-
ITAT - Even though assessee was having STCG on sale of shares specified u/s 111A, still set-off of short term capital loss arising on sale of shares specified u/s 111A against short term capital gain arising on other assets is allowed.
ACIT vs MAC Charles India ltd
(2015) TaxCorp(LJ) 5675 (ITAT-BANGALORE) · Section 111A
-
SC - Commission paid by assessee, a liquor manufacturer to agents coordinating with retailers and State Corporations with respect to liquor supply is not allowed as deduction u/s 37(1)
Premier Breweries Ltd. vs. CIT
(2015) TaxCorp(LJ) 5674 (SC)
-
ITAT - Any amount received in lieu of a source of income is a capital receipt not chargeable to tax is not applicable in all circumstances. Exception is that when such source of income is in the nature of capital asset, being not any of those specified in section 55(2)
Usha International Ltd. vs. DCIT
(2015) TaxCorp(LJ) 5668 (ITAT-DELHI)
-
HC - Even though assessee purchased a new asset, which is habitable but which requires additions, alterations, modifications and improvements and if money is spent on those aspects, it becomes the cost of the new asset u/s 54F and therefore, assessee would be entitled to the benefit of deduction in determining the capital gains.
Rahana Siraj vs. CIT
(2015) TaxCorp(LJ) 5667 (HC-KARNATAKA) · Section 54F
-
ITAT - Issuing two notices to the assessee on different dates u/s 263 will not invalidate the order passed u/s 263
Zuari Management Services Ltd Versus The Commissioner of Income-tax
(2015) TaxCorp(LJ) 5666 (ITAT-PANAJI) · http://taxcorp.in/FileOpenDT.aspx?ID=39911&Category=ITAT&CategoryType=Zip
-
ITAT - If purchase tax payable by the Assessee was converted into loan under the Karnataka Government scheme before the due date of filing of the return, the deduction u/s 43B be allowed to the Assessee, otherwise not.
M/s. Nirani Sugars Ltd. Versus Asst. Commissioner of Income Tax Central Circle-2
(2015) TaxCorp(LJ) 5664 (ITAT-PANAJI) · http://taxcorp.in/FileOpenDT.aspx?ID=39913&Category=ITAT&CategoryType=Zip
-
ITAT -u/s. 292C of the Act, there is a presumption that the documents found in the possession or control of any person in the course of search, belongs to such person and contents of such document are true. Assessee having miserably failed to point out with reference to each of the entries in the seized diary as to how it does not give rise to income, the assessee cannot take a valid plea that he disowned the diary and therefore no reliance can be placed on the diary to make addition in the hands of assessee.
Trishul Buildtech Infrastructure (P) Ltd. [the erstwhile Trishul Developers Versus The Joint Commissioner of Income Tax (OSD)
(2015) TaxCorp(LJ) 5663 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=39916&Category=ITAT&CategoryType=Zip
-
ITAT - Revenue has not pointed out any basis for apportionment of expenses on the basis of sales ratio of Parwanoo and non-Parwanoo unit so as to increase the profit of the Parwanoo business which may result in higher deduction u/s 80IB. Apportionment of expenses placed by assessee is approved.
NIIT GIS Ltd. Versus Asstt. Commissioner of Income Tax
(2015) TaxCorp(LJ) 5662 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39920&Category=ITAT&CategoryType=Zip
-
HC - If a rational and reasonable balance is struck in the modality adopted for restructuring, the judiciary would loathe interfere with such process, primarily because such restructuring; including the manner in which the restructuring is to be done; is a matter purely in the realm of administration. Writ challenging restructuring of the Income Tax Department is dismissed.
KA. Santhosh Kumar Versus Union of India and Others
(2015) TaxCorp(LJ) 5661 (HC-KERALA) · http://taxcorp.in/FileOpenDT.aspx?ID=60575&Category=Judgment&CategoryType=Zip
-
HC - On occasions such as marriage the parents and parents-in-law of a bride do normally gift jewelery to the bride. On occasion such as this, it is not possible to expect the bride to ask for evidence of bills/invoices to support the purchase of the jewelery. One has to proceed on the basis that it is genuine. Invocation of Section 69 of the Act is completely unwarranted
Mrs. Komal Wazir Versus The Deputy Commissioner of Income Tax
(2015) TaxCorp(LJ) 5660 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=60574&Category=Judgment&CategoryType=Zip
-
ITAT - Reimbursements by assessee to its foreign JV partner against invoices from company providing debtor-collection services does not fall within the ambit of Royalties or FTS under the Act as well as under Article 13 of the India-USA Tax Treaty. Expense not disallowable u/s 40(a)(i).
DCIT vs. UPS Jetair Express Pvt. Ltd.
(2015) TaxCorp(LJ) 5659 (ITAT-MUMBAI) · Section 40(a)(i)
-
ITAT - Assessee's (a senior citizen) explanation for cash deposits made from bank withdrawals is accepted as valid u/s 68. The departmental machinery so set in motion in the case of “Senior-citizens” may need an administrative policy rethink
ITO vs Dinesh Chand
(2015) TaxCorp(LJ) 5658 (ITAT-DELHI)
-
ITAT - Once assessee has taken a stand that it had not incurred any expenditure under section 14A, then the AO is not justified in invoking Rule 8D(2)(iii) for a disallowance of indirect expenditure unless he recorded his dis-satisfaction of claim. Disallowance under section 14A requires finding of incurring of expenditure where it is found that for earning exempted income no expenditure has been incurred, disallowance under Section 14A cannot stand.
DCIT vs Subramanya Constructions & Development Co.Ltd.
(2015) TaxCorp(LJ) 5657 (ITAT-BANGALORE) · Section 14A
-
HC - No revision u/s 263 by CIT to make sec. 68 addition as assessee had furnished confirmations from all debtors and creditors having balance in excess of Rs. One lakh in their bank account as directed and said fact was duly verified by Assessing Officer.
Commissioner of Income-tax, Circle-II v. Ankit Garments Manufacturing Co.
(2015) TaxCorp(LJ) 5656 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58766&Category=Judgment&CategoryType=Zip
-
HC - Sec 201 proceedings initiated after seven years for non-deduction of tax is not valid. By and large, four years is treated as the period within which any penal action can be initiated against an assessee.
Cit vs. U.B. Electronic Instruments Ltd
(2015) TaxCorp(LJ) 5645 (HC-AP) · Section 201
-
ITAT - S.14A disallowance not justified when there was no exempt income in previous year. Cir.5/2014 contrary to the High Court's decisions cannot be the basis to sustain the disallowance made by the Revenue authorities
Anriya Project Management Services(P)Ltd vs DCIT
(2015) TaxCorp(LJ) 5644 (ITAT-BANGALORE) · Section 14A
-
ITAT - Royalty paid to the assessee is not in pursuance of "an agreement” as contemplated u/s.115A(b)(AA), therefore, tax rate of 15% as given in India-USA DTAA is applicable.
Six Continents Hotels Inc vs. DDIT
(2015) TaxCorp(LJ) 5643 (ITAT-MUMBAI) · Section 115A
-
ITAT - CIT(A) not justified in passing ex-parte order in respect of penalty proceedings without allowing proper opportunity to the assessee to present its case
Nitco Tiles Ltd. vs DCIT
(2015) TaxCorp(LJ) 5642 (ITAT-MUMBAI)
-
HC - No disallowance can be made u/s 14A r/w Rule 8D if AO does not record satisfication with reference to accounts that assessee's claim is improper. However, if Rule 8D applies, assessee's claim that interest is not disallowable on ground of "own funds" is not acceptable
CIT vs. Taikisha Engineering India Ltd
(2015) TaxCorp(LJ) 5641 (HC-DELHI) · Section 14A
-
HC - Even if contract is awarded to the Joint Venture, the income is assessable only in the hands of the person which has executed the work
CIT vs. M/s SMSL-UANRCL (JV)
(2015) TaxCorp(LJ) 5640 (HC-BOMBAY)
Headnote lines are open to everyone. The full headnote and the judgment text open with a subscription — see plans or sign in.