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Disallowance u/s 14A cannot be made without showing how the assessee’s calculation of disallowance is incorrect
Deputy Commissioner of Income Tax Vs. M/s. Allied Investments Housing P.Ltd.
(2013) TaxCorp(LJ) 2406 (ITAT-CHENNAI)
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HC to decide on true scope and ambit of Section 40(a) (ia)
COMMISSIONER OF INCOME TAX, XX, KOLKATA Versus SK. MAHASIN ALI
(2013) TaxCorp(LJ) 2405 (HC-CALCUTTA)
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No addition u/s 41(1) merely because some liabilities are outstanding at year end
Shri Ahmedabad Flexible Tube Mfg. & Yarn Proc. Co. P. Ltd. Vs. ITO
(2013) TaxCorp(LJ) 2404 (ITAT-AHMEDABAD)
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Depreciation @ 40% on vehicles used for running on hire to various parties without agreement allowable
M/s. Tirupati Construction Company vs. ACIT
(2013) TaxCorp(LJ) 2403 (ITAT-AHMEDABAD)
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Where assessee has also deducted TDS u/s 194J as well as 194C when the payments were made on behalf of Mr. B. Kumar Gowda, later Mr. B. Kumar Gowda reimbursed the said payments and also deducted TDS and issued TDS certificate in favour of the Assessee. ITAT upheld the order of Ld. CIT(A) direction given to AO to allow the credit to the Assessee in respect of Assessee’s claim for TDS amounting to Rs.24,32,285/- u/s 194J and Rs.31,461/- u/s 194C.
Asst. Commissioner of Income Tax vs Fomento (Karnataka) Mining Co. Pvt. Ltd
(2013) TaxCorp(LJ) 2402 (ITAT-PANAJI) · Income Tax Section 194J, 194C, 14A r.w. rule 8D
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Subvention payment from the parent/ principal to recoup losses of the subsidiary is taxable as revenue receipt - If the financial assistance is extended for repayment of the loan undertaken by the assessee for setting up new unit or for expansion of existing business then the receipt of such aid could be termed as capital in nature. On the other hand, if the financial assistance is extended to run business more profitably or to meet recurring expenses, such payment will have to be treated as revenue receipt. It is not the case of the assessee, in the present case, that the financial assistance was extended by Siemens AG either for setting up any unit or expansion of existing business or for acquiring any assets.
COMMISSIONER OF INCOME TAX vs SIEMENS PUBLIC COMMUNICATION NETWORKS LTD
(2013) TaxCorp(LJ) 2401 (HC-KARNATAKA)
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CIT(A) held that the provisions of Section 2(47)(v) are not applicable for the assessment year 2003-04 and thereby deleted the addition of Rs.1,52,60,908/- made under the head, 'short term capital gain'.
CIT vs Shri Sadia Shaikh
(2013) TaxCorp(LJ) 2400 (HC-BOMBAY) · Income Tax Section 2(47)(v) and 53A of the Transfer of Property Act
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Non-compete fees - Transfer of the trade mark, patents and other rights in favour of the assessee was undoubtedly the transfer of intangible assets, which in terms of section 32(1)(ii) of the Act would be a capital asset entitled to depreciation.
Pentasoft Technologies Ltd vs The Deputy Commissioner of Income Tax
(2013) TaxCorp(LJ) 2399 (HC-MADRAS) · Income Tax Section 32(1)(ii)
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Mere adjourned seven times, commissioner cannot reject the appeal in limini, without going into the merits. Hon`ble High court set aside the order of the Tribunal as well as the Commissioner and restore the matter to the file of the Assessing Officer for considering the merits of the claim of the assessee.
Venture Metal Products Private Limited vs The Deputy Commissioner of Income-tax
(2013) TaxCorp(LJ) 2398 (HC-MADRAS) · Income Tax Section 10B, 43B, 40(a)(ia)
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Where circular effective at relevant time exonerate assessee from TDS obligation on payment to non-resident, subsequent circular would not create such an obligation retrospectively
Commissioner of Income-tax vs Model Exims Kanpur
(2013) TaxCorp(LJ) 2397 (HC-ALLAHABAD) · Income Tax Section 194, 40(a)(i)
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Section 2(19AA) r.w.s 72A - In a demerger, set-off of brought forward losses of a demerged undertaking is permitted if the undertaking is hived off ‘as a going concern’. It is not necessary that the undertaking that is demerged is a going concern at the time/date of transfer.
KBD Sugars & Distilleries Ltd vs Asstt Commissioner of Income-Tax
(2013) TaxCorp(LJ) 2396 (ITAT-BANGALORE) · Income Tax Section 2(19AA) r.w.s 72A
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Loss from shares dealing cannot be deemed to be from “speculation” under Explanation to s. 73 if company is not engaged in the “business” of shares dealing
CIT vs ORIENT INSTRUMENT P. Ltd
(2013) TaxCorp(LJ) 2395 (HC-DELHI) · Explanation to s. 73
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No carry forward of losses of 'beneficial ownership' for intra-group share transfers, ITAT rejected the assessee contention that the share transfer within the group did not result in a change of beneficial ownership. A company is a distinct legal entity; its identity is separate from the identity of its shareholders or members. While the transferor and the transferee may belong to the same group, it could not be said that the shareholding pattern had not changed. Mrs. Manisha Sanghani held controlling shares in Priority One Marketing P. Ltd. However, Priority Marketing P. Ltd. being a separate legal entity, it cannot be construed that the shareholding pattern of the taxpayer has not changed in spite of transfer of shares from Priority Marketing P. Ltd. to Mrs. Manisha Sanghani as the holding remains within the group.
Just Lifestyle Pvt. Ltd vs DCIT
(2013) TaxCorp(LJ) 2394 (ITAT-MUMBAI) · Income Tax Section 79
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Principle of Legitimate Expectation - Provisions for disallowing the benefits, otherwise available to the assessee, due to subsequent restructuring of the company. Subsequent restructuring transactions cannot impact completed transactions especially where the party claiming the benefit has no role to play in the corporate actions such as merger/demerger.
Goa Trading Pvt. Ltd vs ITO
(2013) TaxCorp(LJ) 2393 (ITAT-MUMBAI) · Income Tax Section 10(23G)
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Where assessee deposited employer's and employees contribution to PF and ESI after expiry of due date but prior to filing return of income under section 139(1), amount so deposited could not be disallowed by invoking provisions of section 43B.
Commissioner of Income-tax vs Kamal Family Trust
(2013) TaxCorp(LJ) 2392 (HC-P&H) · Income Tax Section 43B
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Municipal Property Tax - Legality of Section 141 B of the Gujarat Province Municipal Corporation Act - Property tax on underground pipelines/cables - Public building, which is on lease and used by a third party for profit, is a property and the occupier is liable to pay tax on it, not the owner. In this case, the property tax to be levied should be in the category of open land or non-occupied building. "The pipelines underneath the land can be said to be 'buildings' and therefore, it cannot be said that the special notice issued to the companies basis of the pipelines underneath the lands and buildings can be said to be illegal.
ADANI GAS LIMITED vs AHMEDABAD MUNICIPAL CORPORATION & 8 Others
(2013) TaxCorp(LJ) 2391 (HC-GUJARAT) · Section 141 B of the Gujarat Province Municipal Corporation Act
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S. 14A & Rule 8D disallowance applies to tax-free securities held as stock-in-trade
D H Securities Pvt. Ltd vs Dy. CIT
(2013) TaxCorp(LJ) 2390 (ITAT-MUMBAI) · Income Tax Section 14A r.w rule 8D
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CIT-DR Accuses ITAT bench of Hurrying and Burying the justice. ITAT imposes cost and initiated action for contempt
M/s Lala Harbhagwan Das Memorial Vs. Commissioner of Income-tax
(2013) TaxCorp(LJ) 2389 (ITAT-DELHI)
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Provisions of Sec. 14A(2) that before making any disallowance u/s 14A, the AO must record satisfaction having regard to the accounts of the Assessee that the claim of the Assessee that the expenditure incurred is not related to the income forming part of the total income is incorrect. ITAT bench relied on (2013) 7 TaxCorp (A.T.) 31924 (PANAJI).
Infrastructure Logistics Pvt. Ltd vs ACIT
(2013) TaxCorp(LJ) 2388 (ITAT-PANAJI) · Income Tax Section 14A r.w rule 8D
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S. 194A(3)(viia)(b) makes no distinction between members and non- members of co-operative bank for purpose of deduction of tax at source on interest on time deposits paid/credited and therefore, co-operative bank would be liable to deduct tax at source under section 194A(1) on interest on time deposits paid/credit to its depositors, if such interest amount exceeded the limit prescribed in proviso to section 194A(3)(i).
Bailhongal Urban Co-op Bank Ltd vs JCIT
(2013) TaxCorp(LJ) 2387 (ITAT-PANAJI) · Income Tax Section 194A(3)(i), 40(a)(ia) - CBDT Circular No.9 of 2002 dated 11-09-2002
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