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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
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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
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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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HC - Since interest income earned by assessee (co-operative society engaged in providing credit facilities to its members) from short term deposits with banks is 'attributable' to carrying on credit business, deduction u/s 80P(2) is available
Tumkur Merchants Souharda Credit Cooperative Limited vs ITO
(2014) TaxCorp(LJ) 4788 (HC-KARNATAKA)
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HC –Cost Sharing Agreement only a device to avoid tax; payment to use intranet facilitytaxable as“royalty”
CIT, ITO vs. CGI Information Systems and Management Consultants Pvt Ltd
(2014) TaxCorp(LJ) 4659 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=4041&Category=Landmark&CategoryType=Zip
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HC - Subsequent amendment though retrospective will not attract Section 263 whereassessment already made
Commissioner of Income-tax, Bangalore v. Sasken Communication Technologies Ltd.
(2014) TaxCorp(LJ) 4653 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=58658&Category=Judgment&CategoryType=Zip
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HC - Indexed Cost of Acquisition in case of capital asset acquired through succession
Commissioner of Income-tax, Mysore Versus Smt. Asha Machaiah
(2014) TaxCorp(LJ) 4626 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=58130&Category=Judgment&CategoryType=Zip
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HC -Set-off of notionally brought forward losses available for eligible profits u/s 80IA(5)
M/s Microlabs Ltd vs ACIT
(2014) TaxCorp(LJ) 4556 (HC-KARNATAKA) · Section. 80IA(5)
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HC - Order of ITAT not proper as was against principals of natural justice; an opportunity of being heard had to be necessarily granted.
CIT vs Wifi Network Pvt Ltd.
(2014) TaxCorp(LJ) 4552 (HC-KARNATAKA)
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HC - Brokerage for public deposits allowable as neither extension of capital nor for issue of shares for increase in share capital
CIT vs. Karnataka Power Corporation Ltd
(2014) TaxCorp(LJ) 4549 (HC-KARNATAKA)
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HC - If capital assets upgraded goes on changing as time progresses due to competition in the market then product development expense is revenue in nature
CIT vs. Tejas Networks India (P) Ltd.
(2014) TaxCorp(LJ) 4545 (HC-KARNATAKA)
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Premature payment of sales-tax deferral loan by paying an amount equal to the net present value of the deferred tax by which the entire liability to pay tax/loan stood discharged is not a "benefit" taxable u/s 41 (1)
CIT vs. McDowell & Co Ltd.
(2014) TaxCorp(LJ) 4219 (HC-KARNATAKA) · Section. 41(1)
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Whether when the assessee accepts the TP adjustments made by the Revenue to buy peace with the Department and accordingly, revises its returns for several AYs, revisionary powers u/s 263 can be invoked when the CIT himself was a party to the agreement with the assessee for revising the returns and paying taxes as per the TP Adjustments
CIT. Vs. SIGMA ALDRICH FOREIGN HOLDINGS COMPANY
(2014) TaxCorp(LJ) 4117 (HC-KARNATAKA) · Income tax - Sections 92, 92C(3), 139(1), 142(1), 143(2), 263
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S. 263: TPO’s acceptance of ALP shows two views are possible & CIT has no jurisdiction to revise assessment
CIT vs. SAP Labs Pvt. Ltd
(2014) TaxCorp(LJ) 4099 (HC-KARNATAKA) · Section 263
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Revenue cannot recover demand to the extent of TDS deducted despite non payment by deductor
Smt. Anusuya Alva Vs. Deputy Commissioner Of Income Tax
(2014) TaxCorp(LJ) 4083 (HC-KARNATAKA)
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HC - Revision u/s 263 on the basis of retrospective amendment not justified
CIT vs. Sasken Communication Technologies Limited
(2014) TaxCorp(LJ) 4068 (HC-KARNATAKA) · 263
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HC – Merely because Trust proposed to carry on the business in future to support charitable purposes, registration u/s 12A cannot be declined
CIT & Ors. Vs. M/S. INDIA HERITAGE TRUST
(2014) TaxCorp(LJ) 4067 (HC-KARNATAKA) · 12A
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HC - Distinguishes SA Builders; Disallowance of interest paid justified for interest free loans to sister concern
CIT vs. K.RAHEJA DEVELOPMENT CORPORATION
(2014) TaxCorp(LJ) 4066 (HC-KARNATAKA) · 37(1), 36(1)(iii)
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HC - Tax liability cannot be enhanced in an intimation passed under section 154 by CPC-TDS without providing an opportunity of hearing
Page Industries Ltd. Vs. Dy. CIT & Ors.
(2014) TaxCorp(LJ) 4065 (HC-KARNATAKA) · 154 r/w 156
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HC - Expenses / Cost of abandoned project - Allowable as deduction u/s 28 r/w 37 - Fact that arbitration proceedings are pending - Not relevant in disallowing the claim
M/s. Asia Power Projects Pvt. Ltd. Vs. The Deputy Commissioner of Income Tax
(2014) TaxCorp(LJ) 4055 (HC-KARNATAKA) · 28 rw/ 37(1)
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