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ITAT - Addition made solely on the basis of a disclosure and without any incriminating material is not sustainable if facts show that disclosure was under duress. CBDT Instruction dated 10.03.2003 relied
Shri Basant Bansal vs. ACIT
(2015) TaxCorp(LJ) 6822 (ITAT-JAIPUR) · Section 143(3)/153A
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ITAT - Under section 11(1)(a), charitable institutions are eligible to a blanket deduction of 15% of the gross receipts without being required to satisfy any condition
ITO vs. Bhartiya Vidya Mandir Trust
(2015) TaxCorp(LJ) 6821 (ITAT-CHANDIGARH) · Section 11(1)(a)
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ITAT - For the purpose of sections 2(15)/11, before any activity can be branded as being in the nature of trade or commerce, the AO has to demonstrate the intention of parties backed with facts and figures of carrying out activities with profit motive. Mere surplus from any activity which has been undertaken to achieve the dominant object does not imply that the same is run with profit motive. The intention has to be gathered from circumstances which compelled the carrying on the activity
India International Centre vs. ADIT
(2015) TaxCorp(LJ) 6820 (ITAT-DELHI) · Sections 2(15), 11
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HC - Hire charges received by a lessor under a hire- purchase transaction is not in the nature of interest.
Rani Leasing & Finance Ltd. vs. CIT
(2015) TaxCorp(LJ) 6819 (HC-CALCUTTA)
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ITAT - Gift amounting to Rs. 160 crore received by assessee-company from other Indian corporate bodies is not taxable, being capital receipt for AY 2009-10.
DCIT. Vs. KDA enterprises
(2015) TaxCorp(LJ) 6818 (ITAT-MUMBAI)
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ITAT - A company providing high end services, i.e., special knowledge and domain expertise, cannot be compared to a low end service provider, namely, call center services
iQor India Services (P.) Ltd. v. Income-tax Officer, Ward 11 (4), New Delhi
(2015) TaxCorp(LJ) 6817 (ITAT-DELHI) · http://taxcorp.in/FileOpenINTL.aspx?ID=8126&Category=INTLDecisions&CategoryType=Zip
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ITAT - Since receipt as well as making of gift were authorized by respective Memorandum and Articles of Association of assessee and donor companies and all essential requisites of a valid gift had been duly fulfilled, no tax or MAT on donee-company
Deputy Commissioner of Income-tax, 3 (2), Mumbai v. KDA Enterprises (P.) Ltd.
(2015) TaxCorp(LJ) 6816 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=40160&Category=ITAT&CategoryType=Zip
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HC - There can be no reassessment when original assessment order was cancelled by Commissioner u/s 263.
Pine Chemicals Ltd. v. Deputy Commissioner of Income-tax
(2015) TaxCorp(LJ) 6815 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=61238&Category=Judgment&CategoryType=Zip
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ITAT - Assessment/refund Form ITNS 150 is a part of assessment order and subject to revision under section 263.
Board of Directors, Allahabad Agricultural Institute v. Commissioner of Income-tax
(2015) TaxCorp(LJ) 6814 (ITAT-ALLAHABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=40910&Category=ITAT&CategoryType=Zip
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ITAT - Excise duty being a pass through cost has to be excluded from sales as well as costs for both assessee and comparable companies while computing operating margins under TP study
Ingersoll-Rand (India) Ltd. v. Assistant Commissioner of Income-tax, Circle 11 (4), Bangalore
(2015) TaxCorp(LJ) 6813 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=40909&Category=ITAT&CategoryType=Zip
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ITAT - Reason explained for delay (delay of 373 days) was that assessee-firm was having separate taxation department and it was under a bona fide belief that appeal had been filed by concerned head of taxation department within prescribed time. It will not constitute 'sufficient cause' for delay rather it was a case of gross negligence/inaction on part of assessee. No condonation of delay.
Cenzer Industries Ltd. v. Income-tax Officer 5 (1)(3), Mumbai
(2015) TaxCorp(LJ) 6812 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=40908&Category=ITAT&CategoryType=Zip
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HC - Since assessee had already gifted 30 per cent of its shareholding to his wife and son, no deemed dividend as assessee was not substantial shareholder on the date of advance.
Commissioner of Income-tax-I, Ludhiana v. Paramjit Singh
(2015) TaxCorp(LJ) 6811 (HC-P&H) · http://taxcorp.in/FileOpenDT.aspx?ID=61237&Category=Judgment&CategoryType=Zip
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ITAT - Commissioner (Appeals) has inherent power to stay demand, when appeal is pending for disposal before him
Employees' Provident Fund Organization v. Additional Commissioner of Income-tax (T.D.S.), Ghaziabad
(2015) TaxCorp(LJ) 6810 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=40907&Category=ITAT&CategoryType=Zip
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HC - Since membership card was not transferred in the year of demutualization of exchange, disallowance of depreciation to broker is not correct.
Commissioner of Income-tax-4, Mumbai v. Tata Securities Ltd.
(2015) TaxCorp(LJ) 6809 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=61235&Category=Judgment&CategoryType=Zip
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ITAT - Since there was no transfer order passed by Chief Commissioner or Commissioner, Order passed by AO to transfer case to new jurisdiction was invalid
KIE Infrastructures & Projects (P.) Ltd. v. Income-tax Officer, Ward-5 (3), New Delhi
(2015) TaxCorp(LJ) 6808 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=40519&Category=ITAT&CategoryType=Zip
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HC - Reopening based on material placed before DRP considering the same as new material is not justified as it would be nothing but a ‘change of opinion’ which is not permissible in law.
M/s Lahmeyer Holding GMBH Vs. DDIT
(2015) TaxCorp(LJ) 6807 (HC-DELHI) · Section. 147
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HC - On peculiar facts of the case, involuntary stay must be excluded from computation for purposes of Section 6(1)(a) of Income Tax Act
CIT. Vs. Shri Suresh Nanda
(2015) TaxCorp(LJ) 6806 (HC-DELHI) · Section 6(1)(a)
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HC - Reasons for initiating assessment u/s 147 are required to be recorded prior to issuance of notice u/s 148
Ferrous Infrastructure Pvt. Ltd. Vs. DCIT
(2015) TaxCorp(LJ) 6805 (HC-DELHI) · Sections. 147, 148
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ITAT - Interest cost and cost of acquisition are independent of each other, therefore interest on borrowed capital invested in shares not part of the ‘cost of acquisition’ while computing capital gains u/s 48 on sale of shares.
Natural Gas Company Pvt. Ltd vs. DCIT
(2015) TaxCorp(LJ) 6804 (ITAT-MUMBAI) · Section. 48
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ITAT - Liability to deduct tax at source arises on quarterly expense provisions entries through credit in suspense account even though invoice for underlying expenses not received at the time of making provision. TDS collection de hors charge u/s. 4(1) of the Act.
IBM India Pvt ltd vs ITO(TDS)
(2015) TaxCorp(LJ) 6803 (ITAT-BANGALORE) · Section 4(1)
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