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HC - Best judgment assessment made otherwise than on the basis of relevant materials gathered by AO after giving hearing opportunity to assessee as required u/s 144 is not valid.
Triyogi Narayan Singh vs. CIT
(2015) TaxCorp(LJ) 9472 (HC-CALCUTTA) · Section 144
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HC - Assessment initiated u/s 158BD in absence of satisfaction note is to be quashed.
Haryana Paneer Bhandhar vs CIT
(2015) TaxCorp(LJ) 9471 (HC-DELHI) · Section 158BD
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HC - Merely because the Assessee participates in the proceedings.. does not obviate the mandatory requirement of the AO having to issue to the Assessee a notice under Section 143(2) of the Act before finalising the order of the reassessment.
Pr.CIT vs. Silver Line
(2015) TaxCorp(LJ) 9470 (HC-DELHI) · Section 143(2)
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ITAT - If the sale consideration/capital gains is utilized for the purchase or construction of the new asset before the date of filing the return under section 139(4), the assessee is entitled to exemption under section 54F.
Income-tax Officer, Ward 14 (1), Bangalore v. R. Srinivas
(2015) TaxCorp(LJ) 9469 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=40035&Category=ITAT&CategoryType=Zip
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HC - Levy of tax on two assessees for same premises and for same period was not justified.
A. Venkateswara Rao v. Assistant Commissioner of Income-tax
(2015) TaxCorp(LJ) 9468 (HC-AP) · http://taxcorp.in/FileOpenDT.aspx?ID=59009&Category=Judgment&CategoryType=Zip
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ITAT - No taxation of interest on accrual basis when recovery of principal amount of loan itself is doubtful.
Cachar Drug Distributors v. Income-tax Officer, Silchar
(2015) TaxCorp(LJ) 9467 (ITAT-GAUHATI) · http://taxcorp.in/FileOpenDT.aspx?ID=43832&Category=ITAT&CategoryType=Zip
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HC - Where assessee carried on lottery business as karta of HUF after his father's demise, income of such business can not be taxed in his individual capacity.
Commissioner of Income-tax, Mangalore v. Manish Kumar Pajwani
(2015) TaxCorp(LJ) 9465 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=61722&Category=Judgment&CategoryType=Zip
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ITAT - Income from offshore services, though chargeable under section 9(1)(vii), was no taxable if it is provided outside India without any connection with PE in India.
IHI Corporation v. ADIT (International Taxation)-3, Mumbai
(2015) TaxCorp(LJ) 9464 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=8115&Category=INTLDecisions&CategoryType=Zip
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ITAT - Where in preceding years, revenue had adopted multiple year data for determination of margin of comparables, addition cannot be made by considering current year data.
Deputy Commissioner of Income-tax, Circle-11 (1), New Delhi v. Innodata Isogen India (P.) Ltd.
(2015) TaxCorp(LJ) 9463 (ITAT-DELHI) · http://taxcorp.in/FileOpenINTL.aspx?ID=9341&Category=INTLDecisions&CategoryType=Zip
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HC - No evidence was taken by Assessing Officer by examining any of patients that he had paid any amount, in cash, over and above what was stated in register, impugned addition was to be set aside.
Commissioner of Income-tax, Ranchi v. Smt. Pratima Prasad
(2015) TaxCorp(LJ) 9462 (HC-JHARKHAND) · http://taxcorp.in/FileOpenDT.aspx?ID=62131&Category=Judgment&CategoryType=Zip
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ITAT - Not correct to hold that since the agreement date for new property was beyond two years from transfer of original property, the investment in new property cannot be said to have been made within the prescribed period for exemption u/s 54F.
Smt. Rathan B Shetty vs. ACIT
(2015) TaxCorp(LJ) 9458 (ITAT-MUMBAI) · Section 54F
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S. 68: If the identity and other details of the share applicants are available, the share application money cannot be treated as undisclosed income in the hands of the Co. The addition, if at all, should be in the hands of the applicants if their creditworthiness cannot be proved
CIT vs. Vrindavan Farms (P) Ltd
(2015) TaxCorp(LJ) 9457 (HC-DELHI) · Section 68
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S. 147: Reopening solely on the basis of information received from another AO that the assessee has booked bogus bills but without independent application of mind to the information renders the reopening void
Unique Metal Industries vs. ITO
(2015) TaxCorp(LJ) 9456 (ITAT-DELHI) · Section 147
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Allotment of residential accommodation to ITAT Members should be dealt with by the Govt fairly and on a high-priority basis to enable them to discharge judicial work efficiently
The Income Tax Bar Association vs. UOI
(2015) TaxCorp(LJ) 9455 (HC-ALLAHABAD)
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Transfer Pricing: (i) If the AO & CIT make a mechanical reference to the TPO without applying mind to the TP report & other data filed by the assessee, the reference is invalid, (ii) A transfer pricing adjustment cannot be made if the assessee's income is exempt u/s 10A or 80HHE or (iii) if the AE is assessed at a rate of tax higher that tax rate in India
DCIT vs. Tata Consultancy Services Ltd
(2015) TaxCorp(LJ) 9454 (ITAT-MUMBAI) · Sections 10A, 80HHE
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S. 147/ 148: Issue of furnishing the ‘Reasons’ for reopening the assessment goes to the root of the matter. In the event of failure of the AO to furnish the reasons, the reopening is bad in law
Muller & Philpps (India) Ltd vs. ITO
(2015) TaxCorp(LJ) 9453 (ITAT-MUMBAI) · Sections 147, 148
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S. 50C should not be invoked if difference between stamp value and declared consideration is nominal, S. 14A/ Rule 8D does not apply to share application money, Pure foreign exchange hedging transactions cannot be treated as speculative transactions
ITO vs. LGW Limited
(2015) TaxCorp(LJ) 9452 (ITAT-KOLKATA) · Section 50C
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S. 37(1): Cost of Employees Stock Option (ESOP) debited to P&L A/c is allowable business expenditure
CIT vs. Lemon Tree Hotels Ltd
(2015) TaxCorp(LJ) 9451 (HC-DELHI) · Section 37(1)
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S. 154: Even if assessee offers interest income as "Other Sources" and claims set-off of brought forward business loss against it u/s 72, AO is not permitted to rectify as issue is debatable
K. S. Venkatesh vs. DCIT
(2015) TaxCorp(LJ) 9450 (HC-KARNATAKA) · Section 154
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S. 275(1)(c): For penalty proceedings initiated on issues unrelated to assessment of income (such as for s. 269SS/ 269T & TDS defaults), time limit runs from date of initiation of penalty proceedings and not from date of CIT(A)'s order
Pr. CIT vs. JKD Capital & Finlease Ltd
(2015) TaxCorp(LJ) 9449 (HC-DELHI) · Section 275(1)(c)
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