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HC - There are three key factors relevant for valuation of goodwill - duration of functioning of assessee, quantum of orders in hand when collaboration agreement was executed and monopoly over a product held by assessee.
CIT. vs. Motherson Auto P. Ltd.
(2015) TaxCorp(LJ) 6511 (HC-DELHI)
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SC - Sec 43B is applicable to outstanding vend fee payable to State Government as clause (a) to Sec 43B considerably widened by the addition of the words “by whatever name called”.
CIT. vs. Travancore Sugars & Chemicals Ltd.
(2015) TaxCorp(LJ) 6510 (SC) · Section. 43B
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HC - Where agreement was in substance a finance lease and not a mere hire purchase, thus liable to erstwhile interest tax.
CIT. vs. Axis Bank Ltd.
(2015) TaxCorp(LJ) 6509 (HC-GUJARAT)
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HC - Assessee (100% EOU) is entitled to sec 10B deduction based on approval granted by Development Commissioner and subsequently ratified by Board of approval.
CIT. vs. ECI Technologies Pvt. Ltd.
(2015) TaxCorp(LJ) 6508 (HC-GUJARAT) · Section. 10B
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HC - Revisionary orders by CIT can be held perverse only when Commissioner does not exercise powers properly and not otherwise. Errors pointed out by CIT in AO’s order had impact on revenue and thus same was held erroneous by CIT
CIT. vs. Varanasi Khanta Rao
(2015) TaxCorp(LJ) 6507 (HC-AP) · Section. 263
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HC - Trial Court conviction in case of Jayalalitha, former Chief Minister of Tamil Nadu is set aside. Trial Court ignored evidentiary value of income tax proceedings
Selvi J. Jayalalitha Vs. State
(2015) TaxCorp(LJ) 6506 (HC-KARNATAKA)
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ITAT - Sec 10B deduction not available to assessee in respect of TP addition made suo motu by the assessee as per Form 3CEB
Agilisys IT Services India Pvt Ltd vs ITO
(2015) TaxCorp(LJ) 6502 (ITAT-MUMBAI) · Section. 10B
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HC - Meaning of expression "rent" and "fees for technical services" explained in the context of transmission & wheeling charges paid by electricity company. No TDS u/s 194-I/ 194-J.
CIT (TDS) vs. Maharashtra State Electricity Distribution Co. Ltd.
(2015) TaxCorp(LJ) 6487 (HC-BOMBAY) · Sections. 194-I, 194-J
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HC - Payment for transmission or wheeling charges is neither rent (u/s 194I) nor fees for technical service (u/s 194J), therefore TDS is not applicable.
CIT. vs. Maharashtra State Electricity
(2015) TaxCorp(LJ) 6486 (HC-BOMBAY) · Section. 194I
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ITAT - As a TV anchor assessee is required to be presentable while hosting, and thus the expenditure incurred on his costumes should be considered for business purpose only
Karan Yash Johar Vs. DCIT
(2015) TaxCorp(LJ) 6485 (ITAT-MUMBAI)
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HC - Assessee’s business was set-up in preceding year when assessee started execution of the contract by taking steps such as entering into manufacturing agreement with a third person for manufacture and installation and made advance payment
CIT. vs. Jcdecaux Advertising India Pvt. Ltd.
(2015) TaxCorp(LJ) 6484 (HC-DELHI)
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ITAT - Invocation of ‘Deeming fiction’ under Exp 1 to Sec 271(1) (c) was not justified as asseseee’s explanation regarding ‘bonafides’ of claim did not suffer from any apparent inconsistencies or factual errors.
Vipul Life Sciences Vs. DCIT
(2015) TaxCorp(LJ) 6483 (ITAT-MUMBAI) · Section. 271(1)(c)
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HC - Absence of “dissolution clause” in the trust-deed is not a ground to deny Section 12AA registration.
CIT. vs. Tapagachha Sangh Mota
(2015) TaxCorp(LJ) 6482 (HC-GUJARAT) · Section. 12AA
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HC - Assessee not entitled to any interest for delayed payment of interest under section 244A on principal refund amount.
Commissioner of Income-tax v. Indian Farmer Fertilizer Co-Operative
(2015) TaxCorp(LJ) 6481 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=60584&Category=Judgment&CategoryType=Zip
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HC - Initiation of proceedings under section 201 against assessee after 9 years from end of relevant financial year was time barred
Commissioner of Income-tax (TDS)-I v. C.J. International Hotels (P.) Ltd.
(2015) TaxCorp(LJ) 6480 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=60505&Category=Judgment&CategoryType=Zip
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ITAT - Since real intent, objective and purpose of payment of compensation as per settlement agreement was to ensure withdrawal of all pending litigation by assessee, it was neither in lieu of surrender of any agency or agreement for non-competition; not taxable under section 28.
Satyam Food Specialities (P.) Ltd. Vs. Deputy Commissioner of Income-tax, Central Circle-2, Jaipur
(2015) TaxCorp(LJ) 6479 (ITAT-JAIPUR) · http://taxcorp.in/FileOpenDT.aspx?ID=40271&Category=ITAT&CategoryType=Zip
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HC - Addition made on account of notional interest on advances made during normal course of business is to be deleted as there are no specific taxing provision.
Shivnandan Buildcon Pvt. Ltd vs. CIT & Anr
(2015) TaxCorp(LJ) 6478 (HC-DELHI)
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HC - When the assessment itself is annulled and revised return filed by assessee is held invalid, then excess taxes paid in revised return must be refunded
K Nagesh vs. ACIT
(2015) TaxCorp(LJ) 6477 (HC-KARNATAKA)
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HC - Income from Customer Freight Station (‘CFS’) is eligible for deduction u/s 80-IA(4)
CIT. vs. Continental Warehousing Corporation and Anr.
(2015) TaxCorp(LJ) 6476 (HC-BOMBAY) · Section. 153A, 80IA
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ITAT - Revision order u/s 263 is invalid since the issue of Rs 5000 cr accounting-loss on restructuring was examined by AO and DRP.
Bharti Airtel Ltd. vs. CIT
(2015) TaxCorp(LJ) 6475 (ITAT-DELHI) · Section. 263
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