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S. 54: Purchasing the undivided share of a co-owner in a new flat constitutes a "purchase" & is eligible for exemption
ITO. vs. Narinder Kaur Bhatia
(2014) TaxCorp(LJ) 4324 (ITAT-MUMBAI) · Section. 54
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S. 14A/ Rule 8D: Interest expenditure attributable to a taxable business cannot be disallowed. Expenditure on creating assets which do not belong to the assessee is revenue expenditure
ACIT. vs. Dhampur Sugar Mill Pvt. Ltd.
(2014) TaxCorp(LJ) 4323 (HC-ALLAHABAD) · Section. 14A
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S. 2(47)(vi): A Power of Attorney which does not enable enjoyment of property does not result in a "transfer". CBDT Circular No.495 dated 22.9.1987 reads more into s. 2(47)(vi) than warranted
CIT. vs. C. Sugumaran
(2014) TaxCorp(LJ) 4322 (HC-MADRAS) · Sections. 2(47)(vi)
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Sec 292BB would operate prospectively as it curtails the right of the assessee
M/s. Ghanshyamdas Gems and Jewels v/s DCIT
(2014) TaxCorp(LJ) 4321 (ITAT-HYDERABAD) · Section. 292BB
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Notice u/s 143(2) issued prior to filing of return in response to notice u/s 147 is invalid, even if return is filed late
Shri G.N.Mohan Raju v/s ITO
(2014) TaxCorp(LJ) 4320 (ITAT-BANGALORE) · Section. 143(2), 147
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Liability for TDS u/s 194A does not arise if the beneficiary is not ascertainable and the person in whose name the interest is credited is not person liable to pay tax. Circular No. 08/ 2011 dated 14.10.2011 set aside
UCO Bank vs. UOI
(2014) TaxCorp(LJ) 4319 (HC-DELHI) · Section. 194A
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S. 50C vs. s. 11: If a charitable institution invests the entire sale consideration in other capital asset, s. 50C should not be invoked
ACIT. vs. The Upper India Chamber of Commerce
(2014) TaxCorp(LJ) 4318 (ITAT-LUCKNOW) · Sections. 50C, 11
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Though a firm is not a "person" under UK law, it is so under the Indian law. Consequently, the firm is eligible for exemption under the India-UK DTAA. The department's contention that the firm is not eligible for benefits under the DTAA is not acceptable
P & O Nedlloyd Ltd. & Ors vs. ADIT
(2014) TaxCorp(LJ) 4317 (HC-CALCUTTA)
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The person who constructs a road on Build, Operate and Transfer (BOT) basis on land owned by the Government is not the "owner" of the road and cannot claim depreciation thereon
North Karnataka Expressway Ltd. vs. CIT
(2014) TaxCorp(LJ) 4316 (HC-BOMBAY)
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Law on whether income from rent for lease of space in technology park and income from operation and management of facilities is assessable as "business profits" or "income from house property" explained
K. Raheja IT Park (Hyderabad) P. Ltd. vs. CIT
(2014) TaxCorp(LJ) 4315 (ITAT-HYDERABAD)
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CIT(A) cannot decline to condone delay in filing appeal and still decide it on merits
Dr. Murari Mohan Kokey vs. ITO
(2014) TaxCorp(LJ) 4314 (ITAT-KOLKATA)
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Admission of undisclosed income by assessee constitutes good evidence. Loose sheets found during search can be relied upon
B. Kishore Kumar vs. DCIT
(2014) TaxCorp(LJ) 4313 (HC-MADRAS)
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Rule 10B(1)(b): Resale Price Method applies even where the goods are bought from an AE and sold to another AE
Yamaha Motor India Pvt. Ltd. vs. ACIT
(2014) TaxCorp(LJ) 4312 (ITAT-DELHI)
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Though there is a functional difference between a PE Fund and a Merchant Banker, A manager or a sub-advisor to the PE Fund cannot be equated with the PE Fund so as not to be comparable with Merchant Bankers
Xander Advisors India Pvt. Ltd. vs. ACIT
(2014) TaxCorp(LJ) 4311 (ITAT-DELHI)
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S. 145: AO is not entitled to reject books of account in a casual and high-handed manner
CIT. vs. Teletronics Dealing Systems P. Ltd.
(2014) TaxCorp(LJ) 4310 (HC-BOMBAY) · Section. 145
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Interest on NPAs is not taxable. As there is a conflict on the point between Vasisth Chay Vyapar Ltd 330 ITR 440 (Del) and Sakthi Finance Ltd., (2013) 31 taxmann.com 305 (Mad), the view in favour of the assessee has to be followed
ACIT. vs. Solapur Siddheshwar Sahakari Bank Ltd.
(2014) TaxCorp(LJ) 4309 (ITAT-PUNE)
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S. 50C(2): Reference to DVO cannot be made if assessee has challenged the valuation by the stamp authorities and even if the said challenge is dismissed on ground that as purchaser paid the duty, assessee had no locus standi to challenge stamp valuation
Seksaria Industries Pvt. Ltd. vs. ITO
(2014) TaxCorp(LJ) 4308 (ITAT-MUMBAI) · Section. 50C(2)
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S. 37(1): Law on deductibility of expenditure incurred on legal fees to defend criminal proceedings explained
Praveen Saxena vs. JCIT
(2014) TaxCorp(LJ) 4307 (ITAT-DELHI) · Section. 37(1)
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(i) Method of applying Resale Price Method (RPM) method, (ii) high advertisement expenses has no bearing on the RPM, (iii) comparables with more than 25% of related party transactions (RPTs) have to be excluded, (iv) transactions which do not impact the profitability should be excluded from the formula, (v) potentially comparable companies cannot be expelled only on the ground of high or low turnover
Nokia India (P) Ltd. vs. DCIT
(2014) TaxCorp(LJ) 4306 (ITAT-DELHI)
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S. 80-IB(10)(c): Area of projected terrace (open to sky) is not liable to be included within the meaning of expression “built-up area”
Naresh T. Wadhwani vs. DCIT
(2014) TaxCorp(LJ) 4305 (ITAT-PUNE) · Section. 80-IB(10)(c)
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