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HC - Technical services provided outside India in connection with business of computer software export, to be included in export turnover while computing deduction u/s.80HHE
CIT vs. Motor Industries Co Ltd
(2015) TaxCorp(LJ) 5405 (HC-KARNATAKA) · Section 80HHE
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HC - The applicant had a complete opportunity to pursue the legal issue as there was no decision of the Jurisdictional High Court. It cannot be held that once the applicant by his own volition had decided to accept a judicial order, the applicant can at any time assail the same may be for the reason that subsequently new decisions are rendered on that issue.
Somerset Place Co-operative Housing Society Ltd vs. ITO
(2015) TaxCorp(LJ) 5404 (HC-BOMBAY)
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HC - Reserve created under Section 45-IC of the Reserve Bank of India Act, 1934 can neither be diversion of income at source nor constitute an expenditure or liability
SREI Infrastructure Finance Ltd vs. ACIT
(2015) TaxCorp(LJ) 5403 (HC-DELHI) · Section 115JB
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ITAT - Interest income from temporary advancement of funds cannot be treated as income from business and it has to be treated as income from other sources.
M/s. Devansh Enterprises P. Ltd. Versus Income Tax Officer 15(1) (13) Mumbai
(2015) TaxCorp(LJ) 5402 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39702&Category=ITAT&CategoryType=Zip
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ITAT - Diversion of Listing fee and transfer to Investor Protection Reserve, etc. directly from listing fee receipts would not make the same as diversion of income by overriding title at the source.
The Deputy Commissioner of Income Tax Versus M/s Madras Stock Exchange Ltd.
(2015) TaxCorp(LJ) 5400 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39708&Category=ITAT&CategoryType=Zip
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HC - The revenue did not discharge the burden of proving due service of notice u/s 143(2), therefore the notice issued after the period of limitation could not be held against the assessee.
MOHAN S LAKHANI Versus INCOME TAX OFFICER & ANR
(2015) TaxCorp(LJ) 5399 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=60399&Category=Judgment&CategoryType=Zip
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ITAT - The “derivatives” include foreign currency and call option/ put option, are transactions of derivative markets and cannot be termed as speculative in nature u/s S. 43(5)
IVF Advisors Private Limited vs. ACIT
(2015) TaxCorp(LJ) 5397 (ITAT-MUMBAI) · Section 43(5)
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HC - A new ruling is no ground for reviewing a previous judgment. Also entire law on condonation of delay u/s 260A explained
Somerset Place Co-operative Housing Society Ltd vs. ITO
(2015) TaxCorp(LJ) 5396 (HC-BOMBAY) · Section 260A
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HC - Statutory reserve created u/s 45-IC of RBI Act is not a "diversion of income at source" and cannot be excluded from book profits
Srei Infrastructure Finance Ltd vs. ACIT
(2015) TaxCorp(LJ) 5395 (HC-DELHI) · Section 115JB
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ITAT - Without there being any incriminating material found at the time of search, no addition over and above the income which already stood assessed can be made as assessments which have attained finality cannot be disturbed or varied.
Jignesh P. Shah vs. DCIT
(2015) TaxCorp(LJ) 5394 (ITAT-MUMBAI) · Section 153A
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ITAT - No capital gains exemption u/s 54B/54F on properties purchased in name of assessee’s married major daughters.
Ganta Vijaya Lakshmi vs ITO
(2015) TaxCorp(LJ) 5393 (HC-AP) · Sections 54B, 54F
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HC - AO had adopted GP rate of 25% on ad hoc basis for civil contractor. ITAT was justified in adopting presumptive tax rate of 8 per cent as mentioned in section 44AD even though turnover of assessee was in excess of Rs. 40 lakh.
Commissioner of Income-tax-XIII v. Lovish Oberoi
(2015) TaxCorp(LJ) 5392 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=57871&Category=Judgment&CategoryType=Zip
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ITAT - Even though assessee did not offer interest income to tax received from his NRE fixed deposits account, still no penalty u/s 271(1)(c) as assessee was under bona fide impression that it is exempt under Sec. 10(4).
Ramasamy Senthilvel v. Assistant Commissioner of Income-tax, Salary Range-V, Chennai
(2015) TaxCorp(LJ) 5387 (ITAT-CHENNAI) · http://taxcorp.in/FileOpenDT.aspx?ID=38312&Category=ITAT&CategoryType=Zip
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HC - Sale of assets by a firm to a Company chargeable as capital gain since it was not a case of succession of firm much less there was any exercise of corporatisation or demutualization which were essential to attract section 47(xiii).
Ana Labs v. Deputy Commissioner of Income-tax
(2015) TaxCorp(LJ) 5386 (HC-AP) · http://taxcorp.in/FileOpenDT.aspx?ID=59141&Category=Judgment&CategoryType=Zip
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ITAT - Since rate of interest charged from AE was more than LIBOR on foreign currency loan paid by assessee, no TP adjustment in respect of interest is required.
V.I.P. Industries Ltd. v. Additional Commissioner of Income-tax, Range 7(3), Mumbai
(2015) TaxCorp(LJ) 5385 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39147&Category=ITAT&CategoryType=Zip
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ITAT - Revenue could not justify the application of CUP method to arm's length working in respect of royalty paid to AE as there was no comparable data of uncontrolled transactions.
Assistant Commissioner of Income-tax, Circle-2, Alwar v. Sakata Inx (India) Ltd.
(2015) TaxCorp(LJ) 5384 (ITAT-JAIPUR) · http://taxcorp.in/FileOpenINTL.aspx?ID=7689&Category=INTLDecisions&CategoryType=Zip
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HC - Since Tribunal has reversed findings of Commissioner (Appeals) without assigning cogent reasons, matter was to be remanded back.
Bhaktiprasad Nagori Timber & Plywood (P.) Ltd. v. Assistant Commissioner of Income-tax
(2015) TaxCorp(LJ) 5383 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=58794&Category=Judgment&CategoryType=Zip
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HC - Income from allowing usage of commercial building constructed on leasehold land along with facilities is chargeable as business income.
Black Pearl Hotels (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle-11(1) Bangalore
(2015) TaxCorp(LJ) 5382 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=60394&Category=Judgment&CategoryType=Zip
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ITAT - Since subsidiary personnel not rendering services as de-facto employees, assessee had no business connection in India and neither did its subsidiary constitute Service PE or Dependent Agent PE in India
Swiss Re-insurance Company Limited vs. DDIT
(2015) TaxCorp(LJ) 5380 (ITAT-MUMBAI)
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HC - Merely because certain attributes, like fixed remuneration, leave rules, fixed timings were applicable, doctors not employees of assessee hospital, TDS u/s 194J applicable on doctors remuneration and not u/s 192.
CIT vs. Grant Medical Foundation
(2015) TaxCorp(LJ) 5379 (HC-BOMBAY)
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