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Direct Tax Laws
  
 SC/HC
  
 [2014] 52 taxmann.com 54 (Gujarat)[2014] 367 ITR 686 (Gujarat)
No addition of undisclosed investment if there was minor difference in report of DVO and assessee’s valuer -IT : Where there was minor difference in valuation report of DVO and assessee's valuer regarding cost of construction, addition made as undisclosed investment could not be sustained Read Morenew
  
 [2015] 53 taxmann.com 313 (Karnataka)
Principal amount forgone by depositor after settlement couldn't be taxed under sec. 41(1) in hands of NBFC -IT : Balance amount which was not repaid under arrangement between assessee-NBFC and depositors after setting their claims did not constitute an income and assessee was not liable to pay tax Read Morenew
  
 [2015] 53 taxmann.com 307 (Andhra Pradesh)
Advance received from subsidiary-Co. to meet business liabilities wasn't deemed dividend in hands of holding Co. -IT: Where subsidiary company advanced money to assessee-company to meet their business liabilities, said amount could not be deemed dividend income of assessee-company Read Morenew
  
 [2015] 53 taxmann.com 413 (Uttarakhand)
Uttarakhand HC denies quashing of notification which blacklisted Cyprus for not sharing tax information -IT/ILT : While exercising the writ jurisdiction under Article 226 of the Constitution of India, the High Court ordinarily should not proceed to look into as to whether informations sought by the Indian Authorities were ever declined by the Government of Cyprus or Government of Cyprus is ready and willing to supply the informations sought by the Indian Authorities. Moreover, there seems to be no valid reason to disbelieve the satisfaction so recorded by the Indian Authorities. Hence, relief Read More
  
 [2015] 53 taxmann.com 404 (Delhi)
Delhi High Court reads down first proviso to sec. 2(15); rescues genuine charities from its clutches -IT : The correct interpretation of the proviso to section 2(15) of the Act would be that it carves out an exception from the charitable purpose of advancement of any other object of general public utility and that exception is limited to activities in the nature of trade, commerce or business or any activity of rendering any service in relation to any trade, commerce or business for a cess or fee or any other consideration. In both the activities, in the nature of trade, commerce or business Read More
  
 [2014] 52 taxmann.com 58 (Andhra Pradesh)[2014] 367 ITR 298 (Andhra Pradesh)
Rent received from building constructed on leasehold land is business income and not income from house property -IT : Expenditure incurred on construction of building on leasehold land should be treated as a revenue expenditure Read More
  
 [2014] 52 taxmann.com 61 (Andhra Pradesh and Telangana)[2014] 367 ITR 195 (Andhra Pradesh and Telangana)
Interest on purchase duty would be deductible on payment basis under sec. 43B, rules High Court -IT : Provision of section 43B are applicable to interest payable on purchase duty Read More
  
 [2015] 53 taxmann.com 143 (Himachal Pradesh)
Sec. 80-IC: Unit set-up with new PAN and having investment in plant higher than existing unit was new unit -IT : Where assessee's new unit had different registration number, PAN and customers and its investment in plant and machinery was much higher than existing unit, it could not be said that new unit was formed by splitting up existing undertaking so as to deny deduction under section 80-IC Read More
  
 [2015] 53 taxmann.com 230 (Madras)
Sum paid to Employees Association for construction of 'Shamiana' would be donation and not business exp. -IT : Amount paid to Employees Welfare Association for construction of Kalyan Mandapam is donation, there being no proof of having paid for more efficient and contended labour force Read More
  
 [2014] 52 taxmann.com 167 (Rajasthan)
HC allowed deduction of sales tax even when net profit was estimated after rejection of accounts -IT : Even in case of rejection of accounts and estimate of net profit, deduction towards sales tax payment could be allowed Read More
  
 [2015] 53 taxmann.com 294 (Bombay)
No dependent agency PE under India-France DTAA when transactions between agent and principal were made at ALP -IT/ILT : If it is not shown that transactions between agent and principal were not made under arm's length conditions, he will not be considered as agent of French principal within meaning of Para 6 of Article 5 of DTAA between Indian and France Read More
  
 [2015] 53 taxmann.com 147 (Andhra Pradesh)[2014] 368 ITR 724 (Andhra Pradesh)
Unabsorbed losses or depreciation spread over block period couldn't be adjusted against undisclosed income -IT : Unabsorbed loss or carried forward depreciation spilled over block period shall not be adjusted against undisclosed income Read More
  
 [2014] 52 taxmann.com 490 (Kerala)[2014] 362 ITR 488 (Kerala)
HC upheld penalty on firm for receiving cash loan exceeding Rs. 20,000 in guise of capital contribution -IT : Where cash received in excess of Rs. 20,000 was loans and not capital contribution by partners, penalty to be levied Read More
  
 [2014] 52 taxmann.com 86 (Punjab & Haryana)[2014] 366 ITR 644 (Punjab & Haryana)
Disclosure of inflated stock for getting higher CC limit from bank leads to sec. 69C addition as unexplained exp. -IT : Difference of closing stock appearing in books and higher amount of closing stock provided to bank in order to release of payment by bank from cash credit account, was to be added in income Read More
  
 [2015] 53 taxmann.com 162 (Gujarat)
HC denies to interfere with ITAT's order reducing sec. 40A(2) disallowance as it was based on factual aspects -IT: Where restrictions of disallowances of commission expenses were absolutely on appreciation of evidence and based on factual aspects, no question of law would arise for consideration Read More
  
 [2015] 53 taxmann.com 171 (Delhi)
Redemption fine paid to custom authorities due to defect in REP license couldn't be termed as penalty; allowable -IT : Where assessee purchased goods from a party on high-sea basis and it had to pay customs penalty for defect in relevant REP licence issued in favour of that party, such payment was allowable as business expenditure Read More
  
 [2015] 53 taxmann.com 218 (SC)
SLP dismissed against HC's order that sum received prior to 1-4-2003 for non-compete fee was capital receipt -IT: Prior to insertion of clause (va) of section 28, compensation amount received towards loss of source of income and non-competition fee could only be treated as capital receipt and was not liable to tax Read More
  
 [2015] 53 taxmann.com 228 (Delhi)
HC lashes out on revenue for adjusting refund against outstanding demand without hearing assessee -IT: Where on same date intimation under section 245 was issued and adjustment of refund against outstanding demand was made without giving assessee opportunity of hearing, adjustment order was to be set aside Read More
  
 [2015] 53 taxmann.com 229 (Bombay)
Rectification application rightly rejected as applicant didn't attend proceedings even after adjournment -IT : Where assessee filed rectification application against penalty imposed under section 258BFA and sought an adjournment which was granted but on adjourned date he chose not to attend proceedings, assessee's plea of not giving a proper opportunity of hearing was not acceptable Read More
  
 [2015] 53 taxmann.com 220 (SC)
No reassessment to disallow GDR issue exp. under sec. 35D if allowed by AO after proper enquiry; SLP dismissed -IT: Where assessee-company had already been allowed deduction in respect of amortization of GDR issue expenses under section 35D for several years and that too after scrutiny assessment, same could not be disallowed in current year by re-assessment Read More
  
 [2015] 53 taxmann.com 217 (SC)
No revision if AO's view that unexplained loan was business income & not income from other sources wasn't erroneous -IT: When there was not satisfactory explanation regarding source of income of creditor, unsecured loan was added by Assessing Officer under head 'business income', such a view being possible, review to consider loan amount as income from other sources was unjustifed Read More
  
 [2015] 53 taxmann.com 219 (SC)
Profit from infrequent share transactions was capital gains if investment was made for capital appreciation -IT: Where investment in shares was made with an objective of capital appreciation, there were infrequent-handful of transactions and dividend was also earned, profit from sale/purchase of shares was to be treated as capital gain Read More
  
 [2015] 53 taxmann.com 227 (Bombay)
No denial of sec. 54EC benefit if asset was deemed as short-term asset merely due to deeming fiction of sec. 50 -IT: Since Bifurcation of land and building into separate part for purpose of computation of capital gain is permissible, assessee would be entitled for exemption under section 54EC Read More
  
 [2015] 53 taxmann.com 216 (Kerala)
Disclosure of additional amount before SetCom won't make declaration in block assessment as faulty -IT : Where there was no material with revenue to justify that additional amount declared by assessee was not full and true for purpose of Settlement, demand of further amount could not be accepted Read More
  
 [2015] 53 taxmann.com 141 (Bombay)[2014] 368 ITR 749 (Bombay)
Employee's contribution is deductible even if paid after due date of fund but before due date of filing return -IT: Section 43B applicable to both employees' and employer's contributions Read More
  
 [2015] 53 taxmann.com 172 (Allahabad)
HC upheld disallowance of interest as borrowed funds were not used for business purposes -IT : Assessee could not be allowed deduction of interest paid on borrowed funds when such funds were lying idle and never used for business purpose Read More
  
 [2015] 53 taxmann.com 170 (Bombay)
No writ against assessment order passed on directions of DRP as such order was appealable to ITAT -IT/ILT: Assessment order passed under section 144C(13) pursuant to directions issued by DRP under section 144C(5) was directly appealable to Tribunal in terms of section 253(1)(d) and, in such a case, assessee could not invoke writ jurisdiction of High Court Read More
  
 [2015] 53 taxmann.com 173 (Rajasthan)[2014] 369 ITR 145 (Rajasthan)
AO couldn't make addition on basis of income surrendered in survey without any evidence to substantiate addition -IT : Where assessee had surrendered lesser sum instead what he admitted during course of survey, in absence of any exercise made by Assessing Officer to hold that said surrendered value was not proper, addition made was to be deleted Read More
  
 [2014] 52 taxmann.com 99 (Kerala)[2014] 367 ITR 62 (Kerala)
Lorry drivers couldn’t be held as agents of transporter; cash payment to them was disallowable under sec. 40(A)(3) -IT : Where assessee transporter was neither owner of goods nor owner of vehicle carrying goods, lorry hire charges paid to lorry owners in cash was disallowable under section 40A(3) Read More
  
 [2014] 51 taxmann.com 498 (Andhra Pradesh)[2014] 367 ITR 122 (Andhra Pradesh)
Rejection of depreciation claim due to non-usage of asset for business purpose won't invite penalty -IT : Where assessee having purchased machinery, could not put it to use for business purpose during relevant year, assessee could not claim for depreciation Read More
  
 [2014] 52 taxmann.com 359 (Andhra Pradesh and Telangana)[2014] 367 ITR 188 (Andhra Pradesh and Telangana)
Assets allotted to partners on dissolution of firm had to be valued on basis of their market price -IT : Where firm was brought into existence through registered documents and separate returns were filed on behalf of firm, Assessing Officer could not ignore existence of firm Read More
  
 [2014] 51 taxmann.com 82 (Bombay)[2014] 227 Taxman 227 (Bombay)(MAG.)
Excise duty refund was taxable under sec. 41(1) even when appeal of Excise department was pending before SC -IT : Pending revenue's appeal against order of refund, receipt of excise duty refund is taxable in assessee's hand Read More
  
 [2014] 52 taxmann.com 331 (Gujarat)
Profit attributable to sale of unutilized 'FSI' won't be eligible for Sec. 80-IB relief -IT : Profit relatable to sale of unutilized FSI would not be eligible for deduction under section 80-IB(10) Read More
  
 [2015] 53 taxmann.com 144 (Bombay)
HC set-aside special audit direction as AO failed to indicate reasons showing complexity in accounts of assessee -IT: Where revenue failed to indicate complexity in accounts of assessee-company, order appointing special auditor to audit assessee's account was unjustified Read More
  
 [2015] 53 taxmann.com 139 (Delhi)
Fee charged by bank for receiving payments from customers of assessee via credit card won't attract sec. 194H -IT : 'Commission' to bank on payments received from customers who had made purchases through credit cards is not liable to TDS under section 194H Read More
  
 [2015] 53 taxmann.com 146 (Bombay)
No reassessment after 4 years to disallow sums paid to NR if assessee had already disclosed all material facts -IT/ILT : Where during original assessment proceeding, Assessing Officer had accepted assessee's explanation that payment of advertisement expenses to American company was not liable to deduction of tax at source and it was not case of Assessing Officer that assessee had failed to provide all material facts, he had no jurisdiction to reopen assessment after four years to disallow such expenses for non-deduction of tax at source Read More
  
 [2014] 51 taxmann.com 278 (Allahabad)
Tax dues of partnership firm can't be adjusted against refund to partner in his personal capacity -IT : Tax dues of firm cannot be recovered/set off against refund due to partner in his personal capacity Read More
  
 [2014] 52 taxmann.com 55 (Andhra Pradesh)[2014] 367 ITR 295 (Andhra Pradesh)
AO couldn't redraw P&L account by making changes to depreciation rates to compute book profits for MAT purposes -IT: Where for purpose of section 115J, assessee claimed depreciation at rates provided under Income-tax Rules, action of Assessing Officer in redrawing profit and loss account and adopting rates prescribed under Companies Act, was totally unauthorized Read More
  
 [2014] 52 taxmann.com 480 (Calcutta)[2014] 368 ITR 643 (Calcutta)
Sec. 143(1) intimation won't be deemed as completion of assessment to bar filing of revised return, rules HC -IT : Issue of intimation under section 143(1) cannot amount to completion of assessment under section 139(5) disabling assessee from filing a revised return Read More
  
 [2014] 52 taxmann.com 484 (Punjab & Haryana)
Sum paid to municipal corporation to legalize construction of building isn’t allowable exp. -IT : Deduction under section 80HHC on DEPB was to be computed in light of Topman Exports v. CIT [2012] 342 ITR 49/205 Taxman 119/18 taxmann.com 120 Read More
  
 [2015] 53 taxmann.com 106 (Bombay)
I-T refund of excess amount paid on self assessment falls under residuary clause of sec. 244A; liable to interest -IT: Tax paid on self assessment would fall under section 244A(1)(b), i.e. a residuary clause covering refunds of amount not falling under section 244A(1), therefore, interest is payable on refund on excess amount paid on self assessment tax Read More
  
 [2015] 53 taxmann.com 137 (Madras)
No rectification to reduce depreciation on vapour absorption machine at 25% if it was eligible to 100% depreciation -IT : Proceedings under section 154 by merely stating that Vapour Absorption machine was a part of Centralized Air Conditioner and liable for depreciation at 25 per cent was not justified as same was counter to Para III, 3(iii)D(b) of Appendix-I to Income-tax Rules, 1962 Read More
  
 [2014] 51 taxmann.com 296 (Karnataka)[2014] 271 CTR 612 (Karnataka)
Reference to TPO was invalid as it was made when no return was pending for consideration of AO -IT: When no return is pending for consideration by AO, reference by him to TPO will be bad; if TPO finds no fault with ALP determined by AO, revision was unjustified Read More
  
 [2014] 52 taxmann.com 81 (Rajasthan)[2015] 228 Taxman 177 (Rajasthan)(MAG.)[2014] 267 CTR 442 (Rajasthan)
Revision by CIT would be void-ab-initio if such revisional order was set aside by ITAT and later on affirmed by HC -IT: Where income from business of sale-purchase of land was duly disclosed by assessee and reconsidered by Assessing Officer, revision was not justified Read More
  
 [2014] 52 taxmann.com 80 (Delhi)
No concealment penalty due to disallowance of interest when genuineness of interest exp. wasn’t doubted -IT: Where assessee had disclosed all facts material to computation of income, disallowance of interest paid on borrowed capital could not be ground to impose penalty under section 271(1)(c) Read More
  
 [2015] 53 taxmann.com 103 (Delhi)
HC directs ACIT to reconsider stay application as he determined income manifold higher than returned income -IT : Income being assessed at 17 times higher than returned income, rejected stay application required re-consideration Read More
  
 [2015] 53 taxmann.com 107 (Madras)
Date of allotment of land would be its date of acquisition and not the date of sale deed to compute capital gains -IT : Where assessee had entered into an agreement with builder for purchase of undivided share of land and construction, date of allotment of undivided share in land was to be adopted as date of acquisition for computing capital gain instead of date of sale deed Read More
  
 [2015] 53 taxmann.com 114 (Delhi)
Sums paid on electrical fittings and wooden work of house are personal effects -IT : Sums paid on electrical fittings and wooden work of house are personal effects Read More
  
 [2015] 53 taxmann.com 105 (Calcutta)
No TDS on interest paid by Indian branch to its foreign head-office as it wasn't taxable on grounds of mutuality -IT/ILT : Where interest payment made by Indian branch of assessee to its head office abroad was allowed as deduction in computing profits of assessee's branch in India, therefore, section 195 would not be applicable on said payment Read More
  
 [2014] 51 taxmann.com 60 (Madras)
Perusal of appeal on same issue of prior years to be deemed as reasonable ground for delaying appeal of current AY -IT : Where assessee for earlier assessment years had diligently pursuing matter before higher authorities and had succeeded in getting a decision in its favour, same would constitute sufficient cause for delayed appeal for current assessment year Read More
  
 [2014] 52 taxmann.com 62 (Punjab & Haryana)[2014] 367 ITR 70 (Punjab & Haryana)
Capital gain arose on sale of shares if money was invested in shares for holding them for longer periods -IT : Where a person invests money in an asset with intention to hold it, enjoys its usufruct for some time and then sells it at enhanced price, it would be a case of capital accretion, and not an adventure in nature of trade Read More
  
 [2014] 52 taxmann.com 226 (Delhi)
HC allows withdrawal of revised return filed in pursuance of a wrong legal advice -IT : Where assessee proceeded on wrong legal advise and subsequently during assessment proceedings it stated that it would like to withdraw revised return and would rely upon original return, issue was to be decided in favour of assessee Read More
  
 [2014] 52 taxmann.com 479 (Andhra Pradesh and Telangana)[2014] 367 ITR 761 (Andhra Pradesh and Telangana)
Unabsorbed depreciation could be set-off against undisclosed income noticed in search -IT: Where aggregate losses were huge, in which undisclosed income would submerge and would virtually lose its identity, there was nothing to be brought under tax regime of Chapter XIV-B Read More
  
 [2015] 53 taxmann.com 29 (Bombay)
Commission paid for procuring bullion was disallowed as there was no evidence of services rendered by agent -IT: In absence of any supporting evidence, regarding rendering of services by agent for import of bullion by assessee, payment of commission could not be allowed Read More
  
 [2014] 52 taxmann.com 326 (Gujarat)
No tax on Indian beneficiaries of foreign trust until its trustee distributes income to Indian beneficiaries -IT : Valuation of properties covered under ULC Act would surely be not same as market value and it is a major prohibiting and restricting factor to diminish value consideration Read More
  
 [2014] 52 taxmann.com 474 (Madras)[2014] 368 ITR 632 (Madras)
Stay granted as tax demand from society working as per Societies Act would cause financial hardship to it -IT : Where remission of entire tax demand would cause financial hardship to petitioner, which was a cooperative working for its members stay on demand was to be granted Read More
  
 [2014] 52 taxmann.com 526 (Karnataka)
No reassessment on disallowance of any exp. when its details were given in return of income -IT : Reopening of assessment on ground that certain items were not disallowed/added back during regular assessment could not be sustained when Assessing Officer had allowed said items on application of mind Read More
  
 [2015] 53 taxmann.com 78 (Karnataka)
Sec. 10A : Exp. on technical services rendered in course of export of software was includible in export turnover -IT: Carried forward business loss and unabsorbed depreciation of non-STPI units could not be set-off against income of STPI units Read More
  
 [2014] 52 taxmann.com 334 (Gujarat)
No disallowance of interest as revenue didn't indicate that borrowed funds were diverted as interest-free advances -IT : Where assessee, engaged in saraji business,obtained loan from bank, but there was no diversion of interest bearing funds as interest fee advances, assessee's claim for deduction under section 36(1)(iii) was to be allowed Read More
  
 [2015] 53 taxmann.com 86 (Gujarat)
Depreciation allowable on plant and machinery even if it was used only in trial production -IT: Depreciation allowance was to be allowed to plant and machinery even if used only in trial production Read More
  
 [2014] 52 taxmann.com 168 (Madras)[2015] 228 Taxman 173 (Madras)(MAG.)[2014] 271 CTR 694 (Madras)
CIT couldn't deny registration to trust due to non-commencement of charitable activities -IT: Application of registration of a trust cannot be rejected for not doing charity immediatly resulting in apprehension about genuineness of objects; registration can be cancelled later on, on breach of objects Read More
  
 [2014] 52 taxmann.com 483 (Bombay)
Lapse of AO in making assessment in due course in pursuance of remand order won't lead to denial of tax refund -IT: Where no assessment order was passed on remand, assessee would be entitled to refund on basis of returned income Read More
  
 [2015] 53 taxmann.com 17 (Madras)
Cash loan taken at the time of financial crisis to meet business necessity won't invite penalty under sec. 271D -IT : Receipt and repayment of loan in cash due to immediate business necessity would amount to reasonable cause for not levying penalty under sections 271D and 271E Read More
  
 [2015] 53 taxmann.com 36 (Andhra Pradesh)
Reassessment was justified if made on basis of high construction cost determined by valuation cell of department -IT: Reopening of assessment on basis of valuation of godown constructed by assessee, by valuation cell could not be said to be without any basis Read More
  
 [2015] 53 taxmann.com 31 (Bombay)
Employees not participating in manufacturing process would be excludible to find out eligibility of sec. 80-IA -IT : Where in search it was disclosed that assessee-company advanced money to its sister concern but same was not shown in its balance sheet, said advance was to be treated as unexplained investment Read More
  
 ITAT
  
 [2015] 53 taxmann.com 442 (Delhi - Trib.)
Institutions set-up to provide placement services to ex-army personnel and their widows were charitable institutions -IT: Institutions set-up to provide placement services to ex-army personnel, their widows and dependents, rather than to any trade, commerce or business would not be hit by first proviso to section 2(15). This activity of general public utility would be covered by definition of charitable purpose, thus, institution was eligible for registration under section 12A. Read Morenew
  
 [2015] 53 taxmann.com 441 (Bangalore - Trib.)
ITAT relies on retro-amendments for taxing inter-connect charges as royalty; rejects plea of treaty override -IT/ILT : Consideration paid by assessee-company, engaged in providing ILD services to its subscribers, to non-resident telecom operators, for provision of international carriage and connectivity services would fall within ambit of royalty under section 9(1)(vi) Read Morenew
  
 [2015] 53 taxmann.com 165 (Panaji - Trib.)
ITAT denied sec. 80P relief to society it was a primary cooperative bank as per Banking Regulation Act -IT: Where assessee had fulfilled all three basic conditions to be regarded as a primary co-operative bank, it was a co-operative bank, and, therefore, provisions of section 80P(4) were applicable and he was not entitled for deduction under section 80P(2)(a)(i) Read Morenew
  
 [2015] 53 taxmann.com 315 (Pune - Trib.)
Payment made to casual labourers working under direct control of contractor won't attract sec. 194C TDS -IT : Where issue relating to payments to labourers without deducting tax at source was concluded in assessment proceedings under section 143(3) and no incriminating material relating to said issue was discovered in search, Assessing Officer could not disallow said payment under section 153A on basis of change of opinion that tax was required to be deducted while making payments in question Read Morenew
  
 [2015] 53 taxmann.com 300 (Hyderabad - Trib.)
Sum paid by assessee to its foreign parent Co. for engineering services provided via third party was 'FTS' -IT/ILT : Where assessee in course of rendering software development services to its parent company located abroad, made payment of engineering services availed by said parent company from another Indian company and made it available to assessee, payment so made was to be regarded as 'fee for included services' Read Morenew
  
 [2015] 53 taxmann.com 330 (Delhi - Trib.)
Exp. incurred on sales which doesn't lead to any brand promotion can't be brought within ambit of 'AMP' exp -IT/ILT : Expenditure incurred in connection with sales which does not lead to brand promotion, cannot be brought within ambit of advertisement, marketing and promotion (AMP) expenses for determining cost/value of international transactions Read Morenew
  
 [2015] 53 taxmann.com 312 (Mumbai - Trib.)
Even purchase of superstructure without transfer of rights in land would provide sec. 54F relief -IT : Assessee was entitled for section 54F deduction on purchase of share in a farmhouse though right in land on which said property was constructed was not transferred Read Morenew
  
 [2015] 53 taxmann.com 403 (Mumbai - Trib.)
No addition of notional interest on receipt of interest-free deposit by lessor without determining fair market rent -IT: Even though the interest-free deposits received by lessor had the effect to deflate or inflate the rent agreed between the parties but AO could not make addition of notional interest in annual value of property without finding out the effect of interest free deposits and without determining the fair market rent expected to be fetched by the property under section 23(1)(a) Read More
  
 [2015] 53 taxmann.com 290 (Mumbai - Trib.)
No reassessment by AO to deny capital gains exemption under India-Denmark DTAA on basis of surmises -IT/ILT : No reassessment where reasons recorded for reopening fell in realm of surmises to deny capital gains exemption under India-Denmark DTAA Read More
  
 [2015] 53 taxmann.com 148 (Chennai - Trib.)
Exp. incurred on construction of storage shed on leasehold land was revenue exp. -IT : Expenditure incurred by assessee on construction of storage sheds on leasehold land is revenue in nature Read More
  
 [2015] 53 taxmann.com 167 (Jaipur - Trib.)
Payment to casual labours through senior workman would not attract sec. 194C TDS -IT : Payment made to casual labourers through senior workman was not liable to TDS under section 194C Read More
  
 [2015] 53 taxmann.com 402 (Delhi - Trib.)
ITAT unhappy with casual attitude of CIT in making revision on grounds not mentioned in show cause notice -IT : Where show cause notice to assessee issued by CIT u/s 263 set out grounds for revision as 'inadmissible deductions', revision order cannot be made by CIT on the grounds of 'lack of proper inquiries' by AO. A revision order can only be, made on the ground on which assessee has been given a reasonable opportunity of being heard. It is not open to the CIT to set out one reason for revising the order in show cause notice but actually revise the order on some other ground Read More
  
 [2015] 53 taxmann.com 367 (Hyderabad - Trib.)
Not-ordinarily Resident is liable to pay tax on 'ESOPs' which are attributable to services rendered in India -IT/ILT : Where assessee, having residential status of 'resident but not ordinarily a resident' received certain amount as Stock Option Transfer Proceeds (SOTP) from its employer company namely 'Microsoft' for rendering services partly in India and partly in USA, only that portion of SOTP was taxable in India which was attributable to services rendered in India Read More
  
 [2015] 53 taxmann.com 276 (Cochin - Trib.)
Capital gain was leviable on distribution of asset on dissolution of firm even if asset wasn't in name of firm -IT: Transfer of legal title in name of assessee-firm is not essential to hold that assessee-firm is owner of those assets if such assets are transferred by a partner of firm Read More
  
 [2015] 53 taxmann.com 166 (Hyderabad - Trib.)
No denial of trust registration to single entity even if its name indicated existence of cluster of institutions -IT: Where assessee had complied with all conditions necessary for grant of registration under section 12AA and since assessee was only a single entity but consisted of different colleges/institutions, operating under such single entity, assessee company was to be granted registration under section 12AA Read More
  
 [2014] 52 taxmann.com 406 (Mumbai - Trib.)
ITAT sets aside TP addition as comparable chosen by TPO didn't satisfy ratio of 25% of employee cost to revenue -IT/ILT :Where TPO made addition to assessee's ALP in respect of software development services, since four comparables selected by TPO failed filter of 25 per cent employee cost to revenues applied by TPO himself, impugned addition was to be set aside Read More
  
 [2015] 53 taxmann.com 366 (Delhi - Trib.)
Mere cash deposit of above 10 lakhs in bank account doesn’t indicate that income has escaped assessment, says ITAT -IT: The assessee had deposited cash in excess of Rs 10 lakhs in his saving bank account but he had not filed return of income. The AO reopened the assessment of assessee, as he had reason to believe that there was an escapement of income of Rs 10 lakhs. The Tribunal held that the AO proceeded on the fallacious assumption that bank deposits constituted undisclosed income and overlooked fact that the source of deposit need not necessarily be income of the assessee Read More
  
 [2015] 53 taxmann.com 353 (Mumbai - Trib.)
Longer credit period allowed to AE on realization of sale proceeds is an international transaction under TP -IT/ILT : Longer credit period to AE is 'international transaction' in terms of Explanation to section 92(1) but is 'closely linked' to international transaction of sale or service to AE in terms of Rule 10A(d). This is not a transaction of loan or advance to the AE but it is only an excess period allowed for realization of sales proceeds from the AE. Therefore, the arm's length interest rate would be the average cost of the total fund available to the assessee and not the rate at which a loan is Read More
  
 [2015] 53 taxmann.com 159 (Mumbai - Trib.)
TNMM at entity level is most appropriate to determine ALP when all international transactions are with same AE -IT/ILT : Where assessee received from non-resident AE assured pre-defined margin on costs incurred, ALP of Individual transactions was irrelevant; TNMM at entity level was most appropriate for evaluating International transactions Read More
  
 [2015] 53 taxmann.com 215 (Chennai - Trib.)
Activities carried out by Trust for providing employment to rural poor couldn't be held as commercial activities -IT : Activities carried out by Trust for providing employment to rural poor couldn't be held as commercial activities Read More
  
 [2015] 53 taxmann.com 224 (Chennai - Trib.)[2014] 34 ITR(T) 703 (Chennai - Trib.)
Exp. on purchase of application software entailing up-gradation of existing system would be revenue exp. -IT : Expenditure incurred for purchasing application software for upgradation of existing computers would be a revenue expenditure Read More
  
 [2015] 53 taxmann.com 101 (Mumbai - Trib.)
No rectification to tax interest on refund if its taxability under DTAA as interest or as other income is debatable -IT/ILT : Question as to whether interest on refund received by assessee, a USA based company, was taxable under article 11 or article 23 of India-USA DTAA being a debatable one, was beyond scope of proceedings under section 154 Read More
  
 [2015] 53 taxmann.com 343 (Delhi - Trib.)
Trust entitled to exemption even if it charged fee for commercial activity, being incidental to its charitable nature -IT: Fee charged by trust for processing subsidy applications could not be deemed as commercial receipts if it was incidental to its charitable objectives. Thus, assessee-trust was entitled to exemption under Section 10(23C)(iv). Read More
  
 [2015] 53 taxmann.com 333 (Hyderabad - Trib.)
Sum received on transfer of right to use technical know-how of drug was business receipts and not capital gains -IT/ILT : Where assessee, engaged in business of manufacture of Active Pharmaceutical Ingredients (API), formed a joint venture company with a South African company, in terms of which assessee sold its technical know how relating to four Anti Petro Viral (ARV) products to joint venture company, in view of fact that assessee merely imparted its special knowledge and experience in field of manufacturing, marketing, selling and distribution of ARVs whereas property in knowhow remained with assessee Read More
  
 [2014] 52 taxmann.com 470 (Delhi - Trib.)[2014] 34 ITR(T) 520 (Delhi - Trib.)
ITAT set aside order of CIT(A) as he adjudicated appeal in favour of assessee without hearing to AO -IT : Order passed by Commissioner (Appeals) adjudicating appeal in assessee's favour without giving opportunity of being heard to Assessing Officer was contrary to principles of natural justice and provisions of section 250(2)(b) Read More
  
 [2014] 52 taxmann.com 446 (Mumbai - Trib.)
Sum paid by newspaper publisher to foreign Co. for installation of mail room equipment wasn't 'FTS' -IT/ILT: Payment for installation/commissioning of complex 'mail room equipment' of newspaper publisher would not be FTS; however, consideration paid for training of employees would be taxable in India as FTS Read More
  
 [2014] 52 taxmann.com 478 (Mumbai - Trib.)
AO couldn't re-compute book profits by disallowing depreciation claim when books were certified by auditors -IT : Where assessee-company failed to produce any material on record that interest income earned by it on FDRs was by way of temporary deposit of surplus money or it was in nature of advances received by it from intended purchasers, said income could not to be treated as business income Read More
  
 [2015] 53 taxmann.com 221 (Hyderabad - Trib.)
Sum paid for acquiring satellite rights of a film is excluded from definition of 'royalty' -IT : Sum paid for acquiring satellite rights of a film is excluded from definition of 'royalty' Read More
  
 [2015] 53 taxmann.com 225 (Delhi - Trib.)[2014] 163 TTJ 7 (Delhi - Trib.)(UO)
Conversion of stock-in-trade into investment without any intention to do trading in shares was genuine -IT: Where conversion of stock-in-trade of shares into investment was accepted and gains on sale of shares held for more than 12 months was accepted as LTCG; STCG for shares held for less than 12 months could not be denied Read More
  
 [2014] 52 taxmann.com 472 (Hyderabad - Trib.)
ITAT followed its earlier order for remanding case to AO for determining ALP of AC equipments sold to AE -IT/ILT : Following order passed by co-ordinate Bench of Tribunal relating to earlier year, issue relating to determination of ALP of sub-assembly components of air conditioning equipment sold to AE was to be remanded back for disposal afresh Read More
  
 [2015] 53 taxmann.com 138 (Mumbai - Trib.)
Reimbursement of cost for obtaining customs clearance for AE wasn't includible in cost of assessee to compute profit -IT/ILT : Where assessee was paying to third party to get custom clearance service done on high value packages, for and on behalf of AE and payment was reimbursed by AE, said payment could not be included in total cost of assessee for determining profit margin for benchmarking arm's length price Read More
  
 [2015] 53 taxmann.com 111 (Hyderabad - Trib.)
Refund of excise duty is to be treated as part of business profits; eligible for sec. 80-IB relief -IT : Refund of excise duty paid on manufacturing and sale of goods produced by assessee was to be treated as business profit and same was eligible for section 80-IB deduction Read More
  
 [2015] 53 taxmann.com 168 (Delhi - Trib.)
Interest payable to supplier for construction of property is an allowable deduction under sec. 24 -IT : Interest payable to sundry creditors, who supplied material for construction of property, is an allowable deduction under section 24(b) Read More
  
 [2015] 53 taxmann.com 102 (Bangalore - Trib.)
No TDS liability of buyer when capital gain arose to NR wasn't taxable due to sec. 54 relief -IT/ILT : Where on date of purchase of house property from non-resident vendor, assessee was aware of fact that capital gain was not taxable in vendor's hands due to availability of deduction under section 54, he was not required to deduct tax at source while making payment of sales consideration Read More
  
 [2015] 53 taxmann.com 169 (Pune - Trib.)
Interest paid to AE was at ALP if it was lower than rate of interest paid by AE to independent party -IT/ILT : Where loans taken by assessee from its AE were interest free for initial period of seven years and when said period of moratorium was taken into account, effective rate of interest incurred by assessee was lower than arm's length rate of interest considered by TPO, adjustment made to assessee's ALP on aforesaid ground was to be set aside Read More
  
 [2015] 53 taxmann.com 104 (Chandigarh - Trib.)[2014] 33 ITR(T) 665 (Chandigarh - Trib.)[2014] 166 TTJ 216 (Chandigarh - Trib.)
ITAT made sec. 69C addition of inflated salary as assessee failed to explain extra attendance of its ex-employees -IT : Subsidy received by assessee under Industrial Policy 1996 of Punjab Government for installation of plant and machinery would be capital receipt Read More
  
 [2014] 52 taxmann.com 48 (Cochin - Trib.)[2014] 34 ITR(T) 8 (Cochin - Trib.)
CIT couldn’t opine that conditions of sec. 80-IB relief was violated without considering materials on record -IT : Assistant Commissioner without considering material on record, could not reject assessee's claim for deduction holding that condition prescribed under section 80-IB(10) which required a minimum of one acre land for development was not satisfied Read More
  
 [2014] 52 taxmann.com 466 (Chennai - Trib.)
Sum paid to NR for providing advice on investment to be made outside India wasn't royalty and not liable to TDS -IT/ILT : Where payment to foreign firm for providing advice for investments to be carried outside India could not be treated as royalty; since services were rendered abroad, no TDS was to be deducted Read More
  
 [2015] 53 taxmann.com 63 (Mumbai - Trib.)
Forfeited share application money would not be taxable either under sec. 41(1) or under sec. 28(iv), says ITAT -IT : In respect of dividend income earned by assessee, Assessing Officer could not straightaway proceed to apply rule 8D for purpose of disallowance under section 14A without complying with mandatory requirement of section 14A(2) or rule 8D(1) Read More
  
 [2015] 53 taxmann.com 136 (Delhi - Trib.)
ITAT excludes functionally distinct comparable as its business model was changed due to amalgamation -IT/ILT : Where one of comparables considered by TPO had changed business model due to amalgamation and due to it, functionality of said comparable changed, same was to be excluded from list of comparables during Transfer Pricing Study Read More
  
 [2015] 53 taxmann.com 149 (Hyderabad - Trib.)
CIT couldn't make revision when AO had accepted valuation of stock of securities on principles of AS-13 -IT : Where assessee had valued closing stock of securities on principle of cost or market price whichever is lower as mandated by AS-13 issued by ICAI, revisional order could not be passed on ground that Assessing Officer had accepted valuation of closing stock without enquiry and application of mind Read More
  
 [2015] 53 taxmann.com 113 (Jodhpur - Trib.)[2014] 164 TTJ 17 (Jodhpur - Trib.)(UO)
Assessment order was invalid as it was issued on basis of time barred notice under sec. 143(2) -IT : Assessment order framed consequent to notice issued under section 143(2) which was time-barred, would also become invalid and time-barred Read More
  
 [2014] 52 taxmann.com 395 (Mumbai - Trib.)
Transaction of providing loan to foreign AE at a higher rate than LIBOR was at ALP -IT/ILT : Charging of 0.5 per cent guarantee commission from AE being quite near to 0.6 per cent, which assessee had paid to ICICI Bank for credit arrangement, rate of 0.5 per cent can be said to be at arm's length Read More
  
 [2015] 53 taxmann.com 112 (Ahmedabad - Trib.)[2014] 33 ITR(T) 16 (Ahmedabad - Trib.)
ITAT curtails capital loss as no reason was given for selling Car to director at a price lesser than WDV -IT : Expenditure incurred by assessee on replacement of old tiles, wooden partition, pest control, etc. in respect of business premises taken on lease, was to be allowed as revenue expenditure Read More
  
 [2014] 52 taxmann.com 408 (Hyderabad - Trib.)
Co. outsourcing major portion of its business to third party couldn't be taken as comparable for ITES provider -IT/ILT: While computing ALP, functionally different companies having extraordinary circumstances like merger/de-merger, super normal profits and substantially high turnover could not be taken as comparables Read More
  
 [2014] 52 taxmann.com 145 (Ahmedabad - Trib.)[2014] 34 ITR(T) 271 (Ahmedabad - Trib.)
Sec. 69A additions deleted which was made on basis of seized pass book of NRE accounts not related to assessee -IT : Where assessee had no connection with NRE accounts, found from possession of assessee, addition was not justified Read More
  
 [2014] 52 taxmann.com 361 (Agra - Trib.)[2014] 164 TTJ 7 (Agra - Trib.)(UO)
Cash payment made to 'Kachcha Aratia' to purchase food grains would fall under exceptions of Rule 6DD; allowable -IT : Where assessee made surrender of income under misconception of facts or law, no addition could be made in respect of same Read More
  
 [2014] 51 taxmann.com 539 (Mumbai - Trib.)[2014] 33 ITR(T) 639 (Mumbai - Trib.)
Trust entitled to sec.11 relief once ITAT sets aside order withdrawing registration even if such order was appealed -IT : Once order withdrawing registration under section 12A was set aside by Tribunal, registration would continue and assessee would be entitled to exemption notwithstanding fact that revenue had filed appeal against Tribunal's order Read More
  
 [2015] 53 taxmann.com 253 (Kolkata - Trib.)
ITAT rejects high risks, high return claim of TPO; deletes TP addition as assessee bore same risk in business models -IT/ILT: Assessee was following two business models, which carried the same risk - where in the first model customers could enter into contract directly with assessee and in the other model they could enter into contract with its AE. In both business models assessee had to share same ratio of revenue with AE. Whether TPO could not made transfer pricing adjustment on the ground that assessee was entitled to larger share of proceeds when contract was directly entered into with customers if assessee Read More
  
 [2014] 52 taxmann.com 381 (Delhi - Trib.)[2014] 165 TTJ 56 (Delhi - Trib.)
Forex loss arising on purchase of goods is includible in operating cost for TP study -IT/ILT : Forex gain or loss from a trading transaction is not only an item of revenue nature, but is, in fact, a part of price of import or value of export transaction Read More
  
 [2015] 53 taxmann.com 42 (Cochin - Trib.)[2014] 29 ITR(T) 539 (Cochin - Trib.)
CIT couldn't make revision to change head of income if consequential tax effect was revenue neutral -IT: Where income from purchase and sale of immovable property was shown as STCG and not business income, revision is not justified as tax effect in both cases is same Read More
  
 [2015] 53 taxmann.com 33 (Mumbai - Trib.)[2014] 35 ITR(T) 348 (Mumbai - Trib.)
Cost of production of abandoned TV serial was allowable as business exp. to its producer -IT : In case of film/television serial, cost of production is to be treated as stock in trade and expenditure on abandoned film or teleserial is to be allowed as business expenditure Read More
  
 [2014] 52 taxmann.com 511 (Bangalore - Trib.)
Capital gain accrues on relinquishment of rights in land to developer to get constructed area -IT : Where assessees divested possession of land to developer and in lieu of that assessees would receive consideration in form of 50 per cent constructed area, capital gain accrued to assessees on account of transfer of land Read More
  
 [2015] 53 taxmann.com 30 (Panaji - Trib.)
ITAT couldn't examine order of AO if assessee appealed against the revisional order passed by CIT -IT/ILT : Non-compliance of provisions of section 144C itself proves that there is error in order passed by Assessing Officer and said order tantamounts to order being erroneous and prejudicial to interest of revenue Read More
  
 [2015] 53 taxmann.com 244 (Delhi - Trib.)
Sum received towards installation of mobile antenna on terrace was taxable as income from house property -IT: Sum received from cellular companies for renting out of the terrace for installation of mobile antenna was taxable as income from house property and not as income from other sources since roof and terrace would be considered as part of the building Read More
  
 [2015] 53 taxmann.com 83 (Pune - Trib.)[2014] 165 TTJ 105 (Pune - Trib.)
ITAT rejects CUP method as it wasn’t possible to make adjustments for geographical differences & market conditions -IT/ILT : CUP method cannot be applied to determine ALP when there are various differences like geographical differences, volume differences, different market conditions, etc., in transactions entered by assessee with its AEs and third parties Read More
  
 [2015] 53 taxmann.com 40 (Mumbai - Trib.)
Member's share in AOP would be exempt from tax even when AOP was claiming relief under sec. 80-IB -IT : Income of member company of AOP/BOI is to be computed as per section 67A read with section 86; Assessing Officer was not justified in observing that where an AOP had claimed deduction under section 80IB(10), share of income of member-company in said AOP would not be exempted Read More
  
 [2015] 53 taxmann.com 32 (Cochin - Trib.)[2014] 34 ITR(T) 662 (Cochin - Trib.)
Bank couldn't be held as defaulter for not deducting tax against Form 15G/15H in absence of any deficiency therein -IT: Where Commissioner did not found deficiency in declarations filed in Form 15G/15H for non-deduction of tax by assessee-bank, order passed under section 201(1A) required fresh examination Read More
  
 [2015] 53 taxmann.com 49 (Hyderabad - Trib.)[2014] 159 TTJ 483 (Hyderabad - Trib.)
No cancellation of registration of trust on mere allegation of charging capitation fee without any evidence -IT: Where assessee-society was imparting medical education in accordance with object clause, registration granted to it under section 12AA could not be cancelled on basis of unsubstantiated allegation that it was collecting fee over and above fee prescribed by Government Read More
  
 [2015] 53 taxmann.com 34 (Mumbai - Trib.)
Once set off of capital loss was denied, it couldn't be carried forward to subsequent years -IT-I : In case of composite accounts, estimation of expenditure incurred to earn exempt income was to be made as per of Rule 8D Read More
  
 [2015] 53 taxmann.com 43 (Hyderabad - Trib.)
A Co. performing R&D services with own intangibles is functionally dissimilar to BPO service provider -IT/ILT : Comparable companies should have comparable normal profit, functional similarity and similar employee skill sets and performance Read More
  
 [2015] 53 taxmann.com 81 (Delhi - Trib.)[2014] 34 ITR(T) 696 (Delhi - Trib.)
Issuance of reassessment notice in name of non-existent firm was void even when AO was unaware of its dissolution -IT: Where partnership firm was converted into company, issuance of notice under section 148 to partnership firm was void irrepsective of fact whether Assessing Officer was aware or not with regard to dissolution of firm Read More
  
 [2015] 53 taxmann.com 75 (Mumbai - Trib.)
ITAT grants partial relief under sec. 80-IB on residential units satisfying conditions of maximum built-up area -IT: Profits of housing property which otherwise satisfied condition of section 80-IB(10), as referable to residential units having a maximum built up area as prescribed per clause (c), would qualify for deduction on proportionate basis thereunder to exclusion of other residential units Read More
  
 [2014] 52 taxmann.com 489 (Panaji - Trib.)
'Usance charges' paid to NR on import purchases would be deemed as interest and liable to TDS -IT/ILT: Usance charges paid to non-resident on import purchase by assessee would be considered as 'interest' income Read More
  
 [2015] 53 taxmann.com 82 (Kolkata - Trib.)[2014] 165 TTJ 553 (Kolkata - Trib.)
CBDT’s instruction raising threshold limit for filing appeal before ITAT would also apply to pending cases -IT : CBDT Instruction revising monetary limit for filing appeal before Tribunal on income-tax matters would apply to pending appeals also Read More
  
 [2015] 53 taxmann.com 76 (Hyderabad - Trib.)
Co. engaged in product development services isn’t comparable for co. rendering software development services -IT/ILT : Addition made to assessee's ALP in respect of rendering software development services to its AE was not sustainable on account of functional difference of comparables selected by TPO as they were engaged in product development themselves Read More
  
 [2014] 52 taxmann.com 515 (Bangalore - Trib.)
Loss arising on forward contract of export proceeds won't qualify as speculative loss; allowable -IT-I : Where assessee-company entered into forward contracts for export proceeds in order to protect its interest against fluctuations in foreign currency losses incurred on derivative contracts was an allowable expenditure Read More
  
 [2014] 52 taxmann.com 517 (Bangalore - Trib.)
Cos with high turnover and related party transactions are excludible from lists of comparables for TP study -IT/ILT: Where companies selected by TPO were functionally different, and had high turnover and high RPT filter, same had to be excluded from list of comparables Read More
  
 [2015] 53 taxmann.com 84 (Mumbai - Trib.)[2014] 35 ITR(T) 258 (Mumbai - Trib.)
Interest received on delayed payment of sale proceeds of power is eligible for sec. 80-IA relief -IT : Interest on delayed payment of sale proceeds of power generated from windmill is eligible for deduction under section 80-IA Read More
  
 [2015] 53 taxmann.com 51 (Patna-Trib)[2014] 34 ITR(T) 461 (Patna-Trib)[2014] 164 TTJ 13 (Patna-Trib)(UO)
CIT couldn't make revision on allegation of inadequate inquiry by AO when order of AO wasn't found as erroneous -IT : Where Assessing Officer rejected books of account and estimated net profit on gross receipts, Commissioner could not invoke revisional power Read More
  
 [2015] 53 taxmann.com 19 (Mumbai - Trib.)
Co. alleged to have been involved in fraud cases was excludible from list of comparables for TP study -IT/ILT: For Computing arm's length price, a Company under serious indictment in fraud cases is to be excluded from list of comparables on ground of unreliability of data Read More
  
 [2015] 53 taxmann.com 80 (Lucknow - Trib.)[2014] 34 ITR(T) 97 (Lucknow - Trib.)[2014] 164 TTJ 22 (Lucknow - Trib.)
ITAT quashed time-barred consequential assessment order passed by AO in pursuance of revisional order of CIT -IT : Where pursuant to revisional order, Assessing Officer passed consequential assessment order after expiry of nine months from end of relevant year in which revisional order was passed, it was to be annulled being barred by limitation Read More
  
 [2015] 53 taxmann.com 79 (Chennai - Trib.)[2014] 35 ITR(T) 283 (Chennai - Trib.)
Sum received on account of carbon credit is a capital receipt -IT : Amount received on account of clean development mechanism (carbon credit) is capital in nature Read More
  
 [2014] 52 taxmann.com 448 (Bangalore - Trib.)
ITAT directs AO to adopt TNMM on royalty paid to AE by following order passed in earlier assessment year -IT/ILT : Matter relating to determination of ALP of royalty paid by assessee to its AE for using technical know-how in manufacturing automatic front axle, was to be remanded back for determining ALP of said transaction by adopting TNMM Read More
  
 Statutes
  
CIRCULAR NO.1/2015 [F.NO.142/13/2014-TPL]
CBDT releases Explanatory Notes to the provisions of Finance (No. 2) Act, 2014 -IT/ILT : Finance (No.2) Act, 2014 - Explanatory Notes to the Provisions of Said Act Read Morenew
  
OFFICE MEMORANDUM [F.NO. 2/3/2014.NS-II]
Govt. notifies 9.1% interest rate for investment in 'Sukanya Samridhi Account' during 2014-15 -IT : Sukanya Samridhhi Account Rules, 2014 - Rate of Interest to Be Allowed on Investments in Said Scheme during Financial Year 2014-15 Read More
  
NOTIFICATION NO. 3/2015 [F.NO. 142/10/2014-TPL]/ S
CBDT requires business trusts to e-file details of income distributed to unit holders by Nov 30 in form No. 64A -IT : Income-Tax (First Amendment) Rules, 2015 – Insertion of Rule 12CA and Forms No. 64A and 64B Read More
  
INSTRUCTION NO.1/2015 [F.NO.225/319/2014-ITAT.II]
No processing of return under sec. 143(1) even in case of refund claim if scrutiny notice was issued: CBDT -IT/ILT : Section 143 of the Income-Tax Act, 1961 - Assessment - General - Clarification as to whether Provision of Section 143(1D) Permits Processing of Returns Having a Refund Claim, Where Notice under Section 143(2) Has Been Issued Read More
  
 News
  
Agreement with US to bring relief to MNCs -Agreement with US to bring relief to MNCs [24-01-2015] Read Morenew
  
Gross direct tax collection during April-December of financial year 2014-15 -Gross direct tax collection during April-December of financial year 2014-15 [23-01-2015] Read More
  
Tax Evasion may Come Under PMLA -Tax Evasion may Come Under PMLA [23-01-2015] Read More
  
Jaitley Pledge No Balm for MNCs' Tax Pain -Jaitley Pledge No Balm for MNCs' Tax Pain [23-01-2015] Read More
  
Budget may announce fuel subsidy reforms -Budget may announce fuel subsidy reforms [23-01-2015] Read More
  
3-year Bank FDs May Get Tax Exemption -3-year Bank FDs May Get Tax Exemption [22-01-2015] Read More
  
India, US to Untie Transfer Pricing Knot -India, US to Untie Transfer Pricing Knot [22-01-2015] Read More
  
Switzerland assures full cooperation on tax issues -Switzerland assures full cooperation on tax issues [22-01-2015] Read More
  
Tax fillip to fund- raising avenues likely in Budget -Tax fillip to fund- raising avenues likely in Budget [22-01-2015] Read More
  
Jethmalani Unhappy Over Black Money -Jethmalani Unhappy Over Black Money [21-01-2015] Read More
  
Don’t buy life insurance for tax benefits alone -Don’t buy life insurance for tax benefits alone [21-01-2015] Read More
  
Give suggestions on black money to SIT: SC -Give suggestions on black money to SIT: SC [21-01-2015] Read More
  
Equity savings scheme could be tweaked to make it more attractive -Equity savings scheme could be tweaked to make it more attractive [19-01-2015] Read More
  
FinMin Seeks Public View on Budget 2015-16 -FinMin Seeks Public View on Budget 2015-16 [16-01-2015] Read More
  
Birla case: I-T probes allege Rs. 203- cr undisclosed income -Birla case: I-T probes allege Rs. 203- cr undisclosed income [16-01-2015] Read More
  
Tax cloud over offshore fund regime -Tax cloud over offshore fund regime [14-01-2015] Read More
  
Black money: Directive to finish probe by Mar 31 -Black money: Directive to finish probe by Mar 31 [14-01-2015] Read More
  
Twists and turns in Tax Accounting Standards; TAS v. AS -Section 145(2) of the Income-tax Act ('the Act') provides that the Central Government may notify Accounting Standards ('AS') for any class of assessees or any class of income. In 1996, two AS relating to 'disclosure of accounting policies' and 'disclosure of prior period and extraordinary items and changes in accounting policies' were notified. [13-01-2015] Read More
  
CBI unearths bribery scandal in I-T department, arrests senior official, chartered accountant -CBI unearths bribery scandal in I-T department, arrests senior official, chartered accountant [12-01-2015] Read More
  
Assocham Seeks E-hearing for Tax Dispute Cases -Assocham Seeks E-hearing for Tax Dispute Cases [12-01-2015] Read More
  
Taxmen Pull MAT from Under Foreign Funds' Feet -Taxmen Pull MAT from Under Foreign Funds' Feet [12-01-2015] Read More
  
When taxman comes calling on your bonus -When taxman comes calling on your bonus [12-01-2015] Read More