-
HC - Cost-Accountants competent to audit cooperative society’s accounts u/s 63 of the Karnataka Co-operative Societies Act, 1959.
Karnataka State Chartered Accountants vs. State of Karnataka
(2016) TaxCorp(LJ) 10237 (HC-KARNATAKA) · Section. 244(1A)
-
ITAT - Payment to residents of different countries for supply of embedded software not royalty under respective DTAAs. TDS inappliable
DDIT. vs. Reliance Industries Ltd.
(2016) TaxCorp(LJ) 10235 (ITAT-MUMBAI)
-
“Administrative” CBDT instruction did not have the effect of over-riding, modifying or amending any provisions of the Act.
Udbhav Constructions vs. DCIT
(2016) TaxCorp(LJ) 10234 (ITAT-BANGALORE)
-
Entire law on what constitutes a Permanent Establishment (PE) in India in terms of Article 5(1), 5(2)(l) or Article 5(5) of the Indo-USA DTAA explained. If the alleged PE has been assessed on ALP basis in terms of Article 7, no income has escaped escapement so as to justify issue of s. 148 notice
Adobe Systems Inc vs. ADIT
(2016) TaxCorp(LJ) 10233 (HC-DELHI)
-
S. 143(1D): Instruction No.1 of 2015 dated 13.01.2015 which curtails the discretion of the AO by 'preventing' him from processing the return and granting refund, where notice has been issued to the assessee u/s 143(2), is unsustainable in law and quashed
Tata Teleservices Limited vs. CBDT
(2016) TaxCorp(LJ) 10232 (HC-DELHI) · Section. 143(1D)
-
S. 271(1)(c) penalty on Bogus Purchases: If the assessment order in the quantum proceedings is altered by an appellate authority in a significant way, the very basis of initiation of the penalty proceedings is rendered non-existent and the AO cannot continue the penalty proceedings on the basis of the same notice
Pr. CIT. vs. Fortune Technocomps (P) Ltd.
(2016) TaxCorp(LJ) 10231 (HC-DELHI) · Section. 271(1)(c)
-
HC - Once income is offered, then the same cannot be withdrawn. CIT has rightly rejected the application u/s 264 on this ground.
M/s. S. Thanislas Nadar & Sons Versus The Commissioner of Income Tax-II
(2016) TaxCorp(LJ) 10228 (HC-MADRAS) · http://taxcorp.in/FileOpenDT.aspx?ID=65297&Category=Judgment&CategoryType=Zip
-
HC - Since assessee has failed to explain the genuine credits/liability in books of account on the matter in issue and has furnished inaccurate particulars of income therefore, penalty u/s 271(1)(c) justified.
Jasbir Singh, Prop. M/s Jasbir Singh Gurcharan Singh Versus Commissioner of Income Tax, Patiala and another
(2016) TaxCorp(LJ) 10227 (HC-P&H) · http://taxcorp.in/FileOpenDT.aspx?ID=65295&Category=Judgment&CategoryType=Zip
-
HC - Once it is found that the amount realized by sale of carbon credit is not taxable as profit, naturally it will have no adverse effect on the Revenue. Revision u/s 263 not justified.
Commissioner of Income Tax-III Versus M/s. Subhash Kabini Power Corporation Limited
(2016) TaxCorp(LJ) 10226 (HC-KARNATAKA) · http://taxcorp.in/FileOpenDT.aspx?ID=65293&Category=Judgment&CategoryType=Zip
-
ITAT - Set-off of share-trading loss on delivery based transactions against brokerage/commission income is allowable for AY 2009-10 as amendment vide Finance (No. 2) Act, 2014 excluding companies having ‘share-trading’ as their principal business is curative & retrospective.
Fiduciary Shares & Stock P. Ltd. vs. ACIT
(2016) TaxCorp(LJ) 10225 (ITAT-MUMBAI) · Section. 73
-
ITAT - Rental income received by a multiplex upon leasing out portion of building qualifies for deduction u/s 80IB(7A).
Sameer Rajendra Shah Vs. The Jt. Commissioner of Income Tax
(2016) TaxCorp(LJ) 10224 (ITAT-PUNE) · Section. 80IB(7A)
-
Inability of the assessee, an Advocate, to reconcile the professional receipts with the TDS certificates and to give a detailed party-wise breakup of fees receipts does not mean that the difference can be assessed as undisclosed income
CIT. vs. S. Ganesh
(2016) TaxCorp(LJ) 10223 (HC-BOMBAY)
-
ITAT - Contribution to Bata Workers Sickness Benefit Society was constituted bona fidely for the welfare of its employees in the smooth running of the business. Contribution allowable u/s 37(1).
D.C.I.T., Circle-2, Kolkata Versus M/s. Bata India Ltd.
(2016) TaxCorp(LJ) 10222 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=49065&Category=ITAT&CategoryType=Zip
-
ITAT - Merely because subsidy received was equivalent to a substantial percentage of the sales tax paid is not a ground to construe the same as a form of refund of sales tax paid. Not exigible to tax.
D.C.I.T., Circle-3, Kolkata Versus M/s. Barjora Steel & Rerolling Mills Pvt. Ltd.
(2016) TaxCorp(LJ) 10221 (ITAT-KOLKATA) · http://taxcorp.in/FileOpenDT.aspx?ID=49066&Category=ITAT&CategoryType=Zip
-
ITAT - Where unsecured loan advanced by minor son and minor daughter were explained, the same cannot be added as unexplained cash credit u/s. 68.
Shri Bobbie Phillips Versus Income Tax Officer, Ward-10 (3) (4) , Mumbai and Shri Bennie Phillips Versus Income Tax Officer, Ward- 10 (3) (4) , Mumbai
(2016) TaxCorp(LJ) 10220 (ITAT-MUMBAI) · http://taxcorp.in/FileOpenDT.aspx?ID=49067&Category=ITAT&CategoryType=Zip
-
ITAT - Except the fact that assessee has received the so called 1/4th share out of the total consideration from sale of property, there is no indication of any ownership on the property, either to full extent or to 1/4th extent. Deductions claimed u/s. 54EC and 54F denied.
N.R. Krishna Murthy Versus Income Tax Officer, Ward-5 (2) , Hyderabad
(2016) TaxCorp(LJ) 10219 (ITAT-AMRITSAR) · http://taxcorp.in/FileOpenDT.aspx?ID=48381&Category=ITAT&CategoryType=Zip
-
ITAT - It was a mere suspicion of the AO, that prompted him to initiate assessment proceedings under section 147, which is neither countenanced, nor sustainable in law.
Sh. Amrik Singh, S/o Sh. Surinder Singh Versus Income Tax Officer, Ward-1, Kapurthala
(2016) TaxCorp(LJ) 10218 (ITAT-AMRITSAR) · http://taxcorp.in/FileOpenDT.aspx?ID=49038&Category=ITAT&CategoryType=Zip
-
SC - Assessment order valid even though passed beyond limitation period of two years prescribed u/s 153 as ssessment pendency before IAC to be excluded from limitation period.
CIT. vs. Saurashtra Cement & Chem. Industries Ltd.
(2016) TaxCorp(LJ) 10217 (SC)
-
ITAT - There is no such provision under the law that permits the AO to make adjustment on account of transfer pricing addition to the amount of profit shown by the assessee in its profit and loss account, for the purpose of computing book profit u/s 115JB.
Owens Corning (India) Pvt Ltd. vs. DCIT
(2016) TaxCorp(LJ) 10216 (ITAT-MUMBAI) · Section. 115JB
-
ITAT - Foreign exchange fluctuation loss on outstanding foreign currency loan allowable u/s 37(1) as such loss has direct nexus to saving in interest-costs.
Cooper Corporation Pvt. Ltd. vs. DCIT
(2016) TaxCorp(LJ) 10215 (ITAT-PUNE)
Headnote lines are open to everyone. The full headnote and the judgment text open with a subscription — see plans or sign in.