All landmark rulings

21,722 rulings

Desk: Both Direct Tax GST

Direct Tax ·ITAT Panaji · 25 Dec 2014
ITAT - Revision u/s 263 was justified on ground that in assessee's plant only waste generated by other units were processed which could not amount to production and, thus, assessee was not entitled to deduction under section 10B
Sesa Goa Ltd. v. Commissioner of Income-tax, Range-1, Panaji, Goa
(2014) TaxCorp(LJ) 4833 (ITAT-PANAJI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7590&Category=INTLDecisions&CategoryType=Zip
Direct Tax ·Calcutta High Court · 25 Dec 2014
HC - Application money of non-convertible debentures is to be treated as cost of acquisition of detachable warrants
Ganapati Enterprises v. Commissioner of Income-tax
(2014) TaxCorp(LJ) 4832 (HC-CALCUTTA) · http://taxcorp.in/FileOpenDT.aspx?ID=57947&Category=Judgment&CategoryType=Zip
Direct Tax ·ITAT Kolkata · 25 Dec 2014
ITAT - Mere fact of receipt of share premium via banking route not enough to prove it as genuine unless AO had made proper enquiries on it; Revision u/s 263 justified
Bisakha Sales (P.) Ltd. v. Commissioner of Income-tax, (Kol-II)
(2014) TaxCorp(LJ) 4831 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=38229&Category=ITAT&CategoryType=Zip
Direct Tax ·Delhi High Court · 25 Dec 2014
HC - Since FCNR(B) loan was not for acquisition of any asset and payment made in foreign currency was actual expenditure incurred by assessee to protect itself from foreign exchange fluctuation loss, said payment would be of revenue nature
Commissioner of Income-tax-VI v. Climate System (P.) Ltd.
(2014) TaxCorp(LJ) 4830 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=57984&Category=Judgment&CategoryType=Zip
Direct Tax ·ITAT Mumbai · 23 Dec 2014
S. 40(a)(ia): Merilyn Shipping 146 TTJ 1 (Vizag) has binding effect in view of the SLP dismissal & the clarification in Janapriya Engineers (AP HC) and so amounts already paid during the year cannot be disallowed
Arcadia Share & Stock Brokers Pvt. Ltd vs. DCIT
(2014) TaxCorp(LJ) 4829 (ITAT-MUMBAI) · Section 40(a)(ia)
Direct Tax ·ITAT Kolkata · 24 Dec 2014
ITAT - Mere rejection of application u/s 10(23C)(via) cannot be the basis to reject the claim of exemption u/s. 10(23C)(iiib)
Senate of Serampore College Versus Joint Commissioner of Income-tax (OSD), Circle-2, Hooghly
(2014) TaxCorp(LJ) 4828 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=39098&Category=ITAT&CategoryType=Zip
Direct Tax ·ITAT Chandigarh · 24 Dec 2014
ITAT - Income earned by the assessee from growing of mushrooms cannot be treated as agricultural income
CHANDER MOHAN Versus ITO. WARD 4 YAMUNANAGAR
(2014) TaxCorp(LJ) 4827 (ITAT-CHANDIGARH) · http://taxcorp.in/FileOpenDT.aspx?ID=39030&Category=ITAT&CategoryType=Zip
Direct Tax ·ITAT Mumbai · 24 Dec 2014
ITAT - Seized paper indicates assessee was receiving on-money in the ordinary course of its business. Even the unaccounted expenditures are also reflected in the seized papers. A reasonable profit should be taxed which is embedded in the total unaccounted gross receipts
M/s. Platinum Properties Versus The DCIT, Central Circle-1, Mumbai
(2014) TaxCorp(LJ) 4826 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=39072&Category=ITAT&CategoryType=Zip
Direct Tax ·ITAT Kolkata · 24 Dec 2014
ITAT - Sec. 2(22)(e) covers only those transactions which benefit the shareholder alone and results in no benefit to the company. The loan account differs from current account and the provisions of section 2(22)(e), being a deeming section, cannot be applied to current account
Mr. Purushottam Das Mimani Versus Dy. Commissioner of Income Tax, Central Circle-V Kolkata
(2014) TaxCorp(LJ) 4825 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=39071&Category=ITAT&CategoryType=Zip
Direct Tax ·ITAT Bangalore · 24 Dec 2014
ITAT - Most appropriate method for determining the ALP of the royalty - Transfer of intangibles - matter remitted back to the AO/TPO for determination of ALP of royalty by adopting TNMM
M/s. Toyota Kirloskar Auto Parts Pvt. Ltd. Versus Asst. Commissioner of Income-tax
(2014) TaxCorp(LJ) 4824 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenDT.aspx?ID=39031&Category=ITAT&CategoryType=Zip
Direct Tax ·ITAT Mumbai · 24 Dec 2014
ITAT - if the method of accounting followed by the assessee is in contravention to the notified accounting standards, the provisions of Sec. 145 will prevail. As there is no doubt that the assessee has been consistently following accounting standard-7, the method followed by the assessee has to be accepted
M/s. International Metro Civi l Contractors Versus The ACIT
(2014) TaxCorp(LJ) 4823 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenINTL.aspx?ID=7516&Category=INTLDecisions&CategoryType=Zip
Direct Tax ·Gujarat High Court · 24 Dec 2014
HC - A single transaction may constitute a speculative business so as to be treated differently from other business under section 28
KANUBHAI A. PATEL Versus ACIT
(2014) TaxCorp(LJ) 4822 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=58925&Category=Judgment&CategoryType=Zip
Direct Tax ·Karnataka High Court · 24 Dec 2014
HC - Brokerage paid to mobilize public deposit would be revenue expenditure, if the said money is utilized for working capital
Commissioner of Income-tax v. Karnataka Power Corporation Ltd
(2014) TaxCorp(LJ) 4821 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=58934&Category=Judgment&CategoryType=Zip
Direct Tax ·Karnataka High Court · 24 Dec 2014
HC - In view of the fact that petitioner does not dispute about deposits held by it on behalf of the assessee and the same being payable by the petitioner to the assessee and non-compliance of the demand notice raised by the Department under section 226(3), Department have rightly held that petitioner is to be treated as an assessee in default.
Shree Aashraya Souhard Credit Society Ltd. v. Assistant Commissioner of Income-tax
(2014) TaxCorp(LJ) 4820 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=57571&Category=Judgment&CategoryType=Zip
Direct Tax ·Gujarat High Court · 24 Dec 2014
HC - Since assessee proved identity of creditor and capacity to pay and that payment was made through banking channel, no addition could be made on account of unsecured loan
Commissioner of Income-tax, Ahmedabad – IV v. Sachitel Communications (P.) Ltd
(2014) TaxCorp(LJ) 4819 (HC-GUJARAT) · http://taxcorp.in/FileOpenDT.aspx?ID=58935&Category=Judgment&CategoryType=Zip
Direct Tax ·Bombay High Court · 17 Apr 2014
HC - Warning to Department against filing appeal on covered matters. This would result in frustrating the entrepreneurs and defeating the purpose of setting up new industries and particularly in backward areas.
CIT. Vs. Kirloskar Oil Engines Ltd.
(2014) TaxCorp(LJ) 4818 (HC-BOMBAY)
Direct Tax ·Bombay High Court · 23 Dec 2014
HC - If the Tribunal accepts that a mistake has crept in the order, interests of justice is served if the entire order is recalled (suo moto by the ITAT) & appeal re-heard. Appeals should not be disposed off in “light hearted” and “casual manner”
State Bank of India vs. DCIT
(2014) TaxCorp(LJ) 4817 (HC-BOMBAY) · Section 254(2)
Direct Tax ·AP High Court · 23 Dec 2014
HC - Special Bench verdict In Merilyn Shipping is binding on the ITAT due to judicial discipline even though verdict has been stayed by the High Court. Principle of judicial discipline applicable.
CIT vs. Janapriya Engineers Syndicate
(2014) TaxCorp(LJ) 4816 (HC-AP) · Section 40(a)(ia)
Direct Tax ·Bombay High Court · 22 Dec 2014
HC - Transfer Fees received by Co-operative Housing Society from incoming & outgoing members (even in excess of limits) is exempt on the ground of mutuality
CIT vs. Darbhanga Mansion CHS Ltd
(2014) TaxCorp(LJ) 4815 (HC-BOMBAY)
Direct Tax ·ITAT Mumbai · 19 Dec 2014
ITAT - No TDS u/s 194C or 194J on freight, seal wire, warehouse charges paid by CHA on reimbursement basis on behalf of its client
ITO vs. Universal Traffic Co
(2014) TaxCorp(LJ) 4814 (ITAT-MUMBAI)

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