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ITAT - It is a mistake apparent on record, if Tribunal has omitted to consider a ground of appeal taken before it or if it has failed to pass such order or to issue such directions which were necessary for proper adjudication of subject-matter of appeal, even if assessee/or revenue has not requested for such a direction by filing cross-appeal or cross-objections.
Bharath Biotech International Ltd. v. Deputy Commissioner of Income-tax
(2015) TaxCorp(LJ) 6945 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=38073&Category=ITAT&CategoryType=Zip
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HC - Since criteria of minimum area of 1 acre required under section 80-IB(10)(a) had been met (commercial space in housing project), sec. 80-IB relief available to assessee.
Commissioner of Income-tax-III, Thane v. Suresh L. Wadhwa (HUF)
(2015) TaxCorp(LJ) 6943 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=60977&Category=Judgment&CategoryType=Zip
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ITAT - Depositing unutilized gains in 'capital gain account deposit' scheme within the extended due date u/s 139(4) is also eligible for Sec 54F exemption
Padmanabh Pandurang Pawar vs ITO
(2015) TaxCorp(LJ) 6942 (ITAT-MUMBAI) · Section. 54F
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ITAT - A functionally comparable company could not have been excluded simply because of high turnover only.
Agnity India Technologies (P.) Ltd. v. Income-tax Officer, Ward -1 (3), New Delhi
(2015) TaxCorp(LJ) 6941 (ITAT-DELHI) · http://taxcorp.in/FileOpenINTL.aspx?ID=8161&Category=INTLDecisions&CategoryType=Zip
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ITAT - The concept of indexation while computing the Long term capital gain cannot be imported to the computation of book profit u/s. 115JB.
Dharmayug Investments Ltd. vs. ACIT
(2015) TaxCorp(LJ) 6940 (ITAT-MUMBAI)
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ITAT - For the purpose of claiming exemption under section 10(23C)(iiiad), aggregate annual receipts from more than one educational institutions should not be considered but only individual annual receipts should be considered.
Income Tax Officer. Vs. M/s Chironji Lal Virendrapal Saraswati Shiksha Parishad
(2015) TaxCorp(LJ) 6939 (ITAT-LUCKNOW) · Section. 10(23C)(iiiad)
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ITAT - Income mistakenly offered in return of income when assessed amounts to incorrect assessment of taxes. The assessee cannot be burdened with the taxes which he otherwise is not liable to pay under the law. Even a duty has also been cast upon the Income Tax Authorities to charge the legitimate tax from the tax payers. They are not there to punish the tax payers for their bonafide mistakes.
Shri Chandrashekhar Bahirwani vs. ACIT
(2015) TaxCorp(LJ) 6938 (ITAT-MUMBAI)
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HC - Where an assessee, who is responsible u/s 194C to deduct and pay over TDS fails to do so, the payments in respect of which TDS was to be deducted and paid over, are to be disallowed u/s 40(a)(ia). Liability to deduct tax at source under Chapter XVII is 'mandatory' and nothing in any of the sections therein warrant reading of the word "shall" as "may". Vector Shipping distinguished.
P.M.S Diesels & Ors vs. CIT
(2015) TaxCorp(LJ) 6937 (HC-P&H) · Section 40(a)(ia)
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SC - Factory building let-out to subsidiary company is subject to wealth tax u/s 40(3) of Finance Act, 1983 for AY 1984-85
KAPRI INTERNATIONAL (P) LTD Vs Commissioner of welath tax
(2015) TaxCorp(LJ) 6936 (SC)
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ITAT (TM) - There is no requirement to issue a notice u/s 143(2) before making an assessment u/s 153A
Sumanlata Bansal vs. ACIT
(2015) TaxCorp(LJ) 6935 (ITAT-MUMBAI) · Section 153A
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ITAT - Trust has not only furnished the names and addresses of the donors but also furnished a number of other details in respect of such donors viz. their PANs, copy of ITRs, copy of bank statements their confirmations, financial statements, computation of income etc. Thus, trust has established the identity of donors as provided u/s 115BBC and the donations cannot be categorized as anonymous donations.
ITO vs. Saraswati Educational Charitable Trust
(2015) TaxCorp(LJ) 6934 (ITAT-LUCKNOW) · Sections 11, 68, 115BBC
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ITAT - Section 40(a)(ia) second proviso is curative and retrospective. Legitimate business expenditure cannot be disallowed if the payee has paid tax thereon
Santosh Kumar Kedia vs. ITO
(2015) TaxCorp(LJ) 6933 (ITAT-KOLKATA) · Section 40(a)(ia)
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ITAT - In computing the "book profits" u/s 115JB, the entire capital gains have to be included without computing the benefits of indexation
Dharmayug Investments Ltd vs. ACIT
(2015) TaxCorp(LJ) 6932 (ITAT-MUMBAI) · Section 115JB
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ITAT - Non-payment of statutory liability before due date of filing of return would attract disallowance u/s 43B even when assessee opts for presumptive taxation scheme.
Good Luck Kinetic v. Income Tax Officer, Ward -2, Margao
(2015) TaxCorp(LJ) 6931 (ITAT-PANAJI) · http://taxcorp.in/FileOpenDT.aspx?ID=41254&Category=ITAT&CategoryType=Zip
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ITAT - No section 194C TDS on sum paid on account of legal obligations instead of contractual agreement.
Executive Officer v. Income-tax Officer TDS-II, Jalandhar
(2015) TaxCorp(LJ) 6930 (ITAT-AMRITSAR) · http://taxcorp.in/FileOpenDT.aspx?ID=41154&Category=ITAT&CategoryType=Zip
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ITAT - Since Liaison Office of foreign company was set-up in India to purchase goods for purpose of export and not indulged in carrying on commercial activities, no taxation of foreign company in India.
Assistant Director of Income-tax (International Taxation), Circle-2 (1), Bangalore v. Tesco International Sourcing Ltd.
(2015) TaxCorp(LJ) 6929 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=41274&Category=ITAT&CategoryType=Zip
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HC - For same assessment year and also on same facts AO had resorted to reassessment which was quashed by High Court. AO cannot justify reassessment by mentioning same reasons in different words.
Le Passage To India Tours & Travels (P.) Ltd. v. Additional Commissioner of Income-tax
(2015) TaxCorp(LJ) 6928 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=57234&Category=Judgment&CategoryType=Zip
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ITAT - Trust could not be penalized for delay in transferring application from office of Chief Commissioner to office of Commissioner. Trust's registration not to be delayed and will be granted from application date.
Gauhati Greater Sewa Nidhi Trust v. Commissioner of Income-tax, Guwahati
(2015) TaxCorp(LJ) 6927 (ITAT-GAUHATI) · http://taxcorp.in/FileOpenDT.aspx?ID=41253&Category=ITAT&CategoryType=Zip
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ITAT - Sec. 10A exemption allowed to assessee as AO failed to prove that undertaking was formed by splitting up of an existing business
APS Technologies v. Income-tax Officer
(2015) TaxCorp(LJ) 6926 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=41252&Category=ITAT&CategoryType=Zip
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ITAT - Where advance was given for purchase of capital assets, same would not be allowed as bad debts/business loss.
Hindustan Times Ltd. v. Deputy Commissioner of Income-tax
(2015) TaxCorp(LJ) 6925 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39131&Category=ITAT&CategoryType=Zip
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