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Benefit U/s. 54 / 54F on property jointly held by assessee with wife for Security Purposes
Assistant Commissioner of Income-tax Versus Suresh Verma
(2014) TaxCorp(LJ) 2739 (ITAT-DELHI)
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Sec. 54 Expression ‘a residential house’ cannot be interpreted as ‘a single residential unit’
Vittal Krishna Conjeevaram Vs. Income Tax Officer
(2014) TaxCorp(LJ) 2738 (ITAT-HYDERABAD)
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Provison of retirement benefit based on service weightage of the employee.
Commissioner of Income tax vs PRICOL Limited
(2014) TaxCorp(LJ) 2737 (HC-MADRAS) · Income Tax Section 40A(9), 40A(7)
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If the expenditure were to be considered as capital expenditure in the hands of the owner, it has to be considered as capital expenditure in the hands of the tenant.
Rohit Bal Designs Pvt. Ltd. vs DCIT
(2014) TaxCorp(LJ) 2736 (ITAT-DELHI)
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No disallowance u/s 40(a)(ia), if it is establish that payee has paid tax and filed the ROI before the due date, the expenditure by the assessee shall be allowed in spite of the fact that tax has not been deducted on the same.
Chandrashekar Shivalingappa vs The Commissioner of Income Tax
(2014) TaxCorp(LJ) 2735 (ITAT-PANAJI) · Section 40(a)(ia)
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HC upheld the AO order directing Special audit under Section 142(2A)
DLF LTD AND ANOTHER vs ADDL. CIT
(2014) TaxCorp(LJ) 2734 (HC-DELHI)
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Blatant violation of the Foreign Contribution (Regulation) Act, 1976 - Donations to political parties - No reason why an entity such as a company would not fall within the ambit of the term “corporation” employed in the Foreign Contribution (Regulation) Act, 1976. A “corporation” incorporated in a foreign country or territory for the purpose of Section 2(e)(vi)(c) includes within its fold, companies incorporated outside the territory of India, such as Vedanta; which is incorporated in the United Kingdom.
ASSOCIATION FOR DEMOCRATIC REFORMS AND ANR vs UOI AND ORS
(2014) TaxCorp(LJ) 2733 (HC-DELHI)
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Exempt income —dividend and long-term capital gains — cannot be brought to tax in the hands of the trust even if the investments made by it do not meet the criteria prescribed under the Income Tax Act. The dividend income on shares and mutual funds and long term capital gain on sale of shares an exempt u/s 10(34), 10(35) and 10(38) respectively and cannot be brought to tax by applying section 11 and 13 of the Act.
Jamsetji Tata Trust vs Joint Director of Income Tax (Exemption)
(2014) TaxCorp(LJ) 2732 (ITAT-MUMBAI) · Section 10(34), 10(35) and 10(38)
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Addition u/s 40(a)(ia) can be made only if there is a default in deducting tax at source u/s 194(c)(3). Assessee has received Form 15I and has also filed the requisite details of the sub-contractor in accordance with Rule 29D in Form 15J, even though belatedly, but that can be technically venial.
Asst. Commissioner of Income Tax vs Joaquim Alemao
(2014) TaxCorp(LJ) 2731 (ITAT-PANAJI) · Section 40(a)(ia)
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Additional depreciation can be allowed in the subsequent assessment year
Rittal India Pvt. Ltd vs ACIT (LTU)
(2014) TaxCorp(LJ) 2730 (ITAT-BANGALORE) · Section 32(1)(iia)
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Third proviso to sub- section 3(c)(ii) of Section 80HHC - AO could not have reopened the assessment for the year 2000-01 on the basis of the retrospective amendment, when the retrospectivity has been struck down and the amendment having been held to be prospective, i.e. from the assessment year 2005-06, over six years later. If the Revenue felt aggrieved, it could have taken appropriate steps to rectify the order in accordance with law within the period prescribed.
COMMISSIONER OF INCOME TAX vs JAYANITA
(2014) TaxCorp(LJ) 2729 (HC-DELHI) · sub- section 3(c)(ii) of Section 80HHC
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Booking rights in apartment becomes LTCG asset after 36 months from the date of buyer's agreement with Builders.
Gulshan Malik vs Commissioner of Income-tax
(2014) TaxCorp(LJ) 2728 (HC-DELHI) · Section 2(47)(v) and (vi)
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Assessee has furnished all the required details and that hence no penalty u/s 271(1)(c) can be levied on technical/legal disallowances u/s 14A or u/s 40(a)(ia). HC upheld ITAT order reported in (2013) 7 TaxCorp (A.T.) 33619 (DELHI)
COMMISSIONER OF INCOME TAX vs GLOBAL ASSOCIATES
(2014) TaxCorp(LJ) 2727 (HC-DELHI)
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Satisfaction note issuance u/s 158BD - scope and possible interpretation of Section 158BD - “Satisfaction” has to be recorded by AO to attain jurisdiction over non-searched person - (a) at the time of or along with the initiation of proceedings against the searched person under Section 158BC of the Act; (b) along with the assessment proceedings under Section 158BC of the Act; and (c) immediately after the assessment proceedings are completed under Section 158BC of the Act of the searched person.
CIT vs Calcutta Knitwears
(2014) TaxCorp(LJ) 2726 (SC) · Income Tax Section 158BD, 158BD and Chapter XIV-B
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Hon`ble High court upheld ITAT direction to deposit of 50 per cent of tax liability on the grounds urged by the petitioner seeking grant of interim stay.
Vodafone South Ltd vs DDIT
(2014) TaxCorp(LJ) 2725 (HC-KARNATAKA)
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Interest earned by the assessee on the margin money deposited by it for borrowing amounts to finance its expansion, whether capital in nature - The interest received in this case is ‘inextricably linked’ with the construction of the power project, in as much as the loan was utilised to make advances linked to the expansion. The margin money from which the interest was earned was placed for the purpose of taking the loan. The loan was given for the purpose of expansion and thus fell within the ruling in CIT vs. Bokaro Steels Ltd., (1999) 236 ITR 315 SC. In these circumstances this Court is of the opinion that the Tribunal`s approach and finding cannot be faulted and no question of law arises.
COMMISSIONER OF INCOME TAX vs BOKARO POWER SUPPLY CO. LTD
(2014) TaxCorp(LJ) 2724 (HC-DELHI)
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S. 250(4), and provisions of rule 46A - Mere fact that the results of the enquiries thus conducted supported the case of the assessee and not that of Revenue has no bearing on the jurisdiction and powers of the learned CIT(A).
DCIT vs NE Technologies India Pvt. Ltd
(2014) TaxCorp(LJ) 2723 (ITAT-HYDERABAD) · Income Tax Section 250(4), Rule 46A
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STCG or LTCG - Handing over possession after receiving full consideration is the definitive declaration of transfer of property as per the definition u/s 2(47), registration is only a process. The assessee is rightfully claiming exemption u/s 54F.
Vrajendra Karan Varma Rathod vs ITO
(2014) TaxCorp(LJ) 2722 (ITAT-HYDERABAD) · Income Tax Section 2(47), 54F
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Mistake in 26AS issued by the contractor, assessee cannot be default . S. 40(a)(ia) is retrospective in nature since it has been introduced to eliminate unintended consequences which may cause undue hardship to the tax payer.
The Asst. CIT vs PLR Projects Pvt. Ltd
(2014) TaxCorp(LJ) 2721 (ITAT-HYDERABAD) · Income Tax Section 40(a)(ia)
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Benefit u/s 54F – Due date of investment would be under Section 139(1) only not under Section 139(4) of the Act.
DR. XAVIER J. PULIKKAL vs DCIT
(2014) TaxCorp(LJ) 2720 (HC-KERALA) · Income Tax Section 54F
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