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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
(2013) TaxCorp(LJ) 2319 (SC) · Income tax Section 133(6)
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Stock option granted is not a capital asset u/s. 2(14) of the Act.
ACIT vs Shri Chittaranjan A Dasannacharya
(2013) TaxCorp(LJ) 2318 (ITAT-BANGALORE) · Income Tax Section 2(14)
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Merely writing “approved” in the sanction form without recording satisfaction renders the reopening of assessment void u/s 148
Shri Amara Bajaj vs ACIT
(2013) TaxCorp(LJ) 2317 (ITAT-MUMBAI) · Income Tax Section 148
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Issuance of notice u/s 148 after approval from Commissioner of Income Tax instead of Joint Commissioner of Income Tax which is authorized to grant approval under the provisions of section 151 held to be non-sustainable in law.
ITO vs Shri Rupkumar Balchand Rohra
(2013) TaxCorp(LJ) 2316 (ITAT-MUMBAI) · Income Tax Section 148, 151
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Goodwill was not covered for depreciation u/s 32 prior to 1997 amendment of the Act. The definition of actual cost under Section 43(1) of the Act cannot be read to cover goodwill as an asset for which the assessee had to pay and which can be termed as actual cost of the assets to the assessee. The Tribunal apportioned the cost of goodwill to various other assets acquired by the assessee thereby increasing the cost of other assets and allowing depreciation thereon, which, in our opinion, is not legally sustainable.
CIT vs WIPRO LTD
(2013) TaxCorp(LJ) 2315 (HC-KARNATAKA) · Income Tax Section 32, 43(1)
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Section 251(1)(a) shows that the Commissioner (Appeal) has been empowered by the Statute to either confirm, reduce, enhance or annul the assessment. The power to set aside has been omitted by the Finance Act, 2001 w.e.f 01.06.2001. In instant case, ITAT declined to uphold the CIT (A)'s action in restoring the issue to the AO.
Viney Krishan Chaudhri vs DCIT
(2013) TaxCorp(LJ) 2314 (ITAT-DELHI) · Income Tax Section 251(1)(a)
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Section 4(6) of the Payment of Gratuity Act- Employer has a right to withhold the gratuity pending departmental inquiry. However, this course of action is available only if disciplinary authority has necessary powers to impose the penalty of dismissal upon the respondent even after his retirement.
Ch. cum Man. Director Mahanadi Coalfield Ltd. vs Rabindranath Choubey
(2013) TaxCorp(LJ) 2313 (SC) · Section 4(6) of the Payment of Gratuity Act
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80IB - Excise Duty refund is to be treated as ‘capital receipt’ and not liable to be taxed.
ITO vs Sh. Ramesh Chander Gupta
(2013) TaxCorp(LJ) 2312 (ITAT-AMRITSAR) · Income Tax Section 80IB
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Disallowance in view of S. 40(a)(ia) cannot be made if the deposits of TDS to the credit of Government are made before the due date of filing the return as described in section 139(1).
Pratibha JV vs DCIT
(2013) TaxCorp(LJ) 2311 (ITAT-MUMBAI) · Income Tax Section 139(1), 40(a)(ia)
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Where assessee-company received loan from another company and assessee was not a shareholder in said company, deeming provisions of section 2(22)(e) were not applicable to impugned transaction of loan.
ACIT vs Source Hub India (P) Ltd
(2013) TaxCorp(LJ) 2310 (ITAT-BANGALORE) · Income Tax Section 2(22)(e)
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When a retiring partner takes only money towards the value of his share and when there is no distribution of capital asset/assets among the partners there is no transfer of a capital asset and consequently no profits or gains is payable under Section 45(4) of the Income Tax Act.
CIT vs M/S Dynamic Enterprises
(2013) TaxCorp(LJ) 2309 (HC-KARNATAKA) · Income Tax Section 45(4)
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Disallowance of expenditure u/s 14A - Whether the expenditure can be allowed if the income even if earned is not taxable. Upheld Ld. CIT(A) order that under the provisions of section 57(iii) there must be clear nexus between the expenditure incurred and income sought to be earned for allowing the claim of expenditure. CIT(A) did not accept the arguments of the assessee that the transactions were correlated and there was indirect nexus between the interest income and the interest expenditure incurred. The interest expenditure was not allowable as deduction u/s 57(iii) of the IT Act.
Mrs. Varsha R. Taurani vs ACIT
(2013) TaxCorp(LJ) 2308 (ITAT-MUMBAI) · Income Tax Section 14A, 57(iii)
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HC Partly Reverses Law On Foreign Companies Interest Liability U/s. 234B
DIT-I, INTERNATIONAL TAXATION versus ALCATEL LUCENT USA, INC., ALCATEL LUCENT WORLD SERVICES INC.
(2013) TaxCorp(LJ) 2307 (HC-DELHI)
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S. 45(4) not applies if retiring partner takes only money for his share & if there is no distribution of capital assets among partners
THE COMMISSIONER OF INCOME TAX V/s. M/s DYNAMIC ENTERPRISES
(2013) TaxCorp(LJ) 2306 (HC-KARNATAKA)
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HC quashed the Order rejecting application made by taxpayer for grant of NIL withholding tax certificate u/s 197 and held that It is a very cryptic one rejecting the application made by the petitioner under Section 197 of the Act without giving details as to the outstanding demand and as to whether the petitioner’s case falls within the scope of section 197 and the rules made thereunder or not.
VODAFONE CELLULAR LIMITED vs ACIT (TDS)
(2013) TaxCorp(LJ) 2305 (HC-KARNATAKA) · Income Tax Section 197
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AO can make fishing & roving enquiry U/s. 133(6) to detect tax evasion
Kathiroor Service Cooperative Bank Ltd. Versus Commissioner of Income Tax (CIB) & Ors.
(2013) TaxCorp(LJ) 2304 (SC)
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TDS U/s. 194C applies on Bus rent paid by assessee school to transporter for carrying students
ACIT (TDS) Vs. Delhi Public School
(2013) TaxCorp(LJ) 2303 (ITAT-DELHI)
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TDS deductible despite non claim of related expenditure
Agreenco Fibre Foam (P) Ltd. Vs. The Income Tax Officer (TDS), Kannur
(2013) TaxCorp(LJ) 2302 (ITAT-COCHIN)
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Exemption u/s. 54EC cannot be denied to assessee due to deeming fiction created U/s. 50
COMMISSIONER OF INCOME TAX Versus ADITYA M EDISALES LTD.
(2013) TaxCorp(LJ) 2301 (HC-GUJARAT)
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S. 14A Mere incorporation &receipt of share application money cannot be said to be commencement of business
Holcim (India) Pvt. Ltd. Vs. DCIT (OSD) Cir. 12(1)
(2013) TaxCorp(LJ) 2300 (ITAT-DELHI)
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