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SC - SLP Dismissed - Karnataka HC had allowed deduction to assessee company for expenses incurred on buy-back of shares.
CIT vs. Motor Industries Co. Ltd
(2015) TaxCorp(LJ) 9509 (SC)
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The object of introduction of Securities Transaction Tax (STT) was to end litigation on the issue of whether profit earned from delivery based sale of shares is capital gains or business profit. Merely because the assessee liquidates its investment within a short span of time, which had given better overall earning to the assessee, would not lead to the conclusion that the assessee had no intention to keep on the funds as investor in equity shares, but was actually intended to trade in shares
Hema Hiren Dand vs. JCIT
(2015) TaxCorp(LJ) 9508 (ITAT-MUMBAI)
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Rule 10A(d): Law on when multiple transactions can be regarded as a single composite transaction for determining arm’s length price explained. Fact that a transaction results in a profit or a loss has no bearing on whether it is at arm’s length price
Knorr-Bremse India Pvt. Ltd vs. ACIT
(2015) TaxCorp(LJ) 9507 (HC-P&H)
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CBDT & Govt are bound by their own interpretation of a statutory provision. Principle of "contemporanea expositio" explained. The word "or" can be interpreted as "and" if the former leads to unintelligible and absurd results
Spentex Industries Ltd vs. CCE
(2015) TaxCorp(LJ) 9506 (SC)
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SC - Loan advanced to subsidiary company was imperative as business expediency in view of undertaking given to the financial institutions for providing additional margin for subsidiary's working capital requirements. Interest deduction allowed.
Hero Cycles (P) Ltd vs CIT
(2015) TaxCorp(LJ) 9488 (SC)
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HC - Income earned by a 100% EOU from export incentives, customer claims, freight subsidy and FD interest are eligible for deduction u/s 10B.
Riviera Home Furnishing vs ACIT
(2015) TaxCorp(LJ) 9487 (HC-DELHI) · Sections 10B, 80A(4)
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HC - Tax planning may be legitimate provided it is within the framework of law. Colourable devices cannot be part of tax planning.
CIT vs. Abhinandan Investments
(2015) TaxCorp(LJ) 9486 (HC-DELHI)
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ITAT - Exempted capital gains shall not enter the stream of the expression ‘accumulated profits’ for the purpose of deemed dividend u/s 2(22)(e).
Manoj Murarka vs. ACIT
(2015) TaxCorp(LJ) 9485 (ITAT-KOLKATA)
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ITAT - No prudent person could incur a higher expenditure to earn a known lower income. Higher interest expense u/s 57(iii) disallowed.
Deepak Nagji Vira vs ITO
(2015) TaxCorp(LJ) 9484 (ITAT-MUMBAI) · Section 57
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ITAT - TDS u/s 195 applicable on freight payments to non-resident shipping companies. Demurrage charges assume the same nature as of freight charges.
Elve Corporation vs. ACIT
(2015) TaxCorp(LJ) 9483 (ITAT-MUMBAI) · Section 195
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HC - Second proviso to section 40(a)(ia) introduced with effect from 1-4-2013 is only prospective.
Thomas George Muthoot v. Commissioner of Income-tax, Kottayam
(2015) TaxCorp(LJ) 9482 (HC-KERALA) · http://taxcorp.in/FileOpenDT.aspx?ID=60720&Category=Judgment&CategoryType=Zip
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ITAT - Sales tax subsidy received under West Bengal Incentive Scheme, 1999 is a capital receipt
Deputy Commissioner of Income-tax, Circle-2 (1), Chandigarh v. Bhushan Ltd.
(2015) TaxCorp(LJ) 9481 (ITAT-CHANDIGARH) · http://taxcorp.in/FileOpenDT.aspx?ID=43861&Category=ITAT&CategoryType=Zip
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HC - Personal loan to assessee holding substantial interest by a private company would be treated as deemed dividend.
Sunil Kapoor v. Commissioner of Income-tax, Tamil Nadu-I, Chennai*
(2015) TaxCorp(LJ) 9480 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=60680&Category=Judgment&CategoryType=Zip
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HC - Stay for recovery of tax demand could not be granted merely on ground that an appeal had been filed disputing such demand.
Jalan Jee Polytex Ltd. v. Assistant Commissioner of Income-tax*
(2015) TaxCorp(LJ) 9479 (HC-ALLAHABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=61346&Category=Judgment&CategoryType=Zip
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ITAT - For TP Analysis company rendering ITES service isn't comparable with software development service provider.
Techbooks International (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle-3, Noida
(2015) TaxCorp(LJ) 9478 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=43860&Category=ITAT&CategoryType=Zip
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ITAT - Amount received from erstwhile JV partner for not sharing expertise is capital receipt. Not profit in lieu of salary since assessee was not subject to direct control/supervision.
Satya Kant Khosla vs ITO
(2015) TaxCorp(LJ) 9477 (ITAT-DELHI)
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ITAT - Since there was no exempt income earned during relevant year, no addition u/s 14A can be made.
Planman Consulting (India) Pvt. Ltd vs ACIT
(2015) TaxCorp(LJ) 9476 (ITAT-DELHI) · Section 14A
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ITAT - The act of maintaining the regular books along with demat account and contract notes and thus organizing proper records cannot be construed as systematic and regular of trading activity. Share sale income is capital gains.
ACIT vs Nemichand P Jain
(2015) TaxCorp(LJ) 9475 (ITAT-MUMBAI)
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ITAT - Upon recruitment of employees, the factum that expenditure under different heads was incurred was indicative that business was set up during subject AY.
Reliance Gems & Jewels Ltd vs. DCIT
(2015) TaxCorp(LJ) 9474 (ITAT-MUMBAI) · Section 37(1)
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ITAT - Merely because a payment is reflected in form no. 26AS and is shown to have been made to the assessee, it cannot be brought to tax in his hands when the said money is not received by the assessee.
Ravindra Pratap Thareja vs. ITO
(2015) TaxCorp(LJ) 9473 (ITAT-JABALPUR)
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