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ITAT - Revision of order u/s 263 cannot be done if two views are possible on the issue. There is no money borrowed or debt incurred as such provisions of sec. 2(28A) and sec. 194A do not apply.
Neo Sports Broadcast Pvt. Ltd. vs. CIT (TDS)
(2016) TaxCorp(LJ) 10137 (ITAT-MUMBAI) · Section. 194A
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ITAT - TDS u/s 194C and not u/s 194J is applicable to subscription payments made to TV channels for redistribution of TV Channels through cable operators.
ITO. vs. Wire & Wireless (India) Limited
(2016) TaxCorp(LJ) 10136 (ITAT-MUMBAI) · Sections. 194C, 194J
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ITAT - Explanation given by assessee that it was under a genuine belief that it was entitled for relief u/s 80 IA (supported by CA-certificate) is bonafide. Penalty u/s 271(1)(c) deleted.
Oxford Softech P. Ltd. vs. ITO
(2016) TaxCorp(LJ) 10135 (ITAT-DELHI) · Section. 80IA
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S. 40(a)(ia), though inserted w.e.f. 01.04.2013, is retrospective in operation because it is curative and intended to remedy an unintended consequence. Accordingly, if the payee has paid the tax, the payer will not suffer a disallowance
Rakesh Tak vs. ITO
(2016) TaxCorp(LJ) 10134 (ITAT-JAIPUR) · Section 40(a)(ia)
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S. 271(1)(c): Income-tax provisions are highly complicated and it is difficult for a layman to understand the same. Even seasoned tax professionals have difficulty in comprehending these provisions. Making a claim for deduction u/s S.80 IA which has numerous conditions is a complicated affair & cannot attract penalty
Oxford Softech P. Ltd vs. ITO
(2016) TaxCorp(LJ) 10133 (ITAT-DELHI)
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S. 40(a)(ia)/ 192: Employees deputed pursuant to a secondment agreement are not "employees" of the assessee and so the amounts paid by way of reimbursement of their salary is not subject to TDS in the assessee's hands
DCIT vs. Mahanagar Gas Ltd
(2016) TaxCorp(LJ) 10132 (ITAT-MUMBAI) · Section 40(a)(ia), 192
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HC - Tribunal's order passed without dealing with its co-ordinate bench ruling makes the order a nonspeaking order and in breach of principles of natural justice.
DSP Investment Private Limited vs. ACIT
(2016) TaxCorp(LJ) 10131 (HC-BOMBAY) · Section. 14A
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Fundamental principles of accrual of income under mercantile system of accounting explained in the context of waiver of income recoverable from person facing financial difficulties
CIT. vs. Neon Solutions Pvt. Ltd.
(2016) TaxCorp(LJ) 10130 (HC-BOMBAY)
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ITAT - Developer did not get building plan approved from competent authority, which is of utmost importance for implementation of JDA. Capital gains addition made on the basis of JDA entered by assessee to be deleted.
Coromandel Cables Pvt Ltd. vs. ACIT
(2016) TaxCorp(LJ) 10129 (ITAT-CHENNAI)
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Failure by ITAT to grant an adjournment requested due to bereavement results in breach of principles of natural justice
Zuari Global Ltd. vs. Pr. CIT
(2016) TaxCorp(LJ) 10128 (HC-BOMBAY)
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S. 14A/ Rule 8D: Non-consideration by the ITAT of a judgement of the co-ordinate Bench makes the order a non-speaking one and breaches the principles of natural justice
DSP Investment Pvt. Ltd vs. ACIT
(2016) TaxCorp(LJ) 10127 (HC-BOMBAY) · Section 14A
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Mere non-introduction of interest-bearing funds is not sufficient to conclude that gains from sale of shares are not business income
Pine Tree Finserve Pvt. Ltd vs. CIT
(2016) TaxCorp(LJ) 10126 (HC-BOMBAY)
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SC - SLP Dismissed - “Wheeling charges” was not taxable as FTS u/s 194J.
CIT-TDS. vs. Delhi Transco Ltd.
(2016) TaxCorp(LJ) 10125 (SC) · Section. 194J
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SC - SLP Dismissed - Surrender of Floor Area Ratio relating to land in favour of developer for construction of flats is transfer u/s 2(47).
Dinesh Rankha vs. CIT
(2016) TaxCorp(LJ) 10124 (SC)
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Important law on concept of "ancestral property" under the Hindu Succession Act, 1956 and the formation of a HUF by the surviving members of the deceased explained
Uttam vs. Saubhag Singh
(2016) TaxCorp(LJ) 10123 (SC)
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S. 80-IB(7): Amounts by way of rent and other misc items, though shown as "other income" in the books, constitutes "key revenue category" as per ICAI Guidelines and are "derived" from the business of the hotel
Kumarakom Lake Resort Pvt. Ltd vs. ACIT
(2016) TaxCorp(LJ) 10122 (ITAT-COCHIN) · Section 80-IB(7)
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AAR - Provision of coring services under a sub-contract, taxable at concessional rate u/s 44BB.
Corpro Systems Limited UK
(2016) TaxCorp(LJ) 10121 (AAR) · Section. 44BB
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HC - Payment to Tamil Nadu Industrial Development Corporation Limited for executing 99 years land lease deed is not rent. No TDS u/s 194I.
TRIL Inforpark Limited vs. ITO
(2016) TaxCorp(LJ) 10120 (HC-MADRAS) · Section. 194I
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HC - Since conduct of petitioner not being forthcoming, this is not a fit case to exercise extraordinary writ jurisdiction in foreign asset reassesment case.
Soignee R. Kothari vs. DCIT
(2016) TaxCorp(LJ) 10119 (HC-BOMBAY)
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Transfer Pricing Of Corporate Guarantees: Explanation i(c) to S. 92 B, though stated to be clarificatory and stated to be effective from 01.04.2002, has to be necessarily treated as effective from at best AY 2013-14 as it is an "anti abuse" provision. Dept’s submission that Bharti Airtel 161 TTJ 428 is “per incuriam” is not acceptable. Law laid down in Micro Ink 176 TTJ 8 (Ahd) on transfer pricing implications of corporate guarantees reiterated
Siro Clinpharm Private Limited vs. DCIT
(2016) TaxCorp(LJ) 10118 (ITAT-MUMBAI) · Section 92B
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