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HC - Since software development centres added under each license were only extensions of the original undertaking, therefore they could not consequently be treated as separate undertakings. Sec 10A-benefit treating assessee’s 31 units as separate-undertakings is denied.
HCL Technologies vs ACIT
(2015) TaxCorp(LJ) 6188 (HC-DELHI) · Section. 10A
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SC - SLP Dismissed - HC had held that demerger scheme of Vodafone Essar Gujarat Ltd had bonafide commercial purpose
Department of Income Tax vs. Vodafone Essar Gujarat Ltd & Anr.
(2015) TaxCorp(LJ) 6187 (SC)
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ITAT - As per provisions of section 50C(2), the AO was not justified in adopting the value of the property as adopted by the “stamp valuation authority” without referring to the DVO for ascertaining the fair market value of the property.
Nikunjkumar H. Jariwala vs ITO
(2015) TaxCorp(LJ) 6186 (ITAT-AHMEDABAD) · Section. 50C(2)
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ITAT - Despite documentary evidence and broker’s confirmation, genuineness of penny stock transactions has to be determined on the basis of ‘preponderance of human probabilities’. If assessee is unable to explain ‘intriguing’ facts and circumstances, genuineness of transaction cannot be accepted
ITO vs. Shamim M. Bharwani
(2015) TaxCorp(LJ) 6185 (ITAT-MUMBAI) · Section 68
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ITAT - Only credits received during the year can be assessed as unexplained cash credits. Credits of earlier years, even if unexplained, cannot be assessed
Rita Stephen Pinto vs. ITO (ITAT Mumbai)
(2015) TaxCorp(LJ) 6184 (ITAT-MUMBAI) · Section 68
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ITAT - For penalty proceedings initiated on issues unrelated to assessment of income (such as for s. 269SS/ 269T & TDS defaults), time limit runs from date of initiation of penalty proceedings and not from date of CIT(A)'s order
ITO vs. JKD Capital & Finlease Ltd
(2015) TaxCorp(LJ) 6183 (ITAT-DELHI) · Section 275(1)(a)
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ITAT - In a cross-objection, a new legal issue can be raised for the first time before the ITAT
ITO vs. Jasjit Singh (ITAT Delhi)
(2015) TaxCorp(LJ) 6182 (ITAT-DELHI)
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ITAT - S. 2(22)(e) is a deeming provision and has to be strictly construed. Assessee can discharge onus by pointing to 'preponderance of probability' and If explanation is not found to be false then, even if amounts are assessed as 'deemed dividend', penalty cannot be levied
ITO vs. Dipti Nikhil Modi
(2015) TaxCorp(LJ) 6181 (ITAT-MUMBAI) · Sections 2(22)(e), 271(1)(c)
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ITAT - Amounts credited to Thyrocare Service Provider (collection centers for patient samples) by assessee (an accredited laboratory) is covered by provisions of Sec 194H.
ITO vs. Thyrocare Technologies Ltd.
(2015) TaxCorp(LJ) 6165 (ITAT-MUMBAI) · Section. 194H
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ITAT - Legal consequence of applicability of proviso to Sec 2(15) on registration of an entity as charitable institution - Seeks Larger-bench reference
Mumbai Metropolitan Region Development Authority
(2015) TaxCorp(LJ) 6164 (ITAT-MUMBAI) · Section. 2(15), 12A
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HC - Order of Tribunal granting set-off of business loss of AY 2002-03 against the profits of erstwhile 10A unit for AY 2005-06 is confirmed as losses/depreciation set-off arising from AY 2001-02 and subsequent years is allowed.
CIT vs. Shantivijay Jewels Ltd
(2015) TaxCorp(LJ) 6163 (HC-BOMBAY) · Section. 10A
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HC - Non-compete relatable to consideration for sale of division is taxable as business income u/s 28(va)
Arun Toshniwal and Anr vs. DCIT
(2015) TaxCorp(LJ) 6161 (HC-BOMBAY) · Section. 28(va)
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HC - Where assessee's claim for depreciation on intangible asset was based on incorrect valuation, notice under section 148 was valid.
Powerdeal Energy Systems (I) (P.) Ltd. v. Assistant Commissioner of Income-tax, Circle 2, Nashik
(2015) TaxCorp(LJ) 6160 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=58502&Category=Judgment&CategoryType=Zip
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ITAT - Loan advanced to other registered trusts from unutilised portion of income which exceeded more than 15 per cent, will not be held as application of income
Income-tax Officer, Ward-1, Thiruvalla v. Believers Church India
(2015) TaxCorp(LJ) 6158 (ITAT-COCHIN) · http://taxcorp.in/FileOpenDT.aspx?ID=39133&Category=ITAT&CategoryType=Zip
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HC - Where tenancy of rental premises belonged to individual partners and not to assessee-firm, Firm could not be assessed for transfer of tenancy rights.
Commissioner of Income Tax-17 v. Bombay Electric Laundry
(2015) TaxCorp(LJ) 6157 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=59246&Category=Judgment&CategoryType=Zip
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ITAT - A software product company cannot be regarded as a comparable to a company engaged in software development services.
Invensys Development Centre India (P.) Ltd. v. Deputy Commissioner of Income-tax, Hyderabad
(2015) TaxCorp(LJ) 6156 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenINTL.aspx?ID=7908&Category=INTLDecisions&CategoryType=Zip
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HC - Calculation of Average Investment U/s 14A r.w rule 8D only Tax Free Investment to be Considered
ABC India Ltd. Vs. ACIT
(2015) TaxCorp(LJ) 6155 (HC-DELHI) · Section. 14A
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ITAT - CIT(A)’s order rejecting stay petition is appealable before ITAT u/s 253. CIT(A) is empowered to grant stay when appeal is pending disposal before him.
Employees’ Provident Fund Organization vs. ACIT
(2015) TaxCorp(LJ) 6148 (ITAT-DELHI)
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HC - CBDT’s order rejecting assessee’s (an IT Park developer) application for issuance of notification u/s 80IA(4)(iii) for availing deduction is set aside since assessee had complied with all the conditions prescribed by the Scheme and also obtained certificate from competent authority.
Techniplex vs. Central Board of Direct Taxes
(2015) TaxCorp(LJ) 6147 (HC-BOMBAY) · Section. 80IA(4)(iii)
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ITAT - Mistake in claiming deduction of interest expenditure despite s. 43B attracts penalty u/s 271(1)(c)
Trans Polyurethane Pvt. Ltd vs. DCIT
(2015) TaxCorp(LJ) 6146 (ITAT-MUMBAI) · Section 271(1)(c)
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