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HC - ITAT has wide powers while hearing appeals and cross objections. Assessee permitted to urge plea for the first time before ITAT.
Fast Booking (I) Pvt. Ltd. vs. DCIT
(2015) TaxCorp(LJ) 8754 (HC-DELHI)
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HC - Since assessee company as well as parent company, both were assessed to tax at maximum marginal rate, payment to AE could not be said to be excessive.
Principal Commissioner of Income-tax-2 v. Gujarat Gas Financial Services Ltd.
(2015) TaxCorp(LJ) 8753 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=61470&Category=Judgment&CategoryType=Zip
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SC - SLP Dismissed - HC had held that benefit u/s 80IB(10) available inspite of non- fulfilment commercial establishments area limit inserted vide clause (d) to Sec 80-IB(10) w.e.f April 1, 2005.
CIT. vs. Happy Home Enterprises
(2015) TaxCorp(LJ) 8750 (SC) · Section. 80IB(10)
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HC - Exemption u/s 54F available even though assessee did not deposit amount in capital-gains account scheme.
CIT. vs. K Ramachandra Rao
(2015) TaxCorp(LJ) 8747 (HC-KARNATAKA) · Section. 54F
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ITAT - Deduction available to assessee for premium paid on 'keyman' insurance policy taken on one of its partner.
Suri Sons vs. ACIT
(2015) TaxCorp(LJ) 8746 (ITAT-AMRITSAR) · Section. 10(10D)
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HC - Appeal in HC against non extension of Tax Audit due date
Avinash Gupta and Ors V/s Union of India and Ors.
(2015) TaxCorp(LJ) 8745 (HC-DELHI)
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HC - S. 54EC - If REC Bonds are not available during the prescribed period, time for investment has to be extended. Fact that NHAI Bonds were available is irrelevant. Amount paid to sisters as per family arrangement for permitting transfer of property is decutible u/s 49(1)
ACIT vs. Kamlakar Moghe
(2015) TaxCorp(LJ) 8744 (HC-BOMBAY) · Section 54EC
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ITAT - Approval to the assessment order granted by the Addl. CIT in a casual and mechanical manner and without application of mind renders the assessment order void
Shreelekha Damani vs. DCIT
(2015) TaxCorp(LJ) 8743 (ITAT-MUMBAI) · Sections 153A, 153D
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ITAT - Keyman Insurance [S. 10(10D)] - Even a "United Linked Endowment Assurance Plan" with the main object of guaranteed returns rather than life insurance is a "keyman insurance" as defined in s. 10(10D). The fact that policy was not termed as a "keyman insurance" and the fact that the IRDA Guidelines disapproved the issue of such policies is irrelevant.
Suri Sons vs. ACIT
(2015) TaxCorp(LJ) 8742 (ITAT-AMRITSAR) · Section 10(10D)
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HC - Merely because the assessee made a claim which was not acceptable ipso-facto cannot be said to have made a wrong claim by furnishing inaccurate particulars attracting penalty under Section 271(1)(c).
Principal Commissioner of Income Tax-II vs. M/s G.K. Properties Private Limited
(2015) TaxCorp(LJ) 8734 (HC-AP) · Section. 271 (1) (c)
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ITAT - The fact that there was undervaluation of the value of the property for the purpose of stamp duty, was irrelevant issue to the question of allowing deduction u/s 54F. Exemption benefit u/s 54F to assessee on entire amount of investment in new house.
S. Tejraj Ranka vs. ACIT
(2015) TaxCorp(LJ) 8719 (ITAT-BANGALORE) · Section. 54F
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ITAT - Indian subsidiary of UK company engaged in the business of providing news and financial information does not constitute assessee’s dependent agent PE or service PE in India by virtue of entering into a distribution agreement.
Reuters Ltd. vs. DCIT
(2015) TaxCorp(LJ) 8718 (ITAT-MUMBAI)
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SC - SLP Dismissed - HC had quashed reassessment as Sec 148 notice invoking Sec 149(1)(c) was barred by limitation absent foreign asset.
ITO and Ors.vs. Deccan Digital Networks Pvt. Ltd. And Anr.
(2015) TaxCorp(LJ) 8717 (SC)
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ITAT - Comparison with the items of jewellery found at the time of search with wealth tax return, which were filed much earlier was putting an onerous task on assessee to prove something impossible. Assessee cannot be asked to prove something which is beyond its control
DCIT. Vs. Raj Kumar Saraogi
(2015) TaxCorp(LJ) 8716 (ITAT-KOLKATA)
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ITAT - Loss on account of forward contract entered into by the assessee to hedge against the loss arising on account of fluctuations in foreign exchange is an allowable deduction.
ACIT vs. M/s Venus Jewel
(2015) TaxCorp(LJ) 8715 (ITAT-MUMBAI) · Sections 29, 37(1)
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SC - SLP Dismissed - HC had held that the assessee is required to disclose full and true material facts and need not explain or interpret the law. Legal inference has to be drawn by the Assessing Officer from the facts disclosed by the assessee
CIT. vs. Cray Research India Ltd.
(2015) TaxCorp(LJ) 8714 (SC)
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HC - In view of Explanation 3 to Sec 153(3), excluded income of original assessee, can be assessed in the income of third party (i.e assessee), if third party was heard by the Authority making observations or issuing direction that excluded income is of third party. Sec 148 notice was time-barred as assessee was not heard by Authority issuing directions.
CIT. vs. Uttarakhand Van Vikas Nigam
(2015) TaxCorp(LJ) 8713 (HC-UTTARAKHAND) · Section. 148
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ITAT - Profit arising on transfer of capital asset to its wholly owned Indian subsidiary company is liable to be excluded from the Net profit. Said profit does not fall under the definition of “income” at all and since it does not enter into the computation provisions at all, there is no question of including the same in the Book Profit as per the scheme of the provisions of sec. 115JB.
Shivalik Venture Pvt. Ltd. vs. Dy. Commissioner of Income Tax
(2015) TaxCorp(LJ) 8712 (ITAT-MUMBAI)
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ITAT - Once a notice under Section 148 of the Act is issued for the purpose of making re-assessment, the earlier proceedings get reopened and where the re-assessment under Section 147 is done, the initial order of assessment under Section 143 (3) ceases to be operative.
Rastriya Ispat Nigam Limited v. Asst. Commissioner of Income Tax
(2015) TaxCorp(LJ) 8711 (HC-AP)
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ITAT - The onus of proving the source of a sum of money found to have been received by the assesese is on him. If he disputes liability for tax, it is for him to show either that the receipt was not income or that if it was, it was exempt from taxation under the provisions of the Income Tax Act. In the absence of such proof, the Income Tax Officer is entitled to treat it as taxable income.
Shri Som Dutt v. ACIT
(2015) TaxCorp(LJ) 8710 (ITAT-KOLKATA)
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