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ITAT - High Court verdict in Hindustan Organics Chemicals 270 CTR 478 (Bom) decides that employees' contribution to PF is eligible for s. 43B even though that was not the issue before it. It also does not refer to any judicial precedents. Also, the Question framed by the dept and its representation before the High Court leaves much to be desired. However, the judgement is binding and has to be followed
ITO. vs. Indore Steel and Iron Mills Ltd.
(2015) TaxCorp(LJ) 5032 (ITAT-MUMBAI) · Sections. 43B, 36(1)(va), 43B
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ITAT - It cannot be accepted that a bald statement made by the AO that any transaction/business done with a party would be sham, simply because the opposite party besides doing regular business was also indulging in providing accommodation entries. Simply on the basis of statement given by the third party, that they were also providing accommodation entries as well, the conduct of the assessee cannot be doubted and held to be sham.
ACIT. Vs. M/s. G V Sons
(2015) TaxCorp(LJ) 5031 (ITAT-MUMBAI)
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ITAT = Additions made solely on the basis of AIR information are not sustainable in law. The AO has to prove that assessee has received income from a particular source. The assessee cannot be expected to prove the negative
M/s. ANS Law Associates Vs. ACIT
(2015) TaxCorp(LJ) 5030 (ITAT-MUMBAI)
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ITAT - Sectoin 54F being a benevolent provision, advance payments to builder for construction of residential flat till completion of '3 years' from original property sale would be eligible for exemption u/s 54F
Pradeep Kumar Chowdhry vs DCIT
(2015) TaxCorp(LJ) 5029 (ITAT-HYDERABAD) · Section 54F
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HC - Since assessee had acquired rights in land to acquire land as an owner, for all practical purposes, assessee should be treated as owner of land, therefore Sec 50C was applicable
V.S. Chardrashekar vs ACIT
(2015) TaxCorp(LJ) 5028 (ITAT-BANGALORE) · Section 50C
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SC- SLP dismissed against order of High Court Expounding law on 271(l)(c)
CIT vs. V S Lad & Sons
(2015) TaxCorp(LJ) 5027 (SC) · Section 271(l)(c)
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ITAT - The assessee has parted with some part of the commission received from the builder from alluring the purchaser so that it can earn more commission. It is just providing a discount to the purchaser and not paying any commission for any services taken from such customers. Not liable to TDS u/s 194H
ACIT, Circle 9(1), New Delhi Versus Surendra Buildtech Pvt. Ltd.
(2015) TaxCorp(LJ) 5026 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=38554&Category=ITAT&CategoryType=Zip
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ITAT - Section 194C is not applicable for payments made by the customer to the hotel. The facilities/amenities made available to its customers do not constitute 'work' within the meaning of section 194C. The services made available by a hotel to its customers are covered under section 194C must be held to be bad in law.
M/s. Ratnagiri Impex Pvt. Ltd. Versus Dy. Commissioner of Income Tax
(2015) TaxCorp(LJ) 5025 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=38160&Category=ITAT&CategoryType=Zip
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ITAT - On receiving advance payment, one may compensate the maker of advance payment by way of allowing interest or the same benefit can be given the name of discount but merely because a different nomenclature has been given, it does not change its character. TDS was deductible u/s 195
Dy. CIT., Central Circle-2, Kanpur Versus M/s. Kothari Food & Fragrances
(2015) TaxCorp(LJ) 5024 (ITAT-LUCKNOW) · http://taxcorp.in/FileOpenINTL.aspx?ID=7547&Category=INTLDecisions&CategoryType=Zip
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ITAT - 4 working days is insufficient to produce the voluminous documents necessary for answering the queries raised by the TPO along with supporting documents. The TPO’s order was vitiated for violation of natural justice
Bombardier Transportation India Ltd. Versus Assistant Commissioner of Income-tax, Circle-3 (1), New Delhi
(2015) TaxCorp(LJ) 5023 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39109&Category=ITAT&CategoryType=Zip
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ITAT - AO has initially aggregated the business income declared by the assessee and also the ALP adjustment and thereafter has allowed deduction u/s 10A. This is in clear violation of the provisions of sec.92C(4) and hence, the order of the AO is erroneous and prejudicial to the interests of the Revenue
M/s. MsourceE(India) Pvt. Ltd. Versus Deputy Commissioner of Income-tax, Circle 12(1), Bangalore.
(2015) TaxCorp(LJ) 5022 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenINTL.aspx?ID=7666&Category=INTLDecisions&CategoryType=Zip
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ITAT - If a share is held for more than two or three months and then sold, the transaction cannot be properly classified as trading in shares
ACIT, Circle 36(1), New Delhi Versus Sh. Naveen Shrivastava
(2015) TaxCorp(LJ) 5021 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39119&Category=ITAT&CategoryType=Zip
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ITAT - Deduction of the discounted premium is to be allowed during the years of vesting on a straight line basis in respect of ESOP expenses
M/s Educomp Solutions Limited Versus Additional Commissioner of Income Tax, Range-11, New Delhi
(2015) TaxCorp(LJ) 5020 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=38633&Category=ITAT&CategoryType=Zip
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HC - Once the finding of fact is that all the materials are for creating the manufacturing facility and which has definitely an enduring benefit, disallowable under Sec. 37(1)
Schindler India (P.) Ltd. v. Joint Commissioner of Income-tax
(2015) TaxCorp(LJ) 5017 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=59084&Category=Judgment&CategoryType=Zip
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ITAT - Assessee not liable to deduct tax at source from commission payments made to foreign agents for securing sales order.
Khimji Visram & Sons v. Additional Commissioner of Income-tax, Range- 12 (3), Mumbai
(2015) TaxCorp(LJ) 5016 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7514&Category=INTLDecisions&CategoryType=Zip
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ITAT - The legal issues raised in the cross objections for the first time before the ITAT have been validly raised by the assessee, hence, it cannot be said that the cross objections raising those issues for the first time would be amounting to non maintainability of the cross objections under consideration
Income-tax Officer, Ward 25 (3), New Delhi v. Jasjit Singh
(2015) TaxCorp(LJ) 5015 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39270&Category=ITAT&CategoryType=Zip
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HC - As the assessee had not engaged in any business activity, income received from letting out of the property was rightly assessed by the Assessing Officer as 'income from property'
Keyaram Hotels (P.) Ltd. v. Deputy Commissioner of Income-tax,Company Circle II (4), Chennai
(2015) TaxCorp(LJ) 5014 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=58612&Category=Judgment&CategoryType=Zip
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ITAT - RPM is best suited for determining ALP of an international transaction in nature of purchase of goods from an AE which are resold as such to unrelated parties and it pre-supposes no or insignificant value addition to goods purchased from foreign AE
Nokia India (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle -13(1), New Delhi
(2015) TaxCorp(LJ) 5013 (ITAT-DELHI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7594&Category=INTLDecisions&CategoryType=Zip
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HC - A multi purpose co-operative credit society registered under 'Karnataka Co-operative Societies', being primary agricultural credit society, entitled to sec. 80P relief
Venugram Multipurpose Co-Operative Credit Society Ltd. v. Income tax Officer, Ward No.1(2), Belgaum
(2015) TaxCorp(LJ) 5012 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=59083&Category=Judgment&CategoryType=Zip
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ITAT - There was no diversion of funds for non-business purposes as such the notional interest on sum advanced to a sick Co. to acquire is to be allowed
Sikhwal Chemicals v. Income-tax Officer
(2015) TaxCorp(LJ) 5011 (ITAT-JODHPUR) · http://taxcorp.in/FileOpenDT.aspx?ID=39269&Category=ITAT&CategoryType=Zip
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