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High Court advices restraint In-friction between ITAT Bar And Bench, Expunge reference made by ITAT to ICAI
Pradeep Kumar Kapoor Vs. Income Tax Appeellate Tribunal,Lucknow Bench ‘Smc’ Lko.& Anr
(2014) TaxCorp(LJ) 2479 (HC-ALLAHABAD)
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Recognition U/s. 80G(5) cannot be rejected for Mere non Commencement of one of the activities mentioned in object clause
Commissioner Of Income Tax Versus Vihangam Yoga Prachar And Social Welfare Trust Lucknow
(2014) TaxCorp(LJ) 2478 (HC-ALLAHABAD)
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S. 272B Penalty is Rs. 10000 per deductor and not per wrong PAN
COMMISSIONER OF INCOME TAX-TDS versus DHTC LOGISTICS LTD.
(2014) TaxCorp(LJ) 2477 (HC-DELHI)
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Exemption u/s 54EC can be availed by a Trust even if investments are made in the name of trustees or beneficiaries
Popatlal N. Vora Inheritance Trust Vs. ITO
(2014) TaxCorp(LJ) 2476 (ITAT-AHMEDABAD)
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Penalty u/s 271AAA on members of AOP for income initially disclosed and declared in the hands of AOP
COMMISSIONER OF INCOME TAX Versus VIRENDARA KUMAR GUPTA
(2014) TaxCorp(LJ) 2475 (HC-DELHI)
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TDS on Service Tax on Professional Fees if same is paid separately as per contract terms
Commissioner of Income Tax (TDS) Versus M/s. Rajasthan Urban Infrastructure
(2014) TaxCorp(LJ) 2474 (HC-RAJASTHAN)
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Amendment to Section 40(a)(ia) is retrospective in nature
Commissioner of Income Tax XIII Versus Naresh Kumar
(2014) TaxCorp(LJ) 2473 (HC-DELHI)
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Joint Development Agreement –cum -GPA - Provisions of section 2(47)(v) and Section 53A of the Transfer of Property Act - Handing over of the possession of the property is only one of the condition u/s 53A of the Transfer of Property Act, but it is not the sole and isolated condition. 'Willingness to perform' has been specifically recognized as one of the essential ingredients to cover a transaction by the scope of Section 53A of the Transfer of Property Act.
Fibars Infratech Pvt. Ltd vs ITO
(2014) TaxCorp(LJ) 2472 (ITAT-HYDERABAD) · Income Tax S. 2(47)(v) and S. 53A of TPA
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Sections 49(1), 55(1)(b) - Cost of Acquisition - Succession or Inheritance - Cost of Improvement - Even if the assessee had discharged the liability by making payment, this cannot constitute a part of the cost of acquisition of the property transferred. Further on applicability of section 50C, ITAT bench rejected assessee submission that the transactions were entered into well before 01/04/2003 and, therefore, provisions of section 50C are not applicable. as assessee has not been substantiated with enough evidence and documents that the land has been sold by the an agreement of sale in the earlier years i.e. 2000 and 2001
Maniza Jumabhoy vs Asst. Commissioner of Income-tax
(2013) TaxCorp(LJ) 2471 (ITAT-HYDERABAD) · Income Tax Sections 49(1), 55(1)(b)
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Central Excise – MODVAT – Interest - The issue involved in all these appeals is with regard to the liability to pay interest under the provisions of Section 112 of the Finance Act, 2000, which pertains to liability of the assessee to pay interest under the Central Excise Rules, 1944. There was no issue with regard to any adjudication because the respondents had availed MODVAT credit on the HSD oil used as an input though it was not permissible. Once it is certain that the MODVAT credit had been wrongly availed by the respondents, in our opinion, the Revenue cannot be blamed, if the amount wrongly availed by way of MODVAT credit by the respondents is recovered with interest thereon. It is also pertinent to note that the Revenue had given 30 days’ time to return the said amount to the respondents who had wrongly availed MODVAT credit on the HSD oil used as an input. If anyone who had repaid the amount wrongly availed within 30 days from the date on which Section 112 of the 2000 Act got the President’s assent, that assessee had not to pay any interest on the amount of duty availed by him wrongly.
Union of India & Ors vs Maharaja Shree Umaid Mills
(2013) TaxCorp(LJ) 2470 (SC)
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Interest u/s 244A cannot be denied for the time taken by the appellant assessee to cure the defects in the TDS certificates as no amount is due from the assessee so far as TDS certificates and the amount was lying with the revenue. The interest is payable on account of the amount in excess of what is payable was remaining with the revenue and not for the delay caused by the revenue in determining the refund of the amount. In that view of the matter as the excess amount was remaining with the revenue, interest is to be paid on the amount to be refunded to the assessee.
COMMISSIONER OF INCOME TAX vs STATE BANK OF TRAVANCORE
(2013) TaxCorp(LJ) 2469 (HC-KERALA) · Income Tax Section 244A
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ESOP recharges cost paid by Indian company to foreign parent tax deductible Shares were allotted at less than market price by the holding company to the employees of its Indian subsidiary.
Novo Nordisk India Pvt. Ltd vs Deputy Commissioner of Income Tax
(2013) TaxCorp(LJ) 2468 (ITAT-BANGALORE) · Income Tax Section 37(1), 40A(2)(b)
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S. 47(xiii) - Revaluation of land upon conversion of partnership firm into private limited company shown as loan to shareholders (erstwhile partners) violates conditions and not considered as transfer.
KTC Automobiles (P) Ltd vs Dy.CIT
(2013) TaxCorp(LJ) 2467 (ITAT-COCHIN) · Section 47(xiii)
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Section 44AD of the Act has no relevance as the turnover exceeded the prescribed limit.
K Kannan vs Assistant Commissioner of Income Tax
(2013) TaxCorp(LJ) 2466 (HC-MADRAS) · Section 44AD
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S. 271(1)(C) - Merely because the assessee complies with the statutory procedural requirement of filing the prescribed form and certificate of the Chartered Accountant cannot absolve the assessee of its liability if the act or attempt in claiming the deduction was not bonafide. Where the provisions of the Act are clear, taking a different stand and claiming deductions would be prone to initiation of penalty proceedings for filing inaccurate particulars of income.
CIT vs. HCIL KALINDEE ARSSPL
(2013) TaxCorp(LJ) 2465 (HC-DELHI) · Income Tax Section 271(1)(c)
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Section 43B, r.w.s 36(1)(va) - Provident fund - The employer's and employees' contribution are allowable as deduction if the amount of provident fund, etc., though belatedly, but is paid before the due date of filing of return under section 139(1) of the Act. Per contra, if the amounts are not paid before the due date, then the amount cannot be allowed as deduction in the relevant year. However the deduction would be available in the year of payment. Since these two amounts were disallowed in the preceding year on the ground that these were not paid before due date of filing the return for the assessment year 2006-07, naturally the deduction would be available on payment of such amounts falling within the previous year relevant to the assessment year under consideration.
Euro Pratik Ispat (P.) Ltd vs Assistant Commissioner of Income-tax
(2013) TaxCorp(LJ) 2464 (ITAT-MUMBAI) · Section 43B, r.w.s 36(1)(va)
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Section 2(15) r.w.s 80G - The primary aim of the assessee was to train men and women as health professionals in the spirit of Jesus Christ and the said facility of training health professionals and medical care was to be provided without consideration of caste, race, creed, language and religion. Though in the primary paragraph of the objects of the assessee , it is mentioned that the primary aim was to educate and train christians men and women as health professionals but in actual fact, the assessee has been running and maintaining the Christian Medical College, Christian Dental College, Christian College of Nursing and other institutions, though on the ideals and principles in the spirit of christian services, but for training the professionals of any caste, creed, race, religion, etc. Similarly, the medical care is being provided by the assessee to all irrespective of their caste, creed or religion, etc. The learned authorised representative for the assessee was directed to furnish the information in respect of the concessions being allowed to the patients by the assessee and necessary evidence has been filed on record in this regard which clearly establish the case of the assessee that the said facilities of providing concessional medical and health care is provided to persons of any caste, creed or religion. The assessee was established and run by a minority christian community, but as the aim and object of the assessee is to train professionals in the field of medical and health-care and also to provide medical facilities in their hospitals to all persons of any caste, creed, race, religion, etc., we are of the view that the activities carried out by the assessee are charitable in nature and consequently, the assessee is entitled to the registration under section 80G(5) of the Act.
CHRISTIAN MEDICAL COLLEGE vs COMMISSIONER OF INCOME TAX
(2013) TaxCorp(LJ) 2463 (ITAT-CHANDIGARH) · Income Tax Section 2(15) r.w.s 80G
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Clause (2) of Explanation 5 of section 271(1)(c)makes it clear that for the searches initiated before the 1st day of June, 2007, where in the course of search the assessee makes a statement u/s 132(4) and owns that he acquired any of such assets out of his undisclosed income, not so far returned, and further states the manner in which such income has been derived and pays tax together with interest if any in respect of such income, no presumption of concealment has to be drawn, notwithstanding the admission to that effect.
CIT vs. Sri Sidh Nath Geol
(2013) TaxCorp(LJ) 2462 (HC-ALLAHABAD) · Explanation 5 of section 271(1)(c)
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Sections 49(1), 55(1)(b) - Cost of Acquisition - Succession or Inheritance - Cost of Improvement - Even if the assessee had discharged the liability by making payment, this cannot constitute a part of the cost of acquisition of the property transferred. Further on applicability of section 50C, ITAT bench rejected assessee submission that the transactions were entered into well before 01/04/2003 and, therefore, provisions of section 50C are not applicable. as assessee has not been substantiated with enough evidence and documents that the land has been sold by the an agreement of sale in the earlier years i.e. 2000 and 2001
Smt. Farida Alladin vs Asst. Commissioner of Income-tax
(2013) TaxCorp(LJ) 2461 (ITAT-HYDERABAD) · Income Tax Sections 49(1), 55(1)(b)
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Merely applicability of sec 50C will not prove escapement of Income
Income-tax Officer vs. Shri Haresh Chand Agarwal, HUF
(2014) TaxCorp(LJ) 2460 (ITAT-AGRA)
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