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ITAT - JV is a 'finance' transaction and JV expenses is in nature of 'interest' expense, liable to TDS u/s 194A
Kirodi Mal Modi. vs The Addl. C.I.T.
(2014) TaxCorp(LJ) 4585 (ITAT-JAIPUR) · Section. 194A
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ITAT - Inaccuracies in original assessment order to charge interests u/s. 220(2) and 245D(6A) and withdraw interest u/s 244(1 A), not 'patent' mistakes to confer Sec 154 jurisdiction
Shri A. Younuskunju vs DCIT
(2014) TaxCorp(LJ) 4584 (ITAT-COCHIN) · Sections. 220, 244, 154
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ITAT - Documents like electricity bill, internet broadband usage bill and property tax receipt can be used to prove that assessee had completed construction within 3 years of property sale date for exemption u/s 54F
Shri Sandeep Khosla vs DCIT
(2014) TaxCorp(LJ) 4583 (ITAT-BANGALORE) · Section. 54F
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Registration as ITP not necessary to appear before revenue
Vidhya Sikshaa Educational and Charitable Trust Vs. CIT
(2014) TaxCorp(LJ) 4582 (ITAT-CHENNAI)
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HC - Since efficacious alternate remedy to go before Tribunal is present under the Act, writ is dismissed
Congnizant India Pvt. Ltd. vs. ACIT
(2014) TaxCorp(LJ) 4581 (HC-BOMBAY)
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ITAT - Forfeiture of share application money is a capital receipt and also no benefit or perquisite arises
Graviss Hospitality Ltd vs DCIT
(2014) TaxCorp(LJ) 4580 (ITAT-MUMBAI)
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ITAT - Passing of bundle of rights in land to the consortium enabling enjoyment of immovable property constitutes 'transfer' u/s 2(47)(vi)
Andhra Networks Limited vs DCFT
(2014) TaxCorp(LJ) 4579 (ITAT-HYDERABAD)
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ITAT - 'Granting of license' to make use of the 'shrink wrap software' was included as a right under Explanation 2 to Sec 9(l)(vi) defining royalty
ITO. vs. F.L Smidth Ltda
(2014) TaxCorp(LJ) 4578 (ITAT-CHENNAI)
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Impact of Explanation 2 to s. 195(1) inserted by Finance Act, 2012 w.r.e.f. 01.04.1962 on law laid down in GE India Technology Centre 327 ITR 456 (SC) explained
ACIT. vs. Vilas N. Tamhankar
(2014) TaxCorp(LJ) 4577 (ITAT-MUMBAI) · Section. 195(1)
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S. 133A: A statement given u/s 133A(iii) is not on oath and can be retracted. Even a statement on oath does not create any estoppel and can be retracted
ITO. vs. Vandana Properties
(2014) TaxCorp(LJ) 4576 (ITAT-MUMBAI) · Sections. 133A, 133A(iii)
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S. 40(a)(ia) second proviso is not retrospective & so payment of TDS before due date of ROI does not prevent disallowance. Law laid down in Vector Shipping cannot be followed
The Ramanthali Service Co-operative Bank Ltd. vs. ITO
(2014) TaxCorp(LJ) 4575 (ITAT-COCHIN) · Section. 40(a)(ia)
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S. 153C cannot be invoked unless the AO is satisfied for cogent reasons that the seized documents do not belong to the searched person. Finding of photocopies with the searched person does not mean they "belong" to the person holding the originals. The distinction between "belongs to" and "relates to" or "refers to" must be borne in mind by the AO
Pepsi India Holdings Private Ltd. vs. ACIT
(2014) TaxCorp(LJ) 4574 (HC-DELHI) · Section. 153C
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RTI Act: Income-tax returns are confidential and cannot be disclosed except where disclosure is in public interest and outweighs possible harm to the assessee
Naresh Trehan vs. Rakesh Kumar Gupta
(2014) TaxCorp(LJ) 4573 (HC-DELHI)
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S. 147/ 151: Reopening mechanically on the basis of material received from another AO is bad. Merely noting "approved" without recording satisfaction is bad
ITO. vs. M. B. Jewellers P. Ltd.
(2014) TaxCorp(LJ) 4572 (ITAT-DELHI) · Section. 147, 151
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S. 254: ITAT cannot decline to admit additional ground of appeal on the ground that it would in any case be answered against the appellant on merits
Jehangir H C Jehangir vs. ITO
(2014) TaxCorp(LJ) 4571 (HC-BOMBAY) · Section. 254
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Transfer Pricing: Updated information not available at the time of the TP study but available at the stage of assessment has to be considered by AO
ADIT. vs. M/s I. M. Technologies
(2014) TaxCorp(LJ) 4570 (ITAT-DELHI)
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S. 9(1)(vi): Broadcast or live coverage does not have a "copyright" & is consequently not assessable as "royalty" for purposes of TDS
CIT. vs. Delhi Race Club
(2014) TaxCorp(LJ) 4569 (HC-DELHI) · Section. 9(1)(vi)
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S. 263: Failure to conduct inquiry & hear assessee before issue of notice renders proceedings invalid. Order of CIT(A) results in merger of AO's order and bars s. 263 revision
Bilag Industries Pvt. Ltd. vs. CIT
(2014) TaxCorp(LJ) 4568 (HC-GUJARAT) · Section. 263
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S. 2(47)/ 53A: Mere handing over possession pursuant to development agreement does not result in transfer if developer has not taken steps for development of property
ACIT. vs. B. Rajamallu
(2014) TaxCorp(LJ) 4567 (ITAT-HYDERABAD) · Section. 2(47), 53A
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For constituting a long-term capital asset, date of allotment of property and not date of registration to be considered. Benevolent approach should be adopted and not a hyper-technical or legalistic one
Andhra Networks Limited vs. DCIT
(2014) TaxCorp(LJ) 4566 (ITAT-HYDERABAD)
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