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S. 68: Primary burden is on AO to show that share application money is assessable as unexplained cash credit. AO cannot sit back with folded hands & simply reject assessee’s evidences
Mithila Credit Services Ltd vs. ITO
(2014) TaxCorp(LJ) 3532 (ITAT-DELHI) · Section 68
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The TPO held that foreign exchange loss was required to be considered as part of operating cost.
WESTFALIA SEPARATOR INDIA PVT LTD. Vs ACIT
(2014) TaxCorp(LJ) 3531 (ITAT-DELHI) · Income Tax - Sections 68, 92CA(3), 154
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A final assessment order was made on 29.07.2011 and the assessee’s income was computed at Rs. 2,68,74,62,560/-.
PGS GEOPHYSICAL AS Vs. ADDL. DIT.
(2014) TaxCorp(LJ) 3530 (HC-DELHI) · Income Tax - Sections 9(1)(vii), 44BB, 44DA, 115A, 143, 197, 293A
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The assessee had claimed expenditure over payment of demurrage made u/s 40(a)(ia) r/w/s 195(1) in respect of iron ore to buyers outside India and also to the resident exporters u/s 40(a)(ia) r/w/s 194C, which was disallowed by the AO. The CIT(A) however, deleted such disallowance.
SESA GOA LTD. Vs. ADDL. CIT
(2014) TaxCorp(LJ) 3529 (ITAT-PANAJI) · Income tax - Sections 14A, 40(a)(ia), 194C, 195(1)
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The Assessee with its letter, made detailed submission challenging the validity of the issuance of such show cause notice.
SESA GOA LTD. Vs. CIT
(2014) TaxCorp(LJ) 3528 (ITAT-PANAJI) · Income Tax - Sections 2(29BA), 10B, 32(1)(iia), 92CA, 143(1), 263
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It was further observed that ALP had been determined by using CUP Method i.e. com pared against a single price and not against multiple prices, the benefit of 5% Bond was not available to the assessee as had been held in the case of M/s. Perot Systems TSI (India) Ltd. vs. DCIT. The AO had called for objections against the draft order passed.
GLAMOUR ENTERPRISES PVT LTD. Vs DCIT
(2014) TaxCorp(LJ) 3527 (ITAT-JAIPUR) · Income tax - Sections 92CA(3), 92E, 144C(5) & (13)
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Accordingly, the TPO adjusted Rs.90,71,754/- in respect of the lease rentals paid by the assessee.
BOSKALIS INTERNATIONAL DREDGING INTERNATIONAL Vs. DDIT
(2014) TaxCorp(LJ) 3526 (ITAT-MUMBAI) · Income Tax - Section 92C
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Alternatively the AO held that even if the revenue was considered as business profits, it is still taxable in India because its Indian subsidiary, Reuters India, constituted an agency PE of the assessee as well as the assessee was having equipment in India which constituted a fixed base PE.
REUTERS TRANSACTION SERVICES LTD. Vs DDIT
(2014) TaxCorp(LJ) 3525 (ITAT-MUMBAI) · Income Tax - Sections 5(4), 9(1)(vi), 44D, 115A, 144C(3), (5) & (13), 234B
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In this appeal, assessee has raised various grounds. One on the issue of T.P. adjustments made. Another was on levy of interest under section 234B which was statutory in nature. Lastly was the initiation of penalty proceedings.
KIRBY BUILDING SYSTEMS INDIA LTD. Vs ADDL. CIT
(2014) TaxCorp(LJ) 3524 (ITAT-HYDERABAD) · Income Tax - Sections 37(1), 43B, 92CA, 143(3), 144C, 234B, 234D, 271(1)(c)
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The sole issue was the inclusion of such expenditure as a part of the taxable income of the assessee. On appeal, the CIT(A), excluded such expenditure from the gross receipts. Hence, the present appeal.
ADIT. Vs. SMITH INTERNATIONAL INC.
(2014) TaxCorp(LJ) 3523 (ITAT-DELHI) · Income Tax - Section 44BB
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In reaching this prima facie belief, the AO relied on the amendment made to section 44DA through the Finance Bill, 2010. The draft assessment order was passed.
CGG MARINE SAS Vs. ADIT
(2014) TaxCorp(LJ) 3522 (ITAT-DELHI) · Income tax - Sections 9(1)(vii), 44BB(1), 44D, 44DA, 115A, 143(2) & (3), 144C(13), 147, 148
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VCES application rejection for Delay or Short Payment of taxes valid – HC
Ramilaben Bharatbhai Patel v. Union of India
(2014) TaxCorp(LJ) 3521 (HC-GUJARAT)
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Rebate of STT paid u/s 88E available against tax calculated u/s 115JB
DCIT. Vs. M/s Credential Stock Brokers Ltd.
(2014) TaxCorp(LJ) 3520 (ITAT-DELHI) · Sections. 88E, 115JB
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Whether inland haulage charges are also eligible for tax treaty benefits under Article 8 of the DTAA.
DIT Vs M/s SAFMARINE CONTAINER LINES NV.
(2014) TaxCorp(LJ) 3519 (HC-BOMBAY) · Income tax - Sections 44B
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AO cannot object submission of additional evidence if same is accepted by CIT(A)
ITO. Vs. Karan Mehra
(2014) TaxCorp(LJ) 3518 (ITAT-DELHI)
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Penalty not leviable on issue on which a substantial question of law has been framed by HC
JHPL Holding (P) Ltd. Vs. ACIT
(2014) TaxCorp(LJ) 3517 (ITAT-DELHI)
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Trust Eligible for Relief u/s in respect of income from pharmacy run by it with in its hospital premises
Franciscan Sisters of St. Joseph Society Vs. JCIT
(2014) TaxCorp(LJ) 3516 (ITAT-CHENNAI)
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Loss on account of depreciation in value of securities held as stock is not notional & is allowable as a deduction
CIT vs. HDFC Bank Ltd
(2014) TaxCorp(LJ) 3515 (HC-BOMBAY)
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Whether in the event of closure of a firm, stock of the said firm would be carry forward to the newly formed company, at cost only.
THE COMMISSIONER OF INCOME TAX Vs. M/s MOTILAL DULI CHAND
(2014) TaxCorp(LJ) 3514 (HC-ALLAHABAD) · Income Tax - Sections 254(2), 260
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Whether the order passed by Tribunal will give rise to any question of law, in case it has relied upon its own decision in the case of very assessee on similar facts, in the previous AYs.
COMMISSIONER OF INCOME TAX Vs. SAKAR CORPORATION
(2014) TaxCorp(LJ) 3513 (HC-GUJARAT) · Income Tax - Section 80IB
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