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HC - Cancellation of penalty justified on the ground that the assessee had not been given reasonable opportunity of being heard as mandated by section 158BFA(3)
Commissioner of Income-tax, Davangere v. H.E. Distillery (P.) Ltd.
(2015) TaxCorp(LJ) 5517 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=60491&Category=Judgment&CategoryType=Zip
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ITAT - Co-operative banks are also liable to deduct TDS u/s 194 while making payment of interest in excess of Rs. 10,000 to its depositors
Saraswat Co-Operative Bank Ltd. v. Income-tax Officer,TDS Ward, Belgaum
(2015) TaxCorp(LJ) 5516 (ITAT-PANAJI) · http://taxcorp.in/FileOpenDT.aspx?ID=39768&Category=ITAT&CategoryType=Zip
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ITAT - Similar commission held at ALP in earlier year as per agreement had to be accepted in later years also at ALP unless it was shown by department that facts in year under consideration had undergone a change
Assistant Commissioner of Income-tax, 10 (3), Mumbai v. C.G. International (P.) Ltd.
(2015) TaxCorp(LJ) 5515 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=38828&Category=ITAT&CategoryType=Zip
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HC - Since Tribunal took time to dispose of petition of assessee, Rectification order passed by ITAT u/s 254 after 4 years was valid as it was well within time limit as specified under section 254(2).
Commissioner of Income-tax, Madurai v. Sree Ayyanar Spinning & Weaving Mills Ltd.
(2015) TaxCorp(LJ) 5514 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=58372&Category=Judgment&CategoryType=Zip
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ITAT - Taxability of royalty received by assessee a foreign company from foreign OEMs on sale of CDMA technology-enabled handsets. When the royalty is for use of a technology in manufacturing, it is to be taxed at the situs of manufacturing the product, and, when the royalty is for use of technology in functioning of the product so manufactured, it is to be taxed at the situs of use.
Qualcomm Incorporated vs ADIT
(2015) TaxCorp(LJ) 5513 (ITAT-DELHI)
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HC - Registering of ‘criminal contempt’ is directed against the intervener for alleging collusion between taxpayers and Government Department.
CIT vs. Escorts Ltd
(2015) TaxCorp(LJ) 5512 (HC-DELHI)
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HC - Services rendered in India are also eligible for Sec 80-O deduction, the difference being that they must be ‘from’ India and not’ within’. Mere fact that submission of report was within India, does not take away the matter from the purview of Sec 80-O
CIT vs. Peters & Prasad Association
(2015) TaxCorp(LJ) 5511 (HC-AP) · Section 80-O
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HC - Reopening on ground of "oversight, inadvertence or mistake" is not permissible. Power to reopen is not a power to review an assessment order. It expected of the AO that he will apply mind and pass an order. An assessment order is not a mere scrap of paper.
CIT vs. Jet Speed Audio Pvt. Ltd
(2015) TaxCorp(LJ) 5510 (HC-BOMBAY) · Sections 147, 143(3)
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HC - Purchase and subsequent cancellation of the shares belonging to an estranged brother of the person in the management of the company is allowable as revenue expenditure since incurred for carrying on its business smoothly.
The Commissioner of Income Tax-8, Mumbai Versus M/s. Chemosyn Ltd, Mumbai
(2015) TaxCorp(LJ) 5505 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=60480&Category=Judgment&CategoryType=Zip
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HC - Assessee society had not incurred any cost to acquire TDR attach to land owned by it, therefore transfer of the same to a developer for a consideration for construction of a floor space index, would not give rise to any capital gains chargeable to tax.
Commissioner of Income-tax-18 v. Sambhaji Nagar Co-op. Hsg. Society Ltd.
(2015) TaxCorp(LJ) 5504 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=58998&Category=Judgment&CategoryType=Zip
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ITAT - For granting of deduction under section 80-IB, initial assessment year is year in which business of hotel started functioning and not year in which approval was granted by prescribed authority.
Escapade Resorts (P.) Ltd. v. Assistant Commissioner of Income-tax, Cir. 1 (1), Kochi
(2015) TaxCorp(LJ) 5503 (ITAT-COCHIN) · http://taxcorp.in/FileOpenDT.aspx?ID=39675&Category=ITAT&CategoryType=Zip
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HC - Persons to whom interest was paid on cash loan, their details and particulars were not ascertained, verified and examined by AO, therefore addition u/s 69C as well as penalty u/s 269T is not justified.
Commissioner of Income-tax (Central) II v. Home Developers (P.) Ltd.
(2015) TaxCorp(LJ) 5502 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=59118&Category=Judgment&CategoryType=Zip
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ITAT - In view of proviso to section 153C, date of receipt of seized material would be considered to count limitation period for issuing section 153C notice
R.L. Allied Industries v. Income-tax Officer, Ward-20(1), New Delhi
(2015) TaxCorp(LJ) 5501 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39547&Category=ITAT&CategoryType=Zip
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ITAT - While computing mean margin of comparable, TP adjustment of purchase is to be made only from AE and not from unrelated parties
Kirloskar Toyoda Textile Machinery (P.) Ltd. v. Assistant Commissioner of Income-tax, Circle- 11 (5), Bangalore
(2015) TaxCorp(LJ) 5500 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenINTL.aspx?ID=7751&Category=INTLDecisions&CategoryType=Zip
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ITAT - A company engaged in developing software tools after R&D and were intellectual property of the company cannot be a chosen as functionally comparable for a Company developing software on contract basis without any IP rights
Element K India (P.) Ltd. v. Income-tax Officer, Ward 11 (1), New Delhi
(2015) TaxCorp(LJ) 5499 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=38648&Category=ITAT&CategoryType=Zip
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ITAT - Merely because the assessee disclosed additional income suo motu after issue of a notice u/s 143(2) of the Act, does not amount to detection of concealment by the AO u/s. 271(1)(c) of the Act.
ACIT. Vs. Ashok Raj Nath
(2015) TaxCorp(LJ) 5498 (ITAT-DELHI) · Section. 143(2)
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ITAT - Since assessee trust was carrying on super market business and there was no nexus with activity incidental to attainment of objects of assessee trust, exemption under section 11 disallowed.
Ashish Super Mercato v. Deputy Director of Income-tax (Exemption), Range-2, Ernakulam
(2015) TaxCorp(LJ) 5497 (ITAT-COCHIN) · http://taxcorp.in/FileOpenDT.aspx?ID=39758&Category=ITAT&CategoryType=Zip
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HC - Assessing Officer has held the interest paid on borrowings is capital in nature and, therefore, not allowable as an expenditure. Consequently, it is submitted that income chargeable to tax has escaped assessment. However, the reasons nowhere indicate any failure on the part of the asssessee to disclose truly and fully material facts necessary for assessment.
Business India v. Joint Commissioner of Income-tax, 12 (1)
(2015) TaxCorp(LJ) 5496 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=58351&Category=Judgment&CategoryType=Zip
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ITAT - Unless revenue proves understatement of consideration with some cogent evidence, addition u/s 69B on the basis of DVO’s report is not justified.
ACIT vs. Rakesh Narang
(2015) TaxCorp(LJ) 5495 (ITAT-DELHI) · Section 50C, 69B
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HC - Even though assessment order is silent on a point does not mean 'non-application of mind by AO in view of specific queries made during the assessment proceedings.
CIT vs Fine Jewellery (India) Ltd
(2015) TaxCorp(LJ) 5494 (HC-BOMBAY) · Section 263
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