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ITAT - Job work done in the spare capacity is also eligible for deduction u/s 80IB.
M/s. Sri Vasavi Compounding, Yanam Versus ITO, Ward-2, Kakinada and Vica-Versa
(2016) TaxCorp(LJ) 11052 (ITAT-VISAKHAPATNAM) · http://taxcorp.in/FileOpenDT.aspx?ID=51205&Category=ITAT&CategoryType=Zip
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ITAT - Higher rate of @ 30% is applicable on plastic moulds used in the premises of various vendors for manufacturing plastic and rubber goods.
Honda Motorcycle & Scooter India [P] Ltd. vs. ACIT
(2016) TaxCorp(LJ) 11051 (ITAT-DELHI)
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S. 80-IB: Fact that the AO allowed s. 80-IB deduction in the year of setting up does not disentitle him from examining the eligibility in subsequent years. As per the CBDT’s low tax effect circular, the tax effect has to be seen each year irrespective of the fact that a common issue arises over several years
CIT vs. Micro Instruments Company
(2016) TaxCorp(LJ) 11050 (HC-P&H) · Section 80-IB
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S. 133A: While an assessment cannot be made on the basis of a statement recorded u/s 133A, if the maker of the statement has re-affirmed the statement and nothing has been produced to show that the contents of the statement are incorrect, the assessment is valid
Kottakkal Wood Complex vs. DCIT
(2016) TaxCorp(LJ) 11049 (HC-KERALA) · Section 133A
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S. 54F(4): Failure to deposit the amount of consideration not utilized towards the purchase of new flat in the specified bank account before the due date of filing return of Income u/s 139(1) is fatal to the claim for exemption. The fact that the entire amount has been paid to the developer/builder before the last date to file the ROI is irrelevant. Contrary view in K. Ramchandra Rao 277 CTR 0522 (Kar) is sub-silentio and is not good law
Humayun Suleman Merchant vs. CCIT
(2016) TaxCorp(LJ) 11048 (HC-BOMBAY) · Section 54F(4)
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The fact that the Finance Minster announced a concession in Parliament does not entitle the assessee to relief if the same is not set out in the Finance Act
Amin Merchant vs. Chairman CBEC
(2016) TaxCorp(LJ) 11047 (SC)
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AAR - Payment by a UK company to third party service providers outside India for services in connection with expatriate movement to India is not FTS under Article 13 of India-UK DTAA as there was no make available of any technical knowledge, experience, skill, know- how etc.
Foster Wheeler (G.B.) Limited
(2016) TaxCorp(LJ) 11046 (AAR)
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S. 37(1): Expenditure incurred by a director in engaging lawyers to defend himself against cases filed for violation of the law by the Company of which he is a director is not personal expenditure but is allowable as business expenditure
Nimesh N. Kampani vs. ACIT
(2016) TaxCorp(LJ) 11040 (ITAT-MUMBAI) · Section. 37(1)
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Prosecution: Important law relating to the territorial jurisdiction and competence of the Deputy Director of Income-tax to lodge a complaint for evasion of tax explained
Babita Lila vs. UOI
(2016) TaxCorp(LJ) 11039 (SC)
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As per CBDT Instruction No. 9/2013 dated 22.07.2013, appeals against imposition of penalty or levy of interest in which the aggregate of penalty imposed or interest levied by the AO is more than Rs. 3 crore in the cities of Mumbai and Delhi are to be argued by the CIT(DR) and matters other than this are to be argued by the Senior DR
M. G. Contractors Pvt. Ltd. vs. DCIT
(2016) TaxCorp(LJ) 11038 (ITAT-DELHI)
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ITAT - Since the payee has admittedly filed its return of income disclosing the impugned receipts and income earned by it embedded in the receipt has been duly offered for taxation, disallowance u/s 40(a)(ia) deleted.
The Income Tax Officer, Ward 3 (1), Pune Versus M/s Shraddha and Prasad Joint Venture
(2016) TaxCorp(LJ) 11030 (ITAT-PUNE) · http://taxcorp.in/FileOpenDT.aspx?ID=51112&Category=ITAT&CategoryType=Zip
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ITAT - The loss on account of foreign exchange fluctuation loss cannot be called notional since the fall in the exchange rate has already taken place in the accounting year.
Silicon Graphics Systems (India) Pvt. Ltd. Versus DCIT, Circle 8 (1), New Delhi
(2016) TaxCorp(LJ) 11029 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=51113&Category=ITAT&CategoryType=Zip
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ITAT - The AO did not honour the condition of not levying penalty and went ahead and issued notice for levying penalty u/s 271(1)(c). The entire addition was based on the conditional surrender made by the assessee. No penalty
Adesh Tyagi, S/o Shri Karan Singh Tyagi Versus ITO, Ward-1 (1), Ghaziabad
(2016) TaxCorp(LJ) 11028 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=51114&Category=ITAT&CategoryType=Zip
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HC - Expenses towards consolidation of land was not liable to deduction of tax at source u/s 194H.
Pr. Commissioner of Income Tax-4 Versus Invecon Pvt. Ltd.
(2016) TaxCorp(LJ) 11027 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=66192&Category=Judgment&CategoryType=Zip
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HC - TPO is directed to take into account 30% additional cost base to account "free of cost" material and revised the OP/TC margin of 13.65% for determining the arm's length margin.
Principal Commissioner Of Income Tax -02 Versus Bombardier Transportation India Pvt. Ltd
(2016) TaxCorp(LJ) 11026 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=66193&Category=Judgment&CategoryType=Zip
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HC - Section 13 does not debar the main whole-time trustee/trustees from meeting their basic needs from the funds of the institution/trust particularly when they are not deriving any monetary benefit from the institution/trust.
Commissioner Of Income Tax (E) Versus Tsurphu Labrang
(2016) TaxCorp(LJ) 11025 (HC-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=66194&Category=Judgment&CategoryType=Zip
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HC - The NOIDA has been constituted by the State Act and, therefore, entitled to exemption of payment of tax at source under section 194-A(1).
Commissioner of Income Tax (Tds) Versus Syndicate Bank
(2016) TaxCorp(LJ) 11024 (HC-ALLAHABAD) · http://taxcorp.in/FileOpenDT.aspx?ID=66195&Category=Judgment&CategoryType=Zip
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ITAT - CIT may not agree with the view taken by the ld AO but this does not make the order passed by the AO unsustainable in law. On deductibility of advertisement and sales promotion expenditure, nothing was brought on record to show that any enduring benefit has resulted in favour of the assessee which makes it capital expenditure.
Gail (India) Ltd Versus CIT, Delhi-IV, New Delhi
(2016) TaxCorp(LJ) 11010 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=51092&Category=ITAT&CategoryType=Zip
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ITAT - AO has not applied his independent mind while recording the reasons in this case and, therefore, proceedings under section 147 of the Act initiated by way of issue of notice under section 148 of the Act are quashed
ACIT, Circle-9 (1) , New Delhi Versus M/s. SNG Developers Ltd. (Earlier Known as SN Jee Developers) and Vica-Versa
(2016) TaxCorp(LJ) 11009 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=51093&Category=ITAT&CategoryType=Zip
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ITAT - Since allegations by CIT that the funds were siphoned off for the purpose other than the activities to achieve the objects of the assessee Society not proved, cancellation of registration is not proper.
M/s Uttrakhand Uthan Samiti Versus Principal Commissioner of Income Tax, Central, Kanpur
(2016) TaxCorp(LJ) 11008 (ITAT-DELHI) · http://taxcorp.in/FileOpenDT.aspx?ID=51094&Category=ITAT&CategoryType=Zip
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