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ITAT - No penalty is leviable where there is only a change of head of income.
Dai Ichi Karkaria Ltd. vs. DCIT, Mumbai
(2015) TaxCorp(LJ) 8502 (ITAT-MUMBAI) · Section. 271(1)(C)
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ITAT - Payments made by the assessee company to Finland based as a consideration for review of design , construction and quality control plans from outside India are not in the nature of FTS.
ITO (TDS) vs. Nokia India P. Ltd.
(2015) TaxCorp(LJ) 8501 (ITAT-DELHI)
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ITAT - Framing of assessment against a non existing entity/person is not a procedural irregularity but a jurisdictional defect and can not be cured by application of Section 292B.
SC Jhonson Products Private Limited Vs. DCIT
(2015) TaxCorp(LJ) 8500 (ITAT-DELHI) · Section. 292B
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SC - SLP Dismissed - Gujarat HC had granted Sec 32AB deduction to assessee for utilizing amount withdrawn from investment deposit account towards term loans’ repayment.
CIT. vs. Nirma Credit & Capital Ltd.
(2015) TaxCorp(LJ) 8499 (SC) · Section 32AB
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ITAT - Unlike reassessment proceedings u/s 147/148, CIT not required to issue any notice before assuming jurisdiction u/s 263. Opportunity of being heard was required before passing the order by CIT and not before commencing inquiry u/s 263.
Vodafone South Limited vs. CIT (TDS)
(2015) TaxCorp(LJ) 8498 (ITAT-CHANDIGARH) · Sections. 194H, 263
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ITAT - Withdrawal of deduction u/ 80IB in the subsequent years cannot be dealt in the proceedings u/s 154 as the same cannot be construed as a patent, glaring, obvious mistake apparent from record.
Vinod Kumar Surana Vs. I.T.O Ward 56(2), Kolkata
(2015) TaxCorp(LJ) 8497 (ITAT-KOLKATA) · Sections. 80IB, 154
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ITAT - The satisfaction of the Assessing Officer is the basis of invocation of the powers u/s 68 of the Act and the satisfaction must be derived from relevant factors on the basis of proper inquiry.
Neeraj Murarka Vs. I.T.O Ward 35(2), Kolkata
(2015) TaxCorp(LJ) 8496 (ITAT-KOLKATA) · Section 68
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ITAT - Transfer Pricing - The allotment of shares/ receipt of share application money by the assessee from the AE for a price less than the book value of the shares cannot be regarded as a “deemed loan” by the assessee to the AE and notional interest cannot be computed thereon
First Blue Home Finance Ltd vs. DCIT
(2015) TaxCorp(LJ) 8495 (ITAT-DELHI)
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SC - Section 234B interest is automatic if conditions are met. Form I.T.N.S. 150 is a part of the assessment order and it is sufficient if the levy of interest is stated there.
CIT vs. Bhagat Construction Co. Pvt. Ltd
(2015) TaxCorp(LJ) 8494 (SC) · Section 234B
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SC - High Courts, being Courts of Record under Article 215, have the inherent power of review. There is nothing in s. 260A(7) to restrict the applicability of the provisions of the CPC to s. 260A appeals.
CIT vs. Meghalaya Steels Ltd
(2015) TaxCorp(LJ) 8493 (SC) · Section 260A
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HC - Capital gains on conversion of capital assets into stock-in-trade, is payable only in year in which assessee ultimately sells such stock-in-trade, still AO was directed to determine date of conversion of capital asset into stock-in-trade for capital gain purposes.
Commissioner of Income-tax- III v. Saffire Hotels (P.) Ltd.
(2015) TaxCorp(LJ) 8492 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=60637&Category=Judgment&CategoryType=Zip
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ITAT - Since interest income earned from employees, machines hire charges, rent receipts and sundry receipts could not be characterised income derived from eligible undertaking, deduction claimed by assessee under section 80-IA would not be allowed.
Assistant Commissioner of Income-tax v. THDC India Ltd.
(2015) TaxCorp(LJ) 8491 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=40347&Category=ITAT&CategoryType=Zip
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HC - Interest received on the refund of Income Tax is not taxable under Section 44BB.
B.J. Services Company Middle State Ltd. v. Assistant Commissioner of Income-tax,(O.S.D.) Range-1, Dehradun
(2015) TaxCorp(LJ) 8489 (HC-UTTARAKHAND) · http://taxcorp.in/FileOpenDT.aspx?ID=61670&Category=Judgment&CategoryType=Zip
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HC - Every individual article/unit/component of shuttering material cannot be treated as plant. Not entitled to claim 100 per cent depreciation on centering/shuttering material.
Commissioner of Income-tax, Visakhapatnam v. S. Vijaya Kumar
(2015) TaxCorp(LJ) 8488 (HC-AP) · http://taxcorp.in/FileOpenDT.aspx?ID=61328&Category=Judgment&CategoryType=Zip
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SC - Interest u/s 234B was part of Form I.T.N.S. 150, which contained calculation of interest payable on assessed tax, therefore Sec 234B interest is to be levied for shortfall in advance tax payment despite no direction in the assessment order for payment of interest.
CIT. vs. Bhagat Construction Co.
(2015) TaxCorp(LJ) 8486 (SC) · Section. 234B
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HC - Mere fact that explanation of assessee was not accepted in quantum proceedings would not ipso facto become a reason to levy penalty for concealment on assessee. No concealment penalty if amount in question was disclosed in notes to accounts and return. Disclosure of amount was made by assessee as a part of notes to its accounts as well as by a letter given alongwith return of income claiming same as not taxable, would be considered as a complete disclosure of all relevant facts.
Commissioner of Income-tax-12 v. S.M. Construction
(2015) TaxCorp(LJ) 8485 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=60654&Category=Judgment&CategoryType=Zip
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Interest u/s 234B is automatic even if assessment order does not contain any direction for payment- SC
Bhagat Construction Co Private Limited vs. Commissioner of Income-tax, Delhi
(2015) TaxCorp(LJ) 8480 (SC) · Section. 234B
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HC - Just because order is challenged in High Court u/s 260A but is yet to be admitted, ITAT can't deny rectification u/s 254.
R. W. Promotions (P.) Ltd. v. Income tax Appellate Tribunal
(2015) TaxCorp(LJ) 8476 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=60969&Category=Judgment&CategoryType=Zip
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ITAT - ALP of interest on loans given to AE located abroad has to be fixed on basis of LIBOR
Indegene Lifesystems (P.) Ltd. v. Assistant Commissioner of Income tax, Circle 11(4), Bangalore
(2015) TaxCorp(LJ) 8475 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=41540&Category=ITAT&CategoryType=Zip
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ITAT - Since quarterly return of TDS could be filed only after paying tax to Central Government, penalty had to be levied for delay only from date of paying tax to Central Government instead of due date of filing return.
N.K. Media Ventures (P.) Ltd. v. Joint Commissioner of Income-tax (TDS) Bhubaneswar
(2015) TaxCorp(LJ) 8474 (ITAT-CUTTACK) · http://taxcorp.in/FileOpenDT.aspx?ID=42165&Category=ITAT&CategoryType=Zip
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