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S. 50C(2): Reference to DVO cannot be made if assessee has challenged the valuation by the stamp authorities and even if the said challenge is dismissed on ground that as purchaser paid the duty, assessee had no locus standi to challenge stamp valuation
Seksaria Industries Pvt. Ltd. vs. ITO
(2014) TaxCorp(LJ) 4308 (ITAT-MUMBAI) · Section. 50C(2)
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S. 37(1): Law on deductibility of expenditure incurred on legal fees to defend criminal proceedings explained
Praveen Saxena vs. JCIT
(2014) TaxCorp(LJ) 4307 (ITAT-DELHI) · Section. 37(1)
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(i) Method of applying Resale Price Method (RPM) method, (ii) high advertisement expenses has no bearing on the RPM, (iii) comparables with more than 25% of related party transactions (RPTs) have to be excluded, (iv) transactions which do not impact the profitability should be excluded from the formula, (v) potentially comparable companies cannot be expelled only on the ground of high or low turnover
Nokia India (P) Ltd. vs. DCIT
(2014) TaxCorp(LJ) 4306 (ITAT-DELHI)
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S. 80-IB(10)(c): Area of projected terrace (open to sky) is not liable to be included within the meaning of expression “built-up area”
Naresh T. Wadhwani vs. DCIT
(2014) TaxCorp(LJ) 4305 (ITAT-PUNE) · Section. 80-IB(10)(c)
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S. 147/ 151: Sanction by the CIT with word "approved" without recording satisfaction note renders reopening invalid
ITO. vs. N. C. Cables Ltd.
(2014) TaxCorp(LJ) 4304 (ITAT-DELHI) · Sections. 147, 151
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Information received by the AO that the assessee is a beneficary in a "discretionary" trust set up in Liechtenstein can form the basis of assessment of undisclosed income in the assessee's hands. Argument that the trust is "discretionary" and that the amount has not "accrued" to him or that the documents are "not corroborated" is not acceptable
Mohan Manoj Dhupelia vs. DCIT
(2014) TaxCorp(LJ) 4303 (ITAT-MUMBAI)
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S. 194-I: Payment for use of an asset simpliciter, whether with control and possession in its legal sense or not, could be said to be for the use of an asset. However, payment for a specific act such as power transmission and even if an asset is used in the said process, cannot be said to be for the use of an asset
ACIT vs. Maharashtra State Electricity Distribution Company Ltd.
(2014) TaxCorp(LJ) 4302 (ITAT-MUMBAI) · Section. 194-I
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The only requirement of s. 249(4) is payment of tax due on returned income. There is no time limit prescribed for payment of such taxes. The delay in filing an appeal after payment of SA tax can be condoned
Kanchenjunga Greenlands Pvt. Ltd. vs. DCIT
(2014) TaxCorp(LJ) 4301 (ITAT-HYDERABAD) · Section. 249(4)
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"Innovative" method of department of forcing hapless assessees to give "consent letters" for tax recovery deplored and warning issued
Johnson & Johnson Ltd. vs. ACIT
(2014) TaxCorp(LJ) 4300 (ITAT-MUMBAI)
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S. 147: Reopening on the possibility that the assessee AOP may or may not be a taxable unit is based on surmise and presumption & is invalid
Investeringsforeningen BankInvest vs. DDIT
(2014) TaxCorp(LJ) 4299 (ITAT-MUMBAI) · Section. 147
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If assessee has followed CUP method, it cannot argue at the appellate stage that TNMM should be followed even if TPO has for later years accepted TNMM as the Most Appropriate Method
DCIT. vs. Insilco Ltd.
(2014) TaxCorp(LJ) 4298 (ITAT-DELHI)
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Purchases cannot be treated as bogus solely on the ground that suppliers are not traceable if the assessee has paid by a/c payee cheques and produced the income-tax and sales-tax documents and bank statements of the suppliers
Ganpatraj A Sanghavi vs. ACIT
(2014) TaxCorp(LJ) 4297 (ITAT-MUMBAI)
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S. 271(1)(c): Apart from falsity of the explanation, the department must have cogent material or evidence from which it could be inferred that assessee has consciously concealed particulars of income or deliberately furnished inaccurate particulars of income
G. K. Properties Pvt. Limited vs. ITO
(2014) TaxCorp(LJ) 4296 (ITAT-HYDERABAD) · Section. 271(1)(c)
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S. 195: Reimbursement of share of costs towards administrative and management support services in connection with technology updates etc is not taxable
DCIT. vs. Ernst & Young Pvt. Ltd.
(2014) TaxCorp(LJ) 4295 (ITAT-KOLKATA) · Section. 195
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S. 143(3) assessment on amalgamating company is a nullity. U/s 170(2) assessment has to be on successor. Mistake cannot be cured u/s 292B. Participation by amalgamating company is irrelevant as there is no estoppel against a statute
CIT. vs. Dimension Apparels Ltd.
(2014) TaxCorp(LJ) 4294 (HC-DELHI) · Sections. 143(3), 170(2), 292B
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S. 147 Reopening solely on the basis of information received from the investigation wing & without independent application of mind is void
ACIT. vs. Devesh Kumar
(2014) TaxCorp(LJ) 4293 (ITAT-DELHI) · Section. 147
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(i) As the work done by the branch in India required high technical and managerial skill, it is not preparatory and auxiliary work of a back office but constitutes a permanent establishment (ii) Attribution of profits under Rule 10B(2) on the basis of the H.O's profits in the absence of data on uncontrolled transactions is proper, (iii) As risks were shared by the H.O. and the PE, 50% 50% of the profits determined as per rule 10 are attributable to operations carried out by the PE in India
Consulting Engineering Corporation vs. JDIT
(2014) TaxCorp(LJ) 4292 (ITAT-DELHI)
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Though approval of Director of STPI to EOU is sufficient for s. 10A, it is not so for s. 10B. For s. 10B, the approval of the Board appointed under I(D&R) Act is necessary. Claim for s. 10A can be made before CIT(A)
Clarion Technologies Pvt. Ltd. vs. DCIT
(2014) TaxCorp(LJ) 4291 (ITAT-PUNE) · Section. 10A, 10B
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S. 271(1)(c): Explanation that bona fide mistake was committed on advice of CA is a reasonable one as per Explanation 1B of s. 271(1) and does not attract penalty
ACIT vs. Cecilia Haresh Chaganlal
(2014) TaxCorp(LJ) 4290 (ITAT-MUMBAI) · Section. 271(1)(c)
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S. 2(47): Transfer takes place in year of execution of sale deed, handing over of possession & receipt of sale consideration & is not deferred to year of registration. Verdict in Suraj Lamp and Industries 340 ITR 1 (SC) explained
Amitkumar Ambalal Shah vs. ITO (ITAT Ahmedabad)
(2014) TaxCorp(LJ) 4289 (ITAT-AHMEDABAD) · Section. 2(47)
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