Monday | 22 Dec 2014
Your Session Will Expire in   seconds.
What should we do?
Reset SessionCancel Session
 
Skip Navigation Links
 
Category     Subject  
Direct Tax Laws
  
 SC/HC
  
 [2014] 52 taxmann.com 237 (Andhra Pradesh)
Assessee was entitled to claim deduction under secs. 80HH and 80-I independent of set-off and carry forward provision -IT : Assessee was entitled to claim deduction under sections 80HH and 80-I independent of set off and carry forward provisions Read Morenew
  
 [2014] 52 taxmann.com 244 (SC)
Apex Court admits SLP of Infosys against HC’s order upholding revision made by CIT -IT : SLP was to be granted where High Court justified revisional order under section 263 as Assessing Officer had given tax relief to assessee in accordnace with relevant articles of DTAAs, without giving any indication of nature and extent of entitlement with reference to enabling provisions Read Morenew
  
 [2014] 52 taxmann.com 231 (Madras)
Perpetual transfer of satellite rights of a film for 99 years is a sale; excluded from definition of ‘royalty’ -IT/ILT : Transfer of satellite right to assessee under an agreement for a period of 99 years is a sale and, therefore, excluded from definition of 'royalty' under clause (5) of Explanation 2 to section 9(1)(vi) Read Morenew
  
 [2014] 52 taxmann.com 245 (SC)
SLP granted against HC’s order affirming reassessment on non-inclusion of payment to sub-consultant in income of NR -IT : SLP granted against order of High Court where it was held that reassessment of assessee-non residant technical consultant could be made only for those year in which fact of sub-consultancy contract entered by it was not brought to notice of Assessing Officer, however same could not be reopened where fact of sub-consultancy was duly recorded Read More
  
 [2014] 51 taxmann.com 531 (Karnataka)
ITAT to settle dispute of limitation period for completing block assessment after ruling by Supreme Court -IT : In view of pendency of appeal before Supreme Court in another case in respect of extending time limit for completing assessment under section 158BC, in view of drawing of panchnama matter was kept pending in instant case Read More
  
 [2014] 52 taxmann.com 59 (Andhra Pradesh and Telangana)[2014] 367 ITR 147 (Andhra Pradesh and Telangana)
Even where trust deed stipulates future beneficiaries only, assessment was to be completed u/s 21(1) -WT: Applicability of section 21(4) when trust-deed stipulated that on death of these two women their children would become beneficiaries Read More
  
 [2014] 52 taxmann.com 98 (Delhi)[2014] 367 ITR 723 (Delhi)
No violation of sec. 11(5) alleging investment in foreign co. if Will transferring foreign shares was under dispute -IT : Where will in question, transferring shares in a foreign company in favour of trust, was under legal dispute, there was no violation of section 11(5) Read More
  
 [2014] 52 taxmann.com 13 (Punjab & Haryana)
When quantum addition had been deleted, consequential interest under Sec. 234B was also to be deleted -IT : Where quantum addition in respect of which interest under section 234B was charged had already been deleted and matter of quantum addition had attained finality, interest under section 234B was not chargeable Read More
  
 [2014] 52 taxmann.com 125 (Delhi)
Exp. incurred by assessee on installation of oil rig was revenue exp. as it was in business of drilling oil wells -IT: Drilling operations being very business of assessee, expenditure incurred to make rig operational would be covered and should be treated as 'revenue expenditure' Read More
  
 [2014] 52 taxmann.com 165 (Delhi)
HC remanded matter for fresh consideration since premise & reasoning on which tribunal passed the order was erased -IT: Where Tribunal passed order on assumption that DVO's report was under section 55A and, therefore, binding on Assessing Officer, once said premise and reasoning was erased, appeal required complete re-consideration and fresh hearing Read More
  
 [2014] 51 taxmann.com 244 (Bombay)
Unexplained cash and jewellery seized from partners couldn't be adjusted against tax liability of the firm -IT : Where unexplained cash and jewellery seized from partners of assessee-firm cannot be automatically adjusted against tax-liability of firm Read More
  
 [2014] 52 taxmann.com 243 (SC)
SLP admitted to decide whether any benefit accrued to interested persons leading to denial of Sec. 11 relief -IT : SLP granted against order of High Court where it was held that since assessee-trust cancelled sale agreement after a long time of paying advance money to person prohibited under section 13(3) without assigning any reason and without charging any interest, provisions of section 13(1)(c)(ii) were attracted with result that assessee could not be allowed exemption under section 11 Read More
  
 [2014] 52 taxmann.com 103 (Andhra Pradesh)[2014] 367 ITR 616 (Andhra Pradesh)
No income arises on allotment of shares at concessional rate till expiry of lock-in-period on such shares -IT : Where shares were allotted at concessional rate, no income would accrue or arise until expiry of lock in period Read More
  
 [2014] 52 taxmann.com 170 (Bombay)[2014] 368 ITR 505 (Bombay)
No reassessment after 4 years on basis of Apex Court's decision in absence of failure of assessee to disclose facts -IT : Beyond a period of four years from end of relevant assessment year, assessment could not be reopened to recompute deduction under section 80HHC on basis of a subsequent decision Read More
  
 [2014] 52 taxmann.com 162 (Karnataka)[2014] 265 CTR 385 (Karnataka)
Purchase of underperforming mutual fund at higher price by trustee of said fund was allowable as business exp. -IT : Where assessee-bank earned tax free income in form of dividends, interest on tax free bonds etc. since said income was directly credited to assessee's account by way of bank transfer, impugned disallowance made by revenue authorities representing 2 per cent of gross total income on account of expenditure incurred in realising said income was to be deleted Read More
  
 [2014] 52 taxmann.com 88 (Gujarat)[2014] 367 ITR 12 (Gujarat)
Interest received from debtors isn't excludible from profits of industrial unit to compute secs.80-I/80-IA relief -IT : Where business in question is continuation of existing business and not a new business and interest expenses was neither treated as pre-operative expenditure, nor had been capitalised, it would be allowed Read More
  
 [2014] 51 taxmann.com 508 (Allahabad)
No disallowance of interest under sec. 14A if borrowed funds were used in business and not for making investments -IT : Where borrowed funds were used for business purposes and no part thereof was used for making investment, interest expenditure could not be considered for proportionate disallowance under rule 8D Read More
  
 [2014] 51 taxmann.com 201 (Allahabad)
CIT had rightly made revision as assessee failed to explain reason for storage of physical cash found during survey -IT : Where assessee had shown cash in books of account but same was never found and explanation given by it was also not found acceptable revisions proceeding could be initiated under section 263 Read More
  
 [2014] 52 taxmann.com 175 (Andhra Pradesh)
Exp. incurred on interior decoration of office premises taken on lease is revenue exp. -IT : Allowance of expenditure incurred for travelling of employees would be limited under rule 6D by taking each trip of an individual employee and not with reference to total trips made by him in previous year Read More
  
 [2014] 51 taxmann.com 462 (Allahabad)
No penalty when assessee had voluntarily surrendered unexplained credit in return to avoid litigation -IT: Where assessee voluntarily surrendered a sum pertaining to cash credit inrevised return to purchase peace and to avoid litigation, penalty was to be deleted Read More
  
 [2014] 51 taxmann.com 279 (Allahabad)
Dividend income was taxable as income from other sources when shares were held for trading purpose -IT: Where assessee-company was in business of purchase and sale of shares, dividend income from shares held as stock-in-trade, would be 'Income from other sources' Read More
  
 [2014] 51 taxmann.com 49 (Bombay)
Revisionary order of CIT accepted with directions to modify it pursuant to decision of ITAT's special bench and HC -IT: Where Tribunal upheld exercise of revisional jurisdiction by Commissioner and sent matter back to him to modify his direction regarding computation of deduction under section 10A in light of certain precedents, Tribunal was not required to go into merit of case Read More
  
 [2014] 51 taxmann.com 46 (Delhi)
Additions upheld for cash credits as identity and creditworthiness of share applicants were doubtful -IT : Where in respect of share application money, assessee failed to provide complete address and PAN of certain share applicants whereas in case of some of share applicants, there were transactions of deposits and immediate withdrawals of money from bank, impugned addition made under section 68 was to be confirmed Read More
  
 [2014] 51 taxmann.com 281 (Bombay)
Sec. 80-IB(10); Cap on built-up area of commercial space doesn't apply to housing projects approved before 31-03-05 -IT : Amendment to section 80-IB(10) putting restriction on commercial area was prospective in nature and would not apply to housing projects approved prior to 31-3-2005 Read More
  
 [2014] 52 taxmann.com 157 (SC)
Apex Court directs Tribunal to consider period of lease before treating assessee as deemed owner under sec. 27 -IT : Where High Court and Tribunal without considering period of lease held assessee as deemed owner of a premises under section 27, matter was to be remanded for reconsideration Read More
  
 [2014] 51 taxmann.com 572 (Delhi)
HC deletes penalty as info and docs sought by TPO under Sec. 92D were duly furnished by assessee -IT/ILT: No section 271G penalty, if, specific details and documents sought by TPO were furnished Read More
  
 [2014] 52 taxmann.com 290 (Karnataka)
“Stake money” or “prize money” paid by race clubs to horse owners won’t attract TDS under sec. 194B -IT : The term 'any other similar game' found in Explanation (ii) to Section 2(24)(ix) is inclusive definition and has to be read ejusdem generis and as such, activity of owning and maintaining horses cannot by any stretch of imagination fall in the definition of 'card game or other game of any sort' found in section 194B.Therefore, the "stake money" or "prize money" paid by race clubs to horse owners would not attract the provisions of Section 194B of the IT Act. Read More
  
 [2014] 51 taxmann.com 454 (Madras)
Registration with Software Technology Parks of India is a pre-condition to claim sec. 10B relief -IT : Registration with Software Technology parks of India (STPI) is a pre-requisite for grant of deduction under section 10B Read More
  
 [2014] 51 taxmann.com 453 (Delhi)
Assessee providing recruitment services to NR clients by using info technology was entitled to sec. 10A relief -IT : Where assessee-company provide recruitment services to its foreign client using information technology, it would be entitled to benefit under section 10A Read More
  
 [2014] 52 taxmann.com 20 (Allahabad)
Change in mode/manner of driving income from commercial assets won't change its actual nature as business income -IT : Carry forward and set off of business loss is allowable against lease rental income derived from commercial assets Read More
  
 [2014] 50 taxmann.com 417 (Madras)
HC directs AO to consider details furnished by legal representative of deceased before initiating penalty proceedings -IT : In case of deceased assessee, details given by legal representatives had to be considered by Authority before it proceeded to invoke section 271(1)(c) Read More
  
 [2014] 52 taxmann.com 151 (Himachal Pradesh)
Compensation awarded under Motor Vehicle Act and interest accrued thereon in bank weren’t taxable -IT : Compensation awarded under Motor Vehicles Act is in lieu of death of a person or bodily injury suffered in a vehicular accident and it cannot be said to be taxable income; Circular No. 8/2011, dated 14-10-2011 quashed Read More
  
 [2014] 51 taxmann.com 426 (Kerala)[2014] 364 ITR 689 (Kerala)
No TDS disallowance on payment of taxes by payee; proviso to sec. 40(a)(ia) effective prospectively from 1.4.2013 -IT : Benefit of second proviso to section 40(a)(ia) giving concession to assessee from deducting TDS in case receipient of amount in question had already paid taxes on such amount would be available with effect from 1-4-2013 only Read More
  
 [2014] 50 taxmann.com 308 (Madhya Pradesh)[2014] 265 CTR 427 (Madhya Pradesh)
TRO could pass garnishee order to freeze overdraft facility of a habitual tax defaulter -IT : Where on assurance given by assessee to pay amount due, garnishee order issued against it was uplifted but despite that assessee did not pay tax, authorities were competent to issue garnishee order/notices freezing /attaching credit facilities allowed by banks to assessee Read More
  
 [2014] 51 taxmann.com 246 (SC)
SC : Claim of 'BSE', being secured creditor of defaulting member, had priority over dues of Income-tax department -IT : By virtue of lien on securities under rule 43 of Bombay Stock Exchange Rules, BSE being secured creditor of defaulting member would have priority over dues of Income - tax department Read More
  
 [2014] 51 taxmann.com 512 (Andhra Pradesh)
Sec. 69C also covers exp. unearthed during search against which no explanation was given by assessee -IT : It is only such adverse material, as is unearthed during search, alone can be basis for purpose of completing block assessment, and not one, that is already disclosed in books of account in earlier assessment years Read More
  
 [2014] 51 taxmann.com 568 (Gujarat)
No reassessment due to change of opinion of AO when he failed to interpret materials disclosed during assessment -IT : Reassessment to disallow exercise depreciation allowed on reappreciation of facts not justified Read More
  
 [2014] 51 taxmann.com 571 (Delhi)
Sum received for five-year maintenance contract of equipments couldn't be taxed in one assessment year -IT: Entire amount of commission received on sale of medical equipments could not be offered for taxation in one assessment year when assessee had future obligation of maintenance service and necessary expenditure required for same Read More
  
 [2014] 52 taxmann.com 161 (Delhi)
‘Make available’ defined in India-USA DTAA can be imported to interpret FTS clause of India-Netherland DTAA -IT/ILT: Where Authority for Advance Rulings refused to look into Indo-Portugese DTAA or Indo-USA DTAA and memorandum of understanding between India and USA on ground that only Indo-Netherlands DTAA needed to be looked into, matter was to be remanded to consider entire matter afresh Read More
  
 [2014] 52 taxmann.com 127 (Delhi)
Sharp rise in creditors/loans without much increase in scale of operations would be deemed as unexplained -IT: Where assessee challenged assessment on ground of non-receipt of notice under section 143, after a period of three years, and issue of non-receipt of notice was not raised in assessment proceedings, but in revision, notice would be presumed to be duly served on assessee particularly when evidence showing receipt of subsequent notices was on record Read More
  
 [2014] 52 taxmann.com 15 (Karnataka)
Sales tax waived off on premature payment of deferred sales tax not taxable under Sec. 41(1) -IT : Where assessee due to certain scheme made premature payment of deferred sales tax and on such payment entire liability to pay tax stood discharged, section 41(1) was not applicable Read More
  
 [2014] 52 taxmann.com 21 (Delhi)
Though Toll road couldn't be considered as plant, yet it would be considered as building for depreciation purpose -IT: Toll road would not qualify as a 'plant' so as to entitle assessee a higher rate of depreciation Read More
  
 [2014] 51 taxmann.com 449 (Bombay)
Bombay HC waived off pre-deposit on issue of inclusion of scrap value retained by job-worker in assessable value -Excise & Customs : Where department confirmed demand on ground that value of scrap retained by assessee/job worker is liable to be included in computing assessable value of job-work done by assessee, High Court directed appeal to be heard on merits without insisting on pre-deposit Read More
  
 [2014] 51 taxmann.com 387 (SC)
PAN doesn’t disclose real identity of an individual; SLP dismissed against sec. 68 additions -IT : Where false evidence had been adduced by assessee to give colour of genuineness to bogus entries through bank accounts and deposits which were mostly by cash, Assessing Officer was justified in making addition under section 68 Read More
  
 [2014] 51 taxmann.com 78 (Madras)
Fee from leasing of hotel wasn't income from house property if lessee was doing hotel business in name of assessee -IT : Where assessee had leased out its business assets and gave a special right or privilege to franchisees to undertake a particular business in property of assessee on receipt of franchisee fee, income as franchisee fee was clearly in nature of business income Read More
  
 [2014] 52 taxmann.com 23 (Delhi)
No ad-hoc disallowance when jeweller had proved genuineness of making charges paid in cash to workers -IT : Cash payment of making charges to workers being customary in jewellery business deserved allowance under section 37(1) Read More
  
 [2014] 51 taxmann.com 386 (SC)
Fee from services rendered by expat using technical knowledge under secondment agreement was FTS; SLP dismissed -IT/ILT : Where in terms of 'secondment agreement' employees of overseas companies used their technical knowledge and skills while assisting assessee in conducting its business of quality control and management, amounts reimbursed by assessee to overseas companies towards salaries of seconded employees amounted to 'fee for technical services' liable to tax in India Read More
  
 [2014] 51 taxmann.com 120 (Allahabad)
No short-term gain on sale of land in 3 yrs of converting it into freehold if earlier it was held for yrs together -IT : Where petitioner for years had rights on property as a lessee and got converted said property into free hold land and sold it within three years of such conversion, petitioner would not be liable to short-term capital gain Read More
  
 [2014] 51 taxmann.com 58 (Delhi)
Holding tenancy rights for a decade on expiry of initial agreement of 3 years would be long-term capital assets -IT : Consideration received in lieu of surrender of tenancy right after a decade would give rise to long-term capital gain Read More
  
 [2014] 51 taxmann.com 380 (SC)
SLP granted against HC's order holding that receipts derived by Chamber of Commerce was entitled to sec. 11 relief -IT: Supreme Court granted Special Leave against order of High Court where it was held that receipts derived by a chamber of commerce and industry for performing specific services to its members, though treated as business income, would still be entitled to exemption under section 11, provided there is no profit motive Read More
  
 [2014] 51 taxmann.com 125 (Andhra Pradesh)
High Court denied to grant interest on interest on tax refund -IT : Once refund of amount collected towards advance tax and corresponding interest are paid in compliance with direction issued by a Court, an assessee cannot claim interest on interest independent of order on basis of which such payments are made Read More
  
 [2014] 51 taxmann.com 377 (SC)
SLP granted against HC's order holding reassessment after 6 years as time barred due to inapplicability of sec. 150 -IT: SLP was granted against order of High Court where it was held that in absence of opportunity of hearing given to assessee, deeming provision provided in Explanation 3 to section 153 did not get attracted and, thus, notices for reopening were time-barred Read More
  
 [2014] 51 taxmann.com 383 (SC)
AO rightly initiated reassessment when he came to know that loan raised by assessee was bogus; SLP dismissed -IT: Where subsequent to completion of original assessment, Assessing Officer, on basis of search carried out in case of another person, came to know that loan transactions of assessee with a finance company were bogus as said company was engaged in providing accommodation entries, it being a fresh information, he was justified in initiating reassessment proceeding in case of assessee Read More
  
 [2014] 51 taxmann.com 247 (Gujarat)
HC deletes penalty for late issuance of TDS certificate as deductor was unaware of frequent amendments in Rule 31 -IT : For issuing TDS certificate belatedly under a bona fide belief that a consolidated TDS certificate was to be issued to deductees after closing of relevant financial year, no penalty was to be levied Read More
  
 [2014] 51 taxmann.com 569 (Allahabad)
Security deposit made by affiliates in normal course of business won't constitute loan/advance under sec. 22(e) -IT : Security deposit made by affiliates in normal course of business won't constitute loan/advance under section 22(e) Read More
  
 [2014] 51 taxmann.com 133 (Jharkhand)
HC directs Govt. to sanction fund for repairing building of ITAT bench, Ranchi as it was in dilapidated condition -IT: Where petitioner filed instant Public Interest Litigation contending that building where Tribunal was sitting was in a very dilapidated and dangerous condition and despite a letter written to Central Government, no amount had been sanctioned, Government was to be directed to allocate amount forthwith Read More
  
 [2014] 51 taxmann.com 384 (SC)
Word ‘used’ doesn’t include ready to use; unused rig wouldn’t constitute PE under India-USA DTAA; SLP dismissed -IT/ILT : Word 'used' as specified in article 5 of Indo USA DTAA clarifies usage of an installation or structure for exploration of natural resources and if it was so used for a period of 120 days in 12 months, only then it can be considered as PE in India and not merely being ready for use Read More
  
 [2014] 52 taxmann.com 207 (Delhi)
Chairman of I-T SetCom has no powers to set-aside orders passed under RTI Act -IT : Chairman, Income-Tax Settlement Commission ('ITSC'), has no power to set aside orders passed under the RTI Act by passing an administrative order. If ITSC aggrieved by orders passed under RTI Act, the ITSC can prefer an appeal in accordance with RTI Act. The Chairman, ITSC has no inherent or other power to pass administrative order to set aside orders passed under the RTI Act Read More
  
 [2014] 51 taxmann.com 381 (SC)
SC admits SLP to decide whether legal exp. made by a dealer to get interest-free deposit from tenant was business exp. -IT: SLP granted against order of High Court where it was held that licence fee paid by assessee to group resource company providing centralized resources to all group companies for availing valuable benefits, was allowable as business expenditure Read More
  
 [2014] 51 taxmann.com 379 (SC)
SC admits SLP for deciding whether loss arising on sale of shares without actual delivery was speculative -IT: SLP was granted against order of High Court where it was held that loss suffered by assessee-broker on sale of shares at lowest market price without taking physical delivery, through sister concern, amounted to speculation loss Read More
  
 [2014] 51 taxmann.com 345 (Delhi)
HC sets aside ruling of AAR treating damages received by shareholder of ADR on alleged fraud as taxable receipts -IT/ILT : Where Authority of Advance ruling determined that a settlement fund received by foreign-petitioner was taxable in India, based upon wrong premise that petitioner had accepted said receipts to be in nature of revenue receipts, ruling was to be set aside Read More
  
 [2014] 50 taxmann.com 47 (Gauhati)[2014] 361 ITR 481 (Gauhati)[2014] 265 CTR 555 (Gauhati)
HC identifies modus operandi of assessee of converting undisclosed income into exempted capital gains -IT: Purchase of shares being unverifiable and company being untraceable, modus operandi of activities was to be held to be conversion of undisclosed income into LTCG Read More
  
 ITAT
  
 [2014] 51 taxmann.com 202 (Jodhpur - Trib.)
CBDTs instruction specifying minimum tax effect for filing appeal would also be applicable to pending cases -IT : In view of Instruction No. 5, dated 10-7-2014, issued by CBDT, appeals filed by revenue having tax effect of less than Rs. 4 lakh were to be dismissed being non-maintainable; such instruction would also apply in pending cases Read Morenew
  
 [2014] 52 taxmann.com 263 (Bangalore - Trib.)
Interest exp. was deductible from income earned on inter-corporate deposits by investing the borrowed funds -IT : Interest exp. was deductible from income earned on inter-corporate deposits by investing the borrowed funds Read Morenew
  
 [2014] 52 taxmann.com 82 (Mumbai - Trib.)[2014] 34 ITR(T) 452 (Mumbai - Trib.)
Non-furnishing of books due to internal dispute in Co. won’t debar AO from making addition on estimated basis -IT : Even if account was not furnished due to internal dispute in company, estimation of profit was to be made Read More
  
 [2014] 51 taxmann.com 307 (Delhi - Trib.)[2014] 32 ITR(T) 186 (Delhi - Trib.)
No disallowance of rental charges of Moulds borne by Tupperware even if moulds were used by contract-manufacturer -IT : Payment of mould rental expenses borne by assessee-principal under contractual obligation with manufacturer was to be allowed as revenue expenditure Read More
  
 [2014] 52 taxmann.com 45 (Mumbai - Trib.)[2014] 33 ITR(T) 634 (Mumbai - Trib.)
Sale of water for cleaning engine of cargo was part of business of maintaining cargo; eligible for sec. 80-IA relief -IT : Where assessee operating and maintaining port, supplied water for cargo ships for their engine cleaning and other miscellaneous purposes, same was part of business of assessee; hence, assessee was entitled to deduction under section 80-IA Read More
  
 [2014] 52 taxmann.com 383 (Lucknow - Trib.)
Term ‘advertisement’ includes publicity; printing ‘Sahara’ logo by group Co. on air tickets would attract sec. 194C TDS -IT: Payment towards 'publicity' bears the character of 'advertisement" for the purpose of deduction of tax at source under section 194C – However, no penalty could be imposed on assessee for non-deduction of tax at source if recipient was a loss making entity and it filed all its returns including the amount so received Read More
  
 [2014] 52 taxmann.com 115 (Bangalore - Trib.)
TDS liability couldn’t be fastened on assessee due to retro-amendment in any provision, says ITAT -IT/ILT : Payment made by assessee, an Indian company to a US company for utilizing telecom services in USA did not constitute fee for technical services Read More
  
 [2014] 52 taxmann.com 225 (Pune - Trib.)
Comparable having abnormally high profit margin is excludible from TP study -IT/ILT : Where assessee sought for exclusion of one concern from final set of comparables in Transfer Pricing Study as said concern had abnormally high profit margin, exclusion was to be allowed as inclusion of said concern in final set of comparables would not lend credibility to comparability analysis Read More
  
 [2014] 52 taxmann.com 223 (Kolkata - Trib.)
University aimed at promoting piety and learning among Christians was entitled to sec. 10(23C) if funded by Govt. -IT : Where assessee, university, established to promote piety and learning among native Christian population in India, claimed exemption of income, matter was to be remanded back to consider assessee's claim under section 10(23C)(iiiab) after taking into account as to whether assessee was wholly or substantially financed by Government Read More
  
 [2014] 51 taxmann.com 305 (Hyderabad - Trib.)[2014] 31 ITR(T) 244 (Hyderabad - Trib.)
No denial of sec. 80G relief for want of copy of registration if revenue had accepted return of assessee as trust -IT : Where revenue accepted return filed by assessee as charitable origanisation, recognition under section 80G could not be refused for want of copy of registration under section 12A Read More
  
 [2014] 52 taxmann.com 96 (Bangalore - Trib.)[2014] 35 ITR(T) 177 (Bangalore - Trib.)
No selection of comparable on basis of info under sec. 133(6) unless its details were furnished to assessee -IT/ILT: Where TPO had included a company in list of comparables only on basis of information obtained under section 133(6), non-furnishing of such information to assessee would vitiate selection of that company as comparable Read More
  
 [2014] 51 taxmann.com 422 (Kolkata - Trib.)[2014] 33 ITR(T) 66 (Kolkata - Trib.)
Mere shortage in jewellery found during survey wouldn't be deemed as undisclosed investment by jeweller -IT: Merely because shortages had been noticed as compared to books, it could not be said that any undisclosed investment/money was made by assessee Read More
  
 [2014] 52 taxmann.com 68 (Chennai - Trib.)[2014] 34 ITR(T) 92 (Chennai - Trib.)
Lease equalisation charge is to be added for computation of book profits for MAT purposes -IT: Position after 1-4-1998, after amendment to section 115JA by Finance (No.2) Act, 2009 with retrospective effect from 1-4-1998 lease equalisation charges would be added for computation of book profit under section 115JA Read More
  
 [2014] 50 taxmann.com 411 (Bangalore - Trib.)
Sum paid without deduction of tax shall not be disallowed if payee files Form No. 15G/H belatedly -IT : Section 40(a)(ia) not applicable where assessee had not deducted tax at source as it was well aware that recipient had no taxable income, though declarations in Form 15G/H were obtained late Read More
  
 [2014] 51 taxmann.com 128 (Mumbai - Trib.)
No TDS on reimbursement of exp. to holding-co. when tax was already deducted by it while making payment of exp. -IT : Where taxes have been deducted at source in respect of expenditure incurred by holding company, no disallowance can be made with reference to such expenditure in hands of subsidiary company while reimbursing same to holding company Read More
  
 [2014] 52 taxmann.com 137 (Mumbai - Trib.)
ITAT deletes TP adjustment as TPO hadn't taken any comparable for benchmarking international transaction -IT/ILT : Where TPO had not taken any comparable for benchmarking international transaction of assessee and TPO had not mentioned anything against benchmarking of this international transaction by assessee, TP adjustment by taking ALP at nil was to be deleted Read More
  
 [2014] 52 taxmann.com 70 (Patna-Trib)[2014] 34 ITR(T) 717 (Patna-Trib)[2014] 164 TTJ 786 (Patna-Trib)
No sec. 69 addition on basis of DVO’s report in absence of any evidence of unexplained investment -IT : In absence of any evidence of unexplained investment, registered valuer's report, as submitted by assessee, cannot be rejected and addition cannot be made under section 69 on basis of DVO's report Read More
  
 [2014] 51 taxmann.com 349 (Delhi - Trib.)[2014] 33 ITR(T) 526 (Delhi - Trib.)
Reassessment quashed as it was made merely on basis of suspicion as per info provided by Enforcement Directorate -IT: Where AO recorded that all cash collected against sales of tickets by agent of airlines were duly recorded, he could not reopen assessment merely on basis of information of Enforcement Directorate that source of cash was not substantiated Read More
  
 [2014] 51 taxmann.com 412 (Mumbai - Trib.)[2014] 33 ITR(T) 470 (Mumbai - Trib.)
No rectification as taxability of NR's fee on services given to clients extending operations to India was debatable -IT/ILT : Issue of taxability of receipt in hands of non-resident for providing professional legal services to its clients whose operations extended to India, being debatable, not to be rectified Read More
  
 [2014] 52 taxmann.com 202 (Indore - Trib.)
Sec. 54EC deduction available even when part of consideration was invested in REC bonds prior to transfer of asset -IT : Even though prior to transfer of property, assessee invested part of consideration received on sale of property in REC bond, said amount would qualify for deduction under section 54EC Read More
  
 [2014] 51 taxmann.com 232 (Ahmedabad - Trib.)
ITAT directs TPO to make TP adjustment after examining variation in quantum/method of depreciation of comparable -IT/ILT : Matter be remanded back to file of Transfer Pricing Officer for proper verification of claim of assessee regarding huge difference in amount of depreciation between assessee-company and chosen comparable case and also difference in method of providing of depreciation in said two companies Read More
  
 [2014] 52 taxmann.com 204 (Cochin - Trib.)
No sec. 80P relief as society failed to fulfil objective of providing credit facilities for agricultural purposes -IT : Where assessees were engaged in primary objective of providing financial accommodation to its members for agricultural purposes, however they were doing banking business and provided only nominal amount of loan for agricultural purposes, same would not be liable for deduction under section 80P Read More
  
 [2014] 52 taxmann.com 89 (Mumbai - Trib.)[2014] 34 ITR(T) 505 (Mumbai - Trib.)
Claim made mistakenly under wrong provision doesn't lead to denial of genuine relief under sec.10A -IT: Deduction under section 10A cannot be denied merely because at time of filing of return, claim had mistakenly been made under section 10B Read More
  
 [2014] 51 taxmann.com 337 (Chennai - Trib.)
Sum paid to foreign Co. for using leased lines situated outside India couldn't be deemed as 'royalty' -IT/ILT-I : Where assessee-company reimbursed community expenses to foreign company for utilising leased lines and back up services situated outside India, said payment could not be regarded as 'royalty' within meaning of section 9(1)(vi) Read More
  
 [2014] 52 taxmann.com 114 (Cochin - Trib.)
No penalty if TDS default committed by partner on payments to firm due to bona-fide belief of non-deduction of tax -IT : No penalty if TDS default committed by partner on payments to firm due to bona-fide belief of non-deduction of tax Read More
  
 [2014] 52 taxmann.com 150 (Chandigarh - Trib.)[2014] 34 ITR(T) 617 (Chandigarh - Trib.)[2014] 165 TTJ 1 (Chandigarh - Trib.)(UO)
No sec. 194C TDS on freight paid to transporters when assessee was acting as agent on behalf of his principal -IT: Where assessee made payment for carriage of goods on behalf of his principal, in absence of separate agreement between assessee and transporters, assessee would not be liable to deduct tax Read More
  
 [2014] 52 taxmann.com 171 (Bangalore - Trib.)
ALP of royalty paid for know-how had to be determined separately, couldn't be mixed with other transactions -IT/ILT : Where royalty was exclusively towards use of know-how in manufacturing process undertaken by assessee and was not in any way interlinked with other international transactions, arm's length price of such royalty could be determined independently Read More
  
 [2014] 52 taxmann.com 154 (Mumbai - Trib.)
Payment made to put-up hoarding is an advertisement contract; attracts TDS under sec. 194C -IT: Contract for putting up a hoarding is in nature of advertising contract and provisions of section 194C would be applicable Read More
  
 [2014] 52 taxmann.com 206 (Pune - Trib.)
Sum paid for obtaining permanent right to use design engineering services won’t fall within the purview of royalty -IT/ILT : Where assessee was granted a permanent right to use and exploit design engineering, payment for obtaining plant know-how, i.e., designing, characterization of plant and machinery, etc., cannot be considered as payment falling within purview of 'Royalty' Read More
  
 [2014] 52 taxmann.com 17 (Bangalore - Trib.)
ITAT directs adjudication of TP issue afresh allowing assessee to prove that service had been rendered by AE -IT/ILT: Where assessee failed to produce any evidence to substantiate its claim of receiving services from its AE, however he submitted that he was in possession of relevant evidence to prove that relevant services had been rendered by AE, matter required readjudication Read More
  
 [2014] 52 taxmann.com 155 (Bangalore - Trib.)
ITAT directs fresh adjudication as assessee failed to file evidence showing services were received from AE -IT/ILT: Where assessee failed to produce any evidence to substantiate its claim of having received services from its AE for which management fee was being paid, matter required readjudication Read More
  
 [2014] 51 taxmann.com 346 (Delhi - Trib.)[2014] 34 ITR(T) 1 (Delhi - Trib.)
Salary paid to office bearers of trust wasn't excessive if it was paid on basis of report of Sixth Pay Commission -IT: Salary paid to office bearers of trust is an allowable expenditure if paid on basis of sixth pay commission guidelines Read More
  
 [2014] 51 taxmann.com 424 (Cochin - Trib.)[2014] 31 ITR(T) 248 (Cochin - Trib.)
Trees grown without any human effort don't have cost of acquisition/improvement; No capital gain on their sales -IT : Where trees grew on their own without any human effort there would be no cost of acquisition or improvement thereof; and, consequently, there could not be levy of capital gain tax Read More
  
 [2014] 52 taxmann.com 199 (Jaipur - Trib.)
Manufacturer of printer’s toners couldn’t be a comparable for co. engaged in manufacturing of printing inks -IT/ILT: Manufacturer of printer's toners couldn't be a comparable for co. engaged in manufacturing of printing inks Read More
  
 [2014] 52 taxmann.com 205 (Mumbai - Trib.)
Sec. 271AA penalty couldn’t be imposed when assessee had maintained docs required under sec. 92B -IT/ILT : Where clause by clause documentation required under rule 10D, had been maintained by assessee in respect of international transactions with AEs, levy of penalty under section 271AA was not justified Read More
  
 [2014] 52 taxmann.com 209 (Chennai - Trib.)
No revocation of registration and only sec. 11 relief was to be denied when commercial receipt threshold exceeded -IT : Where assessee trust's objects and activities were genuine, registration under section 12AA could not be cancelled merely because receipts exceeded threshold limit as provided under second proviso to section 2(15) Read More
  
 [2014] 52 taxmann.com 163 (Delhi - Trib.)[2014] 35 ITR(T) 262 (Delhi - Trib.)
Hiring of machinery for excavation work on monthly basis wasn’t work contract; not liable to sec. 194C TDS -IT : Machinery taken on monthly rental was not covered under term 'work contract' and hence, no disallowance could be made on account of non-deduction of TDS under section 194C on payment Read More
  
 [2014] 52 taxmann.com 203 (Chandigarh - Trib.)
Income from growing of mushrooms in residential area under controlled conditions isn’t agricultural income -IT: Where assessee had carried on entire activity of growing mushroom in residential area under controlled conditions, as basic element of agricultural activity was missing, income from same could not be treated as his agricultural income Read More
  
 [2014] 52 taxmann.com 160 (Chennai - Trib.)
Forex loss couldn’t be considered while computing ALP of purchases if sale/purchase wasn’t at pre-determined rates -IT/ILT : Where assessee-company having purchased bearings and other products from its AE located abroad, sold said products to Indian customers, in absence of any documentary evidence to show that purchases and sales were made against pre-determined rates, foreign exchange fluctuation loss could not be adjusted in hands of assessee Read More
  
 [2014] 51 taxmann.com 515 (Ahmedabad - Trib.)[2014] 33 ITR(T) 230 (Ahmedabad - Trib.)
Mere decline in gross profit rate and uneven increase in exp. won't be a valid ground to reject audited book-result -IT : Where assessee maintained regular books of account which were duly audited, decline in gross profit and disproportionate increase in expenses in certain heads cannot, by itself, be ground to reject book results Read More
  
 [2014] 51 taxmann.com 347 (Delhi - Trib.)[2014] 35 ITR(T) 1 (Delhi - Trib.)
Sec. 44BBB: ITAT remands case as assessee didn't provide agreement from which nature of contract could be determined -IT/ILT : Where assessee offered income from supervisory service fee under section 44BBB, but relevant agreements were not placed for consideration, matter was to be readjudicated Read More
  
 [2014] 51 taxmann.com 505 (Mumbai - Trib.)
Sec. 80-IB relief available even if buyer can convert flats into duplex in excess of built-up limit after acquisition -IT : Where supply of design to merge flats into a duplex constituted only a marketing strategy to boost sale of flats and assessee constructed flats in accordance with plan approved by authorities it was entitled for deduction under section 80-IB Read More
  
 [2014] 51 taxmann.com 507 (Panaji - Trib.)
CIT(A) directed to pass order after hearing assessee and examining additional evidence on violation of sec. 269SS -IT : Where Commissioner (Appeals) admitted additional evidence but not called for remand report or had not examined said evidence matter was to be restored back Read More
  
 [2014] 51 taxmann.com 44 (Cochin - Trib.)
Applying one of possible views couldn't be said to be prejudicial to revenue; revision of order isn't justified -IT : Where two views were possible and Assessing Officer had taken one view with which Commissioner did not agree, it could not be treated as an order prejudicial to interests of revenue; therefore recourse could not be taken to section 263(1) Read More
  
 [2014] 52 taxmann.com 135 (Hyderabad - Trib.)
ITAT choose CUP method for medical transcription services as it was adopted in earlier assessment year as well -IT/ILT : Following CUP method adopted by Tribunal in earlier assessment year, impugned addition made by TPO to assessee's ALP by adopting TNMM in respect of rendering medical transcription services to its AE, was to be deleted Read More
  
 [2014] 52 taxmann.com 252 (Mumbai - Trib.)
No clubbing of interest-free loan given by ‘Shahrukh Khan’ to his wife from whom she had purchased assets -IT : 'Shahrukh Khan' gave interest-free loan to his wife, Gauri Khan, who in turn, purchased a residential house and jewellery from said loan amount. The department clubbed the value of loan amount in the net wealth of 'Shahrukh Khan'. Extending cash loan, to wife does not come within the definition of asset as provided under Section 2(ea) of the wealth tax Act, thus, it could not be said that there was a transfer of asset; the impugned loan amount was not includible in net wealth of assessee Read More
  
 [2014] 52 taxmann.com 122 (Delhi - Trib.)
Exp. incurred on R&D to develop prototypes of products for procuring orders was eligible for sec. 35 deduction -IT : Where assessee-company was manufacturing musical instrument and incurred R&D expenses for developing prototypes of its products to be supplied to specific customers as per their specifications, assessee would be entitled for deduction under section 35(1)(i) Read More
  
 [2014] 52 taxmann.com 26 (Bangalore - Trib.)
AO couldn't allow Sec. 10A relief on total income enhanced after ALP adjustment of assessee -IT/ILT : Where Assessing Officer initially aggregated business income and also ALP adjustment and thereafter allowed deduction under section 10A, same was in clear violation of section 92C(4) Read More
  
 [2014] 52 taxmann.com 19 (Bangalore - Trib.)
Authorities rightly determined ALP of service as nil when assessee didn't prove that services were rendered by AE -IT/ILT: Where assessee had not been able to bring anything on record to prove that services had been actually rendered by AE to it, lower authorities were justified in considering ALP to be nil Read More
  
 [2014] 51 taxmann.com 187 (Delhi - Trib.)
Loss on sale of shares couldn't be held as sham if sanctity of loan restructuring by issuing shares wasn't doubted -IT : Loss on sale of shares couldn't be held as sham if sanctity of loan restructuring by issuing shares wasn't doubted Read More
  
 [2014] 51 taxmann.com 521 (Delhi - Trib.)[2014] 33 ITR(T) 451 (Delhi - Trib.)
Non-holding of regular classes by educational institution doesn't lead to denial of sec. 11 relief -IT: Mere non-holding of regular classes or charging of fees cannot be criteria for denying section 11 exemption Read More
  
 [2014] 51 taxmann.com 50 (Hyderabad - Trib.)[2014] 34 ITR(T) 101 (Hyderabad - Trib.)
Cellular Co. to deduct tax under sec. 194H from commission paid to distributors on sale of prepaid connections -IT : Cellular telephone service provider to its distributors on prepaid connections, is liable to TDS under section 194H Read More
  
 [2014] 52 taxmann.com 24 (Mumbai - Trib.)
Capital gain earned by a French resident from sale of India shares wasn't taxable in India due to India-France DTAA -IT/ILT : Income earned by assessee, a French resident, from sale of shares of Indian companies, could not be taxed under head 'capital gain' due to benefit conferred in terms of article 14(6) of India-France DTAA Read More
  
 [2014] 51 taxmann.com 502 (Bangalore - Trib.)
ITAT directs AO to decide taxability of receipts after considering definition of 'FTS' under India-Singapore DTAA -IT/ILT: AO was not justified where he had only considered applicability of definition of term 'Fees for Technical Services' under section 9(1)(vii) and had not considered applicability of definition of 'Fees for Technical Services' under DTAA between India and Singapore and had also not examined as to which of provisions was beneficial to assessee Read More
  
 [2014] 52 taxmann.com 27 (Delhi - Trib.)
ITAT sets aside order of CIT(A) as it admitted additional evidence without allowing AO to examine it -IT : Where in order to prove genuineness of share transactions, assessee brought additional evidence such as personal details, PAN etc. of share applicants on record, Commissioner (Appeals) could not admit said evidence without giving Assessing Officer an opportunity to examine same on merits Read More
  
 [2014] 51 taxmann.com 463 (Chandigarh - Trib.)[2014] 32 ITR(T) 668 (Chandigarh - Trib.)
Mere disallowance of exp. won't attract concealment penalty if assessee had made claim under bona fide belief -IT : Expenditure claimed for establishing airport being disallowed as not related to business of development authority, no concealment penalty could be levied Read More
  
 [2014] 52 taxmann.com 44 (Mumbai - Trib.)[2014] 34 ITR(T) 119 (Mumbai - Trib.)
No reassessment deeming exp. on software capital in nature when assessee had disclosed that it was an annual exp. -IT : Where expenditure on software charges was an annual expenditure and such fact had been disclosed by assessee, reopening of assessment on ground that said expenditure was of enduring nature was unjustified Read More
  
 [2014] 51 taxmann.com 204 (Jodhpur - Trib.)[2013] 157 TTJ 743 (Jodhpur - Trib.)
No penalty for making wrong claim in original return if it was corrected in return filed in pursuance of search -IT : Penalty under section 271(1)(c) was not leviable on account of wrong claim made by assessee in his original return of income, which was corrected in return of income filed under section 153A Read More
  
 [2014] 52 taxmann.com 14 (Bangalore - Trib.)
If comparable was having different segments, only segment related to assessee was relevant for TP study -IT/ILT: Comparable company should have comparable turnover and comparable activity; further, in case of comparable having different segments, profit margin of similar segment is only to be considered Read More
  
 [2014] 52 taxmann.com 241 (Mumbai - Trib.)
Vodafone again in trouble - ITAT decides against Vodafone on TP issue of ‘call options’ -IT/ILT : As per the definition of international transaction as contemplated u/s 92B r.w.s 92F(v), it does not necessarily require a transfer or assignment of a property or creating any right or interest in the property but even an arrangement, understanding and action in concert, whether or not such arrangement, understanding or action is intended to be enforceable by legal proceedings or not, if the said understanding shall have a bearing on the profits, income, losses or asset of the enterpris Read More
  
 [2014] 50 taxmann.com 135 (Hyderabad - Trib.)[2014] 32 ITR(T) 220 (Hyderabad - Trib.)
ITAT allows provision for excise duty as it was paid before due date of filing of return -IT : Interest on fixed deposit kept as margin money towards bank guarantee in course of export business is to be considered as income from business eligible for deduction in terms of Explanation (baa) to section 80HHC Read More
  
 [2014] 51 taxmann.com 85 (Mumbai - Trib.)[2014] 33 ITR(T) 441 (Mumbai - Trib.)[2014] 66 SOT 149 (Mumbai - Trib.)(URO)
ITAT curtailed disallowance of travelling exp. considering details of exp. submitted by assessee -IT : Where details of travelling expenses were submitted by assessee, disallowance for want of proof was to be restricted Read More
  
 [2014] 51 taxmann.com 194 (Chennai - Trib.)[2014] 66 SOT 119 (Chennai - Trib.)(URO)
No income arose on reversal of reserve by crediting P&L account if no deduction was claimed on its creation -IT : Where assessee transferred a portion of its profit to reserve account as an appropriation of profit which was not claimed as deduction, subsequently when amount so transferred was brought back in working account of assessee by crediting profit and loss account, it could not be treated as forming part of assessee's taxable income Read More
  
 [2014] 51 taxmann.com 504 (Mumbai - Trib.)[2014] 35 ITR(T) 432 (Mumbai - Trib.)
Trial running exp. of plant and machinery is in nature of capital exp., says ITAT -IT : Pre-commencement expenses and capital expenditure Read More
  
 [2014] 51 taxmann.com 354 (Mumbai - Trib.)
No TP adjustment for interest earned by foreign branch from ECB which is subject to credit analysis by Indian branch -IT/ILT: Where assessee Indian branch of foreign bank made credit analysis of Indian borrowers which helped overseas branch for taking decisions on granting loans to Indian borrowers, no part of income of interest paid by Indian borrower could be attributed to assessee in respect of fees received by it for purpose of transfer pricing adjustment Read More
  
 [2014] 52 taxmann.com 25 (Jaipur - Trib.)
Entity set-up for providing housing and other infra facilities is charitable in nature; entitled to registration -IT : Where assessee, a Government authority, was set up for providing housing, said activities were charitable in nature Read More
  
 [2014] 51 taxmann.com 566 (Bangalore - Trib.)
AO's order set aside as it didn't follow directions of DRP on re-allocation of segmental cost made by assessee -IT/ILT : Where directions of DRP had not been properly considered by lower authorities, matter should be reconsidered afresh Read More
  
 [2014] 51 taxmann.com 98 (Chandigarh - Trib.)[2014] 66 SOT 132 (Chandigarh - Trib.)(URO)
In case of mixed funds sec. 14A disallowance had to be made as per Rule 8D, says ITAT -IT: In case of mixed funds, disallowance has to be made under section 14A, read with rule 8D Read More
  
 [2014] 51 taxmann.com 565 (Delhi - Trib.)
ITAT directs afresh adjudication to determine ALP of technical services as case was remanded earlier on same issue -IT/ILT: Matter remanded where in earlier year on similar fact situation, Tribunal directed for fresh TP adjudication Read More
  
 [2014] 52 taxmann.com 240 (Delhi - Trib.)
“Umbrella” of combined entity level TNMM can’t be used to benchmark separate transactions on combined basis -IT/ILT : Separate transactions such as sales and royalty payments under the combined umbrella of TNMM on an entity level is not permissible as it may result in "cross-subsidization", i.e., a probable addition on account of transfer pricing adjustment arising from one international transaction may be usurped by the income from the other international transaction giving higher income on transacted value. As the international transaction of royalty payment is a separate transaction and not closely Read More
  
 [2014] 51 taxmann.com 84 (Chennai - Trib.)[2014] 29 ITR(T) 534 (Chennai - Trib.)
Exp. incurred on raising of equity capital for extension of undertaking was to be amortized under sec. 35D -IT: Where assessee had invested substantial amount in extension of undertaking by raising additional equity shares capital, expenses incurred towards raising of equity shares capital would be eligible for amortisation under provisions of section 35D Read More
  
 [2014] 51 taxmann.com 421 (Jodhpur - Trib.)[2013] 158 TTJ 4 (Jodhpur - Trib.)
Upfront fee paid to bank for converting rupee loan into foreign currency loan is allowable as revenue exp. -IT : Where parts replaced by assessee did not have independent functioning, rather they were parts of total plant, expenditure on such replacement would be revenue expenditure Read More
  
 [2014] 51 taxmann.com 336 (Pune - Trib.)
Share application money paid to AE couldn't be held as international transaction by deeming it as lending/borrowing -IT/ILT : Where assessee company made payment to its AE towards share application money thereby reflecting a capital investment and same not having been disputed by TPO, such a transaction cannot be subject to an arm's length price adjustment under plea of it being a transaction of lending or borrowing Read More
  
 [2014] 52 taxmann.com 211 (Pune - Trib.)
ITAT invokes MFN clause to import make available clause from India-Portugese DTAA into the India-Sweden DTAA -IT/ILT : Swedish company can claim Fee for Technical Services ('FTS') received from its Indian subsidiaries as tax-exempt if 'make available' condition is not satisfied on the basis of Indo-Portugese DTAA even though Indo-Sweden DTAA makes no reference to 'make available' condition. In view of the Most Favoured Nation clause ("MFN clause") in the protocol to the Indo-Sweden DTAA, a Swedish company can claim beneficial provisions for FTS contained in a later treaty such as Indo-Portugal treaty Read More
  
 [2014] 51 taxmann.com 510 (Ahmedabad - Trib.)[2013] 158 TTJ 650 (Ahmedabad - Trib.)
Block assessment under sec. 158BD had to be issued in reasonable time even in absence of limitation period -IT: Where satisfaction as required under section 158BD was recorded by Assessing Officer other than Assessing Officer of searched person, block assessment was liable be quashed Read More
  
 [2014] 52 taxmann.com 18 (Delhi - Trib.)
No assessment after issuing sec. 143(2) notice in absence of records mentioning its actual date of service -IT: Where in absence of record mentioning of a specific actual date on which assessee was served upon notice, assessment framed furtherance to said notice was invalid Read More
  
 [2014] 51 taxmann.com 511 (Pune - Trib.)
'Maharashtra Cricket Association' is not involved in commercial activities on holding tournaments of BCCI -IT : 'Maharashtra Cricket Association' is not involved in commercial activities on holding tournaments of BCCI Read More
  
 [2014] 51 taxmann.com 509 (Pune - Trib.)
No rejection of transaction based benchmarking if price charged from AEs was higher than that charged from Non-AEs -IT/ILT : Where prices charged to Associated Enterprises are higher than prices charged to non-Associated Enterprise, a transaction based benchmarking approach should not be rejected though yearly average is a good and reasonable indicator Read More
  
 [2014] 51 taxmann.com 324 (Mumbai - Trib.)
Stay application allowed as exclusion of functionally different comparable would bring price of transaction at ALP -IT/ILT: Where assessee had been able to show that on exclusion of a comparable selected by TPO assessee's mark-up cost would come within ±5 per cent range and no transfer pricing adjustment would be required to be made, stay application filed by assessee was to be allowed Read More
  
 [2014] 51 taxmann.com 188 (Kolkata - Trib.)
Reassessment upheld on basis of partner's confession regarding non-disclosure of cash loan in book of firm -IT: Where AO had recorded reasons to believe based on confession made by partner of assessee that he had taken cash loan from market which were not disclosed in regular books of account at time of search and seizure, proceedings initiated by AO under section 147 on basis of same were valid Read More
  
 [2014] 51 taxmann.com 52 (Mumbai - Trib.)[2014] 66 SOT 98 (Mumbai - Trib.)(URO)
Letting out of property with various amenities is taxable as income from house property and not business income -IT: Rental income from premises leased out to tenants registered under Software Technology Parks Scheme with amenities/services by way of standby power (DG set), air conditioning water, etc., was assessable as income from house property and not as business income Read More
  
 [2014] 51 taxmann.com 405 (Mumbai - Trib.)
Foreign currency loan advanced to AE has to be benchmarked at LIBOR and not at domestic prime lending rate -IT/ILT: Where assessee had given a foreign currency loan to subsidiary located in USA, domestic prime lending rate would have no applicability and international rate being LIBOR rate would be appropriate in this case Read More
  
 [2014] 51 taxmann.com 326 (Delhi - Trib.)
Financing and bank charges form part of operating exp; to be included in calculating margin of comparables -IT/ILT : Where TPO made addition to assessee's ALP in respect of rendering software development services to AE, matter was to be remanded back for determination of ALP afresh after applying upper filter on turnover of comparables upto Rs. 200 crores and considering only segmental results of those comparables Read More
  
 [2014] 51 taxmann.com 413 (Chennai - Trib.)[2014] 34 ITR(T) 683 (Chennai - Trib.)
TPO erred in reducing cash discount from selling price of goods sold to AE; to be treated as selling exp. -IT/ILT: Where cash discounts had been offered after completion of sales and were entirely different in nature from trade discounts, they could not have been reduced from selling price and similarly outward freight and storage charges were to be treated as selling and distribution expenses instead of reducing same from selling price Read More
  
 Statutes
  
LETTER [F.NO.286/98/2013-IT (INV.II)]
CBDT directs AOs to stop coercing taxpayers for admitting undisclosed income during search/survey proceedings -IT : Section 132, read with Section 133A of The Income-tax Act, 1961 Search & Seizure - Admissions of Undisclosed Income Under Coercion/Pressure During Search/Survey Read Morenew
  
NOTIFICATION NO. 80/2014 [F.NO.142/04/2014-TPL]/SO
CBDT lays guidelines for notifying semiconductor wafer fabrication units under Sec. 35AD -IT : Income-Tax (Fourteenth Amendment) Rules, 2014 – Insertion of Rule 11-OB and Form 3CS Read More
  
NOTIFICATION NO. 79/2014 [F.NO.142/12/2014-TPL]
CBDT notifies limit of 50% Govt. grant for deeming university/hospitals as substantially funded by Govt. -IT : Income-tax (Thirteenth Amendment) Rules, 2014 – Insertion of Rule 2BBB Read More
  
NOTIFICATION NO. 78/2014 [F.NO.196/22/2014-ITA.I]
Govt. notifies 'Karnataka Electricity Regulatory Commission' for the purpose of Sec. 10(46) exemption -IT : Section 10(46) of the Income-Tax Act, 1961 - Exemptions - Statutory Body/authority/board/commission - Notified Body or Authority – Karnataka Electricity Regulatory Commission Read More
  
ORDER NO. 224 OF 2014 [F.NO.A-35015/7/2012-AD.VI]
CBDT redistributes work among its chairperson and members -IT : Distribution of Work among Chairperson and Members of CBDT Read More
  
CIRCULAR IDMD (DGBA).CDD. NO. 2600/15.01.001/2014-
RBI reduces interest rate on Special Deposit Scheme -IT/BANKING : Special Deposit Scheme 1975 – Payment of Interest for the Calendar Year 2014 Read More
  
NOTIFICATION NO. 77/2014 [F.NO. 187/37/2014 (ITA.I
CBDT revises jurisdictions of DGITs, DITs of Intelligence and Criminal Investigation wing -IT : Section 120(1) and (2) of the Income-Tax Act, 1961 - Income-Tax Authorities - Jurisdiction of - Supersession of Notification No. SO 1942(E), Dated 19-8-2011 Read More
  
 News
  
India signs its first Bilateral Advance Pricing Agreement with Japan -IT/ILT : Section 92CC of The Income-Tax Act, 1961 – Advance Pricing Agreement - Signing of First Bilateral Apa by CBDT [19-12-2014] Read Morenew
  
Market Regulator Probing Listed Shell Cos' Role in Helping Tax Evaders -Market Regulator Probing Listed Shell Cos' Role in Helping Tax Evaders [18-12-2014] Read More
  
Black money in India not less than that stashed abroad: Govt -Black money in India not less than that stashed abroad: Govt [18-12-2014] Read More
  
Nokia again urges I-T dept to lift asset freeze order against Chennai facility -Nokia again urges I-T dept to lift asset freeze order against Chennai facility [17-12-2014] Read More
  
New- look Bipa won’t let MNCs milk tax havens -New- look Bipa won’t let MNCs milk tax havens [16-12-2014] Read More
  
Sebi Says No to Bonus Stripping -Sebi Says No to Bonus Stripping [15-12-2014] Read More
  
SIT chief on tax evasion -SIT chief on tax evasion [15-12-2014] Read More
  
‘We expect complete clarity, decisive actions on retrospective taxation’ -‘We expect complete clarity, decisive actions on retrospective taxation’ [15-12-2014] Read More
  
SIT traces Rs. 4,479 cr in Swiss banks -SIT traces Rs. 4,479 cr in Swiss banks [13-12-2014] Read More
  
Black Money: CBDT asks I-T officers to finalize assessment of all persons whose names are appearing in list of HSBC -Relevant Portions Of The Second Report Of The Special Investigation Team (sit) On Black Money Released; On The Directions Of Sit, Cbdt Directs Various Assessing Officers To Finalize Assessments For All Actionable Cases, Whose Names Are Appearing Inhsbc List Received By The Department [13-12-2014] Read More
  
For tax saving, consider only a few instruments -For tax saving, consider only a few instruments [12-12-2014] Read More
  
Tax tribunal blow to Vodafone in Rs. 8,500- cr transfer pricing case -Tax tribunal blow to Vodafone in Rs. 8,500- cr transfer pricing case [11-12-2014] Read More
  
CBDT releases circular on tax deduction from salaries for financial year 2014-15 -Section 192 of the Income-tax Act - Deduction of tax at source - Salary -Income-tax deduction from salaries during the Financial Year 2014-15 under section 192 [10-12-2014] Read More
  
FinMin declines to share details on blackmoney -FinMin declines to share details on blackmoney [10-12-2014] Read More
  
Revenue forgone on tax sops to biz at Rs. 1 lakh cr -Revenue forgone on tax sops to biz at Rs. 1 lakh cr [10-12-2014] Read More
  
Local tax payers can go to AAR for deals above Rs.100cr -Local tax payers can go to AAR for deals above Rs.100cr [09-12-2014] Read More