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Deduction u/s.80JJAA
OnMobile Global Ltd vs Addl. Commissioner of Income Tax
(2014) TaxCorp(LJ) 2626 (ITAT-BANGALORE) · Income Tax Section 80JJAA, 10A, 32
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Remitted Back to ITAT
CIT vs Texas Instruments (India ) P.Ltd
(2014) TaxCorp(LJ) 2625 (HC-KARNATAKA) · Income Tax Section 80JJAA
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Double taxation
CIT vs VISHAL EXPORTS OVERSEAS LIMITED
(2014) TaxCorp(LJ) 2624 (HC-GUJARAT) · Income Tax Section 68, 80HHC
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Expenditure on rural development - Providing facilities in villages – discharging corporate social responsibility - allowable as deduction. Further directed AO to allow disallowance of various expenditure incurred during the course of business - decided in favour of the assessee.
The Tata Iron & Steel Co. Ltd vs DCIT
(2014) TaxCorp(LJ) 2623 (ITAT-MUMBAI)
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Section 43B - Bank guarantee would not amount to actual payment.
Oswal Agro Mills Ltd vs Commissioner Of Income Tax
(2014) TaxCorp(LJ) 2622 (HC-DELHI) · Income Tax Section 43B
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Penalty - Statutory time limit u/s 158BFA(2) cannot be enlarged with the issuance of fresh notice.
Smt G Akila vs DCIT
(2014) TaxCorp(LJ) 2621 (ITAT-CHENNAI) · Income Tax Section 158BFA(2)
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Application u/s 245R(2) - Mere filing of return does not mean that the question is already pending before the Income-tax authority. Question cannot be said to be already pending before the Income-tax Authority irrespective of the notice u/s 143(2) being issued subsequently within the prescribed time limit.
LS Cable and System Limited, Korea Ukai Project
(2014) TaxCorp(LJ) 2620 (AAR) · Income Tax Section 245R(2)
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Sections 50A, 55A - Under old provision, the AO can refer the property for valuation as on 01.04.1981.
INCOME TAX OFFICE vs SMT HETAL RAKESHBHAI DESAI
(2014) TaxCorp(LJ) 2619 (ITAT-AHMEDABAD) · Income Tax Sections 50A, 55A
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S. 68 – Burden of proof - Identity, creditworthiness of the shareholders and genuineness of the transaction to be established.
CIT vs Globus Securities & Finance (P.) Ltd
(2014) TaxCorp(LJ) 2618 (HC-DELHI) · Income Tax Section 68
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S. 41(1): Unclaimed liabilities (of earlier years), which are shown as payable in the accounts, are not taxable as income even if creditors untraceable & liabilities are non-genuine
CIT vs BHOGILAL RAMJIBHAI ATARA
(2014) TaxCorp(LJ) 2617 (HC-GUJARAT) · Income Tax Section 41(1)
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Provisions of section 292BB cannot be applied in a case where admittedly no notice u/s. 143(2) had been issued within the time limit prescribed in law.
Amiti Software Technologies Pvt. Ltd vs ITO
(2014) TaxCorp(LJ) 2616 (ITAT-BANGALORE) · Income Taax Section 292BB
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AO failing to issue notice u/s 143(2) within time limit merely because the assessee participated or that the notice was issued later on would not cure the jurisdictional defect. What would be the position in view of the provisions of section 292BB of the Act is not necessary for us to opine since such provision was introduced only with effect from 1.4.2008, and therefore, was not in the statute book during the period under consideration.
CIT vs BHARAT G PATEL
(2014) TaxCorp(LJ) 2615 (HC-GUJARAT) · Income Tax Section 292BB
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Section 14A disallowance has to be applied while computing book profits under clause (f) of Explanation to s. 115JA
CIT vs GOETZE (INDIA) LIMITED
(2014) TaxCorp(LJ) 2614 (HC-DELHI) · Income Tax Section 14A, 115JA
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S. 14A & Rule 8D: If AO does not deal with assessee’s arguments, it means that he had not reached objective satisfaction that assessee’s method is incorrect & cannot invoke Rule 8D
Kalyani Steels Ltd vs Addl. Commissioner of Income Tax
(2014) TaxCorp(LJ) 2613 (ITAT-PUNE) · Income Tax Section 14A r.w Rule 8D
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Section 80P(4) applies only to credit co-operative banks but not to credit co-operative societies
ITO vs Grain Merchants Credit Co-operative Society Ltd
(2014) TaxCorp(LJ) 2612 (ITAT-BANGALORE) · Income Tax 80P(4)
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“ Section 80P(4) applies only to credit co-operative banks but not to credit co-operative societies”.
ITO vs Divyajyothi Credit Co-operative Society Ltd
(2014) TaxCorp(LJ) 2611 (ITAT-BANGALORE) · Income Tax Section 80P(4)
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Section 80P(4) applies only to credit co-operative banks
CIT vs SURAT VANKAR SAHAKARI SANGH LTD
(2014) TaxCorp(LJ) 2610 (HC-GUJARAT) · Income Tax Section 80P(4)
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Assessing officer cannot invoke rule 8D for making disallowance under 14A without demonstrating that the claim of assessed is incorrect. Interest paid cannot be considered for making disallowance under section 14A if the funds had been used by assessee for the purposes of business and not for making investments which can yield tax free income.
Bharatiya Reserve Bank vs DCIT
(2014) TaxCorp(LJ) 2609 (ITAT-BANGALORE) · Income Tax Section 14A r.w Rule 8D(2)(iii)
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Interest - free loans advanced by the assessee – a flagship company to its sister concerns were in the normal course of business for the purposes of its business based on commercial expediency. Interest on loan given by sister concern cannot be disallowed in the hand of flagship.
Bagmane Developers Private Limited vs DCIT
(2014) TaxCorp(LJ) 2608 (ITAT-BANGALORE)
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S. 80IB(10) - Since the project in the instant case was approved on 12-10-2001, i.e. prior to 01-04-2005, therefore, in view of the decision of Brahma Associates the amended provisions of section 80IB(10) w.e.f. 01-04-2005 restricting the commercial area in a housing project are not applicable in the present case and the assessee is eligible for deduction u/s.80IB(10) of the Act.
Kumar & Potnis Properties Pvt. Ltd vs DCIT
(2014) TaxCorp(LJ) 2607 (ITAT-PUNE) · Income Tax Section 80IB(10)
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