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ITAT - Payment of channel placement charges to cable operators/MSOs - TDS to be deducted u/s 194C and not u/s 194J
ITO (TDS) & Others Versus M/s Times Global Broadcasting Co. Ltd. & Others
(2015) TaxCorp(LJ) 6064 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=40243&Category=ITAT&CategoryType=Zip
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ITAT - Unexplained cash credit u/s.68 - For a scrip to trade at nearly 50 times its’ face value, only a few months after its issue, only implies, if not price manipulation, trail blazing performance and/or great business prospects is conspicuous by its absence, i.e., even years after the transaction/s - The company is, by all counts, a paper company and its share transactions, managed.
ITO Versus Shamim M. Bharwani Noor-E-Rehmant
(2015) TaxCorp(LJ) 6063 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=40244&Category=ITAT&CategoryType=Zip
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ITAT - Event though assessee had made payments to three agencies notified by Government but it could not be regarded as payment directly made to Government, therefore sec. 40A(3) disallowance confirmed.
Prathamik Krishi Pattin Sahakari Bank Ltd. v. Income-tax Officer, Ward 1 (3), Belgaum
(2015) TaxCorp(LJ) 6058 (ITAT-PANAJI) · http://taxcorp.in/FileOpenDT.aspx?ID=40249&Category=ITAT&CategoryType=Zip
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ITAT - Amount received by consultant-cum-independent contractor in foreign currency for rendering technical service abroad is not taxable in India
Income-tax Officer (International Taxation)-I, Hyderabad v. Janardhan Pannir
(2015) TaxCorp(LJ) 6057 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39625&Category=ITAT&CategoryType=Zip
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ITAT - Transaction of derivative market which included foreign currency and call option/put option, could not be treated as speculative in nature.
IVF Advisors (P.) Ltd. v. Assistant Commissioner of Income-tax, Range 10 (1), Mumbai
(2015) TaxCorp(LJ) 6056 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=40248&Category=ITAT&CategoryType=Zip
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HC - Mobilization advance received outside India by a foreign company falls within ambit of Sec 44BB levy. Sec 5(2) does not bar Revenue from including the amount of mobilization advance.
Fugro Geoteam AS vs. ADIT
(2015) TaxCorp(LJ) 6055 (HC-UTTARAKHAND) · Section. 44BB, 5
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HC - Prize money received by Editor of India Today from B.D. Goenka Trust for excellence in Journalism is capital receipt, because amount not directly relatable to carrying on of vocation as a journalist, but linked with assessee’s personality.
Aroon Poorie vs CIT
(2015) TaxCorp(LJ) 6054 (HC-DELHI)
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HC - Assessee society (running hospital) is not existing for philanthropic purposes because of huge increase in fixed assets, which resulted in generation of more income, also concessional treatment figures indicate that assessee spent meagre amount on the weaker section of the society. Therefore, not entitle for exemption u/s 10(23C)
Yash Society Vs. Chief Commissioner of Income Tax and Ors.
(2015) TaxCorp(LJ) 6053 (HC-BOMBAY) · Section. 10(23C)
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HC - Guidance note 7 issued in 2012 by ICAI could not be the basis for making addition in AY 2009-10. The correct approach should be to examine the reasonableness of claim rather than strictly apply a guidance note, formulated and published later
CIT vs. Ansal Landmark Township (P) Ltd.
(2015) TaxCorp(LJ) 6052 (HC-DELHI)
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HC - Assessee is liable for wealth-tax on the value of building which is let out to a bank.
South India Structural Corporation Ltd vs Dy CWT
(2015) TaxCorp(LJ) 6051 (HC-MADRAS)
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ITAT - Assessee had capitalised the TSS fee payable over 5 years. Depreciation be re-computed on actual payment of TSS fee and not on the provision created for payment of TSS fee.
ACIT vs Universal Comfort Products Pvt Ltd
(2015) TaxCorp(LJ) 6050 (ITAT-AHMEDABAD)
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ITAT - Addition based on statements recorded at odd hours pursuant to search is not sustainable.
ACIT vs. Kunvarji Finance Pvt. Ltd
(2015) TaxCorp(LJ) 6049 (ITAT-AHMEDABAD)
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ITAT - Since AO has merely relied on inquiries conducted by Sales Tax Department, without conducting any other investigation, therefore, no Sec 69C addition can be made for unexplained purchases.
Deepak Popatlal Gala vs. Income Tax Officer
(2015) TaxCorp(LJ) 6048 (ITAT-MUMBAI)
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ITAT - Loss in currency swap contracts for working capital loans allowable under section 37(1). Loss in currency swap contract cannot be denied to be set off against other heads of income taking it as speculative loss.
Adani Enterprises Ltd. v. Additional Commissioner of Income-tax, Range-1, Ahmedabad
(2015) TaxCorp(LJ) 6026 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=40236&Category=ITAT&CategoryType=Zip
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HC - When the application for stay is to be considered and decided, it would be required for concerned authority to record reasons and then to reach to the ultimate conclusion as to whether the stay should be granted or not and if yes on what condition. In absence of any reasons, the order cannot be sustained.
Hitech Outsourcing Services v. Income-tax Officer-Ward 6 (2)
(2015) TaxCorp(LJ) 6025 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=59307&Category=Judgment&CategoryType=Zip
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ITAT - Wife of assessee was an independent assessee having separate PAN and had been filing her separate return of income and who owns independent source of income, therefore the income of wife could not be clubbed with income of husband.
Deputy Commissioner of Income-tax, Salary Circle-I, Chennai v. Justice P.D. Dinakaran
(2015) TaxCorp(LJ) 6024 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=40235&Category=ITAT&CategoryType=Zip
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HC - Since trustees were paid for their services in proportion to growth of trust, therefore payments for such services could not be said in contravention of section 13(1)(c) and benefit under section 11 could not be denied to assessee.
Commissioner of Income-tax, Exemptions, Bangalore v. CMR Jnanadhara Trust
(2015) TaxCorp(LJ) 6023 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=60787&Category=Judgment&CategoryType=Zip
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HC - Based on the conjectures and surmises, AO made comparison of the sale price and reduced the profit while computing deduction under section 10B, however if transaction with AE was not made for shifting profits to assessee, benefit of section 10B can not be denied.
Commissioner of Income-tax, Chennai v. Cauvery Stone Impex (P.) Ltd.
(2015) TaxCorp(LJ) 6022 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=60339&Category=Judgment&CategoryType=Zip
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HC - Assessee had been lackadaisical in its approach and had sought delay (1000+ days condonation request) in a nonchalant manner, thus parameters laid down by the Supreme Court when not to condone delay gets attracted to the facts of the present case.
P S Rajeswari Vs ACIT
(2015) TaxCorp(LJ) 6020 (HC-MADRAS)
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ITAT - Even if the issue share capital is bogus, no addition can be made in assessee's hands if identity of shareholder is established. Assessee is not required to show source of shareholder's funds. CIT VS. Lovely Export 299 ITR 261 (SC) Followed.
ITO vs. Neelkanth Finbuild Ltd
(2015) TaxCorp(LJ) 6019 (ITAT-DELHI) · Section 68
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