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ITAT - The legal fiction of section 2(22)(e) does not extend to “shareholder”. The fiction is not to be extended further for broadening the concept of shareholders.
Asstt. Commissioner of Income Tax, CC-23, Jhandewalan Extension, New Delhi Versus M/s ISG Overseas (P) Limited
(2015) TaxCorp(LJ) 5173 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39522&Category=ITAT&CategoryType=Zip
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ITAT - If there are number of comparable uncontrolled transactions, then the arithmetic mean of such prices charged or paid should be identified. Neither the Revenue can pick a single highest price from a number of comparable uncontrolled transactions, nor the assessee can argue for taking the lowest of such comparable uncontrolled transactions
ITW India Limited vs. ACIT
(2015) TaxCorp(LJ) 5157 (ITAT-DELHI) · Section 92C
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ITAT - In a situation in which an activity is not undertaken with a profit motive or on sound and recognized business principles, such an activity cannot be considered to be a business activity. Receiving fees simplicitor is not reason enough to hold that the activity is not a charitable activity.
Army Welfare Placement Organization vs. DIT
(2015) TaxCorp(LJ) 5155 (ITAT-DELHI) · Section 2(15)
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ITAT - When there is no concealment of income qua the present assessment proceedings, there is no question of imposition of concealment penalty qua this assessment proceedings
Arvind Gupta vs. ITO
(2015) TaxCorp(LJ) 5148 (ITAT-DELHI)
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ITAT - Income from Portfolio Management Schemes, whether to be assessed as Capital gains or business income should be decided as per objectives of the Scheme. ITAT lays down criteria to determine income characterization
ACIT vs Satish Kumar Gupta
(2015) TaxCorp(LJ) 5146 (ITAT-DELHI)
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ITAT - Expenditure (like audit fees) required to be incurred irrespective of income cannot be disallowed. Investments in subsidiaries are not to earn dividend income and cannot be considered for disallowance u/s 14A/ Rule 8D
ITO vs. Pioneer Radio Training Services Pvt. Ltd
(2015) TaxCorp(LJ) 5128 (ITAT-DELHI) · Section 14A
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ITAT - For initiating valid jurisdiction u/s 153C, the date on which exercise is done would be considered as the date of receiving the books of account or document by the AO having jurisdiction over such other person.
Sh. Bhupinder Pal Singh Sarna Versus Asstt. Commissioner of Income Tax, New Delhi
(2015) TaxCorp(LJ) 5123 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39380&Category=ITAT&CategoryType=Zip
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ITAT - On record creditworthiness of donor and genuineness of gift is not proved because the assessee had no direct relationship with the donor and in the absence of any direct relationship, natural love and affection between the donor and donee was not established
Shri Prem Prakash Chaudhary Versus DCIT, CC-23, New Delhi
(2015) TaxCorp(LJ) 5120 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=39387&Category=ITAT&CategoryType=Zip
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ITAT - Important propositions of law laid down for cancellation of registration u/s 12AA as also for an assessee to be classified as charitable under the residuary category
Delhi & District Cricket Association vs. DIT (E)
(2015) TaxCorp(LJ) 5112 (ITAT-DELHI) · Section 11
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ITAT - When the law requires the AO of the person searched to record the necessary satisfaction, it is the AO having jurisdiction over the person searched who is obliged to record such satisfaction in the capacity of that AO and that too in the case of the person searched. Mere fact that AO of the person searched and the assessee is the same person, does not, in any manner, obliterate the requirement of law necessitating the recording of satisfaction in the case of the person searched.
Tanvir Collections Pvt. Ltd.,vs ACIT
(2015) TaxCorp(LJ) 5109 (ITAT-DELHI)
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ITAT - If there is any shortfall due to any difference of opinion as to the taxability of any item or the nature of payments falling under various TDS provisions, the assessee can be declared to be an assessee in default u/s 201 of the Act and no disallowance can be made by invoking the provisions of section 40(a)(ia) of the Act
ADIT, International Taxation vs. Express Drilling Systems LLC
(2015) TaxCorp(LJ) 5104 (ITAT-DELHI) · Section. 40(a)(ia)
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ITAT - Loan & deposit by way of journal entries are not covered u/s 269SS. Transactions between a firm and its partner are also not covered
ACIT vs. M/s Vardaan Fashion
(2015) TaxCorp(LJ) 5099 (ITAT-DELHI) · Section 269SS
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ITAT - Even if the AO of the person searched and the 'other person' is the same, the recording of satisfaction by the AO having jurisdiction over the person searched is an essential and prerequisite condition for bestowing jurisdiction to the AO of the ‘other person. Impact of amendment by Finance (No. 2) Act 2014 w.e.f. 1.10.2014 considered
Tanvir Collections Pvt. Ltd vs. ACIT
(2015) TaxCorp(LJ) 5098 (ITAT-DELHI) · Section 153C
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ITAT - Fees or consideration received for rendition of a service to business, trade or commerce will not attract the disability under first proviso to s. 2(15) if such service is subservient to the charitable cause and is not in the nature of business itself
National Horticulture Board vs. ACIT
(2015) TaxCorp(LJ) 5095 (ITAT-DELHI) · Section 2(15)
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ITAT - Nowhere in the penalty order the charge on which penalty is being levied has been specified. Such an assessment cannot be a basis for levy of penalty u/s 271(1)(C)
Fortune Polymers Industries Pvt. Ltd vs. DCIT
(2015) TaxCorp(LJ) 5094 (ITAT-DELHI) · Section 271(1)(c)
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ITAT -while computing the capital gains arising on sale of shares acquired by the assessee by way of gift, the indexed cost of acquisition is to be computed with reference to the year in which the previous owners first held the assets and not the year in which the assessee became the owner of the asset
DCIT. Vs. Soni Sonu Mirchandani
(2015) TaxCorp(LJ) 5093 (ITAT-DELHI)
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ITAT - In order to bring a particular income from royalty or fees for technical services within ambit of section 44DA, it is essential that non-resident must have a PE in India
CGG Marine SAS v. ADIT, International Taxation, Dehradun
(2015) TaxCorp(LJ) 5069 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=37410&Category=ITAT&CategoryType=Zip
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ITAT - Registration of the transfer in accordance with the agreement to sale cannot be termed as the “date of transfer” as envisaged by Section 50C. The consideration has to be determined on the basis of the circle-rate prevailing on the date of execution of sale deed and not on the basis of the circle-rate prevailing on the date of registration of the sale deed
ITO. Vs. Modipon Ltd.
(2015) TaxCorp(LJ) 5047 (ITAT-DELHI) · Section. 50C
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ITAT - Judgement of a non-jurisdictional High Court has to be preferred over the judgement of a Special Bench of the ITAT. In the absence of exempt income, s. 14A disallowance cannot be added to s. 115JB book profits even if assessee has accepted s. 14A disallowance in the normal computation
Minda Sai Limited Vs. ITO
(2015) TaxCorp(LJ) 5046 (ITAT-DELHI) · Sections. 32(2), 14A, 115JB
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ITAT - Rent from mobile companies for use of terrace to install antennas is chargeable as 'income from house property' and not from 'other sources'. As long as the rent is for the space, terrace and roof space in this case and which space is certainly a part of the building, the rent can only be taxed as 'income from house property''
Manpreet Singh Vs. ITO
(2015) TaxCorp(LJ) 5044 (ITAT-DELHI)
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