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ITAT - Failure to pass draft assessment order renders Sec.143(3) order ‘erroneous’, subject to section 263 revision.
Gigabyte Technology (India) Pvt Ltd. vs. ACIT
(2015) TaxCorp(LJ) 9103 (ITAT-PANAJI) · Sections. 263, 143(3)
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ITAT - The deeming provision of Explanation 1 to s. 271(1)(c) applies only to a case of "concealment of income" and not to a case of "furnishing inaccurate particulars of income"
Tristar Intech (P) Ltd. vs. ACIT
(2015) TaxCorp(LJ) 9091 (ITAT-DELHI) · Section. 271(1)(c)
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ITAT - In computing "capital gains" the AO is not entitled to substitute the "market value" for the actual "consideration" received by the assessee. He also cannot disregard the valuation report without cogent material.
Venus Financial Services Ltd. vs. ACIT
(2015) TaxCorp(LJ) 9090 (ITAT-DELHI) · Section. 48
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ITAT - Show-cause notice under section 274 was defective as it did not spell out grounds on which penalty was sought to be imposed.
H. Lakshminarayana v. Income-tax Officer
(2015) TaxCorp(LJ) 9089 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=41738&Category=ITAT&CategoryType=Zip
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ITAT - Definition of royalty could not be applied to purchase of software by assessee, not liable to TDS.
Deputy Commissioner of Income-tax v. WS Atking India (P.) Ltd.
(2015) TaxCorp(LJ) 9088 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenINTL.aspx?ID=8607&Category=INTLDecisions&CategoryType=Zip
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ITAT - Since working capital position of assessee was better as compared to comparables companies, therefore working capital adjustment was to be made in hands of comparables.
Deputy Commissioner of Income-tax, Circle 1 (2), Pune v. Emptoris Technologies India (P.) Ltd.
(2015) TaxCorp(LJ) 9087 (ITAT-PUNE) · http://taxcorp.in/FileOpenINTL.aspx?ID=8619&Category=INTLDecisions&CategoryType=Zip
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HC - Assessee having participated in reassessment proceedings, writ challenging validity can't be filed.
Mobis India Ltd. v. Deputy Commissioner of Income-tax, Large Tax Payer Unit-II, Chennai
(2015) TaxCorp(LJ) 9086 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=62031&Category=Judgment&CategoryType=Zip
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ITAT - Interest u/s 234B/234C is consequential and mandatory. No discretion to AO.
Syndicate Rythara Sahakara Bank Ltd. v. Income-tax Officer
(2015) TaxCorp(LJ) 9085 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=41682&Category=ITAT&CategoryType=Zip
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ITAT - Only those companies having related party transactions of less than 15 per cent of revenue alone could be considered as valid comparables while determining ALP.
Income-tax Officer, Ward 12(2) Bangalore v. Sunquest Information Systems (India) (P.) Ltd.
(2015) TaxCorp(LJ) 9073 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=41332&Category=ITAT&CategoryType=Zip
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HC - Cost of abandoned film is Revenue Expenditure.
CIT. vs. Venus Records and Tapes P Ltd.
(2015) TaxCorp(LJ) 9072 (HC-BOMBAY)
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S. 14A/ Rule 8D cannot be automatically invoked. It cannot be invoked if the AO does not record satisfaction as to why the assessee’s voluntary disallowance is not proper
CIT. vs. I. P. Support Services India (P) Ltd.
(2015) TaxCorp(LJ) 9071 (HC-DELHI) · Section. 14A
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HC - Review applications filed by the Revenue against High Court's order are maintainable.
CIT. vs. All Saints College Society Nainital
(2015) TaxCorp(LJ) 9070 (HC-UTTARAKHAND)
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HC - Invocation of 14A is not automatic and does not come into operation as soon as the dividend income is claimed exempt.
CIT. vs. LP support services India(P) Ltd.
(2015) TaxCorp(LJ) 9069 (HC-DELHI)
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HC - Estimation of income should be based on income of that preceding year which is closer to relevant year
S.L. Basavaraj (HUF) v. Assistant Commissioner of Income-tax, Circle-1, Shimoga
(2015) TaxCorp(LJ) 9068 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=62018&Category=Judgment&CategoryType=Zip
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HC - No addition of cash withdrawals from bank when credit receipts in bank already taxed
Commissioner of Income-tax – 21 v. Jalaj Batra
(2015) TaxCorp(LJ) 9066 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=58737&Category=Judgment&CategoryType=Zip
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ITAT - Construction expenses of railway under-bridge for creating access to projects of assessee are revenue in nature.
Greater Ludhiana Area Development Authority v. Additional Commissioner of Income-tax
(2015) TaxCorp(LJ) 9065 (ITAT-CHANDIGARH) · http://taxcorp.in/FileOpenDT.aspx?ID=43064&Category=ITAT&CategoryType=Zip
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ITAT - Assessee-trust established by a deed of trust for charitable and religious purposes is entitled to sec. 12AA registration
Gilgal Mission India v. Income-tax Officer
(2015) TaxCorp(LJ) 9064 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=42113&Category=ITAT&CategoryType=Zip
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ITAT - Not acceptable that assessee did not spend a single penny for household expenses, addition of one lakh on account of household expenses rightly made.
Radhey Shyam Agarwal v. Income-tax Officer
(2015) TaxCorp(LJ) 9063 (ITAT-JAIPUR) · http://taxcorp.in/FileOpenDT.aspx?ID=42720&Category=ITAT&CategoryType=Zip
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ITAT - Assessee engaged in providing contract research services in the field of molecular biology and synthetic chemistry to non-resident customers is eligible for exemption u/s 10B.
DCIT. vs. Syngene International Limited
(2015) TaxCorp(LJ) 9055 (ITAT-BANGALORE) · Section. 10B
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HC - Even in cases where the agreement was oral, the transactions with lorry owners/transporters fall within the ambit of Sec 194C.
CIT. vs. Maruti Subray Patil
(2015) TaxCorp(LJ) 9054 (HC-KARNATAKA)
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