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ITAT - CIT can direct AO to examine the genuineness of share capital with premium as proviso to Sec 68 inserted vide Finance Act 2012 which empowers AO to examine the genuineness of the share capital in the case of a company was only ‘clarificatory’.
Subhlakshmi Vanijya Pvt. Ltd. vs. CIT
(2015) TaxCorp(LJ) 8345 (ITAT-KOLKATA) · Section 68
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S. 41(1)/ 68: Unclaimed liabilities to creditors, even if fictitious and bogus, cannot be assessed u/s 41(1) in the absence of a write-back. The bogus credits can be assessed u/s 68 only in the year the credits were made and not in the year they are found to be not payable
Perfect Paradise Emporium Pvt. Ltd
(2015) TaxCorp(LJ) 8310 (ITAT-DELHI) · Sections 41(1), 68
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Loss suffered on account of forex derivative contracts (Exotic Cross Currency Option Contracts) cannot be treated as speculative loss to the extent that the derivative transactions are not more than the total export turnover of the assessee. If the derivative transaction is in excess of export turnover, the loss in respect of that portion of excess transactions has to be considered as speculative loss because the excess derivative transaction has no proximity with export turnover
Majestic Exports
(2015) TaxCorp(LJ) 8309 (ITAT-CHENNAI)
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S. 40(a)(ia): In an appeal against an order passed by the AO to give effect to the ITAT's order, the CIT(A) has no jurisdiction to enhance the assessee with respect to a new source of income or disallowance of expenditure
Cheil India Pvt. Ltd vs. ITO
(2015) TaxCorp(LJ) 8308 (ITAT-DELHI) · Section 40(a)(ia)
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S. 32: A licensee who is in full control of the building and can exercise the rights of the owner in his own right is entitled to depreciation
CIT vs. Bharat Hotels
(2015) TaxCorp(LJ) 8307 (HC-DELHI) · Section 32
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Bogus purchases: Manner of computing profits in the case of bogus purchases by an assessee who is not a dealer in the goods but has consumed the goods in his business explained
Shoreline Hotel Pvt. Ltd vs. CIT
(2015) TaxCorp(LJ) 7278 (ITAT-MUMBAI)
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S. 271D penalty: The limitation period has to be computed from the date of issue of the show-cause notice by the AO. Penalty should not be levied if circumstances show no intention to contravene the law
Parin K. Rajwani vs. JCIT
(2015) TaxCorp(LJ) 7277 (ITAT-MUMBAI) · Section 271D
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S. 68: If the assessee has furnished the details of the creditors with their PAN, the onus is on the AO to examine their credit-worthiness and source of payment to assessee
KLR Industries Ltd vs. DCIT
(2015) TaxCorp(LJ) 7276 (ITAT-HYDERABAD) · Section 68
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S. 132(4A) presumption does not apply to loose papers found in some other person's possession. While the AO can make a protective assessment, the appellate authority cannot confirm a protective order. It has to either make it substantive or quash it
Ketan V. Shah vs. ACIT (ITAT Mumbai)
(2015) TaxCorp(LJ) 7275 (ITAT-MUMBAI) · Section 132(4A)
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S. 282: Law on validity of service of notices by "Speed Post" instead of "Registered Post A/D" explained
Color Craft vs. ITO
(2015) TaxCorp(LJ) 7274 (ITAT-MUMBAI) · Section 282
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Disallowance u/s 40A(2) of Commission paid to relatives cannot be made without proper enquiry
ACIT. Vs. Sh. Saurabh Batra
(2015) TaxCorp(LJ) 7260 (ITAT-DELHI) · Section. 40A(2)
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Validity of Reassessment based on Audit Report/Balance Sheet Submitted during Original Assessment
ACIT. Vs. Super Cassettes Industries Ltd.
(2015) TaxCorp(LJ) 7259 (ITAT-DELHI)
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Amendment extending limitation period u/s 201 can't revive earlier 'time barred' proceedings
Oracle India Pvt. Ltd. vs. Dy. CIT
(2015) TaxCorp(LJ) 7250 (HC-DELHI) · Section. 201
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Supply of equipment and design and drawings by foreign company in India from outside India is not taxable in India
Outotec GMbd vs. Deputy Director of Income Tax
(2015) TaxCorp(LJ) 7247 (ITAT-KOLKATA)
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Reliance on statements of third party without giving the assessee the right of cross-examination results in breach of principles of natural justice
R. W. Promotions P. Ltd vs. ACIT
(2015) TaxCorp(LJ) 7246 (HC-BOMBAY)
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Transfer Pricing: Important principles on benchmarking transactions of advances/ credit period tp AEs reiterated
Tecnimont ICB House vs. DCIT
(2015) TaxCorp(LJ) 7245 (ITAT-MUMBAI)
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Entire law on taxability of "fees for technical services" under the "make available" clause of the DTAA explained
ITO vs. Nokia India Pvt. Ltd
(2015) TaxCorp(LJ) 7244 (ITAT-DELHI)
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Transfer Pricing: For the purpose of benchmarking the international transactions, the effect of underutilization of capacity/excess fixed costs has to be eliminated while computing the operating margins of the assessee
HCL Technologies BPO Services Ltd vs. ACIT
(2015) TaxCorp(LJ) 7243 (ITAT-DELHI)
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S. 234E: Prior to the amendment to s. 200A w.e.f. 01.06.2015, the fee for default in filing TDS statements cannot be recovered from the assessee-deductor while processing the s. 200A statement. However, the AO is entitled to pass a separate order u/s 234E to levy the fee within the limitation period
G. Indhirani vs. DCIT
(2015) TaxCorp(LJ) 7242 (ITAT-CHENNAI) · Section 234E
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S. 55A: If the AO is not satisfied with the valuation made by the assessee's valuer, he must refer the issue to the DVO. He cannot reject the assessee's valuation without any basis
Barjinder Singh Bhatti vs. ITO
(2015) TaxCorp(LJ) 7241 (ITAT-CHANDIGARH) · Section 55A
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