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ITAT - Interest income earned on bank deposit during the pre-commencement period, assessable as income from other sources and not business income.
NIKO (Neco) Ltd. Vs DDIT (International Taxation)-4, Mumbai
(2016) TaxCorp(LJ) 9782 (ITAT-MUMBAI)
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HC - Set off and carry forward of business losses u/s 79 not available where there was change in beneficial ownership of shares as predecessor and successor companies were distinct entities.
Yum Restaurants (I) Pvt. Ltd. vs. ITO
(2016) TaxCorp(LJ) 9781 (HC-DELHI) · Section 79
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HC - Nature of expenses incurred in foreign exchange by assessee while claiming Sec 10A exemption to be examined by Tribunal afresh.
CIT vs. Hewlett Packard Global Soft Ltd.
(2016) TaxCorp(LJ) 9780 (HC-KARNATAKA) · Section 10A
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SC - Depreciation claim to be disallowed being 'sham' on machinery purchased from Andhra Pradesh State Electricity Board and then leased back.
Avasarala Technologies Ltd. vs JCIT
(2016) TaxCorp(LJ) 9779 (SC)
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ITAT - Law laid down law on exclusion of period in computing interest on refund u/s 244A.
DBS Bank Limited vs. DDIT
(2016) TaxCorp(LJ) 9778 (ITAT-MUMBAI) · Section 244A
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ITAT - Penalty u/s 271(1)(c) upheld on assessee for making false depreciation claim on ‘bogus’ sale and lease back transactions.
ICICI Bank Ltd. (erstwhile Bank of Madura Ltd.) vs. ACIT
(2016) TaxCorp(LJ) 9777 (ITAT-CHENNAI)
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HC - No powers to Settlement Commission to direct conduct of special audit u/s 142(2A) during the course of settlement proceedings.
Agson Global Pvt Ltd & Ors vs. Income Tax Settlement Commission And Ors
(2016) TaxCorp(LJ) 9760 (HC-DELHI) · Section 142(2A)
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ITAT - There was agreement / arrangement between the sister concerns to arrange their business in such a way that the assessee firm could get maximum profit and claim the same as deduction u/s 80IC of the Act.
M.K. Auto Clutch Industries vs ACIT
(2016) TaxCorp(LJ) 9759 (ITAT-CHANDIGARH) · Section 80IA(10)
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HC - Non inclusion of others in the exclusionary Section 95(iii) of the KVSS 1998 will not render the classification done by the parliament as arbitrary or violative of Article 14 of the Constitution of India.
Amit Hemendra Jhaveri vs. Union of India, CIT
(2016) TaxCorp(LJ) 9758 (HC-BOMBAY)
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HC - In cases where a statutory demand is raised, an Assessee would be entitled to claim deduction in respect of the same, though subsequently held unconstitutional.
Dalmia Cement (Bharat) Ltd vs. CIT
(2016) TaxCorp(LJ) 9757 (HC-DELHI)
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ITAT - Though land was classified as agricultural in revenue records and Village Panchayat certified, surrounding circumstances outweigh government record. Accordingly land cannot be treated as ‘agricultural land’.
ITO vs. Aboobucker
(2016) TaxCorp(LJ) 9756 (ITAT-CHENNAI)
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ITAT - No TDS u/s 194I on development charges paid by lessee towards allotment of industrial plot on lease basis for 99 years.
Gupta Fabtex Pvt. Ltd. vs DCIT
(2016) TaxCorp(LJ) 9755 (ITAT-JAIPUR) · Section 194I
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HC - No TDS u/s 194J on payment for 'technical data' purchase as the same isnot FTS.
CIT (TDS) vs. Heramec Ltd.
(2016) TaxCorp(LJ) 9754 (HC-AP) · Section 194J
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HC - Where assessee acceded to AO’s jurisdiction at Belagavi, it was precluded from questioning its jurisdiction after having suffered an assessment order.
ITO vs Madeeha Enterprises
(2016) TaxCorp(LJ) 9753 (HC-KARNATAKA) · Section 127
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HC - Circular No. 21/2015 specifying monetary limit for Departmental appeals applies retrospectively to pending appeals.
CIT vs Telco Construction Equipment Co Ltd
(2016) TaxCorp(LJ) 9752 (HC-KARNATAKA)
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HC - Since confirmation of gift could not be obtained from brother owing to sour relations, no penalty for income from undisclosed sources.
CIT vs Sunila Sharma
(2016) TaxCorp(LJ) 9751 (HC-P&H)
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CUP method can be applied by a comparing a pricing formulae, rather than the pricing quantification in amount. Rule 10AB inserted w.e.f. 01.04.2012 is beneficial in nature and so retrospective w.e.f. 01.04.2002
Pr. CIT vs. Toll Global Forwarding India Pvt Ltd
(2015) TaxCorp(LJ) 9750 (HC-DELHI)
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Transfer pricing of AMP Expenditure: the onus is on the Revenue to demonstrate by tangible material that there is an international transaction involving AMP expenses between the Indian Co and the AE. In the absence of that first step, the question of determining the ALP of such a transaction does not arise. In the absence of a machinery provision it is hazardous for any TPO to proceed to determine the ALP of such a transaction since Bright Line Test has been negatived as a valid method of determining the existence of an international transaction and thereafter its ALP
CIT vs. Whirlpool of India Ltd
(2015) TaxCorp(LJ) 9749 (HC-DELHI)
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HC - Division Bench - Coordinate bench ruling that expenditure incurred for refurbishing building taken on lease shall be treated as revenue expenditure as no enduring benefit derived by assessee, requires reconsideration.
Indus Motor Company Pvt Ltd vs Dy CIT
(2015) TaxCorp(LJ) 9748 (HC-KERALA)
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HC - Individual’s claim for deduction of interest expense u/s 24(b) is restricted to 1/4th share in total interest payment.
Priya Mahajan vs. CIT(A)
(2015) TaxCorp(LJ) 9747 (HC-P&H)
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