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Direct Tax Laws
 [2015] 58 taxmann.com 179 (Bombay)
AO couldn't tax that income of builder which didn't accrue to it due to cancellation of sale agreements -IT: Subsequent to cancellation of agreement of sale of land, assessee filed its revised return declaring nil income, since income had not accrued to assessee in real sense, no hypothetical income of assessee could be brought to tax Read Morenew
 [2015] 58 taxmann.com 198 (Calcutta)[2015] 370 ITR 603 (Calcutta)[2015] 273 CTR 590 (Calcutta)
Hedging of shares against price fluctuations isn't speculative business -IT-I : Assessee was entitled to set off hedging loss of brief period as business loss when it was denied windfall profit on ultimate sale of shares at a greater value Read More
 [2015] 58 taxmann.com 225 (Delhi)[2015] 371 ITR 81 (Delhi)(MAG.)
Second reassessment notice quashed as issue raised therein could have been noticed in first proceedings itself -IT : Where material or explanation in respect of issues sought to be raised in second reassessment notice were part of record and could have been noticed in first reassessment proceedings, second reassessment was not valid Read More
 [2015] 58 taxmann.com 184 (Karnataka)
No denial of sec. 11 relief just because trust didn't furnish details as to how accumulated income would be spent -IT : Where all purposes specified by assessee-trust in Form 10 are for achieving charitable objects of trust, merely because more than one purpose have been specified and details about plan of such expenditure has not been given, same would not be sufficient to deny benefit under section 11(2) to the assessee Read More
 [2015] 58 taxmann.com 175 (Bombay)
No reassessment to disallow sec. 10A relief if all material facts for claiming relief were disclosed in assessment -IT: Where all material facts relevant to section 10A deduction were before Assessing Officer during course of original assessment, reopening of assessment on ground that deduction under section 10A was wrongly allowed would be a clear case of revisiting claim which was impermissible Read More
 [2015] 58 taxmann.com 197 (Punjab & Haryana)[2014] 369 ITR 250 (Punjab & Haryana)[2015] 275 CTR 229 (Punjab & Haryana)
No penalty on assessee for his failure to pay MAT on exempt income as he was unware of amended provision -IT : Where assessee was unaware of amendment made during current year whereby long term capital gains were to be taken into consideration while determining book profits under section 115JB, penalty for concealment could not be imposed Read More
 [2015] 58 taxmann.com 256 (Delhi)
Transaction of trading can't be compared with transaction of selling goods on commission basis under TP study -IT/ILT : Indenting transaction being different from trading transactions to AEs, commission percentage from AE transactions should be benchmarked on basis of commission rate earned from non-AE transactions under 'Indenting business' only Read More
 [2015] 58 taxmann.com 200 (Kerala)
CBDT's order on cadre restructuring in tax department wasn't discriminatory; it was constitutionally valid -IT : Where due to massive induction of information technology, restructing of cadres was done in tax department since there was no discrimination pointed out by employees, same was to be regarded as constitutionally valid Read More
 [2015] 58 taxmann.com 199 (Bombay)
Compensation received on non-fulfilment of 'specific performance' in pursuance of oral contract is capital receipt -IT: Amount of damage awarded by Trial Court on account of failure of vendor to transfer its factory premises in pursuance of an oral agreement entered into between parties was to be regarded as 'capital receipt' Read More
 [2015] 58 taxmann.com 294 (Kerala)[2015] 274 CTR 162 (Kerala)(MAG.)
High Court orders refund of duty as revenue had initiated garnishee proceedings without issuing any notice -IT : Where revenue initiated garnishee proceedings and recovered entire amounts from account of assessee without issuing any notice to it, revenue should refund said amount to assessee Read More
 [2015] 58 taxmann.com 206 (Bombay)
Sec. 43B doesn't contemplate payment of service tax before it is actually received from parties -IT: Where it was found that before end of year, amount on which service tax was payable had not been received from parties to whom services were rendered, claim of service tax paid could not be disallowed Read More
 [2015] 59 taxmann.com 1 (SC)
SC: Sec. 44BB would apply and not sec. 44D if pith and substance of contract is related to extraction of mineral oil -IT/ILT : SC: Applicability of sec 44BB is to be decided w.r.t. the "Pith and substance" of the contract Read More
 [2015] 58 taxmann.com 332 (Karnataka)
No additions if transaction made at a price less than its cost wasn't with any specified person and it was genuine one -IT : Where assessee sells his goods at a price less than purchase price and transaction is bonafide one, taxing authority cannot take into account purchase price of those goods to ascertain profit from transactions Read More
 [2015] 58 taxmann.com 313 (Bombay)[2015] 273 CTR 479 (Bombay)
Machinery used by 'Titan' to manufacture 'Circuit Boards' for watches was eligible for higher depreciation -IT: Where assessee purchased semi-conductor devices such as Integrated Circuits and mounted piezo-electronic crystals which were fixed on board and they were interconnected to produce end products, i.e., ECBs, it could be said that assessee was engaged in semi-conductor industry and was entitled to high rate of depreciation of 40 per cent Read More
 [2015] 58 taxmann.com 253 (Bombay)
Late filing of requisite docs doesn't disentitle local authority from claiming sec. 11 relief -IT: Where assessee, a local authority, was duly granted registration under section 12A with effect from 1-4-2003, late filing of required documents would not disentitle assessee from availing benefits of section 11 for assessment year 2005-06 Read More
 [2015] 58 taxmann.com 339 (Bombay)[2015] 277 CTR 376 (Bombay)
Payment of electricity transmission charges doesn't attract TDS under sec. 194-I -IT : Where assessee, engaged in power distribution, entered into Bulk Power Transmission Agreement (BPTA) with MSETCL and Power Grid Corporation of India Ltd. (PGCIL) for transmission of electricity and for use of their transmission system from generation point to distribution point across different regions, since transmission charges were not amount paid under any arrangement for use of land, building, plant and machinery etc., said charges did not amount to rent requiring deduction of tax at Read More
 [2015] 58 taxmann.com 334 (Gujarat)[2014] 272 CTR 353 (Gujarat)
Admitting an appeal by HC couldn't mean that issue was debatable; penalty couldn't be quashed on this ground -IT : Unless there is any indication in order of admission passed by High Court, simply because tax appeal is admitted, would not give rise to presumption that issue is debatable; penalty under section 271(1)(c) could not be deleted on this ground Read More
 [2015] 58 taxmann.com 314 (Calcutta)[2015] 370 ITR 318 (Calcutta)
Signature of CIT on show cause notice revealed that he had obtained satisfaction for making revision under sec. 263 -IT : Having put his signature in approval of draft show-cause notice, Commissioner had complied with provisions contained in section 263, and, thus challenge by assessee on account of non-recording of requisite satisfaction in said notice was not sustainable Read More
 [2015] 58 taxmann.com 368 (Karnataka)
Chit dividend paid by Chit fund Co. to its members couldn't be treated as interest; not liable to sec. 194A TDS -IT : Chit dividend paid by chit fund company to its members is not interest falling under section 2(28A) and, consequently, no deduction of TDS under section 194A is required to be made Read More
 [2015] 58 taxmann.com 264 (Bombay)
HC affirms Set Com order as application was rightly admitted and there was true disclosure of additional income -IT: Where at time of filing application before Settlement Commission, assessment proceedings were still pending and, moreover, disclosure of additional income appeared to be prima facie full and true, impugned order passed by Settlement Commission to proceed with application did not require any interference Read More
 [2015] 58 taxmann.com 315 (Kerala)[2015] 273 CTR 582 (Kerala)(MAG.)
Offering additional income to end a scuffle couldn't be deemed as failure to make fair disclosure before SetCom -IT : Where there was no material with department to justify a demand of further amount from assessee and a sum was offered by assessee to put a quietus to matter, order passed by Settlement Commission to grant immunity from penalty and presecution in terms of section 245H could not be interfered with Read More
 [2015] 58 taxmann.com 317 (Karnataka)[2015] 273 CTR 57 (Karnataka)
AO couldn't treat payer as assessee-in-default without examining his submission justifying non-deduction of tax -IT: Assessing Officer couldn't treat payer as assessee-in-default without examining his submission justifying non-deduction of tax Read More
 [2015] 58 taxmann.com 333 (Karnataka)
Cost of additions or improvements on habitable house is also eligible for sec. 54F relief -IT: Where assessee while computing indexed cost of acquisition had taken value of sold asset as on 1-4-1981 at Rs. 280 per sq. ft. but as per Govt. notification value was at Rs. 45 per sq. ft., assessing authority was right in recording opinion that income chargeable to tax escaped assessment under section 147 Read More
 [2015] 58 taxmann.com 374 (Gujarat)
After Delhi HC Gujarat HC also held that ITAT can extend stay beyond 365 days if delay isn’t due to assessee -IT : ITAT may extend stay of demand beyond 365 days if delay in disposing appeal not attributable to assessee Read More
 [2015] 58 taxmann.com 208 (Kerala)
No deduction of employee's contribution to PF if paid before due date of filing return but after due date of PF -IT: Belated payment of employees' contributions to provident fund cannot be allowed as deduction in terms of section 36(1)(va) Read More
 [2015] 58 taxmann.com 287 (Karnataka)
No disallowance of bad-debts just because it wasn't recognized as exp. in books of debtor -IT : Where assessee credited certain amount in its books and when it did not get any portion of it, wrote off same from books in subsequent year, claim of bad debts was to be allowed Read More
 [2015] 58 taxmann.com 204 (Calcutta)[2015] 371 ITR 17 (Calcutta)(MAG.)
ITAT rightly held that transaction in shares were investment and not business transaction: HC -IT: Where both appellate authorities concurrently on basis of evidence held that transaction in shares held by assessee was in nature of investment, no interference was called for Read More
 [2015] 58 taxmann.com 288 (Bombay)
Income from letting out of property of educational institution not taxable if same was used for educational purposes -IT : Where assessee-trust generated income by giving hall and premises of its educational institution on rentals and said income was used for educational institution itself, such income could not be brought to tax Read More
 [2015] 58 taxmann.com 210 (Delhi)[2015] 374 ITR 62 (Delhi)(MAG.)
Royalty paid to associated concern was allowable as revenue exp. -IT: Technical fees claimed by assessee to japanese assessee was allowable as business expenditure under section 37(1) Read More
 [2015] 58 taxmann.com 207 (Gujarat)
Advance received by contractor in excess of bill raised by him couldn't be taxed on receipt basis -IT: Where actual work carried out by sub-contractor during relevant year was to extent of bill raised, Assessing Officer was not justified in making prima facie adjustment of excess payment made by contractor under section 143(1)(a) Read More
 [2015] 58 taxmann.com 183 (Karnataka)[2015] 370 ITR 499 (Karnataka)
Sec. 10(10) relief given to SBI employee on ex-gratia received by him on 'VRS' as he satisfied conditions of rule 2BA -IT: Where assessee exercised option of voluntary retirement scheme and all conditions laid down in rule 2B were fulfilled, assessee would be entitled to exemption under section 10(10C) on ex gratia payment Read More
 [2015] 58 taxmann.com 181 (Delhi)
Filing of petition for recovery didn't mean that payee had obtained right to receive income; HC deletes addition -IT: Where there was no evidence on record that at any time during relevant period provisions of wages and salaries were ever made, assessee's claim for cost paid to 'H Ltd.' for wages and salaries pertained to earlier years was to be disallowed Read More
 [2015] 58 taxmann.com 176 (Rajasthan)
Failure to obtain proper sanction for reassessment notice can't be cured by resorting to sec. 292BB -IT: As per proviso to section 151(1) sanction of Commissioner or Chief Commissioner is pre-requisite condition for issuance of notice under section 148 and, therefore, notice issued with sanction of Joint Commissioner would be invalid and such invalidity cannot be cured by resorting to provisions of section 292B Read More
 [2015] 58 taxmann.com 177 (Bombay)
ITAT rightly allowed sec. 80-IB relief as assessee had satisfied the limit of commercial space in housing project -IT: Where assessee acquired development rights in respect of land, and criteria of minimum area was met by assessee and area was situated within 25 kms from limits of Mumbai city, deduction claimed under section 80-IB would be allowed Read More
 [2015] 58 taxmann.com 318 (Kolkata - Trib.)[2015] 37 ITR(T) 644 (Kolkata - Trib.)
AO couldn't deny balance of additional depreciation in next year after allowing half of it in prior year -IT : Where Assessing Officer allowed additional depreciation in immediate preceding assessment year, denial of remaining 50 per cent of additional depreciation in current year holding that business of generation and distribution of power was not eligible for additional depreciation was unjustified Read Morenew
 [2015] 58 taxmann.com 330 (Cuttack - Trib.)[2015] 37 ITR(T) 35 (Cuttack - Trib.)
No penalty on non-disclosure of telephone/medical reimbursement in return as they can't be treated as income -IT: Hospitality and telephone allowances to assessee being in nature of reimbursement cannot be treated as income in hands of assessee and, consequently, non-inclusion of same in assessee's return of income could not be treated as concealment of income and penalty was not called for Read More
 [2015] 58 taxmann.com 255 (Bangalore - Trib.)
Companies having related party transactions in excess of 15% can't be selected as comparable for TP purposes -IT/ILT : Where TPO made addition to assessee's ALP in respect of rendering research and development services to its AE, in view of fact that two comparables selected by TPO were functionally not comparable as R&D service providers whereas another comparable was found inappropriate as it had related party transactions in excess of 15 per cent, impugned addition was to be set aside Read More
 [2015] 58 taxmann.com 320 (Chennai - Trib.)[2015] 38 ITR(T) 8 (Chennai - Trib.)
ITAT directs AO to re-work depreciation on second hand windmill as determination of its actual cost was pending -IT : Question of determination of 'actual cost' would arise only in year of purchase or in year in which depreciation was claimed for first time Read More
 [2015] 58 taxmann.com 322 (Raipur-Trib)[2015] 38 ITR(T) 77 (Raipur-Trib)
AO couldn't apply higher rate of Gross Profit to make additions without mentioning any comparable case -IT : Where Assessing Officer had not cited any comparable case before applying ad hoc gross profit rate of 8 per cent which appeared to be on higher side, same was to be restricted to 7 per cent Read More
 [2015] 58 taxmann.com 164 (Bangalore - Trib.)[2014] 36 ITR(T) 186 (Bangalore - Trib.)
No reassessment to deny sec. 54 relief if assessee had carried out construction within 3 years of transfer of house -IT: Where assessee had submitted supporting evidence that construction activities were carried out within a period of three years from date of transfer of capital assets, matter was to be remanded for consideration of exemption under section 54F Read More
 [2015] 58 taxmann.com 252 (Chandigarh - Trib.)
Vacancy allowance could not be allowed for the property which was deemed to be let out during the year -IT : Provisions of section 23(1)(c) cannot be invoked as same are clearly applicable where property is let out Read More
 [2015] 58 taxmann.com 186 (Mumbai - Trib.)[2015] 169 TTJ 398 (Mumbai - Trib.)
Sum received by land owner as per terms of development agreement wasn't cap gain as land was held as stock-in-trade -IT: Where assessee-owner of a piece of agricultural land had undertaken a series of activities for commercially exploiting it such as conversion of user of land, appointment of architect and contractor, land in question being stock-in-trade, non-refundable deposit received from builder for constuction would not give rise to any capital gain Read More
 [2015] 58 taxmann.com 326 (Delhi - Trib.)
ITAT directs AO to decide taxability of AMP exp. by following ratio of high Court in case of 'Sony Eriscon' -IT/ILT : ITAT directs Assessing Officer to decide taxability of AMP expenses by following ratio of High Court in case of 'Sony Ericsson' Read More
 [2015] 58 taxmann.com 324 (Guwahati - Trib.)[2015] 38 ITR(T) 502 (Guwahati - Trib.)
CIT couldn't step into the shoes of AO and decide Sec. 80-IB eligibility while passing revisional order -IT : At time of passing of revisional order, Commissioner could not take over role of Assessing Officer by himself deciding assessee's eligibility to claim deduction under section 80-IB Read More
 [2015] 58 taxmann.com 203 (Delhi - Trib.)
ITAT allows depreciation on goodwill generated during slump sale -IT: Goodwill is in nature of business or commercial right specified in section 32(1)(ii) Read More
 [2015] 58 taxmann.com 163 (Jaipur - Trib.)[2015] 167 TTJ 24 (Jaipur - Trib.)(UO)
Transmission, wheeling and state load/dispatch charges paid by Electricity Co. isn't 'FTS' -IT : Where assessee paid employee's contribution towards ESI before due date of filing return, it could not be disallowed under section 43B merely because it was paid beyond time-limit prescribed under provisions of relevant Act Read More
 [2015] 58 taxmann.com 364 (Mumbai - Trib.)
A comparable having a different accounting year can't be chosen for TP study -IT/ILT: A comparable having a different accounting year cannot be a valid comparable Read More
 [2015] 58 taxmann.com 355 (Hyderabad - Trib.)[2015] 38 ITR(T) 306 (Hyderabad - Trib.)
AO's order was erroneous as he had allowed higher depreciation on hospital equipments without proper enquiries -IT : Where Assessing Officer had allowed higher depreciation on furniture and hospital equipment and accepted unsecured loans without making proper and adequate enquiries, order of Assessing Officer was erroneous and prejudicial to interests of revenue Read More
 [2015] 58 taxmann.com 165 (Chennai - Trib.)[2015] 37 ITR(T) 10 (Chennai - Trib.)
Interest attributable to investment made in SPV to execute NHAI's contract couldn't be disallowed under sec. 14A -IT : Expenses and interest attributable to investments made by assessee in Special Purpose Vehicles could not be disallowed under section 14A read with rule 8D, as it could not be termed as expenses incurred for earning exempt income Read More
 [2015] 58 taxmann.com 357 (Cuttack - Trib.)[2015] 38 ITR(T) 67 (Cuttack - Trib.)
Payment of hire charges of trucks won't attract TDS in absence of any contract with truck owners -IT: Where assessee hired trucks from open market and there were no contract between assessee and truck owners, assessee was not liable to deduct tax on freight charges paid to truck owners Read More
 [2015] 58 taxmann.com 363 (Bangalore - Trib.)
Forex gain arising from transaction with AE would form part of operating revenue for computing operating margins -IT/ILT: Foreign exchange gain on realization of consideration for rendering software development services should be regarded as part of operating revenue Read More
 [2015] 58 taxmann.com 174 (Hyderabad - Trib.)[2015] 37 ITR(T) 95 (Hyderabad - Trib.)
Windmill generators eligible for 100% depreciation as they are part of windmill power projects -IT : Wind electric generators were part of wind power projects which could not be operational without wind electric generators, and therefore, electric wind generators were eligible for higher rate of depreciation Read More
 [2015] 58 taxmann.com 219 (Bangalore - Trib.)
No sec. 14A disallowance during current year if major investments in securities were made in earlier years -IT : Where assessee had sufficient surplus funds to make major part of investment in interest free securities in preceding year and moreover there was negligible increase in investment during relevant year, impugned disallowance made under rule 8D(2)(ii) and (iii) was to be deleted Read More
 [2015] 58 taxmann.com 375 (Delhi - Trib.)
Addition of AMP exp. couldn't be deleted because profit margin of assessee matched with that of comparable -IT/ILT : Addition for AMP expenses cant be deleted only because assessee's profit margin matches those of comparables Read More
 [2015] 58 taxmann.com 215 (Pune - Trib.)
No exclusion of comparable due to business restructuring if it doesn't affect segment comparable with assessee -IT/ILT : A company earning income from infrastructure management services and e-learning and digital consulting is incomparable to company providing software design and development services Read More
 [2015] 58 taxmann.com 196 (Kolkata - Trib.)[2015] 37 ITR(T) 611 (Kolkata - Trib.)
'LED video display boards' are temporary structures; entitled to 100% depreciation -IT : Where pre-requisite conditions for allowance of deduction under section 80-IA(4) had been satisfied in initial year, same could not be questioned in succeeding years unless and until revenue disturbed finding for initial assessment year Read More
 [2015] 58 taxmann.com 223 (Chennai - Trib.)[2014] 36 ITR(T) 300 (Chennai - Trib.)(MAG.)
Sum received on sale of carbon credit is capital receipt -IT: Amount received by assessee on account of clean development mechanism (Carbon credits) was capital in nature Read More
 [2015] 58 taxmann.com 325 (Guwahati - Trib.)
No disallowance due to TDS default on reimbursement if agent had already deducted TDS while making payment -IT : No disallowance can be made under section 40(a)(ia) on account of reimbursement of expenses incurred by agent on behalf of assessee for transportation when obligation to deduct tax at source was complied with by agent for and on behalf of assessee Read More
 [2015] 58 taxmann.com 289 (Chandigarh - Trib.)[2015] 38 ITR(T) 486 (Chandigarh - Trib.)
Cash deposit couldn't be held as unexplained if such amount was surrendered during search and reflected in WT return -IT: Where Assessing Officer made addition to income of assessee on account of cash deposited by assessee in bank, fact that such amount was surrendered during search and tax had been duly paid and cash had been duly reflected in wealth tax return, no addition was called for Read More
 [2015] 58 taxmann.com 291 (Mumbai - Trib.)
Arranger fee paid to bank for mobilizing deposits isn't 'FTS' and not liable to TDS -IT/ILT: Admissibility of head office expenditure of a PE is to be governed by article 7(3) of Treaty between India and UAE with effect from 1-4-2008 Read More
 [2015] 58 taxmann.com 297 (Cuttack - Trib.)[2015] 37 ITR(T) 564 (Cuttack - Trib.)
No sec. 68 additions without making detailed scrutiny of creditors -IT: Where assessee derived income from transportation work, keeping in view assessee's turnover and nature of business, assessee's business income was to be estimated at 5 per cent Read More
 [2015] 58 taxmann.com 227 (Mumbai - Trib.)
Illegally encroached land is not a capital asset; profit arising on its sale is taxable as income from other source -IT: Property illegally encroached by assessee would not be considered as 'Capital asset' under section 2(14) and, consequently, gain arising from transfer of such property could not be assessed as capital gain but as income from other sources Read More
 [2015] 58 taxmann.com 373 (Ahmedabad - Trib.)
Uniform allowance paid to employees isn’t exempt if no dress code has been specified for employees -IT : No exemption under section 10(14) shall be granted in respect of uniform allowance paid to employees if there is no dress code and the employees are free to wear any dress. ITAT has directed assessee-employer to include such allowance in salary of the employees for the purpose of deduction of tax under section 192 Read More
 [2015] 58 taxmann.com 283 (Guwahati - Trib.)
ITAT quashed reassessment as revenue failed to establish service of reassessment notice to assessee -IT : Service of notice under section 148, for purpose of initiating proceedings for reassessment is not a mere procedural requirement but it is a condition precedent to initiation of proceedings for reassessment Read More
 [2015] 58 taxmann.com 284 (Mumbai - Trib.)
Increased profit due to TP adjustment not brought into India in foreign exchange was excludible for sec. 10B relief -IT/ILT : Where assessee having under priced its services to AEs, made transfer pricing adjustment suo moto, in view of fact that assessee could not bring increased profit on account of said adjustment in India in convertible foreign exchange within stipulated time, assessee's claim for exemption under section 10B was to be recalculated after excluding aforesaid amount Read More
 [2015] 58 taxmann.com 286 (Pune - Trib.)
No denial of sec. 80-IB relief due to violation of condition of max built-up area by a few housing units -IT: Where assessee had violated provisions of section 80-IB(10)(C) in respect of two units of housing project, denial of deduction under section 80-IB would be limited only to said two units and for balance units assessee would be entitled to deduction Read More
 [2015] 58 taxmann.com 372 (Mumbai - Trib.)
Auditor's certificate can't be a substitute for TP study to benchmark international transaction -IT/ILT : Auditor's certificate spelling out Head Office 'HO' overheads as a percentage of revenues of Indian Entity cannot be accepted as the basis for determining whether reimbursement for head office expenses received from overseas JV under agreement is on arm's length basis. The same will have to be benchmarked to an external comparable for determining Arm's Length Price. Auditor's certificate cant be substitute for Transfer Pricing study (TP Study) even though such certificate as basis for Read More
 [2015] 58 taxmann.com 205 (Cochin - Trib.)[2015] 37 ITR(T) 84 (Cochin - Trib.)
Trust's registration denied as building of educational institution is under construction -IT: Where assessee claimed registration under section 12A to administer educational institution but it was found that buildings for starting educational institution were under construction, assessee was not entitled for registration since no charitable activity was carried out during year Read More
 [2015] 58 taxmann.com 216 (Mumbai - Trib.)
Co. providing Pharma support services can't be compared with a Co. providing consulting in infra sector -IT/ILT : Where TPO made certain addition to assessee's ALP in respect of rendering pharma support services to its AE, in view of fact that some comparables selected by TPO were Government companies engaged in providing consultancy services in water, power and infrastructure development and thus there existed functional difference, impugned addition deserved to be set aside Read More
 [2015] 58 taxmann.com 211 (Mumbai - Trib.)
Just because assessee was employee of landlord couldn't mean that he was deriving perquisite u/s 17(2)(ii) -IT: Where assessee took accommodation on rent belonged to his employer and paid rent thereon, merely because assessee was employee of his landlord, no perquisite could be added in income of assessee Read More
 [2015] 58 taxmann.com 371 (Mumbai - Trib.)
Mumbai ITAT interprets Article 5 of India-Singapore DTAA to decide constitution of installation PE in India -IT/ILT: The assessee, a tax resident of Singapore, had undertaken installation and construction activity in respect of certain projects. The DRP held that the presence of assessee in India in excess of 90 days constituted PE in India under Article 5(6) of India-Singapore DTAA. The ld. Counsel of assessee argued that threshold limit of 183 days was applicable as activities of assessee would fall within Article 5(3).ITAT held that as activities related to construction or installation are specifica Read More
 [2015] 58 taxmann.com 168 (Pune - Trib.)
TNMM to get priority over CUP method if price of product varies due to volume of transaction and geographical location -IT/ILT: Where prices varies on account of various issues, i.e., timing of transaction, volume of order and geographical location, then CUP method cannot be applied and it is most appropriate to apply TNMM method Read More
 [2015] 58 taxmann.com 178 (Pune - Trib.)[2015] 168 TTJ 372 (Pune - Trib.)
No sec. 69 additions on basis of seized doc showing transaction in name of firm after its dissolution -IT : Where assessee firm had been dissolved with effect from 31-3-2002, alleged unexplained income from transaction found recorded in assessee's name in month of December, 2003 in a document recovered from third party could not be taxable in hands of assessee in current year Read More
 [2015] 58 taxmann.com 180 (Jaipur - Trib.)
No capital gain arose on sale of land as it wasn't treated as capital asset for other co-owners of such land -IT : Where Assessing Officer made addition to assessee's income in respect of capital gain arising from sale of land, in view of fact that in case of other co-owners said piece of land was not regarded as capital asset being situated 8 Kms. away from local municipal limits, impugned addition deserved to be deleted in assessee's case as well Read More
 [2015] 58 taxmann.com 169 (Pune - Trib.)
A Co. which had outsourced most of its work couldn't be compared with a Co. carrying out work by itself -IT/ILT : A company which has outsourced most of its work to third party cannot be compared to a company carrying out work by itself Read More
 [2015] 58 taxmann.com 167 (Delhi - Trib.)
A giant software development Co. not comparable with a Co. working as a captive unit with limited risk -IT/ILT : Giant company in area of development of software which assumed all risks leading to higher profits is not comparable with assessee which is a captive unit of parent company and assumed only a limited risk Read More
 [2015] 57 taxmann.com 117 (Hyderabad - Trib.)[2014] 33 ITR(T) 191 (Hyderabad - Trib.)
Mistake apparent from records if ITAT didn’t adjudicate on grounds of appeal properly -IT: Tribunal, while disallowing assessee's claim of scientific research expenditure under section 35(1), had not gone into applicability of section 35(3), such mistake was to be rectified Read More
 [2015] 58 taxmann.com 108 (Hyderabad - Trib.)[2014] 36 ITR(T) 381 (Hyderabad - Trib.)(MAG.)
Provisions of sec. 292BB don't have retrospective effect -IT : Where notice under section 143(2) was served beyond 12 months from end of month in which block return was filed by assessee, subsequent scrutiny proceedings would be null and void Read More
CIRCULAR NO.13 OF 2015 [F.NO.142/18/2015-TPL]
CBDT releases 32 clarifications on compliance window in Q&A format -IT/ILT : Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 – Clarifications on Tax Compliance for Undisclosed Foreign Income and Assets Read Morenew
INSTRUCTION NO.6/2015 [F.NO.279/MISC/33/2014-ITJ]
CBDT specifies work jurisdiction and role of CIT(Judicial) -IT : Section 268 of the Income-tax Act, 1961 – Allocation of work amongst CIT (Judicial) and their jurisdiction – Supersession of Instruction No.4, dated 7-5.2002 Read More
MASTER CIRCULAR IDMD.CDD.No.5984/13.01.299/2015-16
RBI releases master circular on appointment, delisting of brokers and payment of brokerage on relief bonds -IT : Appointment and Delisting of Brokers, and Payment of Brokerage on Relief/savings Bonds Read More
CIRCULAR NO.12 OF 2015 [F.NO.142/18/2015-TPL]
Govt. explains substance of provisions relating to declaration of undisclosed foreign asset -IT/ILT : Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 – Explanatory Notes on Provisions Relating to Tax Compliance for Undisclosed Foreign Income and Assets as Provided in Chapter VI of Said Act Read More
RBI releases master circular on collection of direct taxes through OLTAS -IT : Collection of Direct Taxes -OLTAS Read More
NOTIFICATION NO.58/2015 [F.NO.133/33/2015-TPL]/GSR
Govt. notifies Black Money Rules; releases 7 Forms including 'Form 6' for declaration of undisclosed foreign assets -IT/ILT/INDIAN ACTS & RULES : Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015 Read More
CIRCULAR DGBA.GAD.No.14/15.02.003/2015-16
RBI demands region-wise weekly reports from banks on implementation of 'Sukanya Samriddhi Account' -IT : Kisan Vikas Patra, 2014 and Sukanya Samriddhi Account – Expeditious Implementation of Said Schemes Read More
NOTIFICATION NO. 56/2015 [F.NO.133/33/2015-TPL]/SO
Now Black Money Act would be effective from July 1, 2015 -IT/ILT : Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act (Removal of Difficulties) Order, 2015 – Amendment in Section 1 of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 Read More
NOTIFICATION NO. 52/2015 [F.NO.203/20/2015-ITA.II]
Govt. notifies Aditya Birla Nuva, Marico and DCM Shriram to undertake agriculture extension project under Sec. 35CCC -IT : NOTIFICATION NO. 52/2015 [F.NO.203/20/2015-ITA.II], NOTIFICATION NO. 53/2015 [F.NO.203/21/2015-ITA.II], NOTIFICATION NO. 54/2015 [F.NO.203/23/2015-ITA.II], DATED 26-6-2015 Read More
CBDT invites suggestions from officials for augmenting tax collections and widening of tax base -IT : Suggestions on Augmenting Tax Collections Read More
NOTIFICATION NO.50/2015 [F.NO.142/9/2015-TPL]/SO 1
CBDT notifies nature of business relationship which CA can have with client to ensure his independence -IT/ILT : Income-Tax (Ninth Amendment) Rules, 2015 – Insertion of Rule 51A Read More
NOTIFICATION NO. 51/2015 [F. NO. 275/11/2015-IT(B)
Govt. grants TDS exemption on all incomes other than business profits received by Category I and II AIFs -IT : Section 197A of the Income-Tax Act, 1961 - Deduction of Tax at Source - No Deduction in Certain Cases - Specified Payment under Section 197A(1F) Read More
INSTRUCTION NO.5/2015 [F.NO.279/MISC./M-75/2011-IT
Govt. prescribes upper limit of Rs. 4,375 on Clerkage fee payable to Counsel of income-tax department -IT : Guidelines for Engagement of Standing Counsels to Represent Income-Tax Department before High Courts and Other Judicial forums; Revision of Their Schedule of Fees and Other Related Matters Read More
NOTIFICATION NO.49/2015 [F.NO.142/1/2015-TPL]/SO 1
Govt. notifies simplified ITR forms; now taxpayers earning exempt income above Rs 5,000 can file ITR-1 and 4S -IT/ILT : The Government substitutes ITR 1, 2 and 4S. A new Form ITR-2A is prescribed for the individuals or HUFs who don't have income from capital gain, business or profession or foreign sources. Read More
NOTIFICATION NO. 46/2015 [F.NO.200/17/2014-ITA-I]
'Dessault Aviation' gets tax exemption on royalty or FTS arising from retrofitting of Indian defence aircrafts -IT/ILT : Section 10(6c) of the Income-Tax Act, 1961 - Income Arising to Foreign Company by Way of Royalty or Fees for Technical Services - Notified Company – Dassault Aviation S.A., Paris Read More
Cash or card? That will be 2% extra for the cash payment, Sir! -Cash or card? That will be 2% extra for the cash payment, Sir! [06-07-2015] Read Morenew
Compliance window under Black Money Act - An insight into -Analysis of provisions relating to compliance window under Black Money Law in questions and answers format [04-07-2015] Read More
CBDT, BNP Paribas Sign APA to Steer Clear of Tax Issues -CBDT, BNP Paribas Sign APA to Steer Clear of Tax Issues [04-07-2015] Read More
Black Money Law: No Leeway For Those Under Scanner -Black Money Law: No Leeway For Those Under Scanner [04-07-2015] Read More
Compliance window for black money will draw 60% tax, penalty -Compliance window for black money will draw 60% tax, penalty [04-07-2015] Read More
RBI releases master circular on nomination facility for relief/savings bonds -RBI releases master circular on nomination facility for relief/savings bonds [03-07-2015] Read More
Black money disclosure to be online -Black money disclosure to be online [03-07-2015] Read More
Stuck at ‘ place of business’, FIIs still on the MAT over tax tussle -Stuck at ‘ place of business’, FIIs still on the MAT over tax tussle [03-07-2015] Read More
E-filing of I-T Returns Begins -E-filing of I-T Returns Begins [02-07-2015] Read More
Pension Regulator Keen to Attract NRIs to NPS -Pension Regulator Keen to Attract NRIs to NPS [02-07-2015] Read More
Black money compliance window open till Sept 30 -Black money compliance window open till Sept 30 [02-07-2015] Read More
I-T Dept. releases java and excel utility for ITR 1, 2, 2A and 4S; enables e-filing for AY 2015-16 -IT/ILT : Section 139D of the Income-tax act, 1961 – filing of return in electronic form - commencment of electronic filing of income tax returns for A.Y. 2015-16 [02-07-2015] Read More
Govt's compliance window to remain open for 3 months for declaration of undisclosed assets located outside India -IT/ILT : Section 59, Read with Section 63, of The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 ? Declaration of Undisclosed Foreign Asset and Time of Payment of Tax ? Notified Time Limits [02-07-2015] Read More
`MAT, Retro Tax a Dampener But Not Biggest Concern for MNCs' -`MAT, Retro Tax a Dampener But Not Biggest Concern for MNCs' [01-07-2015] Read More
Taxpayers to Get 24-hour Valid Password for E-filing -Taxpayers to Get 24-hour Valid Password for E-filing [30-06-2015] Read More
India, Mauritius to Discuss Changes in Tax Treaty Today -India, Mauritius to Discuss Changes in Tax Treaty Today [29-06-2015] Read More
Reforms Must in Land, Labour & Taxation: FM -Reforms Must in Land, Labour & Taxation: FM [25-06-2015] Read More
Taxofficials can’t terrorise assessees of scrutiny: CBDT -Taxofficials can’t terrorise assessees of scrutiny: CBDT [25-06-2015] Read More
Draft Proposals for Facilitating Electronic Transactions -Draft Proposals for Facilitating Electronic Transactions [24-06-2015] Read More
Govt. releases 'draft Sovereign Gold Bonds Scheme' to reduce the demand for physical Gold -IT: Draft Sovereign Gold Bonds Scheme [24-06-2015] Read More
Finmin Notifies New ITR Forms -Finmin Notifies New ITR Forms [24-06-2015] Read More
Bombay High Court extends Aberdeen’s MAT stay -Bombay High Court extends Aberdeen’s MAT stay [24-06-2015] Read More
Tax benefits on debit card transactions will help -Tax benefits on debit card transactions will help [24-06-2015] Read More
I- T refunds to be deposited in bank accounts, says income tax department -I- T refunds to be deposited in bank accounts, says income tax department [24-06-2015] Read More
Scrutiny of refurbished return forms for Assessment year 2015-16 -In view of representation received from various stakeholders the Government has notified simplified version of ITR 1, 2 and 4S. It has also notified a new form ITR 2A. [23-06-2015] Read More
Black Money: 2-Month Compliance Window Likely -Black Money: 2-Month Compliance Window Likely [23-06-2015] Read More
Govt moots tax sops for card payments -Govt moots tax sops for card payments [23-06-2015] Read More