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Direct Tax Laws
 [2014] 44 104 (Gujarat)
HC affirms ITAT's action of remanding case to decide whether exp. was 'deferred revenue exp' -IT: Where Tribunal remitted matter to Assessing Officer to consider issue with respect to addition of 'water and service charges' after verifying facts as to whether any deduction was allowed in earlier years on basis that same was deferred revenue expenditure, no interference was called for Read Morenew
 [2014] 44 101 (Allahabad)
Participation in reassessment proceeding ratified procedural lapse and validated notice served on assessee -IT : Where notice under section 148 was served on assessee-company at its registered office though not received by an authorised person, assessee, by participating voluntarily in proceedings, had rectified procedural irregularity Read Morenew
 [2014] 44 141 (Gujarat)
Trust activities couldn't be tainted as commercial even if it had earned profits from its charitable activities -IT: Where aims and objects of assessee-trust were charitable and profit earned from said activities was incidental in nature, assessee was not hit by proviso to section 2(15) Read More
 [2014] 44 98 (Punjab & Haryana)
Delhi I-T Authority has jurisdiction over assessee residing and maintaining bank account in Delhi -IT: Where assessee was not only maintaining residence in Delhi but also had bank account in Delhi where dubious transaction had taken place, Income-tax authority of Delhi had jurisdiction over assessee Read More
 [2014] 44 65 (Gujarat)
Taxes of Co. couldn't be recovered from director if it pertained to period after its conversion into public co. -IT : Where assessee was a director of a company against which tax demand for assessment year 1996-97 remained unpaid, provisions of section 179 could not be made applicable since said company was converted into public company from 5-12-1994 Read More
 [2014] 44 102 (Karnataka)
TDS refund couldn't denied if delay in issue of TDS certificates caused delay in filing of refund claim -IT: Deduction of tax at source from any payment made for land acquisition on or after 1-6-2000 would be illegal and amount so deducted had to be returned to assessee Read More
 [2014] 44 103 (Bombay)[2013] 358 ITR 408 (Bombay)
ITAT rightly remanded case to AO with a direction to decide on penalty after verdict of HC in quantum proceedings -IT : Where Tribunal finding that appeal against its order in quantum proceedings, was admitted by High Court, remanded penalty proceedings back to Assessing Officer with a direction to dispose of same subject to order passed in quantum proceedings, impugned direction issued by Tribunal being justified, it did not require any interference Read More
 [2014] 44 66 (Gujarat)
HC quashed sec. 179 tax recovery notice as it related to later years in which co. was converted into a public co. -IT : Where company became public limited company vide certificate of incorporation dated 25-5-1992, notice under section 221 for recovery of dues of company for years 1995-96 to 1996-97 to assessee director of said company could not be sustained Read More
 [2014] 44 138 (Delhi)[2014] 361 ITR 505 (Delhi)
CIT's order that order of AO was erroneous couldn't be questioned on grounds of possible different views -IT : Clause (i) of proviso of Explanation to section 115JA operates when an amount is withdrawn from reserve created but as per proviso adjustment could be made only when at time of creation of reserve or provision, such amount was duly accounted for by increasing book profits by said reserve or provision Read More
 [2014] 44 29 (Gujarat)
No addition if AO couldn't prove that some money was paid in excess of sale consideration specified in sale deed -IT : Where in course of assessment, Assessing Officer enhanced amount of taxable capital gain, in view of fact that there was no material on record indicating that sale consideration in excess of amount mentioned in sale deed was paid and, moreover, Assessing Officer could not substitute amount of FMV declared on basis of valuation report given by registered valuer, impugned addition was rightly deleted by Tribunal Read More
 [2014] 44 30 (Karnataka)
Addition on basis of DVO's report deleted as no material was found during search to indicate unrecorded exp. -IT : Where no material was found during search to indicate that assessee had not recorded expenses incurred on construction in books of account, addition of undisclosed income under section 158BB could not be made solely on basis of DVO's report Read More
 [2014] 44 21 (Jharkhand)
HC quashed addition for cash credit as creditors appeared and filed particulars of their income before AO -IT : Addition made after rejecting books maintained by assessee, be deleted when all quantitative details were available in books of account and accounts were regularly maintained Read More
 [2014] 44 134 (Delhi - Trib.)
Presumptive taxation under sec. 44DA couldn't invoked if services were squarely covered by sec. 44BB -IT/ILT : Where services rendered by assessee squarely fall within scope of section 44BB, its income would be computed under section 44BB and not section 44DA Read Morenew
 [2014] 44 123 (Panaji - Trib.)
Assessee won't be a co-operative bank if it isn't aiming to accept deposits for lending; ITAT allows sec. 80P relief -IT : Where assessee, a co-operative society, claimed deduction under section 80P(2)(a)(i) and Assessing Officer denied deduction taking view that assessee was a primary co-operative bank and, therefore, provisions of section 80P(4) were applicable, since none of aims and objects of assessee allowed it to accept deposits of money from public for purpose of lending or investment, it could not be regarded to be a primary co-operative bank and was entitled for deduction under section 80P(2)(a)(i) Read More
 [2014] 44 99 (Mumbai - Trib.)
No depreciation to lessor on finance lease assets; guarantee commission to be recognized proportionately -IT : Depreciation is not allowable to bank leasing out assets on finance lease Read More
 [2014] 44 124 (Mumbai - Trib.)
ITAT deleted TP adjustment and remanded case to re-fix profit margin after considering DEPB benefit in turnover -IT/ILT: Where in transfer pricing proceedings, TPO made certain adjustment to assessee's AP in respect of export of bathrobes to AE, following order passed by Tribunal in assessee's own case relating to earlier assessment year, impugned adjustment was to be set aside and, matter was to be restored to file of Assessing Officer with a direction to recompute profit margin of assessee after taking into consideration DEPB benefit as a part of its turnover Read More
 [2014] 44 33 (Pune - Trib.)
Rejection of exemption to trust would be limited to income earned from investment in non-specified securities -IT : Provisions of section 12AA(3) relating to cancellation of registration inserted with effect from 1-10-2004 are not retrospective Read More
 [2014] 44 23 (Amritsar - Trib.)
Case remanded to examine whether land would be covered under new definition of urban land introduced by FA, 2013 -WT : Where Assessing Officer included value of certain land in net wealth of assessee and after his death, legal heirs of assessee requested for admission of evidence to prove that subject land was agricultural land which had been excluded from definition of urban land as defined under amended provisions of section 2(ea), reasonable opportunity of being heard should be provided to legal heirs Read More
 [2014] 44 125 (Delhi - Trib.)
ITAT rejects working of PLI when TPO took FOB value of goods as 'total cost' instead of cost incurred by assessee -IT/ILT: While working out PLI 'total cost' has to be taken as costs incurred by assessee and not FOB value of goods between third party enterprises sourced through assessee Read More
India in Pact with US on Tax Evasion under FATCA -India in Pact with US on Tax Evasion under FATCA [23-04-2014] Read Morenew
Diamonds Fall Between a Rock & a Polling Place -Diamonds Fall Between a Rock & a Polling Place [23-04-2014] Read Morenew
India to provide info on US tax evaders -India to provide info on US tax evaders [23-04-2014] Read Morenew
ICAI raises concerns over accountant definition in DTC Bill -ICAI raises concerns over accountant definition in DTC Bill [21-04-2014] Read More