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HC - Where joint commissioner merely recorded “Yes , am satisfied” while according sanction for issuing notice u/s 148, Notice u/s 148 to be quashed
CIT. vs. S Goyanka Lime and Chemicals Ltd.
(2015) TaxCorp(LJ) 6554 (HC-MP) · Section. 148
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ITAT - Where assessees (a farmer owning land) were to share profits/losses from development (with MTDC for land development) activity jointly in proportion to their landholding, capital gains will not be taxable in the year of signing of development agreement. Capital gains shall be chargeable over the years when MTDC started receiving the sale proceeds from the customers.
Vipul Krishna Ashtekar vs. DCIT
(2015) TaxCorp(LJ) 6553 (ITAT-PUNE)
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SC - Hospital building subject to wealth tax u/s 40(3) of Finance Act, 1983
Cosmopolitan Hospitals vs Commissioner Of Wealth tax
(2015) TaxCorp(LJ) 6552 (SC)
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SC - HC's interdiction of block-assessment proceedings by interfering with warrant of search authorization is invalid. No prior communication of search-reasons necessary.
DGIT vs. Spacewood Furnishers Pvt. Ltd. & Ors.
(2015) TaxCorp(LJ) 6551 (SC)
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HC - Recovery of tax-demand (recovery proceedings) from successor prior to its incorporation & without assessment is not justified.
Telangana State Beverages Corporation limited vs. UOI
(2015) TaxCorp(LJ) 6550 (HC-AP)
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HC - Through a series of transactions - which were, essentially, book entries - the assessee had devised a loss ('inter-linked' share transactions) to set off against its other income.
Vishishth Chay Vyapar Ltd vs CIT
(2015) TaxCorp(LJ) 6549 (HC-DELHI)
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HC - Settlement Commission’s order u/s 245D(2C) allowing assessee’s settlement application is to be quashed as it was passed without considering objections of Revenue by some modicum of reasons.
CIt vs Sai Prasad
(2015) TaxCorp(LJ) 6548 (HC-BOMBAY)
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ITAT - Transfer Pricing adjustments made by the AO in contradiction to the mandatory instructions of the CBDT (Jurisdiction of the AO in making the assessment without referring the matter to the Transfer Pricing Officer where the value of international transactions exceeded ₹ 5 crores) is bad in law.
M/s. SG. Asia Holdings (India) Pvt. Ltd. Versus The ACIT
(2015) TaxCorp(LJ) 6547 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=8092&Category=INTLDecisions&CategoryType=Zip
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ITAT - CIT(A) have considered the fact that some personal expenditure could also have been incurred by the assessee in making payment through credit card, so the disallowance made by the AO was rightly restricted to 5% of credit card expenses.
ITO Versus Kanwar Deep Anand
(2015) TaxCorp(LJ) 6546 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=40598&Category=ITAT&CategoryType=Zip
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ITAT - Disclosure of income during search operation would get immunised from the levy of penalty.
Ehasan Haji Amin Gadawala Versus As STT Commissioner of Income Tax
(2015) TaxCorp(LJ) 6545 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=40599&Category=ITAT&CategoryType=Zip
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HC - The statement recorded under section 132(4) of the Act would certainly constitute an important basis for an Assessing Officer to take necessary steps under the provisions of the Act
Y. Ramachandra Reddy Versus Addl. CIT (Assts) SR-V, Hyderabad
(2015) TaxCorp(LJ) 6543 (HC-AP) · http://taxcorp.in/FileOpenDT.aspx?ID=59279&Category=Judgment&CategoryType=Zip
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HC - Income received by the assessee, by way of rent from letting out of the godowns, was the income received from property and it would not fall under the head income from business.
The Commissioner of Income Tax Versus M/s. Sileman Khan Mahaboob Khan
(2015) TaxCorp(LJ) 6542 (HC-AP) · http://taxcorp.in/FileOpenDT.aspx?ID=61111&Category=Judgment&CategoryType=Zip
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HC - Notional interest accruing from other sources was not “real income” in the facts and circumstances of this case. Thus, no addition.
Commissioner of Income Tax Central –II Versus M/s. Navbharat Export
(2015) TaxCorp(LJ) 6541 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=61112&Category=Judgment&CategoryType=Zip
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HC - Where CIT (Appeals) exercised only overriding power under rule 46A(4) in considering documents furnished by assessee and found investment proper, deletion of additions under sec. 69 by CIT without hearing AO was justified as it was not a case of admission of new evidence.
Commissioner of Income-tax, Central Patna v. Sagar Construction (P.) Ltd.
(2015) TaxCorp(LJ) 6540 (HC-PATNA) · http://taxcorp.in/FileOpenDT.aspx?ID=61110&Category=Judgment&CategoryType=Zip
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HC - Since amendment to sec. 40(a)(ia) by Finance Act, 2010, with effect from 1-4-2005 has retro-effect, no disallowance can be made if TDS is deposited before due date of filing return under section 139(1).
Commissioner of Income-tax, Ahmedabad-IV v. Omprakash R. Chaudhary
(2015) TaxCorp(LJ) 6539 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=58641&Category=Judgment&CategoryType=Zip
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ITAT - TPO was not correct in changing TP method in subsequent year where circumstances remained unchanged
John Deere India (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle-11 (1), Pune
(2015) TaxCorp(LJ) 6538 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=39939&Category=ITAT&CategoryType=Zip
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HC - Where AO had accepted valuation during assessment then no reassessment can be made by AO on basis of valuation report of DVO.
Prabhu Dayal Rangwala v. Commissioner of Income-tax
(2015) TaxCorp(LJ) 6537 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=61115&Category=Judgment&CategoryType=Zip
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HC - Power to transfer assessment is an administrative power which necessarily inheres power to re-transfer
Kuantum Papers Ltd. v. Union of India
(2015) TaxCorp(LJ) 6536 (HC-P&H) · http://taxcorp.in/FileOpenDT.aspx?ID=60413&Category=Judgment&CategoryType=Zip
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ITAT - Since assessee's turnover was Rs. 47.46 crores, companies having turnover of more than Rs. 200 crores had to be eliminated from list of comparables. Also, companies in which related party transactions exceeded 15 per cent could not be taken as comparables.
Cypress Semiconductor Technology India (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle 11 (2), Bangalore
(2015) TaxCorp(LJ) 6535 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenINTL.aspx?ID=8013&Category=INTLDecisions&CategoryType=Zip
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ITAT - Where AOP (formed by assessee for jointly developing property, whereby assessee agreed to provide land as capital contribution) stood terminated, settlement amount received by assessee will not be taxable as capital gains.
Ind Sing Developers P. Ltd. vs. ACIT
(2015) TaxCorp(LJ) 6512 (ITAT-BANGALORE)
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