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ITAT - S. 40(a)(ia) disallowance cannot be made if the assessee has not claimed a deduction. S. 80-IB(10) deduction cannot be denied on the ground that the completion certificate has not been issued by the Municipality if the assessee has completed construction before the due date
Gera Developments Pvt. Ltd. vs. JCIT
(2015) TaxCorp(LJ) 4983 (ITAT-PUNE) · Sections. 40(a)(ia), 80-IB(10)
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ITAT - Closely linked international transactions of import of spare parts, export of spare parts, IT support services, access to customized parts catalogue and amount received for warranty consideration are inter-related transactions, which were the sourcing activities of the assessee company and have to be aggregated in order to determine the ALP
Cummins India Limited vs. ACIT
(2015) TaxCorp(LJ) 4982 (ITAT-PUNE)
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ITAT - CIT, while granting registration or renewal, can only look at the nature of activities and is not concerned with violation of s. 11(5) or s. 13
Ashoka Education Foundation vs. CIT
(2015) TaxCorp(LJ) 4981 (ITAT-PUNE) · Sections. 12AA, 80G(5)
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HC - Even though there are common partners in two firms since both the firms have separate channels, be it of constitution or maintenance of accounts, the loss earned by one firm cannot be pitted or set off against the profits of the other firm
M/s. Arun Chemical & Pharmaceutical Works, Hyderabad Versus The Commissioner of Income Tax
(2015) TaxCorp(LJ) 4980 (HC-AP) · http://taxcorp.in/FileOpenDT.aspx?ID=59046&Category=Judgment&CategoryType=Zip
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HC - Once a company is categorized as the one carrying on speculation business, an act of segregation needs to be undertaken and the entire loss incurred by the company does not disqualify for set off against profits from other activities. Only portion of the loss which is incurred in the speculative activity gets disqualified.
M/s. Melville Finvest Ltd. Versus Joint Commissioner of Income Tax (Assts.)
(2015) TaxCorp(LJ) 4979 (HC-AP) · http://taxcorp.in/FileOpenDT.aspx?ID=59061&Category=Judgment&CategoryType=Zip
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HC - Principle of consistency - It would not be equitable to permit the revenue to take a different stand subsequently in respect of the amounts which were the subject matter of previous years’ assessment
VIRENDRA R. GANDHI Versus ACIT
(2015) TaxCorp(LJ) 4978 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=59039&Category=Judgment&CategoryType=Zip
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ITAT - While granting the exemption or renewal of exemption u/s 80G(5) of the Act, the role of CIT is limited to look into the nature of activities being carried on by the institution or fund and the violation if any, of the provisions of section 13 of the Act and its various subsections are to be looked into by the AO while deciding the issue of grant of deduction u/s 11 and 12
Ashoka Education Foundation Versus The Commissioner of Income Tax
(2015) TaxCorp(LJ) 4977 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=39250&Category=ITAT&CategoryType=Zip
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HC - Once the appellant has the advantage of receiving a sum towards installation of machinery alone, the same deserves to be deducted from the WDV, to the extent it has been added to the value of block assets. It would have its own impact upon the amount of depreciation to be allowed on the block assets
The Elegant Chemicals Enterprises Private Limited Versus The Assistant Commissioner of Income Tax
(2015) TaxCorp(LJ) 4968 (HC-AP) · http://taxcorp.in/FileOpenDT.aspx?ID=59053&Category=Judgment&CategoryType=Zip
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HC - Assessee was liable to pay interest u/s 234B and 234C in respect of tax determined on the basis of Section 115JA
JOINT COMMISSIONER OF INCOME TAX Versus SUMIT INDUSTRIES LTD.
(2015) TaxCorp(LJ) 4967 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=59054&Category=Judgment&CategoryType=Zip
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HC - Revenue will not initiate any recovery proceedings till the disposal of the appeal filed by the petitioner with the Commissioner (Appeals).
Disha Construction v. Ms. Devireddy Swapna
(2015) TaxCorp(LJ) 4966 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=59050&Category=Judgment&CategoryType=Zip
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HC - Where Assessing Officer granted an opportunity to file a reply but after receiving a reply did not grant an opportunity of being heard, Assessing Officer cannot direct for special audit
Isolux Corsan India Engineering & Construction (P.) Ltd. v. Deputy Commissioner of Income-tax Circle 1(1), Gurgaon
(2015) TaxCorp(LJ) 4965 (HC-P&H) · http://taxcorp.in/FileOpenDT.aspx?ID=58434&Category=Judgment&CategoryType=Zip
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ITAT - Where assessee had entered into a cost sharing exercise in implementing ERP systems in group company which involved services by assessee company, to be marked-up under TP norms
Kirby Building Systems India Ltd. v. Assistant Commissioner of Income-tax, Circle 8 (1), Hyderabad
(2015) TaxCorp(LJ) 4964 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=38748&Category=ITAT&CategoryType=Zip
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HC - Expenditure incurred in credit card business on account of credit investigation to verify information and data provided by prospective customers for issue of credit cards, is part of running cost, to be allowed as revenue expenditure
Commissioner of Income-tax-III v. SBI Cards & Payment Services (P.) Ltd.
(2015) TaxCorp(LJ) 4963 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58471&Category=Judgment&CategoryType=Zip
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ITAT - In case the dividend income is not received by an assessee, the disallowance u/s 14A cannot be made
ACIT. Vs. M/s. Bharat Hotels Ltd.
(2015) TaxCorp(LJ) 4958 (ITAT-DELHI) · Section. 14A
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ITAT - Incorrect claim would not tantamount to furnishing of inaccurate particulars and penalty u/s 271(c ) should not be levied on it
ACIT. Vs. M/s. Beekman Heiix India Consulting P. Ltd.
(2015) TaxCorp(LJ) 4957 (ITAT-DELHI)
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ITAT - Maxim of “audi alteram partem”cannot be sacrificed at the altar of the administrative convenience or celebrity. the Right to be heard has a corresponding duty that the party invoking the discretion of the Court has to itself ensure that it does not abuse the exercise of discretion in its favour.
Raman Kumar Kapoor v/s ACIT
(2015) TaxCorp(LJ) 4956 (ITAT-DELHI)
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HC - Transfer of assets by assessee-firm to a company in lieu of share allotment to partners is taxable as capital gains in the hands of the firm.
Ana Labs vs. DCIT
(2015) TaxCorp(LJ) 4955 (HC-AP) · Section 45(4)
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ITAT - In the case of bonus shares acquired by the assessee prior to April 1, 1981, the assessee was entitled to adopt the fair market value as on April 1, 1981 as the cost of acquisition but in case bonus shares were acquired after April 1, 1981, the cost of acquisition would be Nil.
DDIT. Vs. H & R Johnson (Overseas) Ltd.
(2015) TaxCorp(LJ) 4954 (ITAT-MUMBAI)
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ITAT - Neither the assessee nor the Revenue has the right to flout the decision of the Tribunal and being an officer functioning under the Government of India it is his obligation to follow the directions of the superior authority and even if there is consent he should not have collected the amount. AO tendered an unconditional apology for his conduct. Approach of the AO cannot be appreciated
Johnson & Johnson Ltd. Versus Additional Commissioner of Income-tax, LTU
(2015) TaxCorp(LJ) 4953 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7596&Category=INTLDecisions&CategoryType=Zip
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ITAT - Merely because subsequently another decision of the Coordinate Bench of the ITAT is noticed by the AO, that will not vests the jurisdiction in the AO to exercise his powers u/s. 147 of the Act
Magnum Forge and Machine Works Pvt. Ltd. Versus Assistant Commissioner of Income Tax
(2015) TaxCorp(LJ) 4952 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=39228&Category=ITAT&CategoryType=Zip
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