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ITAT - Merely because the assessee had made a claim under a wrong section instead of the correct section, the same, should not be a ground to deny the benefit of deduction otherwise allowable to the assessee.
ITO, Ward-1(3), Nashik Versus Shri Anirudha Ashok Jajoo, Nashik
(2015) TaxCorp(LJ) 6428 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=40426&Category=ITAT&CategoryType=Zip
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ITAT - Where surplus amount received by the assessee from jewellery auction was claimed to be returnable to the concerned borrowers, CIT rightly deleted the addition arising from surplus of jewellery auction.
The Karur Vysya Bank Ltd. Versus The Assistant Commissioner of Income Tax, Company Circle I, Tiruchirapalli
(2015) TaxCorp(LJ) 6427 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=34247&Category=ITAT&CategoryType=Zip
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ITAT - TDS u/s 194C is applicable on hiring of pipeline for transportation of gas and no u/s 194I.
ACIT, TDS Circle, Ahmedabad Versus Hazira LNG. Pvt. Ltd.
(2015) TaxCorp(LJ) 6425 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39100&Category=ITAT&CategoryType=Zip
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ITAT - In case of import/export business, where the transactions are demonetarized in the foreign currencies and for the purpose of hedging of the anticipated loss resulting from such import-export business and not otherwise, if the assessee enters into a forward contract in foreign exchange, then such forward contracts are to be treated as integral part or incidental to the business of export/import and cannot be said to be the speculative contracts attracting the provisions of section 43(5) of the Act. in case of import/export business, where the transactions are demonetarized in the foreign currencies and for the purpose of hedging of the anticipated loss resulting from such import-export business and not otherwise, if the assessee enters into a forward contract in foreign exchange, then such forward contracts are to be treated as integral part or incidental to the business of export/import and cannot be said to be the speculative contracts attracting the provisions of section 43(5) of the Act. The loss from such hedging transactions would be treated as business loss.
M/s. Perfect Circle India Ltd. Versus DCIT
(2015) TaxCorp(LJ) 6424 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=40496&Category=ITAT&CategoryType=Zip
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ITAT - Since software licence fee has been paid towards operation as well as application software, therefore the rate of depreciation applicable is 60% (as applicable to computer) and not 25%
M/s TNS India Pvt. Ltd., Hyderabad Versus Dy. Commissioner of Income tax, Circle – 2(3), Hyderabad
(2015) TaxCorp(LJ) 6423 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=40499&Category=ITAT&CategoryType=Zip
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SC - Where letting out of property was the main objective of the company, rental income would be chargeable under the head 'Business'. It cannot be treated as 'income from the house property'
M/s Chennai Properties & Investments Ltd Versus The Commissioner Of Income Tax
(2015) TaxCorp(LJ) 6422 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=60998&Category=Judgment&CategoryType=Zip
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ITAT - Where CIT sanctioned initiation of reassessment without recording his satisfaction (CIT simply put 'approved' and signed report), reassessment proceedings initiated in pursuance to said sanction deserved to be quashed.
Hirachand Kanuga v. Deputy Commissioner of Income-tax
(2015) TaxCorp(LJ) 6421 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=40503&Category=ITAT&CategoryType=Zip
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ITAT - Apart from value of land, solatium should also be taken into consideration while computing fair market value of an asset as on 1-4-1981
Income Tax Officer, Ward 1 (1), Meerut v. Anil Kumar
(2015) TaxCorp(LJ) 6420 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=40502&Category=ITAT&CategoryType=Zip
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HC - Immunity u/s 6 of the Remittance of Foreign Exchange and Investment in Foreign Exchange Bonds (Immunities And Exemptions) Act, 1991 to NRI and donee from disclosure of source of investment, is not available to bogus gifts routing unaccounted money of bond holder, by purchasing bonds for consideration in India
Rajendra Kumar Gupta v. Commissioner of Income-tax (Central)
(2015) TaxCorp(LJ) 6419 (HC-ALLAHABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=60499&Category=Judgment&CategoryType=Zip
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ITAT - Before invoking section 164 AO to determine whether settler and beneficiary of trust are same and whether income arising from sale of shares by assessee-trust and distributed to beneficiaries was offered to tax by beneficiaries and assessed accordingly.
IL & FS Orix Trust v. Income-tax Officer, Ward-19 (3)-2, Mumbai
(2015) TaxCorp(LJ) 6418 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39774&Category=ITAT&CategoryType=Zip
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HC - Depreciation on machinery would be allowed even if it is installed for trial run, though not for production
Commissioner of Income-tax, Delhi-IV v. Escorts Tractors Ltd.
(2015) TaxCorp(LJ) 6417 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=61021&Category=Judgment&CategoryType=Zip
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SC - SLP Dismissed - 5% restriction on commercial area introduced u/s 80IB from April 2005 not clarificatory and shall apply prospectively
CIT. vs. Veena Developers
(2015) TaxCorp(LJ) 6415 (SC)
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HC - No interest on delayed payment of interest u/s 244A on principal refund amount be allowed to the assessee
CIT. Vs. Indian Farmer Fertilizer Co-operative
(2015) TaxCorp(LJ) 6414 (HC-DELHI) · Section. 244A
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HC - Where assessee distributed gifts without TDS as it was under a bona fide belief that gift coupons being in nature of mementos were not in nature of payment of salary, was to be accepted and, penalty u/s 271(1)(c) was not exigible.
Commissioner of Income-tax (TDS) v. Indian Petrochemicals Corporation Ltd.
(2015) TaxCorp(LJ) 6413 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=59069&Category=Judgment&CategoryType=Zip
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ITAT - Commerciality is not a test to determine genuineness of charitable nature of education activities of a trust or institution under amended provision of section 2(15). Conditions of franchiser under franchisee agreement could not be a ground to assume that income of trust would not be applied for educational activity
Meritta Welfare Trust v. Commissioner of Income-tax, Dehradun
(2015) TaxCorp(LJ) 6412 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=61009&Category=Judgment&CategoryType=Zip
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ITAT - TPO is entitled to use data available at TP audit even though the same was not available to assessee at time of preparation of TP study
Deputy Commissioner of Income-tax, Circle 12 (1), Bangalore v. Misys Software (I) (P.) Ltd.
(2015) TaxCorp(LJ) 6411 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenINTL.aspx?ID=8107&Category=INTLDecisions&CategoryType=Zip
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ITAT - If AO had verified physical quantity of stock during assessment then no revision u/s 263 can be made alleging discrepancy in stock
K.N. Ramchandra Naidu v. Commissioner of Income-tax, Panaji
(2015) TaxCorp(LJ) 6410 (ITAT-PANAJI) · http://taxcorp.in/FileOpenDT.aspx?ID=38978&Category=ITAT&CategoryType=Zip
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HC - AO to record satisfaction that interest bearing funds have been used to earn tax free income based upon credible and relevant evidence; No Sec. 14A disallowance absent any such material.
Commissioner of Income-tax-I, Ludhiana v. Abhishek Industries Ltd.
(2015) TaxCorp(LJ) 6409 (HC-P&H) · http://taxcorp.in/FileOpenDT.aspx?ID=60494&Category=Judgment&CategoryType=Zip
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HC - It is mandatory that if application for approval u/s 80G is not disposed off within six months from date on which application is made, Commissioner has no jurisdiction to pass an order either granting approval or rejecting it.
Maheshwari Foundation v. Director of Income-tax (Exemptions), Bangalore
(2015) TaxCorp(LJ) 6408 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=61008&Category=Judgment&CategoryType=Zip
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ITAT - Retrospective amendment brought to section 9(1)(vii) by Finance Act, 2010 was not in existence at time when assessee had made payments to foreign parties, therefore law prevalent at time of making payments would decide TDS liability; no disallowance.
Assistant Commissioner of Income-tax, Circle-2 (1), Panaji, Goa v. Ajit Ramakant Phatarpekar
(2015) TaxCorp(LJ) 6407 (ITAT-PANAJI) · http://taxcorp.in/FileOpenDT.aspx?ID=40247&Category=ITAT&CategoryType=Zip
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