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ITAT - Purchase of gold having been shown as investment in balance sheet as well as in wealth-tax return, loss incurred on sale of gold within a year was to be treated as short-term capital loss.
Deputy Commissioner of Income-tax, Circle 11 (1), New Delhi v. Laxman Dass Mittal
(2015) TaxCorp(LJ) 5480 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39754&Category=ITAT&CategoryType=Zip
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ITAT - Assessee co-operative society not accepting deposits of money from non-members should not to be deemed as co-operative bank and provisions of section 80P(4) would not be applicable to deny deduction under section 80P(2)(a)(i)
Assistant Commissioner of Income-tax, Circle -1 (1), Panaji v. Goa PWD Staff Co-operative Credit Society Ltd.
(2015) TaxCorp(LJ) 5479 (ITAT-PANAJI) · http://taxcorp.in/FileOpenDT.aspx?ID=39753&Category=ITAT&CategoryType=Zip
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HC - Gifts received through cheques, which were drawn in the name of the individual later blended with the property of HUF by way of journal entry requires AO to analyse provisions of clubbing before making addition of gift in name of HUF
M.Veluswamy v. Income-tax Officer, Ward - I (1), Pollachi
(2015) TaxCorp(LJ) 5478 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=58777&Category=Judgment&CategoryType=Zip
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ITAT - The only condition precedent for application of section 153A is that there should be a search under section 132, even if no undisclosed income was unearthed in search.
Nandini Delux v. Assistant Commissioner of Income-tax, Central Circle 1(2), Bangalore
(2015) TaxCorp(LJ) 5477 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=38911&Category=ITAT&CategoryType=Zip
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HC- Failure to file timely return of TCS by assessee, a State Government undertaking is not a technical mistake; impugned penalty order passed under section 272A(2)(c) was to be upheld
Divisional Logging Manager v. Commissioner of Income-tax
(2015) TaxCorp(LJ) 5476 (HC-ALLAHABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=58111&Category=Judgment&CategoryType=Zip
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SC - Assessee is entitled to reduce from its book profits, the profits derived from its CPPs, in determining tax payable for the purposes of Section 115JA of the Act.
COMMISSIONER OF INCOME-TAX, DELHI Versus M/s. DCM SHRIRAM CONSOLIDATED LTD.
(2015) TaxCorp(LJ) 5475 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=58634&Category=Judgment&CategoryType=Zip
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HC - Amount received on redemption of Stock Appreciation Rights are capital gain and not perquisite under Sec.17(2)(iii)
BHARAT V. PATEL Versus CIT. -I
(2015) TaxCorp(LJ) 5474 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=59283&Category=Judgment&CategoryType=Zip
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HC - Contribution towards the transfer fees and non occupancy charges are covered by the principle of mutuality and is not chargeable to tax
Commissioner of Income Tax-16 Versus Shyam Co-Op. Housing Society Ltd.
(2015) TaxCorp(LJ) 5473 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=60452&Category=Judgment&CategoryType=Zip
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HC - The assessee is a Non-Resident Indian and merely because there is a wrong description in the returns that he is a Resident, it would not alter the status of the assessee that he is a Non-Resident Indian for the assessment years
The Commissioner of Income-Tax, Trichy Versus Shri. N. Sundararaman
(2015) TaxCorp(LJ) 5471 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=60453&Category=Judgment&CategoryType=Zip
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HC - First and second notice for reassessment returned as un-served with the report that the assessee had gone out for the medical treatment. Third notice was issued after expiry of period of limitation. Section 292B has no application. Reassessment invalid.
Lal Chand Agarwal Versus Commissioner of Income Tax, Agra
(2015) TaxCorp(LJ) 5470 (HC-ALLAHABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=60454&Category=Judgment&CategoryType=Zip
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HC - Benefit of exemption under 1944 Circular/1977 Instructions to earnings of Missionaries/Members of Religious Congregation apply only to instances of “diversion of income by overriding title”. Therefore, earnings of Missionaries/Members of Religious Congregation are subject to TDS u/s.192 as applies to situations not covered by the 1944 Circular/1977 Instructions,
Father Sabu P.Thomas & another vs. UOI & others
(2015) TaxCorp(LJ) 5468 (HC-KERALA)
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ITAT - The vague affidavit in support of application for condonation of delay given by the C.A. remains uncorroborated and unreliable. The affidavit and cavalier conduct of CA raises serious questions on his professional competence and work ethics in giving such an affidavit which hides more than it explains
M/s. K.G.N.M.M.W. Educational research & Analysis Society
(2015) TaxCorp(LJ) 5467 (ITAT-JAIPUR)
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ITAT - As assessee had filed original return and revised return accepting the position of ‘representative assessee of an NR company', Section 148 notice on assessee is valid. Section 149(3) time-limit not applicable in this case.
ADIT vs Oil & Natural Gas Corporation Ltd.
(2015) TaxCorp(LJ) 5449 (ITAT-DELHI)
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SC - Verdict of Bombay High Court in The Indian Hume Pipe Co Ltd vs. ACIT 348 ITR 439 that “full & true disclosure of material facts” means “specific” disclosure of “each” fact nullified
The Indian Hume Pipe Co Ltd vs. ACIT
(2015) TaxCorp(LJ) 5448 (SC) · Section 147
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ITAT - Purchase of bulk advertisement space by the assessee in TOI attracts TDS liability u/s.194C; Failure to deduct tax justifies Sec 40(a)(ia) disallowance of expenditure
Metropolitan Media Company Ltd. vs. ACIT
(2015) TaxCorp(LJ) 5447 (ITAT-BANGALORE) · Section. 194C
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HC - As Tribunal had overlooked SC Ruling as to whether assessee was entitled to set-off of unabsorbed depreciation against gains from sale of depreciable asset, deemed as capital gains u/s 50, matter remanded back.
Southern Travels vs. ACIT
(2015) TaxCorp(LJ) 5446 (HC-MADRAS) · Section. 50
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HC - There was difference of stock amounting to 28,73,640 as per the books of account of the assessee and as shown in the inflated stock statement given to the bank, addition made by the Assessing Officer of 5,20,889 due to unaccounted fabrication work is justified.
Smt. Shakuntla Thukral Versus Commissioner of Income Tax, Aayakar Bhawan, Rishi Nagar, Ludhiana, Punjab
(2015) TaxCorp(LJ) 5439 (HC-P&H) · http://taxcorp.in/FileOpenDT.aspx?ID=57582&Category=Judgment&CategoryType=Zip
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HC - Concealment Penalty - An admission is substantial evidence of a fact, within the special knowledge of an assessee and if not retracted immediately or within reasonable time is substantive evidence of a fact and may be read against an assessee.
Navdeep Dhingra Versus Commissioner of Income Tax, Karnal
(2015) TaxCorp(LJ) 5438 (HC-P&H) · http://taxcorp.in/FileOpenDT.aspx?ID=60404&Category=Judgment&CategoryType=Zip
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HC - No TDS u/s 194C on cinecasting/distribution of movies
Commissioner of Income Tax Versus Sunset Drive-In Cinema Pvt. Ltd.
(2015) TaxCorp(LJ) 5437 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=60412&Category=Judgment&CategoryType=Zip
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ITAT - There is not even a single case law laying down a principle that books should compulsorily be rejected wherever a survey is conducted. Otherwise also, if this principle is accepted then there would not be any meaning attached to the concept of surrender because in any case books have to be rejected.
M/s Venus Woollen Mills Versus The CIT-III, Ludhiana
(2015) TaxCorp(LJ) 5436 (ITAT-CHANDIGARH) · http://taxcorp.in/FileOpenDT.aspx?ID=39082&Category=ITAT&CategoryType=Zip
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