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HC - ITAT’s practice of routinely consolidating appeals is “most unfortunate, disturbing and dangerous” and leads to “pile-up” of cases. Such “elementary mistakes” should not be committed in future. ITAT is expected not to sign judgments and decisions unless they are checked thoroughly after transcription. It may be a boring task but it has to be performed by none other than the decision makers
DIT vs. M/s. Societe Generale
(2015) TaxCorp(LJ) 6406 (HC-BOMBAY)
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HC - ITAT justified in deleting the deemed dividend u/s 2(22)(e) on the ground that assessee company is not a registered share holder of the lender company
Principal Commissioner of Income Tax Versus Ram Shipping Industries Pvt. Ltd.
(2015) TaxCorp(LJ) 6401 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=60993&Category=Judgment&CategoryType=Zip
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HC - Expenditure towards the procurement of technical know how by paying a lumpsum consideration for use in the course of business is a revenue allowable u/s 37 and the provisions of Section 35 AB are not applicable
M/s Diffusion Engineers Ltd. (Formerly Known As Diffusion Engineers Pvt. Ltd.) Versus The Deputy Commissioner of Income Tax
(2015) TaxCorp(LJ) 6400 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=60994&Category=Judgment&CategoryType=Zip
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HC - Rental income from property (where husband is the owner of the land and wife the owner of the structure) has to be taxed u/s 22 and not as other sources u/s 56
Commissioner Of Income Tax Versus Smt Mina Deogun
(2015) TaxCorp(LJ) 6399 (HC-CALCUTTA) · http://taxcorp.in/FileOpenDT.aspx?ID=60996&Category=Judgment&CategoryType=Zip
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HC - Sec 194C TDS and not commission or brokerage u/s Sec 194H is applicable in respect of payment made for administration and management of drug store by assessee, the same being a contractual payment.
CIT. vs. Jaslok Hospital and Research Centre
(2015) TaxCorp(LJ) 6398 (HC-BOMBAY) · Section. 194C
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HC - Application for stay of order in appeal before CIT(A) is inherent in it as an appellate authority while Assessing Officer and Commissioner do not stay order in appeal but only stay demand issued consequent to order which is in appeal
GERA Realty Estates v. Commissioner of Income-tax (Appeals)
(2015) TaxCorp(LJ) 6397 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=58556&Category=Judgment&CategoryType=Zip
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ITAT - Credit of foreign tax paid in Japan against tax levied on corresponding income is eligible for deduction u/s 10B of the Act in India. After amendment by Finance Act, 2000 w.e.f. 1-4-2001 deduction u/s 10A being from the total income leads to the conclusion that there is charge of income tax in India also on the income that has been subjected to tax in Japan
Blue Star Infotech Ltd. vs ACIT
(2015) TaxCorp(LJ) 6396 (ITAT-MUMBAI) · Section. 10B
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ITAT - Shares were purchased out of assessee's own funds and kept as investment all along, therefore profit on sale of shares was to be taxed as Capital Gain.
Assistant Commissioner of Income Tax-25(3), Mumbai v. Mrs. Kinnary Sanghavi
(2015) TaxCorp(LJ) 6395 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=40482&Category=ITAT&CategoryType=Zip
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HC - In respect of gift from an NR, assessee must prove genuineness of the gift and the fact that it was made out of love and affection.
Sarita Aggarwal v. Income-tax Officer
(2015) TaxCorp(LJ) 6394 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=60420&Category=Judgment&CategoryType=Zip
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ITAT - Gift of residential property by assessee to her husband (prior to transfer date of original asset) is legitimate, Sec 54F benefit available.
Maya A. Ajwani vs. ITO
(2015) TaxCorp(LJ) 6393 (ITAT-MUMBAI) · Section. 54F
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ITAT - Finding of TPO that position of assessee with regard to export was that of a contract manufacturer, was without any basis, disallowance of royalty for using technological know-how of foreign holding company not justified. Assessee was selling manufactured goods to both AEs, and third parties.
Honda Motorcycle & Scooter India (P.) Ltd. v. Assistant Commissioner of Income-tax, Circle -1(1), Gurgaon
(2015) TaxCorp(LJ) 6392 (ITAT-DELHI) · http://taxcorp.in/FileOpenINTL.aspx?ID=8104&Category=INTLDecisions&CategoryType=Zip
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ITAT - Services rendered by NR were in nature of corporate advisory services and, therefore, even if received at cost, receipt would assume nature of income in hands of payee-company.
Cotecna Inspection India (P.) Ltd. v. Assistant Commissioner of Income-tax, Range-10(3), Mumbai
(2015) TaxCorp(LJ) 6390 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7774&Category=INTLDecisions&CategoryType=Zip
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HC - Commission paid to NR agent for procuring export orders outside India does not fall within the ambit of ‘FTS’ as no limb of activity had taken place in India.
Commissioner of Income-tax, Business Circle IV, Chennai v. Orient Express
(2015) TaxCorp(LJ) 6389 (HC-MADRAS) · http://taxcorp.in/FileOpenINTL.aspx?ID=7967&Category=INTLDecisions&CategoryType=Zip
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HC - Interest earned in respect of temporary intercorporate deposits kept with other companies out of proceeds of public issue of shares is not eligible for sec. 10B relief.
Commissioner of Income-tax v. Indo Aquatics Ltd.
(2015) TaxCorp(LJ) 6388 (HC-AP) · http://taxcorp.in/FileOpenDT.aspx?ID=58496&Category=Judgment&CategoryType=Zip
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HC - Explanation 3C to Sec.43B provides that unless the amount of interest has been actually paid, deducction cannot be allowed. Therefore, interest liability converted into loan is not interest payment. Sec.43B disallowance attracted.
CIT. vs. Pennar Profiles Pvt. Ltd.
(2015) TaxCorp(LJ) 6387 (HC-AP) · Sections. 43B
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HC - Courts and Tribunals to refrain from adversely commenting and remarking on conduct of parties or their representatives or pleaders, if the same were not required for the decision of a case. Judicial 'sobriety'/'restraint' should be maintained.
Madhukar B. Thakoor and Ors vs. ITAT
(2015) TaxCorp(LJ) 6361 (HC-BOMBAY)
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HC - No Sec 40(a)(ib) disallowance on STT collected by assessee- broker on behalf of its clients for onward forwarding to Revenue.
CIT. vs. HSBC Securities & Capital Markets (India) P Ltd.
(2015) TaxCorp(LJ) 6359 (HC-BOMBAY) · Section. 40(a)(ib)
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ITAT - Delay of 1836 in filing appeal is condoned as appeal was not preferred initially due to advice of GM-Finance, but was filed 5 years later on 'correct' professional advice given by a counsel. Assessee should not be denied benefit which it is entitled to in law purely on technicalities.
Sartorious Mechatronics India (P) Ltd. vs. ACIT
(2015) TaxCorp(LJ) 6352 (ITAT-BANGALORE)
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ITAT - In view of provisions of section 268A inserted by Finance Act, 2008, read with Instruction No. 5/14, dated 10-7-2014, appeal filed by revenue having tax effect of less than 4 lakhs is not maintainable before ITAT
Deputy Commissioner of Income-tax, Central Circle-2, New Delhi v. Amit Paccraft
(2015) TaxCorp(LJ) 6351 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=40258&Category=ITAT&CategoryType=Zip
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HC - Tribunal was right in law in deleting penalty imposed on assessee under section 158BFA(2) as assessee had paid full tax along with interest for income disclosed in search.
Assistant Commissioner of Income-tax,CC-2, Baroda v. Natubhai M. Makwana
(2015) TaxCorp(LJ) 6350 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=60988&Category=Judgment&CategoryType=Zip
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