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Intention to earn dividend income on appreciation of price of shares - Despite large volume of shares transactions, the Assessing Officer cannot ignore the rule of consistency to treat the gains on sale of shares as STCG.
Dy. CIT vs E-Cap Partners
(2014) TaxCorp(LJ) 2539 (ITAT-MUMBAI)
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S. 40A(3), Rule 6DD - Where cash payment is made for purchase of agricultural or forest produce or the produce of animal husbandry or dairy or poultry farming etc. as per sub-clause (e) of rule 6DD or payment is made by any person to his agent who is required to make payment in cash for goods or services on behalf of such persons under clause (k) of Rule 6DD of Income Tax Rules, no disallowance under sub-section (3) of section 40A shall be made. In other words, exemptions are carved out under rule 6DD when purchase is of agricultural or forest produce etc. or when such purchase is made through agent who was required to pay in cash.
CIT vs A C INDUSTRIES
(2014) TaxCorp(LJ) 2538 (HC-GUJARAT) · Income Tax S. 40A(3), Rule 6DD
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S. 68 cash credits: A bank, NBFC etc is not required to give conclusive proof of the identity, credit worthiness etc of the depositor. Practical view has to be taken of deficiencies in KYC norms, absence of PAN card etc
Sahara India Financial Corpn. Ltd vs DCIT
(2014) TaxCorp(LJ) 2537 (ITAT-DELHI)
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Banking & Finance - Income Tax & Direct Taxes - Practice & Procedure - Income-tax Act, 1961, s. 29 - Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - Income Tax (Certificate Proceedings) Rules, 1962, rr. 11, 11(2) - Loan - Recovery - Right of purchaser - Auction of property - Legality - Held, HC ought not to have interfered with in matter agitated by respondent in exercise of its writ jurisdiction - Single Judge rightfully dismissed petition filed by respondent - Respondent lost interest in property and remained silent spectator to various orders which came to be passed from time to time - Respondent had, no equitable right in his favor to assail auction-purchase made by appellant.
Sadashiv Prasad Singh vs Harendar Singh & Ors
(2014) TaxCorp(LJ) 2536 (SC)
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ITAT confirms levy of Penalty u/s. 271(1)(c) - Gross negligence and dereliction of duty – and by more than one person, and would thus qualify to be a conscious disregard of its obligations.
Hamirpur District Co-operative Bank Limited vs DCIT
(2014) TaxCorp(LJ) 2535 (ITAT-LUCKNOW) · Income Tax Secion 271(1)(c), 80P
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The employees’ contribution to the Employees’ Provident Fund (EPF)/ Employees’ State Insurance Corporation (ESIC) deposited beyond the due date prescribed under section 36(1)(va) of the IT ACT, would not be eligible for deduction under section 43B of the Act, even if deposited before the due date of filing the tax return.
CIT vs GUJARAT STATE ROAD TRANSPORT CORPORATION
(2014) TaxCorp(LJ) 2534 (HC-GUJARAT) · Income Tax Section 43B, 36(1)(va)
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S. 10A/ 10B - Merely because the claim was made under wrong section, the claim of the assessee should not be rejected if it is found that otherwise, the assessee is eligible for deduction.
ANSR Sources India Private Limited vs Income Tax Officer
(2014) TaxCorp(LJ) 2533 (ITAT-BANGALORE) · Income Tax Section 10A, 10B
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S. 272B penalty on deductor for wrong/ non-stating of PAN in TDS return is not applicable if information is not furnished by deductee. Penalty is Rs. 10000 per deductor and not per wrong PAN.
COMMISSIONER OF INCOME TAX-TDS vs DHTC LOGISTICS LTD
(2014) TaxCorp(LJ) 2532 (HC-DELHI) · Income Tax Section 272B
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Employees’ PF/ ESI Contribution is also covered by s. 43B & allowable as a deduction u/s 36(1)(va) if paid by the “due date” for filing ROI
CIT vs Jaipur Vidyut Vitran Nigam Ltd
(2014) TaxCorp(LJ) 2531 (HC-RAJASTHAN) · Income tax Section 43B, 36(1)(va)
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Interest on Income Tax refund should be spread over the years for which interest is granted.
SHRI M. JAFFER SAHEB (DECD.), L/R M.NURUL HUDA vs CIT
(2014) TaxCorp(LJ) 2530 (HC-AP)
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AO empowered to launch fishing and roving enquiry with a view to detect tax evasion
Kathiroor Service Cooperative Bank vs CIT(CIB) & Ors
(2014) TaxCorp(LJ) 2529 (SC) · Income Tax Section 133(6)
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Recovering outstanding taxes without affording reasonable time to take remedial steps is a misuse of powers and a gross violation of the directions laid down by the Courts .
Maharashtra Housing & Area Development Authority vs Addl. DIT(E)
(2014) TaxCorp(LJ) 2528 (ITAT-MUMBAI)
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Reopening on the basis of vague / uncertain information on Accommodation Entry not valid
Income Tax Officer vs Maya Gupta
(2014) TaxCorp(LJ) 2527 (ITAT-DELHI) · Income Tax Section 147
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Deduction on account of compensation expenses - In a business, when a compensation is paid in respect of stock in trade for non-performance of a contract, the compensation paid is always considered as revenue expenditure. Merely an advance received from the buyers which were repaid with compensation. There is no transfer of title till a sale deed is executed or possession of the premise given in pursuance to part performance u/s 53A of the transfer of property Act. The compensation paid was for utilizing the funds made available by the buyers.
DCIT vs Vatika Town Ships Pvt. Ltd
(2014) TaxCorp(LJ) 2526 (ITAT-DELHI)
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S. 32(1) - Road constructed on Build-Operate-Transfer (“BOT”) terms is eligible for depreciation even though assessee is not the legal owner of the road
DCIT vs Swarna Tollway Pvt. Ltd
(2014) TaxCorp(LJ) 2525 (ITAT-HYDERABAD) · Income Tax Section 32(1)
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Assessee has duly offered the amount admitted at time of search for taxation and paid tax with interest, penalty u/s 271AAA could not be sustained.
ACIT vs Shri A N Annamalaisamy (HUF)
(2014) TaxCorp(LJ) 2524 (ITAT-CHENNAI) · Income Tax Section 271AAA
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Additions without proper opportunity of being heard not justified
M/s JKD Capital & Finlease Ltd. V/S. Income Tax Officer
(2014) TaxCorp(LJ) 2523 (ITAT-DELHI)
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Tax Audit Provision applies to Income From Partnership Firm
Sagar Dutta versus D.C.I.T.
(2014) TaxCorp(LJ) 2522 (ITAT-KOLKATA)
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S. 68 Merely transfer through bank account does not prove that the money is explained
Commissioner Of Income Tax V/s Smt. Prem Lata Sethi
(2014) TaxCorp(LJ) 2521 (HC-ALLAHABAD)
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Sections 28(v), 44AB, 271B - Partners' salary - Partnership deed - Penalty u/s 44AB can be attracted in case the professional income of the assessee received from partnership firm of Chartered Accountants is taxable under the head “income from business or profession” – Held, the assessee ought to have got her accounts audited under section 44AB of the Act.
Usha A. Narayanan vs Deputy Commissioner of Income Tax
(2014) TaxCorp(LJ) 2520 (ITAT-KOLKATA) · Income Tax Sections 28(v), 44AB, 271B
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