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HC - Since assessee had effected payments of advance tax in respect of a receipt that was not taxable in his hands and department accepted said payment of tax without demur, AO not entitled to deny refund by ignoring the return filed by assessee.
C. Padmakumar v. Deputy Commissioner of Income-tax, Circle-31
(2015) TaxCorp(LJ) 6349 (HC-KERALA) · http://taxcorp.in/FileOpenDT.aspx?ID=58901&Category=Judgment&CategoryType=Zip
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ITAT - Since stamps were sold by assessee on behalf of Government, value of stamps sold by commission agent not includible in his turnover to ascertain liabililty for tax audit
Prem Prakash Gupta v. Income-tax Officer, Ward 6(2), Jaipur
(2015) TaxCorp(LJ) 6348 (ITAT-JAIPUR) · http://taxcorp.in/FileOpenDT.aspx?ID=40480&Category=ITAT&CategoryType=Zip
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ITAT - Where services of assessee could not be bifurcated on such basis then TPO not justified in making additions due to differential man hour rate.
Melstar Information Technologies Ltd. v. Assistant Commissioner of Income-tax, Circle- 8(2), Mumbai
(2015) TaxCorp(LJ) 6347 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7930&Category=INTLDecisions&CategoryType=Zip
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HC - ITAT Members should maintain patience. Sobriety and restraint in judicial conduct is of paramount importance. They should refrain from passing any adverse remarks or making harsh comments on the conduct of the parties
Madhukar B. Thakoor vs. ITAT
(2015) TaxCorp(LJ) 6346 (HC-BOMBAY)
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ITAT - No merit in the Revenue’s case for disregarding the gift of a house property by the assessee to her spouse prior to the transfer date (of the original asset) for the purpose of reckoning eligibility to exemption u/s.54F.
Smt. Maya A. Ajwani Vs. ITO
(2015) TaxCorp(LJ) 6345 (ITAT-MUMBAI) · Section. 54F
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ITAT - Before invoking the re-assessment proceedings the AO has to record the reason as to how income has escaped assessment and not conclusions. AO recorded only the conclusion not the reasons, inasmuch as, the reasons recorded does not indicate as to how income got escaped assessment.
ACIT. Vs. M/s Responsible Builders Pvt. Ltd.
(2015) TaxCorp(LJ) 6344 (ITAT-DELHI)
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ITAT - Assessee is required to pay interest u/s 220(2)on demand sustained in remand proceedings if he fails to pay initial demand
Assistant Commissioner of Income-tax, Central Circle-2, New Delhi v. HCL Corporation Ltd.
(2015) TaxCorp(LJ) 6320 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=36571&Category=ITAT&CategoryType=Zip
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HC - CIT(A) is entitled to himself make inquiry and refer the matter to DVO on failure of AO to do so
Rallis India Ltd. v. Commissioner of Income-tax (Appeals)- XXI, Mumbai
(2015) TaxCorp(LJ) 6319 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=60523&Category=Judgment&CategoryType=Zip
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ITAT - If suo motu disallowance was made by assessee below the limit prescribed under rule 8D then no sec. 14A disallowance can be made.
Fali S. Nariman v. Additional Commissioner of Income-tax, Range-11 (2), Mumbai
(2015) TaxCorp(LJ) 6316 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=40477&Category=ITAT&CategoryType=Zip
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HC - There was commercial expediency in payment of sum to avoid execution of decree against assessee by way of attachment of property, hence the same is allowable as business expenditure
Commissioner of Income-tax, Bangalore v. Hitachi Koki India Ltd.
(2015) TaxCorp(LJ) 6315 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=60980&Category=Judgment&CategoryType=Zip
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HC - The director is required to be put in notice by formulation of the tentative ground as to why corporate veil should not be invoked and if justifiable ground proved, competent authority may form an opinion whether to lift veil or not. Director, cannot be called upon u/s 179 to pay outstanding public limited company dues without notice.
Ajay S Patel vs. ITO
(2015) TaxCorp(LJ) 6309 (HC-GUJARAT) · Section. 179
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ITAT - Once the purchases are accepted by AO and are duly accounted for in a particular year, the loss on account of fall in value of stocks represented by the said purchases cannot be rejected. Underlying principle for valuation of closing stock at cost price or market price, whichever is less, is that, following the principle of conservatism which is one of the foundational principles of accountancy, anticipated losses are to be taken into account while computing the business results
STCL Limited vs. JCIT
(2015) TaxCorp(LJ) 6308 (ITAT-BANGALORE)
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ITAT - At the time of giving effect to the majority view, it cannot normally be open to the Tribunal to go beyond the exercise of giving effect to the majority views, howsoever mechanical it may seem. Division bench cannot revisit adjudication.
Jupiter Corporation Services Limited vs DCIT
(2015) TaxCorp(LJ) 6307 (ITAT-AHMEDABAD)
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ITAT - Assessee, a distributor in SIM card sale of recharge coupons, is for TDS u/s 194H on discount / incentive payments to its dealers / retailers as the same is in in the nature of ‘commission’.
ITO. Vs. Jai Shree Enterprises
(2015) TaxCorp(LJ) 6306 (ITAT-DELHI) · Section. 194H
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HC - Rent received from income from unsold portion of the property constructed by assessee (a real estate developer), is chargeable under the head income from house property and not under business.
CIT. vs. Sane & Doshi Enterprises
(2015) TaxCorp(LJ) 6305 (HC-BOMBAY)
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ITAT - Even if Third Member's verdict is shown to be “unsustainable in law and in complete disregard to binding judicial precedents”, Division Bench has no choice but to give effect to it
Jupiter Corporation Services Limited vs. DCIT
(2015) TaxCorp(LJ) 6304 (ITAT-AHMEDABAD) · Section. S. 255(4)
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HC - Immunity against penalty under Expl 5 to S. 271(1)(c) is available even if return is not filed provided a statement is made during the search, explaining the manner of deriving the income and due tax & interest thereon is paid
Kirit Dayabhai Patel vs. ACIT
(2015) TaxCorp(LJ) 6303 (HC-GUJARAT) · Section. S. 271(1)(c)
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ITAT - Additional Depreciation - Assessee is entitled to depreciation in the subsequent year if the entire depreciation is not allowed in the first year of installation
M/s. MITC Rolling Mills P. Ltd. Vs. ACIT
(2015) TaxCorp(LJ) 6302 (ITAT-MUMBAI)
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HC - ITAT justified in extending period of stay of demand beyond 365 days in case hearing could not be taken up for reason not attributable to assessee
United Health Group Information Services Pvt. Ltd. Vs. DCIT
(2015) TaxCorp(LJ) 6301 (HC-DELHI)
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ITAT - The fact that suppliers names appear in the list of hawala dealers of the sales-tax dept and that assessee is unable to produce them does not mean that the purchases are bogus if the payment is through banking channels & GP ratio becomes abnormally high
ACIT. vs. Ramila Pravin Shah
(2015) TaxCorp(LJ) 6297 (ITAT-MUMBAI)
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