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ITAT - Loans and advances given for business transaction between the parties does not fall within the definition of “deemed dividend" /s 2(22)(e)
Ishwar Chand Jindal vs. ACIT
(2015) TaxCorp(LJ) 6842 (ITAT-DELHI) · Section 2(22)(e)
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HC - Expenses incurred towards a project which could not be materialized was rightly treated as revenue expenditure and not as capital expenditure.
Deputy Commissioner of Income-tax (Asstt.) v. Gujarat Narmada Velley Fertilizers Co. Ltd.
(2015) TaxCorp(LJ) 6841 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=61250&Category=Judgment&CategoryType=Zip
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ITAT - Since assessee did not bear any working capital risk, there is no need for making any negative working capital adjustment.
Adaptec (India) (P.) Ltd. v. Assistant Commissioner of Income-tax, Circle 1 (1), Hyderabad
(2015) TaxCorp(LJ) 6840 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=40991&Category=ITAT&CategoryType=Zip
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ITAT - Introduction of leasehold property as capital in consortium and permitting bank for an equitable mortgage on said property, amounts to ‘transfer’ under section 2(47).
Andhra Networks Ltd. v. Deputy Commissioner of Income-tax, Circle 1 (1), Hyderabad
(2015) TaxCorp(LJ) 6839 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=38820&Category=ITAT&CategoryType=Zip
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HC - Since assessee merely invested funds through ‘PMS’ and there was no separate business infrastructure to carry out its share transactions, profit on sale of shares is to be treated as ‘capital gains’.
CIT. vs. Kapur Investments
(2015) TaxCorp(LJ) 6838 (HC-KARNATAKA)
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ITAT - As per CBDT Circular No. 14/2014, transfer or re-deployment of technical manpower from existing units to new SEZ units shall not be construed as splitting up or reconstruction of the existing business. Section 10A deduction allowable to assessee (an IT company) in respect of its new units.
iGATE Computer Systems Ltd. Vs. The Addl. Commissioner of Income Tax
(2015) TaxCorp(LJ) 6837 (ITAT-PUNE) · Section. 10A
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SC - It is not open to the assessee to claim depreciation for the current year and not claim unabsorbed depreciation of the previous years
Seshasayee Paper and Board Limited Vs. DCIT
(2015) TaxCorp(LJ) 6836 (SC)
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Interest paid on loan amount sanctioned by bank was directly made over to retiring partners as full payment of consideration agreed to be paid by continuing partners to retiring partners for relinquishment of their share, amount borrowed not for purpose of business. Interest not allowable
Hotel Roopa v. Commissioner of Income-tax
(2015) TaxCorp(LJ) 6835 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=61249&Category=Judgment&CategoryType=Zip
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ITAT(TM) - President or Third Member has no right to go beyond scope of reference and has to consider only difference of opinion as stated by Members of Bench
Income-tax Officer, Ward 3 (1), Guwahati v. Purbanchal Safety Glass (P.) Ltd.
(2015) TaxCorp(LJ) 6834 (ITAT-GAUHATI) · http://taxcorp.in/FileOpenDT.aspx?ID=40976&Category=ITAT&CategoryType=Zip
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ITAT - ALP of 'Soyabean' and 'Sunflower' oil is to be determined on basis of rate quoted in Commodity Exchanges i.e., oil, was a commodity recognized for trading in Commodities Exchanges, price publications of CBOT and Oil World were relevant material while testing international transactions of import of oil from AEs in course of application of CUP method
Cargill Foods India Ltd. v. Deputy Commissioner of Income-tax, Circle-4, Pune
(2015) TaxCorp(LJ) 6833 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=40975&Category=ITAT&CategoryType=Zip
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SC - Gujarat HC’s direction is to be substituted with respect to striking down Sec 80HHC retro amendment on DEPB.
CIT. vs. Avani Exports & Anr.
(2015) TaxCorp(LJ) 6832 (SC) · Section. 80HHC
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HC - It is settled law that there is no bar for grant of relief (extension of stay beyond 365 days under ‘writ’ jurisdiction) if the Court is of the opinion that the circumstances and the ends of justice so warrant.
CANON INDIA PRIVATE LIMITED Vs. DEPUTY COMMISSIONER OF INCOME TAX
(2015) TaxCorp(LJ) 6831 (HC-DELHI)
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SC - HC’s order quashing re-assessment notice under writ jurisdiction is to be quashed as the is erroneous.
DCIT. & Anr. vs. Zuari Estate Dev. & Investment Comp. Ltd.
(2015) TaxCorp(LJ) 6830 (SC)
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HC - In the absence of search in case of assessee, notice u/s 158BC is not valid
CIT. vs. Anil Kumar Chadha
(2015) TaxCorp(LJ) 6829 (HC-ALLAHABAD) · Section. 158BC
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HC - Dry docking Expenses are allowable as revenue expenditure to ONGC
CIT. vs. Oil & Natural Gas Corporation Ltd.
(2015) TaxCorp(LJ) 6828 (HC-UTTARAKHAND)
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ITAT - The transaction of transfer of property would relate to the date when the sale-deed was executed, sale consideration was paid and possession was handed over but not on date when document was presented before the Registrar for registration of the sale-deed.
Amitkumar Ambalal Shah v. Income-tax Officer, Ward-10 (2), Ahmedabad
(2015) TaxCorp(LJ) 6827 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=38500&Category=ITAT&CategoryType=Zip
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ITAT - Where view taken by AO being one of possible views, could not be regarded as erroneous and prejudicial to interest of revenue, no revision u/s 263.
Mudhol Land Holding Company (P.) Ltd. v. Commissioner of Income-tax
(2015) TaxCorp(LJ) 6826 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=40939&Category=ITAT&CategoryType=Zip
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ITAT - A company providing software development services is different from a company providing non-development software services
Tata McGraw Hill Education (P.) Ltd. v. Assistant Commissioner of Income-tax, Circle 16 (1), New Delhi
(2015) TaxCorp(LJ) 6825 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39802&Category=ITAT&CategoryType=Zip
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HC - Where revised return was declared as invalid then tax and interest amount paid on revised income needs to be refunded.
K. Nagesh v. Assistant Commissioner of Income-tax, Bangalore
(2015) TaxCorp(LJ) 6824 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=61246&Category=Judgment&CategoryType=Zip
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ITAT - Valuation loss on stock-in-trade of shares to be allowed as purchases were genuine and valuation was made as per AS-2
Income-tax Officer, Ward 6 (1), Jaipur v. Smt. Meena Baid
(2015) TaxCorp(LJ) 6823 (ITAT-JAIPUR) · http://taxcorp.in/FileOpenDT.aspx?ID=37699&Category=ITAT&CategoryType=Zip
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