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Adjustment in book profit for depreciation not permissible in depreciation amount is certified by the auditor
Pune Heat Treat P. Ltd. Vs. ITO
(2014) TaxCorp(LJ) 3250 (ITAT-MUMBAI)
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S. 271(1)(c), 54F - It is true that the assessee had not deposited the long term capital gain in the capital gain account, and he had deposited the said amount in his savings account with Vijaya Bank. It is not in dispute that he paid Rs. 26,70,000/- to the owner of the new property from the said account. Hence we confirm the order, rejecting the exemption under Section 54F, however deleted penalty u/s 271(1)(c).
Sri Venkatesh Murthy vs ITO
(2014) TaxCorp(LJ) 3249 (HC-KARNATAKA) · 271(1)(c), 54F
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Partnership firm not genuine - Amount received on land of transfer, not by way of retirement as partners. HC upheld the order passed by ITAT.
SRI V S BALASUBRAMANYAM vs ITO
(2014) TaxCorp(LJ) 3248 (HC-KARNATAKA)
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S. 194C – Prior to Amendment in Finance (No.2) Act, 2009 w.e.f. 01.10.2009 – Prior to amendment placing of orders by the assessees, to the manufacturers/suppliers to supply SIM/scratch cards as per their requirements cannot be treated as contract for carrying out works within the meaning of sub-section(1) of Section 194C of the Act as it existed prior to its amendment.
CIT vs SPICE TELECOMMUNICATIONS PVT LTD
(2014) TaxCorp(LJ) 3247 (HC-KARNATAKA) · 194C
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It was mandatory for the respondent to have deposit 75% of the provident fund dues before the appellate authority.
Assistant Provident Fund Commissioner vs Bharat Bharti Convent
(2014) TaxCorp(LJ) 3246 (HC-BOMBAY)
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Section 72A meant for Companies, No such provision which would permit the amalgamating co-operative society to carry forward and adjust such losses against the profits of the amalgamated co-operative society.
Rajasthan R S S & Ginning Mills FED. Ltd vs DCIT
(2014) TaxCorp(LJ) 3245 (SC)
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Profit on share transactions through PMS a capital gains, not business income
RADIALS INTERNATIONAL vs ACIT
(2014) TaxCorp(LJ) 3244 (HC-DELHI)
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S. 234E: High Court grants ad-interim stay against operation of notices levying fee for failure to file TDS statement.
Rashmikant Kundalia and another vs Union of India and others
(2014) TaxCorp(LJ) 3243 (HC-BOMBAY) · 234E
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Concept of “manufacture” explained. Non-claiming of s. 80IB deduction in return is no bar for claiming it before CIT(A)
COMMISSIONER OF INCOME TAX vs MITESH IMPEX
(2014) TaxCorp(LJ) 3242 (HC-GUJARAT)
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S. 147 – Revision of order - Any tax effect subject to revision cannot be based on subsequent order merged with prior order.
Commissioner of Income Tax vs Flothern Engingeers Pvt Limited
(2014) TaxCorp(LJ) 3241 (HC-MADRAS)
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DTA unit on conversion to 100% EOU unit eligible for exemption under Section 10B
Super Auto Forge Ltd vs Additional Commissioner of Income-Tax
(2014) TaxCorp(LJ) 3240 (HC-MADRAS)
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Scope of term 'Total Income' u/s 5 can't be used for determining additional tax for settlement applications. HC uphold the Settlement Commission order that the petitioner failed to pay additional tax and interest on the income disclosed in the application for settlement as required under section 245D(2A).
Unipon (India) Ltd vs Income Tax Settlement Commission
(2014) TaxCorp(LJ) 3239 (HC-GUJARAT)
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Retention money received, after TDS, but subject to bank guarantee, is not chargeable to tax as income till all conditions are satisfied
AMARSHIV CONSTRUCTION PVT. LTD vs DEPUTY COMMISSIONER OF INCOME TAX
(2014) TaxCorp(LJ) 3238 (HC-GUJARAT)
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S. 40A(3): There is a difference between “crossed cheque” and “account payee cheque”. Payment by crossed cheque attracts s. 40A(3) disallowance
RAJMOTI INDUSTRIES vs ASSISTANT COMMISSIONER OF INCOME TAX
(2014) TaxCorp(LJ) 3237 (HC-GUJARAT)
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Exemption u/s 11 - Besides fulfilling other prerequisites for exemption u/s. 11, as stipulated in sections 11 to 13 of the Act the appellant did not charge any money, by whatever name it is called, i.e. donation, building fund, auditorium fee etc., over and above the prescribed fee for the admission of the, student, the appellant would be entitled for exemption u/s. 11, even if the, notification u/s. 10(23C) of the Act has not been obtained by it.
Asst. Director of Income Tax (Exemption) vs. Farah Educational Society
(2014) TaxCorp(LJ) 3236 (ITAT-HYDERABAD)
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No s. 14A/ Rule 8D disallowance for investment in shares of subsidiaries & Joint Ventures
JM Financial Limited vs Additional Commissioner of Income Tax
(2014) TaxCorp(LJ) 3235 (ITAT-MUMBAI)
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S. 40A(2) - Salary/remuneration to the Chairman-cum-Managing Director expenditure is excessive or unreasonable - Reasonableness is to be judged from the angle of a businessman rather than from the angle of the AO.
CIT vs Consulting engineering Group Ltd
(2014) TaxCorp(LJ) 3234 (HC-RAJASTHAN) · 40A(2)
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MAT credit - calculation of surcharge and educational cess - Rule 12 (1) (a) and form 1 cannot go beyond the provisions of the Act - Tax in question has to be computed on the Total income as assessed under the normal provisions in the Income Tax Act and surcharge and education cess has to be added to such Tax, and there after credit of Tax paid u/s 115 JAA has to be granted.
3F Industries Ltd vs Joint Commissioner of Income-tax
(2014) TaxCorp(LJ) 3233 (ITAT-VISAKHAPATNAM)
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No s. 14A/ Rule 8D disallowance for investment in shares of subsidiaries & Joint Ventures
JM Financial Limited vs. ACIT.
(2014) TaxCorp(LJ) 3232 (ITAT-MUMBAI)
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S. 234E: High Court grants ad-interim stay against operation of notices levying fee for failure to file TDS statement
Rashmikant Kundalia vs. UOI
(2014) TaxCorp(LJ) 3231 (HC-BOMBAY)
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