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ITAT - There cannot be a cut off date for expenditure if it has been incurred for business and is not recovered from the purchaser of business and cannot be disallowed on proportionate and estimate basis
DLF Estate Developers Vs ACIT
(2014) TaxCorp(LJ) 4813 (ITAT-DELHI)
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ITAT - Whenever the application under Section 197 is made, the same should be disposed of expeditiously
DHARAMSHILA CANCER FOUNDATION AND RESEARCH CENTRE vs. CIT
(2014) TaxCorp(LJ) 4812 (HC-DELHI)
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HC - Family arrangement, wherever it exists and is proved, is a sui generis i.e. a class by itself, with full legal enforceability, de hors the fact that it is not dealt with under any specific provision of an enactment
P Shankaraiah Yadav vs ITO
(2014) TaxCorp(LJ) 4811 (HC-AP)
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SC - High Court of Delhi held that service tax audits conducted u/r 5A(2) of Service tax rules, 1994 are not valid in law. Apex Court has granted a stay on the operation of the judgement made by High Court
UNION OF INDIA & ORS. Vs. M/S Travelite (India)
(2014) TaxCorp(LJ) 4810 (SC)
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SC - Courts of law have to judge evidence before them by applying the well recognised test of basic human probabilities. Strong suspicions, strange coincidences and grave doubts cannot take the place of legal proof. The prosecution could have established that the secret books of account related to the business transactions carried on by the respondents and none else in a variety of ways.
STATE OF KERALA Vs. MATHEW (M. M. ) AND ANR.
(2014) TaxCorp(LJ) 4809 (SC)
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HC - Goods cannot be detained illegally, arbitrarily and without any basis and merely on surmises and conjectures and whims of the authorities concerned despite the settled principle of law laid down by the Court
M/S Seema Enterprises Vs. The Commissioner, Commercial Tax, U.P., Lucknow
(2014) TaxCorp(LJ) 4808 (HC-ALLAHABAD)
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HC - Where dividend income derived from shares held as stock is specifically chargeable under the head “Income from other sources”, it is immaterial whether the assessee is a dealer or a trader and caries on business of purchase and sale of shares
Sangam Investments Limited Versus The Commissioner of Income Tax
(2014) TaxCorp(LJ) 4807 (HC-ALLAHABAD)
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SC - The mobile/cell phone charger is an accessory to cell phone and is not a part of the cell phone
STATE OF PUNJAB & ORS. v. NOKIA INDIA PVT. LTD.
(2014) TaxCorp(LJ) 4806 (SC)
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ITAT - The entire amount of deposit made in the bank account cannot be said to be unexplained because after deposit of the cash amounts, there are withdrawals
ITO v/s Rajeev Kumar Gupta
(2014) TaxCorp(LJ) 4805 (ITAT-AGRA)
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HC - In case of Construction Business, in absence of Books, 8% Net Profit held reasonable in Tax Audit case the same as mentioned in sec. 44AD
COMMISSIONER OF INCOME TAX-XII versus SUBODH GUPTA
(2014) TaxCorp(LJ) 4804 (HC-DELHI)
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ITAT - Amount paid by the assessee to the Customs Authorities in terms of order was in the nature of redemption fine and not penalty and accordingly the same was allowable as business expenditure which enhances the cost of goods
M/s M.P.Gupta V/s. ITO
(2014) TaxCorp(LJ) 4803 (ITAT-MUMBAI)
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ITAT - For sec. 69, Asset Side of Balance Sheet cannot be isolated from Liability side
M/s. Manas Greenland Pvt. Ltd. Vs. ITO (OSD)
(2014) TaxCorp(LJ) 4802 (ITAT-HYDERABAD)
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HC - Authority should not be mislead or guided by the balance sheet which is prepared to satisfy the shareholders by resorting to window dressing. Expenses actually incurred to be allowed even though presented as being 'deferred in printed balance sheet for shareholders to show earning of profits
CIT vs Karnataka Soaps and Detergents Ltd.
(2014) TaxCorp(LJ) 4801 (HC-KARNATAKA)
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ITAT - The Revenue generating activity of the assessee was to start only after the completion of the construction of the road, and the construction of the road being the basic set up or the profit making apparatus of the business of the assessee, the business of the assessee cannot be said to have been set up unless and until the construction of road is complete. Expense during road construction period not available
Western UP Tollway Ltd. vs. ACIT
(2014) TaxCorp(LJ) 4800 (ITAT-HYDERABAD)
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ITAT - Licence fee paid to Dept of Telecommunication by telecom service provider as revenue expenditure since assessee is not exclusive user of licence facility
ACIT vs. Vodafone Essar Gujarat Limited
(2014) TaxCorp(LJ) 4799 (ITAT-AHMEDABAD)
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ITAT - Consultancy charges incurred on open offer to public share-holders to acquire their shares to gain controlling interest in subsidiary is allowable u/s 37
Eicher Motors Ltd vs DCIT
(2014) TaxCorp(LJ) 4798 (ITAT-DELHI) · Sections 36 (l)(iii), 37
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ITAT - When the Income-tax Act provides for one month period for passing the assessment order after receipt of the direction of the DRP, it is a mandatory requirement for the Assessing Officer to record the date of actual receipt of the direction from DRP. By claiming that the date of receipt of direction from the DRP was not recorded in his office, the Assessing Officer cannot escape from the clutches of law
Envestnet Asset Management (India) Private Limited vs. ACIT
(2014) TaxCorp(LJ) 4797 (ITAT-COCHIN)
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ITAT - Even though both the predecessor and successor companies were subsidiaries of the same holding company, leading to no change in ultimate beneficial ownership, still carry forward and set-off of brought forward losses to assesse not available as 100% of its shareholding underwent a change
Yum Restaurants (India) Pvt. Ltd. Vs. ITO
(2014) TaxCorp(LJ) 4796 (ITAT-DELHI) · Section 79
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HC - Gains on sale of TDR received as additional FSI as per the D. C. Regulations has no cost of acquisition and is not chargeable to capital gains
CIT vs Sambhaji Nagar Coop. Hsg. Society Ltd.
(2014) TaxCorp(LJ) 4795 (HC-BOMBAY)
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HC - Transmission charges paid to GAIL under gas supply agreement/contract for purchase of gas, not liable to TDS u/s 194C/194J as the same is a sale transaction
ITO vs. Samtel Glass Ltd.
(2014) TaxCorp(LJ) 4794 (HC-RAJASTHAN)
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