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ITAT -while computing the capital gains arising on sale of shares acquired by the assessee by way of gift, the indexed cost of acquisition is to be computed with reference to the year in which the previous owners first held the assets and not the year in which the assessee became the owner of the asset
DCIT. Vs. Soni Sonu Mirchandani
(2015) TaxCorp(LJ) 5093 (ITAT-DELHI)
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HC - No Penalty u/s. 271(1)(c) for not computing capital gains u/s S. 50C on stamp duty valuation
C.I.T. Vs. Madan Teatres Ltd.
(2015) TaxCorp(LJ) 5092 (HC-CALCUTTA) · Sections. 271(1)(c)
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HC - Merely because there are other objects of the society does not mean that the educational institution is not existing solely for educational purpose. The emphasis of the word “solely” is in relation to the educational institution, which is running not for the purpose of making profit and is not in relation to the objects of the society
Allahabad Young Mens Christian Association Vs. CCIT
(2015) TaxCorp(LJ) 5091 (HC-ALLAHABAD)
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HC - Once the cheque issued by the assessee is encashed, in the light of the decisions referred supra, the payment relates back to the date of receipt of the cheque
Commissioner of Income Tax Chennai. Vs. REPCO Home Finance Ltd.
(2015) TaxCorp(LJ) 5090 (HC-MADRAS) · Section. 234
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ITAT - First time an appeal against a s. 264 revision order has been entertained by the ITAT
Gausia Cold Storage Pvt. Ltd. vs. ACIT
(2015) TaxCorp(LJ) 5089 (ITAT-MUMBAI) · Section. 264
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HC - There has been a change in opinion and consequently no jurisdiction to the AO to reopen the assessment as per Sec 147. Assesse's 'writ' allowed
GKN Sinter Metals Ltd vs. ACIT
(2015) TaxCorp(LJ) 5088 (HC-BOMBAY)
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HC - If the benefit of interest on refund is confined only to cases where an order is passed by the Assessing Officer and a consequent demand is made from the assessee, then it would have the effect of depriving that benefit to a person who has volunteered and filed the return on self assessment
CWT vs Nazim Zacheria
(2015) TaxCorp(LJ) 5087 (HC-KERALA)
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HC - The purpose for which the Special Court was enacted will prevail over other law when in conflict. No TDS default for non-deduction pursuant to special court order
Ethnic Holdings Pvt. Ltd vs. ITO
(2015) TaxCorp(LJ) 5086 (HC-GUJARAT)
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HC - Valuation norms under the Excise Act not relevant for the purpose of allowing u/s 37(1). Hire charges incurred on plastic moulds, though given 'free-of-cost' to contract manufacturers, the same is allowable as hire charges incurred "for the purpose of business"
CIT. Vs. Tupperware India Pvt Ltd.
(2015) TaxCorp(LJ) 5085 (HC-DELHI) · Section. 37(1)
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ITAT - Co-operative bank's contribution to Co-operative Education Fund for AY 2010-11 is an "appropriation and not diversion" as contribution was calculated on profits as on March 2009, thus the liability does not belong to profits of the year. Also there is no payment in the year of losses
A.P. Mahesh Coop. Urban Bank Ltd. vs DCIT
(2015) TaxCorp(LJ) 5084 (ITAT-HYDERABAD)
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HC - For the purpose of computation of long term capital gain, the indexed cost of acquisition has to be computed with reference to the year in which the previous owner first held the asset and not the year in which the assessee became the owner of the asset
CIT. Vs. Gautam Manubhai Amin
(2015) TaxCorp(LJ) 5083 (HC-GUJARAT)
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ITAT - Additions made by the Revenue solely based on the AIR information are not sustainable
M/s. A. F. Ferguson & Co. Vs. JCIT
(2015) TaxCorp(LJ) 5082 (ITAT-MUMBAI)
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ITAT - Section 54F does not prescribe that the residential house should be completed within the prescribed period. Thrust was on investment and not on completion
Smt. Rajneet Sandhu Vs. DCIT
(2015) TaxCorp(LJ) 5081 (ITAT-CHANDIGARH) · Section 54
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HC - Rent received from sub-letting of office premises is chargeable under the head 'business income' hence, eligible for Sec 10A benefit
Subex Limited vs ITO
(2015) TaxCorp(LJ) 5080 (HC-KARNATAKA) · Section 10A(4)
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HC - The depreciation is optional to the assessee and once he chooses not to claim it, the AO cannot allow it while computing the income
DCIT vs Sun Pharmaceuticals Ind Ltd
(2015) TaxCorp(LJ) 5079 (HC-GUJARAT)
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ITAT - Refund of Central Excise Duty under the scheme of the Union Government with regard to North Eastern State are capital receipts
M/s. Liddle Manufacturing Pvt. Ltd. C/o. Jammu Metallic Oxides Pvt. Ltd. Versus The Income Tax Officer
(2015) TaxCorp(LJ) 5078 (ITAT-AMRITSAR) · http://taxcorp.in/FileOpenDT.aspx?ID=39305&Category=ITAT&CategoryType=Zip
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ITAT - Any consideration for installation, commissioning or assembly activities, or supervision services in respect thereof, of a property, which obviously includes a plant, equipment or machinery, cannot be included in fees for included services under the Indo Swiss tax treaty. No TDS u/s 195
Birla Corporation Limited Versus Assistant Commissioner of Income Tax (TDS) Jabalpur
(2015) TaxCorp(LJ) 5077 (ITAT-JABALPUR) · http://taxcorp.in/FileOpenINTL.aspx?ID=7791&Category=INTLDecisions&CategoryType=Zip
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ITAT - Invoking of section 263 by CIT mentioning that no proper enquiry had been made by Assessing Officer when nothing had been brought on record by Commissioner was not justified.
Gopal Narayan Singh v. Deputy Commissioner of Income-tax
(2015) TaxCorp(LJ) 5076 (ITAT-PATNA) · http://taxcorp.in/FileOpenDT.aspx?ID=38009&Category=ITAT&CategoryType=Zip
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ITAT - Interest on account of the delay in payment of the sale price of the goods supplied by the undertaking partook of the same nature and character as the sale consideration. Eligible for sec. 80-IA relief
Assistant Commissioner of Income-tax v. Sun N Sand Hotels (P.) Ltd.
(2015) TaxCorp(LJ) 5075 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=36820&Category=ITAT&CategoryType=Zip
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ITAT - A software product company could not be compared with that of assessee a software services company also companies with high turnover and related party transactions are excludible from lists of comparables for TP study
Agile Software Enterprise (P.) Ltd. v. Income-tax Officer, Ward 11 (1), Bangalore
(2015) TaxCorp(LJ) 5074 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenINTL.aspx?ID=7543&Category=INTLDecisions&CategoryType=Zip
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