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Whether section 2(22 )( e) can be attracted, when such recipient company neither holds 10% shares nor has more than 20% beneficial stakes in the assessee - Whether proceedings initiated u/s 201(1)/201(1A) after a lapse of nine years from the relevant AY is time barred.
ASSISTANT COMMISSIONER OF INCOME TAX Vs. M/s C J INTERNATIONAL HOTELS LTD.
(2014) TaxCorp(LJ) 3460 (ITAT-DELHI) · Income Tax - Sections 2(22)(e), 194, 201(1), 201(1A)
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Whether addition can be made u/s 68 on the ground of undisclosed source of share application money, when AO has neither done any verification of documents nor issued summons u/s 131 to the share applicants for their personal presence.
M/s GABS FABRICS (P) LTD. Vs. INCOME TAX OFFICER
(2014) TaxCorp(LJ) 3459 (ITAT-DELHI) · Income Tax - Sections - 68, 69C, 131, 143(1), 148
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Whether when the assessee fails to furnish details of business purposes on foreign travel, any expenditure incurred in this relation warrants disallowance.
GENESIS ORGANICS P LTD. Vs. DEPUTY COMMISSIONER OF INCOME TAX
(2014) TaxCorp(LJ) 3458 (ITAT-AHMEDABAD) · Income Tax – Sections 35, 40(a)(ia)
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Whether when AO makes disallowances of wages claimed on estimate basis, such disallowance calls for imposition of penatly.
SAMIR DIAMOND MFG PVT LTD. Vs. ASSTT COMMISSIONER OF INCOME TAX
(2014) TaxCorp(LJ) 3457 (ITAT-AHMEDABAD) · Income tax - Section 271(1)(c)
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Whether in case the notice for reopening is issued, it is allowed to be proceeded and the Assessing Officer can also open other issues, other than those for which the reasons have been recorded - Whether ordinarily in a writ petition also, the High Court can interfere with such notices issued.
GUJARAT PAGUTHAN ENERGY CORPORATION PVT LTD. Vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-4
(2014) TaxCorp(LJ) 3456 (HC-GUJARAT) · Income Tax - Sections 80IA(iv), 139(1), 147, 148
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Whether the expenditure incurred on purchase of technical know how fees is allowable as a revenue expenditure u/s 37(1).
DEPUTY COMMISSIONER OF INCOME TAX, (ASSTT) Vs. CIBATUL LTD.
(2014) TaxCorp(LJ) 3455 (HC-GUJARAT) · Income Tax - Sections 35AB, 37, 260A
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Whether proceeds earned on counter-sales against foreign currency is eligible for deduction u/s 80HHC - Whether penal provisions are different from provisions relating to charging interest.
COMMISSIONER OF INCOME TAX, AGRA AND ANOTHER Vs. M/s OSWAL EXPORTS
(2014) TaxCorp(LJ) 3454 (HC-ALLAHABAD) · Income Tax – Sections 260A, 234-A, 234-B or 234-C
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Whether proceeds earned on counter-sales against foreign currency is eligible for deduction u/s 80HHC - Whether penal provisions are different from provisions relating to charging interest.
COMMISSIONER OF INCOME TAX BAREILLY & ANOTHER Vs. M/s REDICO KHAITAN LTD.
(2014) TaxCorp(LJ) 3453 (HC-ALLAHABAD) · Income Tax – Sections 43B, 115J, 143(1)(a), 154
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Tribunal cannot decide an appeal on merits when first appellate authority had dismissed the appeal for want of pre-deposit – Gujarat High Court
Gadhvi And Co. Vs. State Of Gujarat
(2014) TaxCorp(LJ) 3452 (HC-GUJARAT)
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Whether preliminary objections raised against the reassessment and also in relation to the reasons recorded must be considered and all the objections raised by assessee has to be disposed of by speaking order
TORRENT POWER SEC LTD. Vs. ASSTT COMMISSIONER OF INCOME TAX
(2014) TaxCorp(LJ) 3451 (HC-GUJARAT) · Income Tax - Sections 142(1), 147, 148
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Shariat courts have no legal sanction, fatwas not binding on anyone: SC
VISHWA LOCHAN MADAN VERSUS UNION OF INDIA & ORS.
(2014) TaxCorp(LJ) 3450 (SC)
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S. 269SS/ 269T is not attracted to book entries not involving cash transactions
CIT vs. Saurabh Enterprises
(2014) TaxCorp(LJ) 3449 (HC-ALLAHABAD) · Section 269SS, 269T
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S. 2(47)/ 54: If an agreement to sell is entered into within the prescribed period, there is a transfer of some rights in favour of the vendee. Fact that sale deed could not be executed within the time limit owing to supervening problem is not a bar for s. 54 exemption
Sanjeev Lal vs. CIT
(2014) TaxCorp(LJ) 3448 (SC) · Section 2(47), 54
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Expl to s. 37: If the purpose of the expenditure is not an offense/ prohibited by law, fact that prior approval of the Govt. was not obtained cannot be the basis of disallowance
Jai Surgicals Ltd vs. ACIT
(2014) TaxCorp(LJ) 3447 (ITAT-DELHI) · Section 37
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Disallowance u/s. 40(a)(ia) applies only to amounts ‘payable‘ as of 31st March – SC
COMMISSIONER OF INCOME TAX VERSUS M/S VECTOR SHIPPING SERVICES(P) LTD.
(2014) TaxCorp(LJ) 3446 (SC) · Section. 40(a)(ia)
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Dept. goes Hitech- ITAT admits Linkedin Profile as additional Evidence
GE Energy Parts Inc. Vs. Addl. Director of Income-tax
(2014) TaxCorp(LJ) 3445 (ITAT-DELHI)
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Impose penalty for each offence independently for delay or default in making disclosures- SAT
Splash Media & Infra Ltd. Versus Securities and Exchange Board of India
(2014) TaxCorp(LJ) 3444 (ITAT-MUMBAI)
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S. 47(xiiib)/ 47A(4): Giving of interest-free loans to partners of the LLP does not contravene Proviso (c), though it contravenes Proviso (f), to s. 47(xiiib). Capital gains have to be computed on the book value of assets transferred & not on market value
Aravali Polymers LLP vs. JCIT
(2014) TaxCorp(LJ) 3443 (ITAT-KOLKATA) · Section 47(xiiib), 47A(4)
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Bar in S. 269SS/ 269T does not apply to loans/ advances accepted/ repaid via journal entries. Limitation period for s. 271D penalty is as per s. 275(1)(c) & not 275(1)(a)
CIT vs. WorldWide Township Projects Ltd
(2014) TaxCorp(LJ) 3442 (HC-DELHI) · Sections 269SS, 269T
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Life term, jail terms for other offences can’t run together: SC
Duryodhan Rout Vs. State Of Orissa
(2014) TaxCorp(LJ) 3441 (SC)
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