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concept of “fees” referred to in section 43B cannot be equated with levy of audit charges payable for getting the audit of the accounts done.
Gudas Vyavasaya Seva Sahakari Sangh Niyamit vs ITO
(2014) TaxCorp(LJ) 2639 (ITAT-PANAJI) · Income Tax Section 43B
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Words & Phrases : 'Any amount becomes due to assessee' as occurring in section 244A of the Income-tax Act, 1961
ACIT vs Kerala Transport Co
(2014) TaxCorp(LJ) 2638 (HC-KERALA)
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Tribunal has no power to grant stay beyond a period of 365 days
CIT vs M/s Maruti Suzuki (India) Limited & CIT vs Income Tax Appellate Tribunal
(2014) TaxCorp(LJ) 2637 (HC-DELHI)
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Mere long continuance of litigation by the petitioner and there being no interim order protecting the petitioner, it cannot be said that there was any mitigating factor in the favour of the petitioner.
Giri Lall & Co vs State Of Bihar & Asst. Provident Fund Commissioner
(2014) TaxCorp(LJ) 2636 (HC-PATNA)
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New unit for the purpose of claiming deduction u/s 10B - Merely because assessee might have utilized some of the previous structures on the plot, in our view, cannot decline him deduction u/s 10B of the Act - Electrical connection is crucial to start operations - Payments made through banks to various people for carrying out the works of repairs and renovations to the factory building for making it suitable for carrying out the assessee's works - Assessee’s sales have also increased in the assessment year in question. In our view, the aforesaid material clearly proves that the assessee had set up a new unit.
ACIT vs Shri R. Benjamin Cherian
(2014) TaxCorp(LJ) 2635 (ITAT-CHENNAI) · Income Tax Section 10B
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Section 45 and 48 of the Act are distinct and clearly stipulates the chargeability and computation of long term capital gains respectively.
Best & Crompton Engineering Ltd vs Assistant Commissioner of Income Tax
(2014) TaxCorp(LJ) 2634 (ITAT-CHENNAI) · Income Tax Section 45, 48
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S. 80-IB(10): Limit on extent of commercial area imposed by clause (d) of s. 80IB (10) inserted w.e.f. 1.4.2005 does not apply to projects approved before that date
Income Tax Officer vs Yash Developers
(2014) TaxCorp(LJ) 2633 (ITAT-MUMBAI) · Income Tax Section 80IB(10)
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Statement recorded during survey u/s 133A and retracted thereafter have no evidentiary value
COMMISSIONER OF INCOME TAX-III versus SUNRISE TOOLING SYSTEM PVT. LTD.
(2014) TaxCorp(LJ) 2632 (HC-DELHI)
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Return of income processed u/s 143(1) cannot be reassessed u/s 147 on mere change of opinion of AO
MOHAN GUPTA (HUF) V/S. COMMISSIONER OF INCOME TAX
(2014) TaxCorp(LJ) 2631 (HC-DELHI)
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HC not happy with reopening of case of IRS officer to settle personal vendetta
SHRI PRADYOT K. MISRA versus ASSISTANT COMMISSIONER OF INCOME-TAX
(2014) TaxCorp(LJ) 2630 (HC-DELHI)
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Foreign education expenses of employee (son of director) deductible if there is business nexus
M/S. KOSTUB INVESTMENT LTD. versus COMMISSIONER OF INCOME TAX
(2014) TaxCorp(LJ) 2629 (HC-DELHI)
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Assessee cannot be regarded to be a primary co-operative bank, therefore, it cannot be a co-operative bank and therefore the provisions of Sec. 80P(4) are not applicable in the case of the Assessee and Assessee shall be entitled for deduction u/s 80P(2)(a)(i)
The Tararani Mahila Co-op. Credit Society Ltd. vs ITO
(2014) TaxCorp(LJ) 2628 (ITAT-PANAJI) · Income Tax Section 80P(2)(a)(i), 80P(4)
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Bogus Payment – Gross Profit – Purchases may be from the bogus parties; nevertheless, the entire purchases themselves were not bogus- Merely because the suppliers have not appeared before the assessing officer or the CIT (A), one cannot conclude that the purchases were not made by the assessee. - Purchases made by the assessee from parties were bogus when that is so, it cannot be said that the entries for the purchases of the goods made in the books of account were bogus entries.
Anantha Refinery Private Limited vs DCIT
(2014) TaxCorp(LJ) 2627 (ITAT-BANGALORE)
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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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