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ITAT - As per Section 80IB, deduction is allowable in respect of income derived from the eligible housing project, thus statutorily allowable deduction to the assessee cannot be denied
M/s. Nilkanth Developers Versus The Income Tax Officer
(2014) TaxCorp(LJ) 4853 (ITAT-AHMEDABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=39144&Category=ITAT&CategoryType=Zip
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HC - In the absence of the notice being served within the stipulated period under section 143 (2), the assessment proceeding comes to an end and is deemed to have become final
Commissioner of Income Tax Versus Smt. Meenakshi Devi
(2014) TaxCorp(LJ) 4852 (HC-ALLAHABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=58958&Category=Judgment&CategoryType=Zip
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Hc - Effect of amendment u/s 40A(3) w.e.f. 1.4.2009. The amendment is applicable w.e.f. 1st April, 2009 not prior to that
Commissioner of Income Tax-XIII Versus Hitesh Bansal
(2014) TaxCorp(LJ) 4851 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58964&Category=Judgment&CategoryType=Zip
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ITAT - Employee secondment by assessee to its India subsidiary creates service PE. Any cost incurred has to be allowed as deduction. Since salary is a cost to the assessee the same is to be allowed
Morgan Stanley International Incorporated vs DDIT
(2014) TaxCorp(LJ) 4850 (ITAT-MUMBAI)
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HC - There can be no Miscellaneous Petition (MP) against the order on an MP. The question whether this Tribunal can set aside an issue to the DRP or only to an Assessing Officer are all debatable, not falling within the purview of a rectification petition
DCIT vs. Honeywell Technology Solutions Lab (P) Ltd.
(2014) TaxCorp(LJ) 4849 (ITAT-BANGALORE)
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HC - if a Court is placed with two precedents rendered by itself, one in conflict with the other, it has every right to choose as between the two and by doing so, it does not do any violence to the other. 100% depreciation available on each item of "shuttering material" (of value less than Rs. 5000)
CIT vs Live Well Home Finance (P) Ltd.
(2014) TaxCorp(LJ) 4848 (HC-AP)
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SC - SLP Dismissed. AS-7 only applies when the person who enters into contract for agreement to sell undertakes the construction personally
Thumbsay Holdings (P) Ltd vs CIT
(2014) TaxCorp(LJ) 4847 (SC)
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ITAT - AO has jurisdiction to reopen the assessment where income escaped in the original assessment due to mistake committed by the AO
The Deputy Commissioner of Income Tax, LTU Versus M/s. Biocon Limited
(2014) TaxCorp(LJ) 4846 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=39093&Category=ITAT&CategoryType=Zip
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HC - Activity of owning and maintaining horses cannot by any stretch of imagination fall in the definition of 'card game or other game of any sort' found in Section 194B
Bangalore Turf Club Ltd. Versus Union of India And Others
(2014) TaxCorp(LJ) 4845 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=58920&Category=Judgment&CategoryType=Zip
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Hc - Mere fact that the submission of survey report to foreign agencies was within India, does not take away the matter from the purview of Section 80-O
Commissioner of Income Tax, Visakhapatnam Versus Peters & Prasad Association
(2014) TaxCorp(LJ) 4844 (HC-AP) · http://taxcorp.in/FileOpenDT.aspx?ID=58926&Category=Judgment&CategoryType=Zip
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HC - Loss incurred on the sale of shares of a wholly owned subsidiary was a business loss because the investment made in the latter was not a business asset but to separately house the integral part of the business activity
The Commissioner of Income Tax-10 Versus M/s. Colgate Palmolive (India) Ltd.
(2014) TaxCorp(LJ) 4843 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=58944&Category=Judgment&CategoryType=Zip
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HC - In view of the payments to the creditors, book entries were made in the journal of the assessee, thus there is no cash payment; Penalty u/s 271D cannot be imposed for violation of Section 269SS
The Commissioner of Income Tax Versus M/s. Sidhartha Securities And Traders Ltd.
(2014) TaxCorp(LJ) 4842 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58950&Category=Judgment&CategoryType=Zip
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HC - The order has been passed after taking into consideration the extraneous material which had never been brought to the notice of the assessee prior to passing of the order. Therefore, the action of the AO is violative of principles of natural justice and fair play and therefore not sustainable in the eyes of law.
Anand Chauhan and others Versus The Commissioner of Income Tax, Himachal Pradesh
(2014) TaxCorp(LJ) 4841 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58924&Category=Judgment&CategoryType=Zip
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HC - Restriction of penalty imposed u/s 140A(3) to 25% is justified. Revenue harbors the belief that maximum penalty must be imposed in all cases, which is not the legislative mandate.
Commissioner of Income Tax-VIII Versus Naresh Kumar Jaggi
(2014) TaxCorp(LJ) 4840 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58954&Category=Judgment&CategoryType=Zip
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HC - Tribunal was correct in placing reliance on surveyor’s report for the purpose of determining the actual cost of the asset acquired by the assessee
De Nora India Limited (Earlier Known As M/s. Titanor Components Ltd.) Versus CIT And Another
(2014) TaxCorp(LJ) 4839 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58955&Category=Judgment&CategoryType=Zip
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HC - The sale consideration for transfer of shares was artificially and deceitfully bifurcated under a sham agreement/ documentation, which was unreal and not a true record of the intention. Entire amount would be taxed in the hands of the assessee, and would be treated as part of the sale consideration received on transfer of the shares in CDBL, held by him
The Commissioner of Income Tax, Delhi –IV Versus Shiv Raj Gupta
(2014) TaxCorp(LJ) 4838 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58956&Category=Judgment&CategoryType=Zip
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HC - Assessee was engaged in processing of goods or merchandise as activity of converting raw gold into jewellery or ornaments amounts to processing, if not manufacture of goods or merchandise. Jewellery has distinctive name, character and use and is a different and new commercially saleable product; eligible for exemption u/s 10A/10B
Commissioner of Income Tax Versus M/s. Harig India Limited
(2014) TaxCorp(LJ) 4837 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58957&Category=Judgment&CategoryType=Zip
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HC - Part of profits earned on sale of shares held as investment would be assessable under the head short-term capital gains and not as business income
Commissioner of Income-tax v. CNB Finwiz Ltd.
(2014) TaxCorp(LJ) 4836 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=57938&Category=Judgment&CategoryType=Zip
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HC - No TDS us/ 194C on air freight paid to C&F agent which was raised by said agents by separate bills for reimbursement as it was paid to airlines for export of goods
Commissioner of Income-tax v. Opera Global (P.) Ltd.
(2014) TaxCorp(LJ) 4835 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=58047&Category=Judgment&CategoryType=Zip
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HC - Penalty under section 271F justified where aassessee was a habitual defaulter and in absence of any satisfactory explanation having been furnished by him for delay in furnishing annual information return (AIR)
Joint Sub Registrar, Sangat v. Director of Income-tax (CIB), Chandigarh
(2014) TaxCorp(LJ) 4834 (HC-P&H) · http://taxcorp.in/FileOpenDT.aspx?ID=58099&Category=Judgment&CategoryType=Zip
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