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ITAT - If assessee fails to deduct TDS and prove that the deductee had taken the same amount in his ITR and paid taxes on the same then that amount could not be disallowed as per second proviso to sec 40(a)(ia) as it will result in double taxation on the same amount.
M/s Debdutta Construction Vs. ITO
(2015) TaxCorp(LJ) 7152 (ITAT-KOLKATA)
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ITAT - If assessee failed to deduct TDS during the previous year and AO fails to make disallowance for such expenses than such order passed by AO is erroneous and prejudicial to the interest of the revenue and revision proceedings under section 263 initiated by CIT under section 263 is valid.
Menally Sayaji Engineering Ltd. Vs. CIT
(2015) TaxCorp(LJ) 7151 (ITAT-KOLKATA) · Section 263
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ITAT - Assessment framed by the AO on the basis of the notice issued u/s 148 of the Act in the name of the deceased assessee was invalid.
Income Tax Officer Vs. Late Sh. Som Nath Malhotra, Through Smt. Raj Rani Malhotra
(2015) TaxCorp(LJ) 7150 (ITAT-DELHI)
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HC - Revenue to return amount adjusted against refund with interest where stay granted by CIT is operational.
Hindustan Unilever Limited vs DCIT
(2015) TaxCorp(LJ) 7149 (HC-BOMBAY) · Section 220
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HC - Assessee cannot cry foul at later stage for non-submission of reasons for reopening of assessment if assessee fails to seek reasons earlier.
CIT vs. United Racing & Blood Stock Breeders Pvt. Ltd
(2015) TaxCorp(LJ) 7148 (HC-KARNATAKA)
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ITAT - Fees received a US entity towards business development, market services and other support service from its Indian AE is not FTS under Article 12(4)(b) India-US DTAA, in absence of transfer of technology.
ABB Inc. vs. DDIT
(2015) TaxCorp(LJ) 7147 (ITAT-BANGALORE)
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ITAT - No TDS u/s 194H in respect of discount given to distributors on sale of sim-cards/pre-paid products.
Bharati Hexacom Limited vs DCIT
(2015) TaxCorp(LJ) 7146 (ITAT-GAUHATI) · Section 194
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ITAT - Interest free advance received by assessee from developer-builder (upon entering into development agreement), not sale consideration. Capital-gains addition deleted.
ACIT vs. Upper India Paper Mills
(2015) TaxCorp(LJ) 7145 (ITAT-LUCKNOW)
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ITAT - Development Agreement: Tax implications of entering into a development agreement in respect of land held as stock-in-trade explained
Dheeraj Amin vs. ACIT
(2015) TaxCorp(LJ) 7144 (ITAT-BANGALORE)
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ITAT - Transfer Pricing: Even if the loan to the 100% subsidiary is intended to be a long term investment in the subsidiary and it has a crucial role to play in the assessee's business plans, it cannot be treated as "quasi capital". The ALP of the loan has to be determined on the basis of LIBOR interest
Soma Textile & Industries Limited vs. ACIT
(2015) TaxCorp(LJ) 7143 (ITAT-AHMEDABAD)
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ITAT - For claiming deduction u/s 80IB, one needs to evaluate whether assessee had undertaken “entrepreneurship risk” in project execution. Assumption of such an entrepreneurship risk not dependent on land’s ownership.
Umeya Corporation vs. ITO
(2015) TaxCorp(LJ) 7134 (ITAT-AHMEDABAD) · Section. 80IB(10)
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ITAT - Charitable activities cannot be held as business merely due to charge of fee for rendering services and there is no profit motive in the activities of the assessee.
Institute for Development and Research in Banking Technology (IDRBT) Vs. ACIT
(2015) TaxCorp(LJ) 7126 (ITAT-HYDERABAD)
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ITAT - Section 14A read with rule 8D can be invoked without recording any satisfaction by AO that the claim made by the assessee in respect of the expenditure incurred in relation to income which does not form part of the total income is incorrect.
UP Electronics Corporation Ltd. Vs. DCIT
(2015) TaxCorp(LJ) 7125 (ITAT-LUCKNOW)
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ITAT - To be the "developer" u/s 80-IB(10) of a housing project, the assessee has to undertake the entrepreneurship risk in execution of the project. He need not be the owner of the land.
Shri Umeya Corporation vs. ITO
(2015) TaxCorp(LJ) 7124 (ITAT-AHMEDABAD) · Section 80-IB(10)
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ITAT - In a case where there is inadequate inquiry but not lack of inquiry, the CIT u/s 263 must conduct inquiry and verification and record the finding how the assessment order is erroneous. He cannot simply remand the matter to the AO for verification.
Maya Gupta vs. CIT
(2015) TaxCorp(LJ) 7123 (ITAT-DELHI) · Section 263
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ITAT - Old liabilities, even if treated as genuine in earlier years and even if on capital account, are liable to be assessed as "income" u/s 56(2)/ 68, in year of write-back if assessee is unable to provide confirmations and substantiate genuineness of liabilities.
Panna S. Khatau vs. ITO
(2015) TaxCorp(LJ) 7122 (ITAT-MUMBAI) · Sections 56(2), 68
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ITAT - Land-JDA deal - Once land is held as stock in trade, it ceases to be a 'capital asset' u/s 2(14) and thus, provisions regarding 'transfer' and 'capital gains' are not attracted.
Dheeraj Amin vs. ACIT
(2015) TaxCorp(LJ) 7121 (ITAT-BANGALORE)
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ITAT - Payment by Indian Company to a Finland company for reviewing design/drawings prepared by the contractor to ensure that they are of right quality is not FTS under Article 13 of India-Finland DTAA. No TDS u/s 195.
ITO. Vs. Nokia India Pvt. Ltd.
(2015) TaxCorp(LJ) 7120 (ITAT-DELHI)
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HC - Writ - Initiation of prosecution u/s 276C merely based on the correspondence between CBDT and CIT is to be quashed. CIT, as competent authority to decide whether or not to launch prosecution.
Liz Batra vs. CBDT
(2015) TaxCorp(LJ) 7119 (HC-P&H)
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ITAT - Important principles of what is a "charitable purpose" and the scope of the proviso to section 2(15) of the Act explained.
Institute for Development and Research in Banking Technology (IDRBT) vs. ADIT
(2015) TaxCorp(LJ) 7118 (ITAT-HYDERABAD) · Section 2(15), 11
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