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Due to generation of incidental surplus by educational institution – exemption u/s 10(23C) will not be denied.
Council For The Indian School, Certificate Examinations Vs. Director General of Income Tax
(2014) TaxCorp(LJ) 3392 (HC-DELHI)
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Provisions of S. 2(22)(e) shall not apply to sum advanced to shareholder in ordinary course of business
Commissioner of Income Tax vs Shri Madurai Chettiyar Karthikeyan
(2014) TaxCorp(LJ) 3391 (HC-MADRAS)
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S. 73(1), assessee bieng a share broker is entitled to set off loss incurred in transactions of derivatives and day trading of shares against its profits and gains from purchase and sale of shares on delivery basis
CIT vs Baljit Securities (P.) Ltd
(2014) TaxCorp(LJ) 3390 (HC-CALCUTTA)
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High Court’s order on complaint of contempt by Judicial Member of ITAT against CA reveals sorry state of inter-se in-fighting between Hon’ble Members of the ITAT and members of the Bar
State of U. P. vs. S. K. Garg
(2014) TaxCorp(LJ) 3389 (HC-ALLAHABAD)
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If no additions made on grounds of reassessment, than no addition can be made on other aspects
Rajeev Kumar Goyal Vs. ITO
(2014) TaxCorp(LJ) 3388 (ITAT-AGRA)
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Charity from loan taken is Not a valid reason for denying sec 12AA registration
Neesu Human Resource & Welfare Society. Vs. CIT
(2014) TaxCorp(LJ) 3387 (ITAT-AGRA) · Section 12AA
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Section 54F relief remains despite commercial use of residential house
N. Revathi Vs. ITO
(2014) TaxCorp(LJ) 3386 (ITAT-HYDERABAD) · Section 54F
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Interest Us/ 234B & 234C payable on failure to pay advance tax in respect of tax payable u/s 115JA/115JB
Ginni Filaments Ltd. Vs. CIT.
(2014) TaxCorp(LJ) 3385 (HC-ALLAHABAD) · Sections. 234B, 234C, 115JA, 115JB
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S. 271(1)(c): Fact that assessee has huge carry forward losses and depreciation and filed a nil return suggests that there is no motive or incentive to make a bogus claim in the return
Toscana Lasts Limited vs. ITO
(2014) TaxCorp(LJ) 3384 (ITAT-DELHI) · Section 271(1)(c)
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S. 153(3) Expl 3/ 267: Benefit of extended period of limitation to pass assessment order pursuant to finding/ direction of appellate authority not available if affected party not heard
Gaurav Luthara vs. ITO
(2014) TaxCorp(LJ) 3383 (ITAT-AGRA) · Section 153(3)
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Assessee must be allowed TDS credit based on TDS certificate even if same is not reflected in 26AS
LSG Sky Chef (India) (P.) Ltd. Vs. DCIT
(2014) TaxCorp(LJ) 3382 (ITAT-MUMBAI)
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Transfer of loan through journal entry is not violation of sec 269
ITO Vs. Sh. Dinesh Jain
(2014) TaxCorp(LJ) 3381 (HC-DELHI) · Section. 269
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A.O Zeal to protect interest of revenue has to be tempered with rules of fair play
Addl. Commissioner Of Income Tax And Anr. Vs. Sony Mobile Communications (India) Pvt.Ltd.
(2014) TaxCorp(LJ) 3380 (HC-DELHI)
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HC upheld ITAT ruling reported in (2013) 7 TaxCorp (A.T.) 33465 (HYDERABAD). Tribunal has taken note of the Central Government notification and applied the definition as mentioned in clause (a) of Section 2(14)(iii) of the Act and found that the subject land is an agricultural land and it is not put to use for non-agricultural purpose. The fact finding of the learned Tribunal cannot be upset, unless it is perverse and there is no allegation of perversity in the matter.
Commissioner of Income Tax vs Kapil Chit Funds Pvt.Ltd
(2014) TaxCorp(LJ) 3379 (HC-AP)
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Assessee cannot be denied credit for TDS on the ground of Form 26AS mismatch because he is not at fault. Non-grant of TDS credit causes harassment, inconvenience & makes the assessee feel cheated. Dept to pay interest + costs of Rs. 25,000
Rakesh Kumar Gupta vs Union of India and another
(2014) TaxCorp(LJ) 3378 (HC-ALLAHABAD)
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Mere accrual of the consideration, to be received in the subsequent years does not defer the taxability of the capital gains.
Potla Nageswara Rao vs The Dy. Commissioner of Income Tax
(2014) TaxCorp(LJ) 3377 (HC-AP)
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S. 271(1)(c) - No specific direction to levy penalty u/s 271(1)(c) in assessment order
Commissioner Of Income Tax vs Triveni Engineering & Industries Ltd
(2014) TaxCorp(LJ) 3376 (HC-ALLAHABAD)
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Penalty applicable on MAT income. Addition resulted an increase in the income computed u/s 115JA as well. ITAT bench applied the proposition laid down in Nalwa Sons and held that, the penalty would be very much attracted where the addition leading to the concealment or furnishing of inaccurate particulars affect the computation of income under this Chapter as well.
DCIT Vs. Jubliant Enpro Pvt Ltd
(2014) TaxCorp(LJ) 3375 (ITAT-DELHI)
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S. 254: If a legal issue is raised (even for the first time) ITAT has the duty to deal with it and cannot remand it to lower authorities
Kansai Nerolac Paints Ltd vs DCIT
(2014) TaxCorp(LJ) 3374 (HC-BOMBAY)
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Sales promotion expenses by Pharmaceutical company – Free samples distributed to doctors / physician. ITAT bench, held that assessee claim not genuine, volume of transactions not good reason for failure. Burden on assessee to prove that expenditure incurred wholly and exclusively for purpose of business. Further no disallowance made in earlier years not ground to seek relief in subsequent year. ITAT bench remanded for examination afresh.
Merck Ltd. vs Deputy CIT
(2014) TaxCorp(LJ) 3373 (ITAT-MUMBAI)
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