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S. 143(3) assessment on amalgamating company is a nullity. U/s 170(2) assessment has to be on successor. Mistake cannot be cured u/s 292B. Participation by amalgamating company is irrelevant as there is no estoppel against a statute
CIT. vs. Dimension Apparels Ltd.
(2014) TaxCorp(LJ) 4294 (HC-DELHI) · Sections. 143(3), 170(2), 292B
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S. 147 Reopening solely on the basis of information received from the investigation wing & without independent application of mind is void
ACIT. vs. Devesh Kumar
(2014) TaxCorp(LJ) 4293 (ITAT-DELHI) · Section. 147
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(i) As the work done by the branch in India required high technical and managerial skill, it is not preparatory and auxiliary work of a back office but constitutes a permanent establishment (ii) Attribution of profits under Rule 10B(2) on the basis of the H.O's profits in the absence of data on uncontrolled transactions is proper, (iii) As risks were shared by the H.O. and the PE, 50% 50% of the profits determined as per rule 10 are attributable to operations carried out by the PE in India
Consulting Engineering Corporation vs. JDIT
(2014) TaxCorp(LJ) 4292 (ITAT-DELHI)
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Though approval of Director of STPI to EOU is sufficient for s. 10A, it is not so for s. 10B. For s. 10B, the approval of the Board appointed under I(D&R) Act is necessary. Claim for s. 10A can be made before CIT(A)
Clarion Technologies Pvt. Ltd. vs. DCIT
(2014) TaxCorp(LJ) 4291 (ITAT-PUNE) · Section. 10A, 10B
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S. 271(1)(c): Explanation that bona fide mistake was committed on advice of CA is a reasonable one as per Explanation 1B of s. 271(1) and does not attract penalty
ACIT vs. Cecilia Haresh Chaganlal
(2014) TaxCorp(LJ) 4290 (ITAT-MUMBAI) · Section. 271(1)(c)
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S. 2(47): Transfer takes place in year of execution of sale deed, handing over of possession & receipt of sale consideration & is not deferred to year of registration. Verdict in Suraj Lamp and Industries 340 ITR 1 (SC) explained
Amitkumar Ambalal Shah vs. ITO (ITAT Ahmedabad)
(2014) TaxCorp(LJ) 4289 (ITAT-AHMEDABAD) · Section. 2(47)
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Fraud in determination of LIBOR/ EURIBOR no reason to discard it as ALP
Vijay Electricals Limited vs. ACIT
(2014) TaxCorp(LJ) 4288 (ITAT-HYDERABAD)
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Transfer Pricing: Turnover filter is an important criteria in choosing comparables
Trilogy E-Business Software India vs. DCIT
(2014) TaxCorp(LJ) 4287 (ITAT-BANGALORE)
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Grant given to safeguard the interests of depositors, though used for meeting SLR requirements of RBI relatable to its banking activity, is still capital in nature
The Nanded District Central Co-op. Bank Ltd. vs. DCIT
(2014) TaxCorp(LJ) 4286 (ITAT-PUNE)
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S. 41(1): Unclaimed & unproven liabilities are deemed to have ceased and are assessable as income
ITO. Vs. Sajjankumar Didwani
(2014) TaxCorp(LJ) 4285 (ITAT-MUMBAI) · Section. 41(1)
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No S. 14A/ Rule 8D Disallowance if accounts not examined. Consent fee paid to SEBI is not penalty for infraction of law
ITO. vs. Reliance Share and Stock Brokers (P) Ltd.
(2014) TaxCorp(LJ) 4284 (ITAT-MUMBAI) · Section. 14A
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S. 50C: AO cannot straightaway adopt stamp duty value as consideration for capital gains but must offer assessee benefit of reference to DVO for valuation
ITO vs. Onkarmal Kajaria Family Trust
(2014) TaxCorp(LJ) 4283 (ITAT-KOLKATA) · Section. 50C
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Charter hire payment is not assessable as royalty, there is no obligation to deduct TDS and no disallowance u/s 40(a)(i) can be made
Mathewsons Exports & Imports vs. ACIT
(2014) TaxCorp(LJ) 4282 (ITAT-COCHIN) · Section. 40(a)(i)
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S. 2(1A): Gains from sale of agricultural land is exempt even though purchaser intends to use the land for commercial purposes
DCIT. vs. M. Kalyan Chakravarthy
(2014) TaxCorp(LJ) 4281 (ITAT-HYDERABAD) · Section. 2(1A)
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Various arguments on the applicability of s. 14A & Rule 8D where the AO has not recorded satisfaction, where the shares are held in strategic/ subsidiary companies, held as stock-in-trade, where there are surplus funds and the quantum of disallowance under Explanation (f) to s. 115JA/ 115JB considered
HSBC Invest Direct (India) Ltd. vs. DCIT
(2014) TaxCorp(LJ) 4280 (ITAT-MUMBAI) · Section. 14A, 115JA, 115JB
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Transfer pricing principles on right of TPO to collect info u/s 133(6), exclusion of high profit comparables, adjustment for limited risk environment, exclusion of reimbursement costs for computing operation margins explained
HSBC Electronic Data Processing India vs. ACIT
(2014) TaxCorp(LJ) 4279 (ITAT-HYDERABAD) · Section. 133(6)
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Law on the tests to distinguish whether gains on sale of shares is short-term or business profits explained
Harsha L. Tahilramani vs. ACIT
(2014) TaxCorp(LJ) 4278 (ITAT-MUMBAI)
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S. 2(24)(x) r.w.s 36(1)(va) & 43B: Even employees' contribution to PF etc is allowable if deposited before due date of filing ROI
CIT. vs. Ghatge Patil Transports Ltd.
(2014) TaxCorp(LJ) 4277 (HC-BOMBAY) · Section. 2(24)(x)
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Second proviso to s. 40(a)(ia) inserted w.e.f. 1.4.2013 should be treated as retrospectively applicable from 1.4.2005 and no disallowance for want of TDS can be made if payee has paid tax thereon. Assessee must be given opportunity to file Form 26A
G. Shankar vs. ACIT
(2014) TaxCorp(LJ) 4276 (ITAT-BANGALORE) · Section. 40(a)(ia)
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Foreign exchange fluctuation gain arising on realization of trade debtor’s, payment to creditors etc is operational income. Tests for distinguishing secondment contract with technical services agreement
Cisco Systems Services B.E vs. ADIT (IT)
(2014) TaxCorp(LJ) 4275 (ITAT-BANGALORE)
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