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ITAT - (i) Investments in subsidiaries & joint ventures are for strategic purposes and not for earning dividend and so the expenditure cannot be disallowed u/s 14A r/w rule 8D, (ii) If the AO does not deal with the assessee's submissions and merely says "not acceptable" it means he has not recorded proper satisfaction.
U. P. Electronics Corporation Ltd vs. DCIT
(2015) TaxCorp(LJ) 7117 (ITAT-LUCKNOW) · Section 14A
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ITAT - JDA - Even if possession is handed over to the developer, there is no "transfer" u/s 2(47) if the developer has only paid an interest-free advance to the assessee to meet expenses.
ACIT vs. Upper India Paper Mills Co Pvt. Ltd
(2015) TaxCorp(LJ) 7116 (ITAT-LUCKNOW) · Section 2(47)(v)
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ITAT - If notice sent by post not received back as ‘unserved’ within a period of 30 days of its issuance, it shall be presumed that notice is duly served upon the assessee. Postal-authorities act as agent of assessee.
ITO. Vs. Shubhashri Panicker
(2015) TaxCorp(LJ) 7102 (ITAT-JAIPUR)
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ITAT - Expenditure in cash was genuine in nature and debited to account as collective sum while payment was made to many labours. Cannot be disallowed u/s 40A(3).
DCIT. vs. Kolli Gopal Krishna
(2015) TaxCorp(LJ) 7101 (ITAT-HYDERABAD) · Section. 40A(3)
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ITAT - The language of section 14A includes that AO must record a satisfaction if he was unsatisfied with any incorrect claim of the assessee. If he failed to record such a finding then it cannot be said that he rightly invoked provision of section 14A.
Multiplex Capital Ltd. Vs. ITO
(2015) TaxCorp(LJ) 7100 (ITAT-DELHI) · Section 14A
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ITAT - An assessment or appeal or any legal proceedings must be proceeded with the authority who assign jurisdiction over such assessee/individual/person.
Aerens Estates P. Ltd., New Delhi Vs. DCIT
(2015) TaxCorp(LJ) 7099 (ITAT-DELHI)
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SC - S. 24-AA Surtax Act - Principles of interpretation of a law conferring an exemption or concession explained
Oil & Natural Gas Corporation Limited vs. CIT
(2015) TaxCorp(LJ) 7098 (SC) · Section 24-AA
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HC - Writ Dismissed - Writ challenging technology oriented restructuring of Income Tax Department as administrative exigencies outside judicial review.
Santhosh Kumar vs. UOI and Ors.
(2015) TaxCorp(LJ) 7097 (HC-KERALA)
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SC - Law on impleading Court / Tribunal as 'party' while deciding writs.
Sh. Jogendrasinhji Vijaysinghji vs. State of Gujarat & Others
(2015) TaxCorp(LJ) 7096 (SC)
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ITAT - Once assessee discharges primary onus cast on him to explain unaccounted transaction, having explained with the help of evidence, onus shift to revenue to rebut the same.
DCIT. Vs. Delco India Pvt. Ltd.
(2015) TaxCorp(LJ) 7095 (ITAT-DELHI) · Section 292C
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HC - Surrender of Floor Area Ratio (FAR) relating to land in favour of developer for construction of flats is a transfer u/s 2(47) liable to capital gains tax.
CIT. vs. Dinesh D. Ranka
(2015) TaxCorp(LJ) 7083 (HC-KARNATAKA) · Section. 2(47)
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ITAT - Handing over possession of property by assessee to the IT Dept in terms of Govt. order is not to be deemed as transfer u/s 2(47)(v).
DCIT. Vs. AP State Agro Industries Development Corporation Ltd.
(2015) TaxCorp(LJ) 7082 (ITAT-HYDERABAD) · Section. 53A
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SC - Payments made by ONGC and received by the non-resident assessees or foreign companies under the said contracts is more appropriately assessable under the provisions of Section 44BB and not Section 44D of the Act.
Oil and Natural Gas Corporation Vs. CIT
(2015) TaxCorp(LJ) 7081 (SC) · Sections. 44BB, 44D
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ITAT - There was a reasonable cause in the assessee not mentioning the correct PANs in respect of a few deductees in Form No.26Q. Penalty u/s 272B cannot be imposed.
ITO (TDS), Rohtak vs. The Executive Engineer
(2015) TaxCorp(LJ) 7080 (ITAT-DELHI) · Section. 272B
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ITAT - CIT(A) has rightly adopted the peak credit theory by considering the fact that that there was only rotation of overdraft funds whereby the funds advanced on earlier dates were received back subsequently and there were no fresh deposits.
Smt. Kavita Rangwani vs. Income Tax Officer
(2015) TaxCorp(LJ) 7079 (ITAT-JAIPUR)
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ITAT - Where two views were possible and the AO had taken one view with which the CIT did not agree, it could not be treated as an erroneous order prejudicial to the interests of the Revenue, unless the view taken by the Income Tax Officer was unsustainable in law.
Sanka Venkata Rama Rao vs. Income Tax Officer
(2015) TaxCorp(LJ) 7078 (ITAT-HYDERABAD) · Section. 263
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ITAT - When notice is not issued department cannot take advantage of section 292BB. Assessment is liable to be quashed in absence of issuance of notice u/s 143 (2).
New Okhla Industrial Development Authority Vs. ACIT
(2015) TaxCorp(LJ) 7077 (ITAT-DELHI) · Section. 1432()
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ITAT - Interest income earned on amount in Escrow Account cannot be treated as Income from other sources but under income from business.
ITO. Vs. SAB Miller India Pvt. Ltd.
(2015) TaxCorp(LJ) 7076 (ITAT-DELHI)
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ITAT - Mere cessation of any liability does not create a way for assessing officer to invoke provision of section 41 (1). Whenever, an amount is borrowed towards capital account and the loan is waived off, the same cannot be brought to tax net either in terms of sec-41 (1) or 28(iv) of the Act.
ITO. vs. M/s Tinna Finex Ltd.
(2015) TaxCorp(LJ) 7075 (ITAT-DELHI) · Section. 41(1)
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ITAT - The exchange rate fluctuation arises out of and is directly related to the sale transaction involving the export of goods of the industrial undertaking and, therefore, difference on account of exchange rate fluctuation is entitled to deduction under section 80IB of the Act.
M/s JCBL India Pvt. Ltd. vs. The A.C.I.T., Chandigarh.
(2015) TaxCorp(LJ) 7074 (ITAT-CHANDIGARH) · Section. 80IC
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