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ITAT - Where all relevant facts, material to computation of total income is duly furnished by assessee and no deficiencies in furnishing of such facts are pointed out by revenue authorities, declaration of additional income pursuant to survey will not invite concealment penalty.
Vipul Life Sciences Ltd. v. Deputy Commissioner of Income-tax, Circle 7 (3), Mumbai
(2015) TaxCorp(LJ) 6735 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39783&Category=ITAT&CategoryType=Zip
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HC - Interest on borrowed funds used for booking of a property which was to be used as a show room of company in future years was deductible as assessee had sufficient surplus funds for making payment of interest free security deposit to acquire asset in question.
Commissioner of Income-tax,(C)-III v. DD Industries Ltd.
(2015) TaxCorp(LJ) 6734 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=60717&Category=Judgment&CategoryType=Zip
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HC - Even if case of assessee falls in first proviso to section 2(15), no cancellation of trust's registration on ground.
Director of Income-tax, Exemption, Bangalore v. Kodava Samaja
(2015) TaxCorp(LJ) 6733 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=61187&Category=Judgment&CategoryType=Zip
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ITAT - Sum paid to AE for use of its trademark cannot be disallowed in absence of any evidence on record.
Zuari Cement Ltd. v. Deputy Commissioner of Income-tax, Circle-2 (1), Tirupati
(2015) TaxCorp(LJ) 6732 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenINTL.aspx?ID=8074&Category=INTLDecisions&CategoryType=Zip
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HC - Where identity and relationship of donor was known, amount received by assessee by way of gift from said donor could not be treated as cash credit u/s 68
Commissioner of Income-tax v. Ramesh Suri
(2015) TaxCorp(LJ) 6731 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=60392&Category=Judgment&CategoryType=Zip
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ITAT - Assessee engaged in merely providing software services was not functionally comparable to a company engaged in research and development activities which included embedded software solutions.
Principal Global Services (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle-1 (2), Pune
(2015) TaxCorp(LJ) 6730 (ITAT-PUNE) · http://taxcorp.in/FileOpenINTL.aspx?ID=8047&Category=INTLDecisions&CategoryType=Zip
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HC - Development of housing projects for DDA is eligible for deduction under section 80-IB
Commissioner of Income-tax-VI v. VRM India Ltd.
(2015) TaxCorp(LJ) 6729 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=60724&Category=Judgment&CategoryType=Zip
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ITAT - Assessee’s stand that under the Income Tax Act, there was no power conferred on Income-tax authorities for conducting survey to verify TDS details is not correct. “Proceedings” u/s 133A also includes TDS proceedings.
Nokia India Pvt Ltd vs.Dy. DIT
(2015) TaxCorp(LJ) 6728 (ITAT-DELHI)
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ITAT - S. 194-I applies only to amounts paid for “use” of the land and not for amounts paid to “acquire” the rights. Distinction between “lease premium” and “rent” explained
ITO vs. Earnest Towers (P) Ltd
(2015) TaxCorp(LJ) 6727 (ITAT-KOLKATA) · Section 194-I
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ITAT - Even strategic investment in group concerns for purposes of control & not for earning dividend attracts disallowance u/s 14A Rule 8D(2)(iii). Plea that no expenditure is incurred to earn dividend is not acceptable because earning dividend is not an automatic process.
Coal India Limited vs. ACIT
(2015) TaxCorp(LJ) 6726 (ITAT-KOLKATA) · Section 14A
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ITAT - Tests to determine whether there is an employer-employee relationship explained (for the purpose of TDS u/s 192 vs/ 194-J)
DCIT vs. Artemis Medicare Service Ltd
(2015) TaxCorp(LJ) 6725 (ITAT-DELHI) · Sections 192, 194-J
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ITAT - Receipts on account of identification & core site selection from available 2D & 3D seismic data shall be taxed U/s. 44BB
ADIT Vs. TDI Brooks Intl. Inc
(2015) TaxCorp(LJ) 6724 (ITAT-DELHI) · Section 44BB
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ITAT - Order restricting profit at 65% for the purpose of computation of deduction u/s 10A by invoking Sec 10A(7) is upheld.
Varis Technologies P ltd vs ITO
(2015) TaxCorp(LJ) 6723 (ITAT-BANGALORE) · Sections 10A, 10A(7)
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HC - IT information 'exempt from disclosure' under Right to Information Act, 2008 as no element of larger public interest involved in disclosure of information submitted to Income tax authorities by assessees.
Naresh Trehan And Others vs Rakesh Kumar Gupta
(2015) TaxCorp(LJ) 6695 (HC-DELHI)
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HC - Block assessment order not barred by limitation u/s 158BE. Search proceedings ends on revocation of restraint order.
Navin Kumar Agarwal vs. CIT
(2015) TaxCorp(LJ) 6683 (HC-CALCUTTA) · Section. 158BE
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HC - Loss from Compensation bonds issued by Government of India, in lieu of irrecoverable debt due from Iraq Government is a a business loss and not a capital loss.
Ircon International Ltd. vs. DCIT
(2015) TaxCorp(LJ) 6680 (HC-DELHI)
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ITAT - Where EOU’s were situated at separate location having independent buildings on separate addresses, their Plant & Machinery and fixed assets were also separate, cannot be treated as ‘single unit’ for section 10B deduction, merely on the basis that separate books of accounts were not maintained.
DCIT. vs. NIIT Ltd.
(2015) TaxCorp(LJ) 6677 (ITAT-DELHI)
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HC - Even though dividend income derived from business promotion was assessable under head ‘income from other sources’ u/s 56, still interest expenditure incurred for the purpose of business promotion should be considered for business expenditure deduction u/s 36 (1) (iii) and not u/s 57.
Eicher Goodearth vs. CIT
(2015) TaxCorp(LJ) 6674 (HC-DELHI) · Sections. 36, 57
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HC - Additional excise duty incurred on plastic moulds, given free of cost to contract manufacturers for manufacture of Tupperware products being 'tax-neutral', expense allowable u/s 37.
Tupperware India Pvt. Ltd. vs. CIT
(2015) TaxCorp(LJ) 6672 (HC-DELHI) · Section. 37
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ITAT - When the fact of embezzlement is not accepted by the AO, there cannot be any occasion to make substantive assessment and protective assessment in respect of such an embezzlement income. “Protective addition” permissible only when income certainty established.
ITO. Vs. Ketan B Thakkar
(2015) TaxCorp(LJ) 6671 (ITAT-AHMEDABAD)
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