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ITAT - No transfer pricing adjustment could be made with regard to corporate guarantee issued by the assessee to its AEs
M/s. Videocon Industries Ltd. And Others Versus. The Addl. Commissioner of Income Tax And Others
(2015) TaxCorp(LJ) 5435 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7866&Category=INTLDecisions&CategoryType=Zip
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ITAT - In the case of an assessee covered under section 49(1) of the Act, the capital gains liability has to be computed by considering that the assessee held the said asset from the date it was held by the previous owner and the same analogy has also to be applied in determining the indexed cost of acquisition.
Dr. Kumar M. Dhawale, M. LDhawale & Associates Versus ACIT 11(2), Aayakar Bhavan, Mumbai
(2015) TaxCorp(LJ) 5434 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39402&Category=ITAT&CategoryType=Zip
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ITAT - Since LIC has itself clarified that on assignment of Key Man Policy , it does not remain a keyman policy and gets converted into an ordinary policy therefore, advantage drawn therefrom is taxable in the hands of assessee.
DCIT, Circle 37(1), New Delhi. Versus Naresh Kumar Trehan
(2015) TaxCorp(LJ) 5433 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39735&Category=ITAT&CategoryType=Zip
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ITAT - Section 54B nowhere talks that the land must be used for agricultural purpose at any time in the preceding two years from the date when the transfer took place. Sec. 54B mandates that the land must have been in the two years immediately preceding the date on which the transfer took place used by the Assessee or his parent for agricultural purpose.
Income Tax Officer Versus Mr. Tome Hilitor Silvester De Oliveira
(2015) TaxCorp(LJ) 5432 (ITAT-PANAJI) · http://taxcorp.in/FileOpenDT.aspx?ID=38670&Category=ITAT&CategoryType=Zip
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ITAT - Assessing officer shall not include the amount received as advance as income of the assessee if it does not contain the income element in it.
AY. Broadcast Foundation Versus The Income Tax Officer, Ward-1, Thiruvalla.
(2015) TaxCorp(LJ) 5431 (ITAT-COCHIN) · http://taxcorp.in/FileOpenDT.aspx?ID=38012&Category=ITAT&CategoryType=Zip
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ITAT - The order cannot be passed by the CIT u/s 263 of the Act to ask the AO to decide whether the assessment order was erroneous or not
Shree Balaji Packaging Versus Commissioner of Income Tax –X, New Delhi
(2015) TaxCorp(LJ) 5430 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39723&Category=ITAT&CategoryType=Zip
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ITAT - AO directed to allow the liability which is found to be reasonable in respect of the provisions out of the expenditure claimed under the head ‘post sales expenses’ for warranty expenses
Assistant Commissioner of Income Tax, Circle-6(1), New Delhi. Versus M/s Fiamm Minda Automotive Ltd.
(2015) TaxCorp(LJ) 5429 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39724&Category=ITAT&CategoryType=Zip
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ITAT - Issue of notice under Section 148 in the name of a dead person is void. Assessment in the name of the erstwhile firm is bad in law, void ab-initio and non-est.
Assistant Commissioner of Income Tax, Circle-31(1), Versus M/s DLF Cyber City Developers Limited
(2015) TaxCorp(LJ) 5428 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=38737&Category=ITAT&CategoryType=Zip
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ITAT - Interest earned on advances paid during pre-commencement period found to be linked to setting up of the plant of the assessee would need to be treated as capital receipt
Costal Gujarat Power Ltd. C/o. Tata Power Co. Ltd. Versus ITO-6(2) (1), Mumbai
(2015) TaxCorp(LJ) 5427 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=38311&Category=ITAT&CategoryType=Zip
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ITAT - The assessee's correct receipts from the contract of CE as well as ONGC needs to be determined and thereafter section 44BB should be applied on the correct receipts. It is duty of Assessing Officer to determine correct tax liability of assessee
Assistant Director of Income-tax, International Taxation v. Global Geophysical Services Ltd.
(2015) TaxCorp(LJ) 5417 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39206&Category=ITAT&CategoryType=Zip
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HC - Writing off bad debt in P&L and reducing it from Loans and Advances from Assets side by Assesses-Bank is enough to claim deduction. It was not necessary to close individual account of each of its debtors in its books
Commissioner of Income-tax v. Newanagar Co-operative Bank Ltd.
(2015) TaxCorp(LJ) 5415 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=60424&Category=Judgment&CategoryType=Zip
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HC - Credited balance amount to capital reserve account was a capital receipt and it could not be a remission or cessation of a trading liability under section 41(1) when assessee made premature payment of deferred sales tax at Net Present Value from such reserve.
Commissioner of Income-tax-8, Mumbai v. Sulzer India Ltd.
(2015) TaxCorp(LJ) 5414 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=58784&Category=Judgment&CategoryType=Zip
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ITAT - Derivate trading via MCX Stock Exchange which was recognised by Notification No. S.O.1327(E), dated 22-5-2009 couldn't be held as speculative merely due to delay in recognition of such exchange
Vimal Oil & Foods Ltd. v. Assistant Commissioner of Income-tax, Circle-8, Ahmedabad
(2015) TaxCorp(LJ) 5413 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39740&Category=ITAT&CategoryType=Zip
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HC - Payment to UPPCL towards construction of a transmission line and other supporting work to erect transmission lines for sake of its customer was revenue expenditure
Additional Commissioner of Income-tax, Bareilly v. Dhampur Sugar Mill (P.) Ltd.
(2015) TaxCorp(LJ) 5412 (HC-ALLAHABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=58542&Category=Judgment&CategoryType=Zip
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ITAT - Activities of France Company ('assessee') in connection with exploration, mining etc of oil & gas on behalf of CGG (ONGC-Contractee), and payments received for vessel charter to carry exploration, is not Royalty. Section 44BB benefit available to main contractor and to a subcontractor (assessee) also; Such rental was akin to time-charter.
Louis Dreyfus Armateures SAS vs ADIT
(2015) TaxCorp(LJ) 5411 (ITAT-DELHI) · Section. 44BB
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SC - Payment of ‘success fee’ to a Foreign Company, acting as a ‘financial advisor’ to assessee, is taxable as FTS u/s 9(1)(vii)(b); Consequently assessee is liable to deduct tax at source while making ‘success fee’ payment
GVK Industries Ltd. & Anr. vs. The Income Tax Officer & Anr.
(2015) TaxCorp(LJ) 5410 (SC)
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ITAT - Retainership charges and commission paid by assessee to overseas non-resident agents for promoting assessee's business in foreign countries would be outside the ambit of 'FTS' and not liable to be taxed in India.
Le Passage to India Tours & Travel (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle 4 (1), New Delhi
(2015) TaxCorp(LJ) 5409 (ITAT-DELHI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7777&Category=INTLDecisions&CategoryType=Zip
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ITAT - Where two international transactions were to be evaluated separately for determination of ALP, Segmental results couldn’t be rejected merely because segmental results were unaudited and break up was done after closing of accounts.
Tata Communications Transformation Services Ltd. v. Deputy Commissioner of Income-tax, Range No. 7(3), Mumbai
(2015) TaxCorp(LJ) 5408 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7681&Category=INTLDecisions&CategoryType=Zip
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HC - When voluntary disallowance made by assessee under section 14A is found to be unsatisfactory on examination of accounts, only then AO can invoke rule 8D to compute deduction.
Commissioner of Income-tax- VI v. Taikisha Engineering India Ltd.
(2015) TaxCorp(LJ) 5407 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58850&Category=Judgment&CategoryType=Zip
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ITAT - Amount received on sale of portfolio loans by discounting ‘future interest receivables’ by a Micro Finance institution, taxable in the year of receipt.
Asmitha Microfin Ltd. vs. ACIT
(2015) TaxCorp(LJ) 5406 (ITAT-HYDERABAD)
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