assistant Commissioner of Income-tax
(2014) TaxCorp(LJ) 4820 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=57571&Category=Judgment&CategoryType=Zip
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HC - Since assessee proved identity of creditor and capacity to pay and that payment was made through banking channel, no addition could be made on account of unsecured loan
Commissioner of Income-tax, Ahmedabad – IV v. Sachitel Communications (P.) Ltd
(2014) TaxCorp(LJ) 4819 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=58935&Category=Judgment&CategoryType=Zip
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HC - Warning to Department against filing appeal on covered matters. This would result in frustrating the entrepreneurs and defeating the purpose of setting up new industries and particularly in backward areas.
CIT. Vs. Kirloskar Oil Engines Ltd.
(2014) TaxCorp(LJ) 4818 (HC-BOMBAY)
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HC - If the Tribunal accepts that a mistake has crept in the order, interests of justice is served if the entire order is recalled (suo moto by the ITAT) & appeal re-heard. Appeals should not be disposed off in “light hearted” and “casual manner”
State Bank of India vs. DCIT
(2014) TaxCorp(LJ) 4817 (HC-BOMBAY) · Section 254(2)
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HC - Special Bench verdict In Merilyn Shipping is binding on the ITAT due to judicial discipline even though verdict has been stayed by the High Court. Principle of judicial discipline applicable.
CIT vs. Janapriya Engineers Syndicate
(2014) TaxCorp(LJ) 4816 (HC-AP) · Section 40(a)(ia)
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HC - Transfer Fees received by Co-operative Housing Society from incoming & outgoing members (even in excess of limits) is exempt on the ground of mutuality
CIT vs. Darbhanga Mansion CHS Ltd
(2014) TaxCorp(LJ) 4815 (HC-BOMBAY)
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ITAT - No TDS u/s 194C or 194J on freight, seal wire, warehouse charges paid by CHA on reimbursement basis on behalf of its client
ITO vs. Universal Traffic Co
(2014) TaxCorp(LJ) 4814 (ITAT-MUMBAI)
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ITAT - There cannot be a cut off date for expenditure if it has been incurred for business and is not recovered from the purchaser of business and cannot be disallowed on proportionate and estimate basis
DLF Estate Developers Vs ACIT
(2014) TaxCorp(LJ) 4813 (ITAT-DELHI)
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ITAT - Whenever the application under Section 197 is made, the same should be disposed of expeditiously
DHARAMSHILA CANCER FOUNDATION AND RESEARCH CENTRE vs. CIT
(2014) TaxCorp(LJ) 4812 (HC-DELHI)
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HC - Family arrangement, wherever it exists and is proved, is a sui generis i.e. a class by itself, with full legal enforceability, de hors the fact that it is not dealt with under any specific provision of an enactment
P Shankaraiah Yadav vs ITO
(2014) TaxCorp(LJ) 4811 (HC-AP)
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SC - High Court of Delhi held that service tax audits conducted u/r 5A(2) of Service tax rules, 1994 are not valid in law. Apex Court has granted a stay on the operation of the judgement made by High Court
UNION OF INDIA & ORS. Vs. M/S Travelite (India)
(2014) TaxCorp(LJ) 4810 (SC)
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