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ITAT- Land ceases to be a capital asset on date of application for conversion into N. A. land. Pursuant to amendment to s. 53A of TOP Act , non-registered development agreement does not result in transfer u/s 2(47)(v). Law in Chaturbhuj Dwarkadas Kapadia 260 ITR 461 (Bom) does not apply after amendment to s. 53A
Fardeen Khan vs. ACIT
(2015) TaxCorp(LJ) 5639 (ITAT-MUMBAI) · Section 2(47)(v)/(vi)
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HC - Assessee cannot claim interest on interest on amount that are due to him by way of refund
Joseph Korah v. Income-tax Officer, Ward-1, Kottayam
(2015) TaxCorp(LJ) 5636 (HC-KERALA) · http://taxcorp.in/FileOpenDT.aspx?ID=58523&Category=Judgment&CategoryType=Zip
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ITAT - Since investment in shares was fully financed out of sale proceeds of shares held as long term capital investment and not out of borrowed funds and income earned on sale of those shares was also offered as long term capital gains, no disallowance of interest expenditure by u/s 14A r/w rule 8D
Sanjay Kumar J. Poddar v. Assistant Commissioner of Income-tax, Circle 15 (1), Mumbai
(2015) TaxCorp(LJ) 5635 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39903&Category=ITAT&CategoryType=Zip
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HC - Since carry forward losses had already been set off against other income of business, brought forward loss not to be reduced while computing sec. 80-IA relief
Commissioner of Income-tax, Coimbatore v. Eastman Exports Global Clothing (P.) Ltd.
(2015) TaxCorp(LJ) 5634 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=59196&Category=Judgment&CategoryType=Zip
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HC - There has been no failure on the part of the petitioner to make a full and true disclosure of the material facts pertaining to the closing stock, reopening of assessment beyond four years from relevant assessment year was unjustified
Avtec Ltd. v. Deputy Commissioner of Income-tax
(2015) TaxCorp(LJ) 5633 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58907&Category=Judgment&CategoryType=Zip
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HC - Reassessment should be barred in law when prior approval of CCIT/ CIT is not obtained as per proviso to Sec 151(1); resort to Section 292B cannot be made to cure the action.
Dhadda Exports vs. ITO
(2015) TaxCorp(LJ) 5632 (HC-RAJASTHAN) · Sections 148, 292B
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HC - Jewellery received as gift from father and father-in-law on occasion of marriage, no addition warranted as being from "unexplained source" u/s 69. On occasion of marriage, it is not possible to expect the bride to ask for evidence of bills/invoices to support the purchase of the jewellery
Mrs. Komal Wazir. Vs. The Deputy Commissioner of Income Tax
(2015) TaxCorp(LJ) 5631 (HC-BOMBAY) · Section 69
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HC - The mere fact that the orders impugned in writ petitions have been complied with since there was no interim order, would not validate a patently illegal and bad order. Settlement Commission’s order passed in violation of statutory provision quashed.
CIT vs. UOI and others
(2015) TaxCorp(LJ) 5630 (HC-ALLAHABAD)
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ITAT - The assessee is a purely software development service provider, that too to its AE only, can't be chosen as comparable for Software development Co.
DE Shaw India Software (P.) Ltd. v. Assistant Commissioner of Income-tax, Circle -1(2), Hyderabad
(2015) TaxCorp(LJ) 5629 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39899&Category=ITAT&CategoryType=Zip
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HC - Expenditure on advertisement by assessee, engaged in service of trading of mobile handsets and its accessories are allowable as revenue expenditure as every year expenditure has to be incurred to make and keep public informed, aware and remain in limelight
Commissioner of Income-tax-III v. Spice Distribution Ltd.
(2015) TaxCorp(LJ) 5628 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58251&Category=Judgment&CategoryType=Zip
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HC - Money received on basis of bogus transaction and credited by assessee in his books of account which remained unexplained had to treated as cash credit u/s 68
Chandan Gupta v. Commissioner of Income-tax, Ludhiana
(2015) TaxCorp(LJ) 5627 (HC-P&H) · http://taxcorp.in/FileOpenDT.aspx?ID=58418&Category=Judgment&CategoryType=Zip
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HC - Assessing Officer doubted accuracy of figures mentioned in excise registers, he was totally unsuited for undertaking activity of determining exact production of material as same was outside his purview
Commissioner of Income-tax v. Shri Girija Smelters (P.) Ltd.
(2015) TaxCorp(LJ) 5624 (HC-AP) · http://taxcorp.in/FileOpenDT.aspx?ID=60576&Category=Judgment&CategoryType=Zip
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ITAT - In transfer pricing proceedings, TPO taking a view that assessee could not prove that services were actually rendered and it derived any benefit from said services, determined arm's length price of transaction in question at 'NIL'.
Rockwell Automation India (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle- 15 (1), New Delhi
(2015) TaxCorp(LJ) 5623 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39143&Category=ITAT&CategoryType=Zip
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ITAT - Payment to the Government undertaking for supply of electricity are not covered by the provisions of section 40A(3)
The Income Tax Officer Ward-1 Nirmal Versus M/s. Padigela Rajeshwar Ginning Industries
(2015) TaxCorp(LJ) 5622 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=37958&Category=ITAT&CategoryType=Zip
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ITAT - Provisions of section 40(a)(ia) cannot be invoked for non deduction of tax by TPA service provided being a conduit between the insurer and hospital/ the insured. No TDS u/s 194J in respect of the said payment
Paramount Health Services (TPA) Pvt. Ltd. Versus Income tax Officer Range 7(1) (3)
(2015) TaxCorp(LJ) 5621 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=38209&Category=ITAT&CategoryType=Zip
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HC - For AY 2008-09 "built-up area" u/s 80IB does not include ‘balcony area’ and mezzanine floor
CIT. vs. SJR Builders
(2015) TaxCorp(LJ) 5614 (HC-KARNATAKA) · Section. 80IB
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HC - By no stretch of imagination can Section 14A or Rule 8D be interpreted so as to mean that the entire tax exempt income is to be disallowed. Disallowance worked out by AO at about 110% of the entire tax exempt income, not justified.
Joint Investments Pvt Ltd. vs. CIT
(2015) TaxCorp(LJ) 5613 (HC-DELHI) · Section. 14A
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HC - Chapter VI-A deductions are not limited to the business profits but are available to the extent of the Gross Total Income
CIT vs. J. B. Boda & Co.P. Ltd
(2015) TaxCorp(LJ) 5597 (HC-BOMBAY)
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HC - All business profits of the undertaking are eligible for deduction and it is not necessary to show that they have a "direct nexus" with the undertaking
CIT vs. Hritnik Exports Pvt. Ltd
(2015) TaxCorp(LJ) 5596 (HC-DELHI) · Section 10B(4)
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ITAT - Photocopies in the possession of a Searched person ("relates to") does not mean and imply that they “belong to" the person who holds the originals. There is difference between “belongs to” and “relates to”
DCIT vs Qualitron Commodities Pvt. Ltd
(2015) TaxCorp(LJ) 5595 (ITAT-DELHI) · Section 153C
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