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HC - No TDS u/s 194C on exhibition of film in the theatre
CIT vs. City Gold Entertainment Pvt. Ltd.
(2014) TaxCorp(LJ) 4789 (HC-GUJARAT)
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HC - Since interest income earned by assessee (co-operative society engaged in providing credit facilities to its members) from short term deposits with banks is 'attributable' to carrying on credit business, deduction u/s 80P(2) is available
Tumkur Merchants Souharda Credit Cooperative Limited vs ITO
(2014) TaxCorp(LJ) 4788 (HC-KARNATAKA)
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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 vs. ACIT
(2014) TaxCorp(LJ) 4787 (HC-GUJARAT)
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ITAT - The so called "job work" or "receipt of labour charges" can only be categorized as colourable device to create an impression that the assessee has continued to carry on the business
DCIT vs Sameera Electronics Pvt Ltd.
(2014) TaxCorp(LJ) 4786 (ITAT-MUMBAI)
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SC - SLP Dismissed
Shahrooq Ali Khan vs CIT & Anr.
(2014) TaxCorp(LJ) 4785 (SC)
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ITAT - Assessee's objective of establishing milk societies cannot be said to be a commercial purpose as underlying object was "upliftment of poor/ rural woman".
Thamizh Thai Seva Trust vs. DIT (Exemptions)
(2014) TaxCorp(LJ) 4784 (ITAT-CHENNAI)
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ITAT - Shah Rukh Khan's loan to wife not to evade tax
Shah Rukh Khan vs. ACWT
(2014) TaxCorp(LJ) 4783 (ITAT-MUMBAI)
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ITAT - Since compared company had different segments of activity, segmental margins, insofar as it related to providing software services by compared company alone, the same cannot be taken for purpose of comparison
Actiance India (P.) Ltd. v. Income-tax Officer, Ward 11 (2), Bangalore
(2014) TaxCorp(LJ) 4782 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenINTL.aspx?ID=7530&Category=INTLDecisions&CategoryType=Zip
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Penalty under section 271(1)(c) could not be levied on account of addition made on estimate basis
Mahaveer Jain v. Deputy Commissioner of Income-tax
(2014) TaxCorp(LJ) 4781 (ITAT-JODHPUR) · http://taxcorp.in/FileOpenDT.aspx?ID=38987&Category=ITAT&CategoryType=Zip
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HC - As a jeweller, it was normal and customary to pay 'making charges', in cash therefore no ad-hoc disallowance called for also when assessee had proved genuineness of making charges paid in cash to workers
Commissioner of Income-tax-XI v. Rama Krishna Jewellers
(2014) TaxCorp(LJ) 4780 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58266&Category=Judgment&CategoryType=Zip
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Fee from leasing of hotel wasn't income from house property if lessee was doing hotel business in name of assessee
Tamil Nadu Tourism Development Corpn. Ltd. v. Deputy Commissioner of Income-tax, Co. Circle-II (1), Chennai
(2014) TaxCorp(LJ) 4779 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=58084&Category=Judgment&CategoryType=Zip
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ITAT - Since AO didn't follow directions of DRP on re-allocation of segmental cost made by assessee, matter should be reconsidered afresh
Digital Juice Animations (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle-11 (1), Bangalore
(2014) TaxCorp(LJ) 4772 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=38965&Category=ITAT&CategoryType=Zip
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ITAT - Assessee, a Government authority set-up for providing housing and other infra facilities is charitable in nature, same would not be hit by proviso to section 2(15); entitled to registration
Jaipur Development Authority v. Commissioner of Income-tax -II, Jaipur
(2014) TaxCorp(LJ) 4771 (ITAT-JAIPUR) · http://taxcorp.in/FileOpenDT.aspx?ID=38259&Category=ITAT&CategoryType=Zip
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ITAT - Trial run expenses incurred prior to setting up of plant and machinery and laid out for bringing a new asset into existence expenditure is capital in nature
Essar Steel Ltd. v. ADCIT, 5(1), Mumbai
(2014) TaxCorp(LJ) 4766 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=38129&Category=ITAT&CategoryType=Zip
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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. Capital gains tax would accrue upon execution of joint development agreement ('JDA')
ITO vs. N.S. Nagaraj
(2014) TaxCorp(LJ) 4762 (ITAT-BANGALORE)
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HC - Inaccuracy or wrong furnishing of income would be covered by the expression "Inaccurate particulars", concealment penalty justified.
CIT vs NG Technologies Ltd.
(2014) TaxCorp(LJ) 4761 (HC-DELHI)
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ITAT - Matter should be remanded where in earlier year on similar fact situation, Tribunal had directed for fresh TP adjudication
VA Tech Escher Wyss Flovel (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle-1, Faridabad
(2014) TaxCorp(LJ) 4760 (ITAT-DELHI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7510&Category=INTLDecisions&CategoryType=Zip
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ITAT - When we consider more than one separate transaction under the combined umbrella of TNMM on an entity level, it is quite possible that a probable addition on account of transfer pricing adjustment arising from one international transaction may be usurped by the income from the other international transaction giving higher income on transacted value
LG Electronics India (P.) Ltd. v. Assistant Commissioner of Income-tax, Circle-3, Noida
(2014) TaxCorp(LJ) 4759 (ITAT-DELHI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7642&Category=INTLDecisions&CategoryType=Zip
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ITAT - Where assessee company granted loan to its AE located abroad, domestic bank rate was not a sound basis and in such a case, internationally accepted rate of LIBOR was to be adopted as benchmark in order to compute arm's length price of interest rate in respect of impugned transactions
Tooltech Global Engineering (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle-7, Pune
(2014) TaxCorp(LJ) 4758 (ITAT-PUNE) · http://taxcorp.in/FileOpenINTL.aspx?ID=7641&Category=INTLDecisions&CategoryType=Zip
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ITAT - Government authorityset up for providing housing, community facilities, civil amenities and other infrastructural facilities, were charitable in nature; not hit by proviso to section 2(15)
Jaipur Development Authority v. Commissioner of Income-tax -II, Jaipur
(2014) TaxCorp(LJ) 4757 (ITAT-JAIPUR) · http://taxcorp.in/FileOpenDT.aspx?ID=38259&Category=ITAT&CategoryType=Zip
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