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Fundamental principles of accrual of income under mercantile system of accounting explained in the context of waiver of income recoverable from person facing financial difficulties
CIT. vs. Neon Solutions Pvt. Ltd.
(2016) TaxCorp(LJ) 10130 (HC-BOMBAY)
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ITAT - Developer did not get building plan approved from competent authority, which is of utmost importance for implementation of JDA. Capital gains addition made on the basis of JDA entered by assessee to be deleted.
Coromandel Cables Pvt Ltd. vs. ACIT
(2016) TaxCorp(LJ) 10129 (ITAT-CHENNAI)
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Failure by ITAT to grant an adjournment requested due to bereavement results in breach of principles of natural justice
Zuari Global Ltd. vs. Pr. CIT
(2016) TaxCorp(LJ) 10128 (HC-BOMBAY)
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S. 14A/ Rule 8D: Non-consideration by the ITAT of a judgement of the co-ordinate Bench makes the order a non-speaking one and breaches the principles of natural justice
DSP Investment Pvt. Ltd vs. ACIT
(2016) TaxCorp(LJ) 10127 (HC-BOMBAY) · Section 14A
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Mere non-introduction of interest-bearing funds is not sufficient to conclude that gains from sale of shares are not business income
Pine Tree Finserve Pvt. Ltd vs. CIT
(2016) TaxCorp(LJ) 10126 (HC-BOMBAY)
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SC - SLP Dismissed - “Wheeling charges” was not taxable as FTS u/s 194J.
CIT-TDS. vs. Delhi Transco Ltd.
(2016) TaxCorp(LJ) 10125 (SC) · Section. 194J
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SC - SLP Dismissed - Surrender of Floor Area Ratio relating to land in favour of developer for construction of flats is transfer u/s 2(47).
Dinesh Rankha vs. CIT
(2016) TaxCorp(LJ) 10124 (SC)
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Important law on concept of "ancestral property" under the Hindu Succession Act, 1956 and the formation of a HUF by the surviving members of the deceased explained
Uttam vs. Saubhag Singh
(2016) TaxCorp(LJ) 10123 (SC)
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S. 80-IB(7): Amounts by way of rent and other misc items, though shown as "other income" in the books, constitutes "key revenue category" as per ICAI Guidelines and are "derived" from the business of the hotel
Kumarakom Lake Resort Pvt. Ltd vs. ACIT
(2016) TaxCorp(LJ) 10122 (ITAT-COCHIN) · Section 80-IB(7)
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AAR - Provision of coring services under a sub-contract, taxable at concessional rate u/s 44BB.
Corpro Systems Limited UK
(2016) TaxCorp(LJ) 10121 (AAR) · Section. 44BB
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HC - Payment to Tamil Nadu Industrial Development Corporation Limited for executing 99 years land lease deed is not rent. No TDS u/s 194I.
TRIL Inforpark Limited vs. ITO
(2016) TaxCorp(LJ) 10120 (HC-MADRAS) · Section. 194I
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HC - Since conduct of petitioner not being forthcoming, this is not a fit case to exercise extraordinary writ jurisdiction in foreign asset reassesment case.
Soignee R. Kothari vs. DCIT
(2016) TaxCorp(LJ) 10119 (HC-BOMBAY)
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Transfer Pricing Of Corporate Guarantees: Explanation i(c) to S. 92 B, though stated to be clarificatory and stated to be effective from 01.04.2002, has to be necessarily treated as effective from at best AY 2013-14 as it is an "anti abuse" provision. Dept’s submission that Bharti Airtel 161 TTJ 428 is “per incuriam” is not acceptable. Law laid down in Micro Ink 176 TTJ 8 (Ahd) on transfer pricing implications of corporate guarantees reiterated
Siro Clinpharm Private Limited vs. DCIT
(2016) TaxCorp(LJ) 10118 (ITAT-MUMBAI) · Section 92B
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Rule 46A of the Income Tax Rules which regulates the admission of additional evidence by the CIT(A) cannot override the principles of natural justice
Avan Gidwani vs. ACIT
(2016) TaxCorp(LJ) 10117 (ITAT-MUMBAI)
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ITAT - Confirmation of demand raised under section 201, cannot be the sole criteria for imposing penalty under section 271C.
Aishwarya Rai Bachchan vs. ACIT
(2016) TaxCorp(LJ) 10116 (ITAT-MUMBAI) · Sctions. 201, 271C
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ITAT - Depreciation at the rate of 60% prescribed for “computers including computer software” on ATM machines.
The Royal Bank of Scotland N.V vs. DDIT
(2016) TaxCorp(LJ) 10115 (ITAT-KOLKATA)
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HC - Letting out premises by trust to educational institute for rent is in consonance with object of “advancement of education”. First proviso to Sec. 2(15) is inapplicable.
DIT(Exemptions) vs. Lala Lajpatrai Memorial Trust
(2016) TaxCorp(LJ) 10114 (HC-BOMBAY) · Section. 2(15)
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S. 147/ 148: Law laid down in Jet Airways India 331 ITR 236 and Ranbaxy 336 ITR 136 that if AO does not make any addition for the reason stated for reopening, he cannot add any other income holds good even for years when Explanation 3 to s. 147 is operative
Anugrah Varshney vs. ITO
(2016) TaxCorp(LJ) 10113 (ITAT-AGRA) · Sections 147, 148
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S. 147: Though assessee claims that she is a non-resident & that onus is on the revenue to show that the money in the HSBC Geneva account is taxable in India, the non-cooperation with the Revenue by signing the consent waiver form shows that she has something to hide and makes it an unfit case for exercise of writ jurisdiction
Soignee R. Kothari vs. DCIT
(2016) TaxCorp(LJ) 10112 (HC-BOMBAY) · Section 147
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ITAT - Remedy against the order passed under Section 195(2) does not lie before the appellate authorities by filing the appeal for want of jurisdiction
Bangalore International Airport Limited vs. ITO
(2016) TaxCorp(LJ) 10111 (ITAT-BANGALORE) · Section. 195(2)
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