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HC - No Power to AO to pass attachment order when appeal filed against such order alongwith stay application
M. Kannabiran v. Commissioner of Income-tax-Chennai
(2015) TaxCorp(LJ) 9395 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=62262&Category=Judgment&CategoryType=Zip
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ITAT - No penalty u/s 271D for receipt of share application in cash as no violation of sec. 269SS
Income-tax Officer v. Sunder Synthetics (P.) Ltd.
(2015) TaxCorp(LJ) 9394 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=42133&Category=ITAT&CategoryType=Zip
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ITAT - Contracts with BIAL is eligible for Sec 80IA deduction. BIAL was discharging statutory functions/ public functions for the convenience of travelling and therefore is a State under Article 12 of the Constitution of India.
ACIT Banglore vs Menzies Aviation Bobba Pvt Ltd
(2015) TaxCorp(LJ) 9380 (ITAT-BANGALORE) · Section 80IA
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SC - Collaboration agreement for land development would be covered under the ambit of transfer u/s 269UA.
Unitech Ltd. vs. UOI
(2015) TaxCorp(LJ) 9365 (SC) · Section. 269UA
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ITAT - Submission of Form 10 at any time before the completion of assessment is valid compliance of law. Accumulation claim made u/s 11(2) by filing Form 10 allowed.
Fashion Design Council of India vs. ADIT (E)
(2015) TaxCorp(LJ) 9364 (ITAT-DELHI) · Section. 11(2)
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ITAT - Service tax collected by assessee cannot form part of gross receipts for the purpose of presumptive taxation u/s 44BB.
Oceaneering International GmbH vs. Dy. DIT
(2015) TaxCorp(LJ) 9363 (ITAT-MUMBAI) · Section. 44BB
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When the transaction has been duly accounted for and the profit/loss has accrued to the concerned parties in whose names transactions have been closed, there cannot be any basis or justification for considering those profit/loss in the case of the assessee on the basis of mere presumption or suspicion.
ACIT vs. Shri Amar Mukesh Shah Tanki Chowk
(2015) TaxCorp(LJ) 9360 (ITAT-AHMEDABAD)
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ITAT - In the absence of finding that the amount which was previously withdrawn by the assessee had been utilized for any other purpose merely on the basis of conjecture that the amount might have been utilized for any other purpose and was not available with the assessee for making the deposits, addition on account of undisclosed sources deleted.
Sudhi rbhai Pravinkant Thaker vs. ITO
(2015) TaxCorp(LJ) 9359 (ITAT-AHMEDABAD)
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S. 80-IA: Interest on TDS refund, interest from lessees, interest on FDRs and Tender fees are all “derived” from the undertaking and are eligible for deduction. If items of income are not eligible, it should be netted off against expenditure and only balance can be disallowed
ITO vs. Hiranandani Builders
(2015) TaxCorp(LJ) 9358 (ITAT-MUMBAI) · Section 80-IA
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HC - No deduction u/s 37 in absence of evidence to prove expenditure for ten years block period.
Harish Textile Engrs Ltd. vs. DCIT
(2015) TaxCorp(LJ) 9357 (HC-BOMBAY) · Section. 292C
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S. 37(1): A business is “set up” the moment employees are recruited for the purpose of the business. All expenditure incurred thereafter is allowable as a deduction even if the business has not commenced
Reliance Gems & Jewels Ltd vs. DCIT
(2015) TaxCorp(LJ) 9356 (ITAT-MUMBAI) · Section 37(1)
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S. 147/ 148: Dept warned not to harass taxpayers by reopening assessments in a mechanical and casual manner. Pr CIT directed to issue instructions to AOs to strictly adhere to the law explained in various decisions and make it mandatory for them to ensure that an order for reopening of an assessment clearly records compliance with each of the legal requirements. AOs also directed to strictly comply with the law laid down in GKN Driveshafts 259 ITR 19 (SC) as regards disposal of objections to reopening assessment
Pr CIT vs. Samcor Glass Ltd
(2015) TaxCorp(LJ) 9355 (HC-DELHI) · Section 147, 148
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S. 147/ 148: Non-furnishing of reasons for reopening to assessee renders reassessment void
M/s Kothari Metals vs. ITO
(2015) TaxCorp(LJ) 9343 (HC-KARNATAKA) · Sections 147, 148
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Scope of Explanation 5A to S. 271(1)(c) on deemed concealment despite income having been offered in the search return explained
Sarita Kaur Manjeet Singh Chopra vs. ITO
(2015) TaxCorp(LJ) 9342 (ITAT-PUNE) · Section 271(1)(c)
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S. 263: CIT’s action of stepping into shoes of AO and virtually redoing assessment by issuing specific directions to AO is unlawful. Remand to AO with direction to give opportunity of hearing to assessee is meaningless
Ved Parkash Contractors vs. CIT
(2015) TaxCorp(LJ) 9341 (ITAT-CHANDIGARH) · Section 263
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ITAT - Expenditure on legal advice for purchase of business division is a capital expenditure.
Deputy Commissioner of Income-tax,Circle 13 (1), New Delhi v. Nitrex Chemicals India Ltd.
(2015) TaxCorp(LJ) 9339 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=43595&Category=ITAT&CategoryType=Zip
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HC - On failure of the accused to rebut belief that cheque was issued for legally enforceable debt, conviction for cheque bouncing sustained.
India Steel & Alloys v. Venkatesa Industrial Suppliers
(2015) TaxCorp(LJ) 9338 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=62220&Category=Judgment&CategoryType=Zip
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HC - Sec 72A(2) uses term ‘engaged in business’ which is different from ‘commencement of business’. Loss carry-forward post amalgamation allowed.
CIT. vs. KBD Sugars & Distilleries Ltd.
(2015) TaxCorp(LJ) 9337 (HC-KARNATAKA) · Section. 72A
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ITAT - TDS u/s 195 applicable on payment made by an Indian co. to Hong Kong based company for secondment of employees as the same is FTS.
Food world Supermarkets Ltd. vs. DDIT
(2015) TaxCorp(LJ) 9336 (ITAT-BANGALORE)
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ITAT - Follows jurisdictional ruling. Sec 54EC exemption available on depreciable asset sale.
ITO. vs. Legal Heir of Shri Durgaprasad Agnihotri
(2015) TaxCorp(LJ) 9335 (ITAT-MUMBAI) · Section. 54EC
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