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HC - Computation of period for purpose of levy of interest u/s 220(2) could not be adjudicated in a writ petition
Vaata Infra Ltd. v. Income-tax Officer, Company Ward-III (1), Chennai
(2015) TaxCorp(LJ) 5541 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=58514&Category=Judgment&CategoryType=Zip
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HC - TDS u/s 194C not applicable on sum paid for extra cost incurred by contractor due to delay in completion of work by sub-contractor
Commissioner of Income-tax- II v. Karnavati Infrastructure (P.) Ltd.
(2015) TaxCorp(LJ) 5540 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=58773&Category=Judgment&CategoryType=Zip
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HC - Misappropriation of funds of trust by Trustees is no ground for revocation of trust’s registration, if trust was fulfilling its main object of imparting education
Commissioner of Income-tax, Karnataka (Central) v. Islamic Academy of Education
(2015) TaxCorp(LJ) 5539 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=60513&Category=Judgment&CategoryType=Zip
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ITAT - Purchase of material for R&D is enough for deduction under section 35 and it is immaterial whether material is consumed during year or held as closing stock
Balaji Amines Ltd. v. Additional Commissioner of Income-tax, Range-1, Solapur
(2015) TaxCorp(LJ) 5538 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=39797&Category=ITAT&CategoryType=Zip
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HC - Issue relating to promotion of ACIT, petitioners were required to approach Central Administrative Tribunal (CAT) in first instance. Writ petition not maintainable
Sanjay Pandey v. Central Board of Direct Taxes
(2015) TaxCorp(LJ) 5537 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58671&Category=Judgment&CategoryType=Zip
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ITAT - No tax evasion where the transactions of sale and purchase of shares were not made with the ulterior motive of creating an artificial loss, therefore Long-term capital loss on the sale of shares of a group company is allowed.
ITO. v. J.M. Morgan Stanley Private Limited
(2015) TaxCorp(LJ) 5536 (ITAT-MUMBAI)
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ITAT - Since assessee-society is having as its dominant objects of promoting improvement of public health and medical education, therefore ‘endorsement money’ received from Pepsico for products delivering health benefits will be exempt u/s 11.
ADIT vs Indian Medical Association
(2015) TaxCorp(LJ) 5535 (ITAT-DELHI) · Section 11
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ITAT - Amount received on cessation/transfer of distribution business in respect of “Goodwill” is chargeable under the head capital gains tax and not under business head
Elite Orgo Chem Pvt. Ltd vs. ACIT
(2015) TaxCorp(LJ) 5534 (ITAT-MUMBAI)
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ITAT - Performance-bonus payment to director-shareholders @ of 172% of Salary is not “evasion”. Same is allowable u/s 36(1)(ii) on the ground of business expediency
New Silk Route Advisors Private ltd vs DCIT
(2015) TaxCorp(LJ) 5533 (ITAT-MUMBAI)
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HC - Section 201 proceedings initiated after four years against assessee is not justified. Also, Parliament decided against retro amendment to section 201.
CIT vs. C. J. International Hotels Pvt. Ltd
(2015) TaxCorp(LJ) 5532 (HC-DELHI) · Section 201
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HC - On modification of development agreement, no "real income" accrues from constructed area.
CIT vs M/s Chemosyn Ltd, Mumbai
(2015) TaxCorp(LJ) 5531 (HC-BOMBAY)
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HC - Since value arrived at by the Registered Valuer of the land was more than its FMV, no jurisdiction was acquired by the authorities to invoke Sec. 55A. However, CIT(A) is empowered to seek reference having powers coterminous with AO
Rallis India Limites Vs. CIT (A)
(2015) TaxCorp(LJ) 5530 (HC-BOMBAY) · Section 55A
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HC - Income arising on sale of assets leading to short term capital gains is not income derived from foreign exchange asset so as to qualify as investment income within the meaning of Section 115E of the Act
CIT vs Sham L. Chellaram
(2015) TaxCorp(LJ) 5529 (HC-BOMBAY) · Section 115E
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ITAT - Assessee has not given the possession of the property to the developer for F.Y. 2008-09 (A.Y. 2009-10) and hence, there is no transfer within the meaning of Sec. 45 r.w.s. 2(47)(v)
Smt. Ranjana P. Doshi Versus DCIT, Circle-2, Pune
(2015) TaxCorp(LJ) 5528 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=39762&Category=ITAT&CategoryType=Zip
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ITAT - Once provisions of section 14A are to be invoked, the disallowance is to be computed as per rule 8D of the rules. Nothing has been brought on record to demonstrate that there was any incorrectness in the computation of disallowance as per rule 8D, thus Order of the AO is confirmed
Dy. CIT Central Circle Bareilly Versus. M/s Goel Investments Ltd. Bareilly
(2015) TaxCorp(LJ) 5527 (ITAT-LUCKNOW) · http://taxcorp.in/FileOpenDT.aspx?ID=39764&Category=ITAT&CategoryType=Zip
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HC - Amendment of the trust deed need not be made by approaching the appropriate civil court when the power has been given to the trustees by the settler. Rectified trust deed can be relied on by the Revenue authorities for the purpose of registration u/s 12AA
The Director of Income Tax (Exemptions) Hyderabad Versus M/s Ramoji Foundation
(2015) TaxCorp(LJ) 5525 (HC-AP) · http://taxcorp.in/FileOpenDT.aspx?ID=58176&Category=Judgment&CategoryType=Zip
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HC - A tenancy right is a capital asset and its surrender would attract section 45. It cannot be treated as a casual and nonrecurring receipt under section 10(3) and subject to tax under section 56 of the Act
ACIT Versus GC. SHAH & CO.
(2015) TaxCorp(LJ) 5524 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=58886&Category=Judgment&CategoryType=Zip
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HC - Identity of the creditors having been established as transaction was made through the proper channel, assessee has given the PAN and full address of each creditors, therefore, addition in respect of credit entries made under section 68 was not sustainable.
Commissioner of Income-tax, Central, Kanpur v. Anurag Agarwal
(2015) TaxCorp(LJ) 5520 (HC-ALLAHABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=58317&Category=Judgment&CategoryType=Zip
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ITAT - Term loan was taken against mortgage of immovable properties which were used for the purpose of pre-schooling business and thus, assessee was eligible for deduction of interest under section 36(1)(iii)
Assistant Commissioner of Income-tax-20 (1), Mumbai v. Ms. Geeta Bhatia
(2015) TaxCorp(LJ) 5519 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39770&Category=ITAT&CategoryType=Zip
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ITAT - No addition in block assessment in respect of assessment years for which assessments were already completed unless any incriminating evidence found in search
Smt. Sunita Bai v. Deputy Commissioner of Income-tax, Central Circle-1, Belgaum
(2015) TaxCorp(LJ) 5518 (ITAT-PANAJI) · http://taxcorp.in/FileOpenDT.aspx?ID=39769&Category=ITAT&CategoryType=Zip
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