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HC- Loss on sale of shares by assessee to JV partner at price lower than one offered in rights issue was not a 'colourable device' and transaction could not be said to be a cover up for de facto or real transaction
Commissioner of Income-tax v. SIEL Ltd.
(2015) TaxCorp(LJ) 6626 (HC-DELHI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7418&Category=INTLDecisions&CategoryType=Zip
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HC - As amendment made to provisions of section 40A(3) with effect from 1-4-1996 being substantive in nature could not be applied retrospectively
M.G. Pictures (Madras) Ltd. v. Assistant Commissioner of Income-tax, Chennai
(2015) TaxCorp(LJ) 6625 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=60754&Category=Judgment&CategoryType=Zip
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HC - Since assessee had amalgamated with transferee-company, assessment in name of amalgamating company was invalid (a nullity) as it ceased to exist after amalgamation.
Commissioner of Income-tax (C)-II v. Micra India (P.) Ltd.
(2015) TaxCorp(LJ) 6624 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=61143&Category=Judgment&CategoryType=Zip
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ITAT - It was noted that some of comparables selected by TPO were providing high end KPO services whereas assessee was engaged in rendering low end BPO services and, thus, there existed functional difference, addition to assessee's ALP in respect of rendering ITES services to its ALP made by TPO is to be deleted.
TNS India (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle-2 (3), Hyderabad
(2015) TaxCorp(LJ) 6623 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=40499&Category=ITAT&CategoryType=Zip
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ITAT - In the absence of any proof that trustees had siphoned of undisclosed income of trust, no revocation of trust’s registration
Sri Balaji Educational & Charitable Public Trust v. Commissioner of Income-tax, Central-III, Chennai
(2015) TaxCorp(LJ) 6622 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=40684&Category=ITAT&CategoryType=Zip
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HC - Framing of assessment against the non-existing entity/person goes to the root of the matter which is not a procedural irregularity, but, a jurisdictional defect, could not be cured by resorting to sec. 292B
Commissioner of Income-tax, Central Circle, Bangalore v. Intel Technology India (P.) Ltd.
(2015) TaxCorp(LJ) 6621 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=60734&Category=Judgment&CategoryType=Zip
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HC - Gas cylinders purchased for business purpose but leased out said cylinders to other party and income from such leasing was treated as business income, assessee was entitled to depreciation on those cylinders.
K.M. Sugar Mills Ltd. v. Commissioner of Income-tax
(2015) TaxCorp(LJ) 6620 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=60757&Category=Judgment&CategoryType=Zip
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HC - Amendment made by Finance Act, 2008 to Sec 254(2A) restricting Tribunal's power to extend the stay beyond 365 days, even if there is no fault of taxpayer, violates the non- discrimination clause of Article 14 of the Constitution of India
Pepsi Food Ltd. vs. DCIT
(2015) TaxCorp(LJ) 6619 (HC-DELHI)
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SC - The assessee has the right to disclaim depreciation in its entirety. However, it cannot claim depreciation for the current year and disclaim unabsorbed depreciation
Seshasayee Paper & Boards Ltd vs. CIT
(2015) TaxCorp(LJ) 6611 (SC) · Section 32
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SC -Housing projects sanctioned and commenced prior to April 1, 2005 but completed by stipulated date as prescribed by Sec 80IB(10) thereafter, are also entitled for the deduction
CIT. vs. Sarkar Builders
(2015) TaxCorp(LJ) 6610 (SC) · Section. 80IB
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HC - Losses of units eligible for Sec 80-IA benefit can be set off against income from other sources and such losses can be notionally carried forward u/s 80-IA(5) and set off against profits in subsequent years
CIT. vs. Hercules Hoists Limited
(2015) TaxCorp(LJ) 6609 (HC-BOMBAY) · Section. 80IA(5)
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HC - Assessee can request condonation of delay in filing of return if reason for delay was not attributable to him
Pala Marketing Co-operative Society Ltd. v. Union of India
(2015) TaxCorp(LJ) 6608 (HC-KERALA)
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HC - Transfer of assessee's cases from Kolkata to Patna not for the purpose of co-ordinated and effective investigation but for centralization is not valid
Dillip Kumar Agarwal v. CIT
(2015) TaxCorp(LJ) 6607 (HC-CALCUTTA)
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HC - Revenue is not entitled to demand unrestricted access to acquire electronic records present in laptops pertaining to third parties unconnected with person searched
S. R. Batliboi and Co. v. Department of Income-tax (Investigation)
(2015) TaxCorp(LJ) 6606 (HC-DELHI)
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HC - Registration granted U/s. 12AA(3) cannot be withdrawn on mere presumptions and surmises
CIT. Vs. M/s. Apeejay Education Society
(2015) TaxCorp(LJ) 6605 (HC-P&H) · Section. 12AA(3)
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ITAT - Statement recorded u/s 133A during survey, cannot be taken as evidence to make addition to income
ACIT. Vs. Ajoy Bakli
(2015) TaxCorp(LJ) 6604 (ITAT-KOLKATA) · Section. 133A
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HC - Writ to be admitted against petition by FIIs and FPIs against IT department orders issued imposing MAT liability for previous assessment years
Aberdeen Global Emerging Markets Infrastructure Equity Fund Vs.
(2015) TaxCorp(LJ) 6597 (HC-BOMBAY)
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HC - Satisfaction u/s 271(1)(c) must reflect in the order of the assessment as the penalty as per the provision is not automatic. Such a penalty must not be imposed ipse dixit.
Anoopgarh Kraya Vikraya Sahakari Samiti Ltd. v. Assistant Commissioner of Income-tax, Sri Ganganagar
(2015) TaxCorp(LJ) 6586 (HC-RAJASTHAN) · http://taxcorp.in/FileOpenDT.aspx?ID=60638&Category=Judgment&CategoryType=Zip
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ITAT - Where profit on sale of revaluation of securities was treated as business income, loss arising to bank on revaluation was also allowable.
Yes Bank Ltd. v. Deputy Commissioner of Income-tax-7 (3), Mumbai
(2015) TaxCorp(LJ) 6585 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39459&Category=ITAT&CategoryType=Zip
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ITAT - Since some of comparables selected by TPO were improper on account of their brand value, happening of extraordinary event like amalgamation and existence of functional difference as they were rendering diversified services, TP additions not sustainable.
Fidelity Business Services (P.) Ltd. v. Additional Commissioner of Income-tax, Range -11, New Delhi
(2015) TaxCorp(LJ) 6584 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39078&Category=ITAT&CategoryType=Zip
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