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ITAT - Additional consideration for the delay in the open offer as per the SEBI Regulations will be treated as part of capital gain and not the income from interest.
CitiGroup Global Markets Mauritius Private Limited Versus ADIT – (Intl. Taxation) , Range-1 (2), Mumbai
(2016) TaxCorp(LJ) 11470 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=52038&Category=ITAT&CategoryType=Zip
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ITAT - Addition made on the basis of the statement collected at the back of the assessee and the right of cross examination was not provided to him, hence, delete the addition. Addition on account of commission out of accommodation business activities deleted
Atul Kumar Khandelwal Versus DCIT, New Delhi
(2016) TaxCorp(LJ) 11469 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=52018&Category=ITAT&CategoryType=Zip
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HC - Transfer of computer software by the Indian branch to the head office can be said to be ‘sale’ to the head office out of India. Entitled to claim benefit of Section 10A.
Deputy Director Of Income Tax Versus Virage Logic International
(2016) TaxCorp(LJ) 11467 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=66697&Category=Judgment&CategoryType=Zip
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HC - Charging of higher fees by an educational trust running a school as compared to other schools by itself, would not establish that the school was running for profit making. Allows exemption u/s 11.
Shree Kamdar Education Trust Vs. Income Tax Officer
(2016) TaxCorp(LJ) 11466 (HC-GUJARAT) · Section. 11
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SC - Review petition dismissd - Share capital received by assessee on account of share capital from various shareholders towards allotment of flats is not business income.
M/S G. S. Homes And Hotels Pvt Ltd. Vs. The Deputy Commissioner Of Income Tax
(2016) TaxCorp(LJ) 11465 (SC)
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S. 35(2AB): The AO is bound to grant deduction if the R&D facility is approved by the competent authority. He has no jurisdiction in sit in judgement over the approval. The fact that the competent authority did not file the report with the department as prescribed is a technical lapse for which the assessee is not liable.
Efftronics Systems Pvt. Ltd vs. ACIT
(2016) TaxCorp(LJ) 11464 (ITAT-VISAKHAPATNAM) · Section 35(2AB)
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The pre-amended Explanation 5A to s. 271(1)(c) applies to non-filer assessees where a ROI is not filed before search and undisclosed income is not offered in the ROI. The amended provision of Explanation 5A, which is applicable to both filers and non-filers of returns, does not apply to searches conducted pre 13.08.2009. Penalty levied u/s 271(1)(c) to cases which are covered by s. 271AAA is void
Nukala Ramakrishna Eluru vs. DCIT
(2016) TaxCorp(LJ) 11463 (ITAT-VISAKHAPATNAM) · Section 271(1)(c)
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ITAT - Payment to UK parent for providing management services to advise and guidance on key management decisions is not FTS under Article 13 of India-UK DTAA in absence of ‘make available’.
Xansa India Ltd. Vs. DCIT
(2016) TaxCorp(LJ) 11462 (ITAT-DELHI) · Sections. 40(a)(i), 195
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HC - Writ Allowed - Assessment order and demand notice passed by ITO (Exemptions), quashed being absent in violation of the CBDT Notification No.52/14 and absent jurisdiction.
Gurukul vs. CIT
(2016) TaxCorp(LJ) 11461 (HC-PATNA)
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HC - Writ allowed - Threat by AO to initiate penalty u/s 271F and prosecution u/s 276CC on return-filing failure is not valid.
Vellore District Consumer Co-operative Wholesale Stores Ltd. vs. ITO
(2016) TaxCorp(LJ) 11460 (HC-MADRAS)
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SC - Income addition upheld for creation of accounts by way of ‘name-lending’.
CIT. vs. Karnataka Planters Coffee Curing Work(P) Ltd.
(2016) TaxCorp(LJ) 11459 (SC)
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HC - If the assessee has encountered certain hardhip or difficulty in uploading his return, as alleged by him due to technical snags in the website of Income Tax department due to last hour of rush of filing of returns, the delay deserves to be condoned.
CBDT and others vs. Regen Infrastructure & Services Pvt. Ltd.
(2016) TaxCorp(LJ) 11458 (HC-MADRAS) · Section. 119(2)
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SC - SLP dismissed - HC had held that Sec 80IA deduction is available without setting-off earlier-years’ depreciation/losses.
Velayudhaswamy Spinning Mills Vs. Assistant Commr. Of I.T.
(2016) TaxCorp(LJ) 11457 (SC) · Section. 80IA
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ITAT - Foreign exchange gain earned on restatement of ECB borrowed on capital account is a capital receipt.
Bangalore International Airport Ltd. vs. DCIT
(2016) TaxCorp(LJ) 11456 (ITAT-BANGALORE)
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ITAT - Fees for technical services received by a company incorporated in UAE from its Indian counterpart is not taxable in India as there is no FTS article in India – UAE DTAA.
ABB FZ-LLC vs. ITO
(2016) TaxCorp(LJ) 11455 (ITAT-BANGALORE)
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ITAT - A co-operative bank was eligible for deduction u/s. 36(1)(viia) towards provision made for bad and doubtful debts.
Kancheepuram Central Cooperative Bank Ltd. vs. DCIT
(2016) TaxCorp(LJ) 11454 (ITAT-CHENNAI)
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ITAT - Amount received by a Switzerland company pursuant to contract from NHPC is taxable in India assessee’s Indian subsidiary represented through its MD constitutes assessee’s fixed place PE in India.
Carpi Tech SA vs. ADIT
(2016) TaxCorp(LJ) 11453 (ITAT-CHENNAI)
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ITAT - The issue of additional depreciation could not be examined by the AO in assessment proceedings u/s 153A.
Ujjal Transport Agency vs. CIT
(2016) TaxCorp(LJ) 11452 (ITAT-KOLKATA) · Section. 153A
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HC - Writ allowed - Since there was no allusion of tangible material outside the concluded assessment, reassessment not valid.
Woodward Governor (India) Ltd. vs. ACIT
(2016) TaxCorp(LJ) 11451 (HC-DELHI)
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ITAT - Since AO did not apply the provisions of section 50C and did not examine the impugned transaction through parameters of these provisions, revision u/s 263 justified.
Vithal Nagar Co. Operative Housing Society Ltd. and Others Versus CIT-21, Pratyakshkar Bhavan, Mumbai
(2016) TaxCorp(LJ) 11450 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=51593&Category=ITAT&CategoryType=Zip
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