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HC - Where genuineness of the expenditure and the fact that it was incurred for business activities was not doubted, no section 14A disallowance
Commissioner of Income-tax- IV v. Holcim India (P.) Ltd.
(2015) TaxCorp(LJ) 6583 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58087&Category=Judgment&CategoryType=Zip
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HC - For purpose of depreciation, actual cost of fixed assets acquired under slump sale should be taken as per surveyor's report.
DE Nora India Ltd. v. Commissioner of Income-tax
(2015) TaxCorp(LJ) 6582 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58955&Category=Judgment&CategoryType=Zip
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ITAT - Since assessee was a shareholder of lending company and also had substantial interest in borrowing company therefore, loan given by lending company to borrowing company would be treated as deemed dividend in hands of assessee
Income-tax Officer-8 (2)-3, Mumbai v. Sahir Sami Khatib
(2015) TaxCorp(LJ) 6581 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=40656&Category=ITAT&CategoryType=Zip
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ITAT - Matter to be remanded back to TPO for selection of appropriate method of determining ALP in respect of transaction relating to export of silica by assessee to its AE
Deputy Commissioner of Income-tax, Circle 11 (1), New Delhi v. Insilco Ltd.
(2015) TaxCorp(LJ) 6580 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39086&Category=ITAT&CategoryType=Zip
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HC - Transfer of case of Trust u/s 127(2)(a) to that State wherein its chairman was running educational institutions was correct
Commissioner of Income-tax-I, Madurai v. Noorul Islam Educational Trust
(2015) TaxCorp(LJ) 6579 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=60697&Category=Judgment&CategoryType=Zip
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ITAT - No TDS u/s 194H and 194C on E-seva provider on commission paid by bank to retail merchant on issuing co-branded credit cards
Twin EDS (E-Seva) v. Income-tax Officer, Ward-14(3), Hyderabad
(2015) TaxCorp(LJ) 6578 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39852&Category=ITAT&CategoryType=Zip
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HC - Since all details pertaining to Sec 10A deduction was very well with AO, to revisit this deduction u/s 147 and based on a different opinion is clearly impermissible in law
Capegemini India Pvt Ltd vs. ACIT
(2015) TaxCorp(LJ) 6577 (HC-BOMBAY) · Section. 10A
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Addition for notional interest in absence of actual receipt not justified
HIGHWAYS CONSTRUCTION CO PVT LTD Vs CIT
(2015) TaxCorp(LJ) 6576 (HC-GAUHATI)
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In absence or Provisions in Income Tax addition for Notional Interest not justified
B And A Plantations And Industries Ltd. vs. Commissioner of Income-Tax
(2015) TaxCorp(LJ) 6575 (HC-GAUHATI)
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Reopening based on mere information received from Income Tax Investigation Wing not valid
M/s. PCI Ltd. Vs. ACIT
(2015) TaxCorp(LJ) 6574 (ITAT-DELHI)
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SC upholds constitutional validity of NCLT
MADRAS BAR ASSOCIATION VERSUS UNION OF INDIA & ANR.
(2015) TaxCorp(LJ) 6573 (SC)
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HC - Non-provision of detailed plan for proposed expenditure is not a sufficient ground to deny accumulation claim u/s 11(2).
DIT. vs. Envisions
(2015) TaxCorp(LJ) 6572 (HC-KARNATAKA) · Section. 11(2)
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ITAT - In absence of any substantial allegation or incriminating material, view that assessee was conducting activities with motive of earning profits could not be accepted, orders u/s 263 quashed.
Association of State Road Transport vs CIT(A)
(2015) TaxCorp(LJ) 6571 (ITAT-DELHI) · Section. 263
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ITAT - Since act of conscious and malafide furnishing of inaccurate particulars of income or concealment not attributable to assessee (i.e. assessee’s reversal of overstated depreciation proves bonafide), penalty u/s 271(1)(c) to be deleted.
Airports Authority of India vs. ACIT
(2015) TaxCorp(LJ) 6570 (ITAT-DELHI) · Section. 271(1)(c)
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SC - Assesse is not entitled to section 42 benefit in respect of oil-exploration contract entered with Ministry of Petroleum and Natural Gas (MoPNG). Further, In a matter of private character or purely contractual field, no public duty element is involved and, thus, mandamus will not lie.
Joshi Technologies International Inc. vs. UOI & Ors.
(2015) TaxCorp(LJ) 6569 (SC) · Section. 42
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HC - Bank charges incurred by assessee to guard against foreign exchange rate fluctuations with respect to loan taken for import of machinery is allowable as deduction, not to be added to the cost of acquisition of the capital asset.
CIT. vs. Britannia Industries Ltd.
(2015) TaxCorp(LJ) 6568 (HC-CALCUTTA)
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ITAT - Since at the time of entering into JDA the land was held as stock in trade, no income arises until stock-in-trade (i.e land / constructed flats) are sold on registration.
Chaitanya Properties vs. DCIT
(2015) TaxCorp(LJ) 6567 (ITAT-BANGALORE)
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HC - It is not the requirement of law that in a notice issued under Section 158BC, the period of block period is to be specifically mentioned by the authorities
DCIT. vs. Basant Kumar Patil
(2015) TaxCorp(LJ) 6566 (HC-KARNATAKA) · Section. 158BC
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HC - Since all facts had been fully and truly disclosed before Assessing Officer at time of original assessment, attempt to reopen assessment on aforesaid ground would amount to change of opinion, which is not permissible in law.
Lalit Bagai v. Deputy Commissioner of Income-tax, Circle 38(1)
(2015) TaxCorp(LJ) 6556 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58806&Category=Judgment&CategoryType=Zip
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ITAT - TPO not justified in computing transfer pricing adjustment qua all transactions carried out by assessee with reference to base of 'total costs' incurred by assessee, inclusive also of costs relevant to transactions with non-AEs.
Aithent Technologies (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle-1 (1), New Delhi
(2015) TaxCorp(LJ) 6555 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=40615&Category=ITAT&CategoryType=Zip
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