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ITAT - Originally donation as paid was claimed as expenses but in scrutiny assessment, on being pointed out, deduction u/s 80G was claimed, benefit of deduction allowed.
M/s Stella Industries Ltd. Versus DCIT, Circle 9 (1), New Delhi
(2016) TaxCorp(LJ) 11673 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=53538&Category=ITAT&CategoryType=Zip
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SC - Though Section 10A, as amended, is a provision for deduction, the stage of deduction would be while computing the gross total income of the eligible undertaking under Chapter IV of the Act and not at the stage of computation of the total income under Chapter VI.
C.I.T. & Another Versus M/s Yokogawa India Ltd.
(2016) TaxCorp(LJ) 11672 (SC) · http://taxcorp.in/FileOpenDT.aspx?ID=67973&Category=Judgment&CategoryType=Zip
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SC - Sec. 10A/10B, after amendment by Finance Act, 2000 w.e.f. April 1, 2001, is a 'deduction provision' and not an 'exemption provision' even though it appears in Chapter III. Therefore, stage of deduction is while computing gross total income of eligible undertaking under Chapter IV of the Income-tax Act and not at the stage of computation of total income under Chapter VI.
Yokogawa India Ltd. Vs. C.I.T. & Anr.
(2016) TaxCorp(LJ) 11671 (SC) · Sections. 10A/10B
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ITAT - Truck union wasn’t assessee’s agent but an agent of the truckers, therefore assessee cannot be allowed benefit of the exception carved out in rule 6DD(k)of the Rules.
Pearl Polymers Ltd. Vs. Deputy Commissioner of Income Tax
(2016) TaxCorp(LJ) 11670 (ITAT-DELHI) · Section. 40A(3)
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SC - SLP Dismissed - HC had held that Sec. 80IB(10) deduction to builder/developer is allowed in respect of real estate developments that were complete on a stand-alone basis even though forming part of a housing project consisting of other housing schemes that were not eligible for deduction.
Pr. CIT. Vs. OMAXE BUILDHOME PVT LTD.
(2016) TaxCorp(LJ) 11669 (SC)
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SC - Writ allowed against re-assessment notice. Without making any observations on merits, judgments dismissing writ against reassessment remitted to the respective HCs to decide the writ petitions on merits.
Jeans Knit Private Ltd. Vs. The Deputy Commissioner Of Income
(2016) TaxCorp(LJ) 11668 (SC)
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HC - Writ Dismissed - Reopening valid on assessee’s failure to substantiate genuineness of transactions relating to receipt of share capital.
Aravali Infrapower Ltd. vs. DCIT
(2016) TaxCorp(LJ) 11667 (HC-DELHI)
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HC - Writ Allowed - AO did not correctly draw the inference or that his conclusion is based on incorrect premises is not sufficient for a justified reassessment notice, which has to be based on something objective outside of the record.
HCL Technologies Ltd. vs. ACIT
(2016) TaxCorp(LJ) 11666 (HC-DELHI) · Section. 147
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ITAT - First proviso to Sec 12A(2) inserted vide Finance (No. 2) Act, 2014 providing for roll- back of registration for earlier years was retrospective in nature.
St. Jude's Convent School Vs. Asst, Commissioner of Income Tax
(2016) TaxCorp(LJ) 11665 (ITAT-AMRITSAR) · Section. 12A
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HC - Gold jewellery acquired through gifts made by relatives and other family members over a period of four decades was as per prevailing customs and a 70-year old lady can get 400 gm. of gold.
Sushila Devi v. Commissioner of Income-tax-XII
(2016) TaxCorp(LJ) 11664 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=66608&Category=Judgment&CategoryType=Zip
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HC - Assessee had given full and true disclosure of all material facts about sale of land upon which first assessment order was passed, therefore reassessment not valid.
Kohinoor Hatcheries (P.) Ltd. v. Deputy Commissioner of Income-tax
(2016) TaxCorp(LJ) 11663 (HC-AP) · http://taxcorp.in/FileOpenDT.aspx?ID=66048&Category=Judgment&CategoryType=Zip
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HC - Whether services provided by trademark owner would be covered by Explanation 2 to section 9(1)(vi), Tribunal to decide.
National Plasto Products (P.) Ltd. v. Commissioner of Income-tax, Kolkata-II
(2016) TaxCorp(LJ) 11662 (HC-CALCUTTA) · http://taxcorp.in/FileOpenDT.aspx?ID=66033&Category=Judgment&CategoryType=Zip
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ITAT - Revenue should not try to sit into the shoes of a businessman and decide how to conduct the business. The lady Directors being well qualified persons and associated with the company since earlier period cannot be disallowed the remuneration of 50%.
Prashant Moters Pvt. Ltd. Versus Dy. Commissioner of Income-tax
(2016) TaxCorp(LJ) 11661 (ITAT-PATNA) · http://taxcorp.in/FileOpenDT.aspx?ID=53525&Category=ITAT&CategoryType=Zip
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ITAT - Since television set was installed in the office of the assessee, it was used for the purpose of the business of the assessee and depreciation thereon was rightly claimed.
Arpan Kumar Ghosh Versus Income Tax Officer
(2016) TaxCorp(LJ) 11660 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=53528&Category=ITAT&CategoryType=Zip
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HC - Compressed natural gas in its compressed form has a distinct identity and character and use and amounts to manufacture or production.
Central U.P. Gas Limited Versus Deputy Commissioner of Income Tax Kanpur
(2016) TaxCorp(LJ) 11659 (HC-ALLAHABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=67963&Category=Judgment&CategoryType=Zip
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Transfer Pricing adjustment has to be done only in respect of International Transactions with Associated Enterprises. The fact that the assessee has chosen entity level PLI to benchmark the AE transactions and that it has not maintained segmental accounts is irrelevant. If segmental accounts are not available, proportionate adjustments have to be made only in respect of the international transactions with Associated Enterprises
CIT vs. ALSTOM Projects India Limited
(2016) TaxCorp(LJ) 11658 (HC-BOMBAY)
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HC - Assessee’s case fell within one of the conditions stipulated u/s 119(2)(c) as the Circular was issued by the CBDT to grant relief to the retirees of the ICICI Bank under the VRS.
S. Sevugan Chettiar vs. Pr. CIT
(2016) TaxCorp(LJ) 11657 (HC-MADRAS)
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ITAT - Since credit period extended by assessee to its AE was reasonable particularly when there was no bench mark available, addition of interest at rate of 12 per cent per annum after allowing a credit period of 30 days is not valid.
Oakton Global Technology Services Centre (India) (P.) Ltd. v. Assistant Commissioner of Income-tax, Circle-16(2), Hyderabad
(2016) TaxCorp(LJ) 11656 (ITAT-HYDERABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=50705&Category=ITAT&CategoryType=Zip
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ITAT - Since assessee was an expatriate and was holding managerial position and was experts in the respective fields of managerial skills and was rendering managerial and highly expertise services, sum received by assessee was FTS.
Intel Corporation v. Deputy Director of Income-tax, (International Taxation), Circle 1(1), Bangalore
(2016) TaxCorp(LJ) 11655 (ITAT-BANGALORE) · http://taxcorp.in/FileOpenINTL.aspx?ID=10906&Category=INTLDecisions&CategoryType=Zip
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ITAT - Explanation 1 to section 37(1) could not be invoked merely on basis of an unestablished doubt that expenditure incurred could be for infraction of law.
Bajaj International (P.) Ltd. v. Deputy Commissioner of Income-tax, Circle 3(1), Mumbai
(2016) TaxCorp(LJ) 11654 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=52334&Category=ITAT&CategoryType=Zip
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