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ITAT - Goodwill is an asset under Explanation 3(b) to section 32(1) and, thus, it is eligible for depreciation. CIT v. SMIFS Securities Ltd. [2012] 348 ITR 302 (SC) Followed.
Assistant Commissioner of Income-tax, Circle-9, Pune v. GKN Sinter Metal (P.) Ltd.
(2015) TaxCorp(LJ) 6118 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=34972&Category=ITAT&CategoryType=Zip
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ITAT - There is no restriction imposed under section 54F that capital gain derived from sale of agricultural land is not eligible for exemption under section 54F. Assessee can claim sec. 54B and 54F reliefs, simultaneously, on sale of agricultural land
Koganti Venkata Ramaiah v. Assistant Commissioner of Income-tax, Circle 2 (1), Vijayawada
(2015) TaxCorp(LJ) 6117 (ITAT-VISAKHAPATNAM) · http://taxcorp.in/FileOpenDT.aspx?ID=40291&Category=ITAT&CategoryType=Zip
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ITAT - Unless comparable is functionally similar to tested party's function, same cannot be included in list of comparables for computing ALP as per provisions of rule 10B(2)(b). A manufacturing Co. can not be treated as comparable to a Co. rendering travel support services.
Intrepid Travel Pty. Ltd. v. Assistant Director of Income-tax, Circle 1 (2), New Delhi
(2015) TaxCorp(LJ) 6116 (ITAT-DELHI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7915&Category=INTLDecisions&CategoryType=Zip
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ITAT - Provision of Section 2(22)(e) is not applicable to advance against sales.
Smt. Uma Pandey Versus Income Tax Officer, Ward-2(4) Kanpur
(2015) TaxCorp(LJ) 6111 (ITAT-LUCKNOW) · http://taxcorp.in/FileOpenDT.aspx?ID=40242&Category=ITAT&CategoryType=Zip
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HC - Assessee is required to collect TCS on sale of imported timber to registered dealers in country.
Excel Timber (P.) Ltd. v. Deputy Commissioner of Income Tax And Income Tax Officer [TDS] Kozhikode
(2015) TaxCorp(LJ) 6110 (HC-KERALA) · http://taxcorp.in/FileOpenDT.aspx?ID=60836&Category=Judgment&CategoryType=Zip
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ITAT - Since document (letters/e-mail) seized was both undated and unsigned, therefore can not be relied upon by AO to make additions.
Commissioner of Income-tax-XIV v. Vivek Aggarwal
(2015) TaxCorp(LJ) 6109 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=60419&Category=Judgment&CategoryType=Zip
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ITAT - Since interest free loan from tenant had no nexus with leasing of property, therefore interest-free loan taken from tenant is not includible in 'Annual Letting Value' of property on notional basis.
Care Institute of Medical Sciences Ltd. v. Deputy Commissioner of Income-tax, Circle-1 (2), Hyderabad
(2015) TaxCorp(LJ) 6108 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=40280&Category=ITAT&CategoryType=Zip
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ITAT - Transfer pricing adjustment should be restricted only for international transaction with AE and not with unrelated parties.
Honeywell Automation India Ltd. v. Deputy Commissioner of Income-tax, Circle 7, Pune
(2015) TaxCorp(LJ) 6107 (ITAT-PUNE) · http://taxcorp.in/FileOpenINTL.aspx?ID=7932&Category=INTLDecisions&CategoryType=Zip
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HC - Provisional booking of a house property is a 'capital asset' and eligible for exemption us/ 54 along with sum incurred on its improvement.
Commissioner of Income-tax-XVI v. Ram Gopal
(2015) TaxCorp(LJ) 6106 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=60388&Category=Judgment&CategoryType=Zip
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ITAT - Section 50C will not apply to an encumbered property because market value of property as taken for purpose of payment of stamp duty could not be adopted as sale consideration in such case (where assessee not absolute owner of property)
Smt. D. Anitha v. Income Tax Officer, Ward 10(2), Hyderabad
(2015) TaxCorp(LJ) 6104 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=40279&Category=ITAT&CategoryType=Zip
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ITAT - Information as per Revenue database cannot be sole basis for addition, but only a trigger for further inquiries. addition made solely on the basis of OLTAS / 26AS details is to be deleted.
ITO vs. Basant Kumar
(2015) TaxCorp(LJ) 6103 (ITAT-DELHI)
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HC - In computing the income of charitable institutions exempt u/s 11, income exempt u/s 10 has to be excluded. The requirement in s. 11 with regard to application of income for charitable purposes does not apply to income exempt u/s 10
DIT (E) vs. M/s. Jasubhai Foundation
(2015) TaxCorp(LJ) 6078 (HC-BOMBAY) · Sections 10, 11
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HC - As per section 170, once the assessment in case of predecessor was made at Bangalore, the subsequent merger would not give right to the assessing authorities who had jurisdiction over the successor company and only the AO of the predecessor company would have jurisdiction.
CIt vs Motorola solutions
(2015) TaxCorp(LJ) 6077 (HC-P&H)
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HC - Value of tax exempt investments to be considered while computing the “average value of investment” under Rule 8D(2)(iii)
ACB India Ltd vs. ACIT
(2015) TaxCorp(LJ) 6076 (HC-DELHI)
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HC - Late filing of Form 10 audit report which is required u/s 12A(1)(b) for claiming Sec 11 exemption, do not disentitle assessee from claiming Sec 11 benefits. A technical plea cannot take away benefit accruing to the assessee under the law.
CIT vs. Mumbai Metropolitan Regional Iron & Steel Market Committee
(2015) TaxCorp(LJ) 6075 (HC-BOMBAY) · Section. 11
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HC - For the purpose of S. 14A & Rule 8D(2)(iii), in computing the “average value of investment”, only the investments yielding non-taxable income have to be considered and not all investments.
ACB India Ltd vs. ACIT
(2015) TaxCorp(LJ) 6074 (HC-DELHI) · Section 14A
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HC - The notice u/s 148 should not be in a standard format but indicate why s. 147 has been resorted to. The term "failure to disclose material facts" has a specific legal connotation. The non-disclosure has to be of a "material fact" to attract s. 147
Tata Business Support Services Ltd vs. DCIT
(2015) TaxCorp(LJ) 6073 (HC-BOMBAY) · Sections 147, 148
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SC - Where there are losses in the export business but the profits in respect of business carried out within India are more than the export losses then deductions under erstwhile Sec 80HHC(3) will not be available. It has to be satisfied that there are profits from the export business. That is the pre- requisite.
Jeyar Consultant & Investment Pvt. Ltd vs. Commissioner Of Income Tax, Madras
(2015) TaxCorp(LJ) 6072 (SC) · Section. 80HHC
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HC - Exemption u/s 10(26) - A member of a Scheduled Tribe would be entitled to the benefit of Section 10(26) only when he is posted in the specified areas. Once he is posted outside the specified areas then he ceases to reside in the specified area and the income does not accrue to him in the specified area. A member of Scheduled Tribe is bound to obtain a certificate of exemption in terms of Section 197.
Shri Chandra Mohan Sinku and Anothers Versus The Union of India, New Delhi and Others
(2015) TaxCorp(LJ) 6066 (HC-TRIPURA) · http://taxcorp.in/FileOpenDT.aspx?ID=60772&Category=Judgment&CategoryType=Zip
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ITAT - Trust - It cannot be said that two or more beneficiaries joined in a common purpose or common action and therefore the tests for considering the Assessee as AOP was satisfied. The beneficiaries are mere recipients of the income earned by the trust. They cannot therefore be regarded as an AOP
The Income Tax Officer Versus M/s. India Advantage Fund-I The Deputy Commissioner of Income Tax Versus M/s. ICICI Emerging Sectors Fund & M/s. ICICI Econet Internet &Technology Fund
(2015) TaxCorp(LJ) 6065 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=40246&Category=ITAT&CategoryType=Zip
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