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Direct Tax Laws
  
 SC/HC
  
 [2015] 56 taxmann.com 190 (Delhi)[2015] 275 CTR 20 (Delhi)
No interest for default in payment of advance tax by NR when all its receipts from payee were subject to TDS -IT : Where assessees were non-resident companies, entire tax was to be deducted at source on payments made by payer to it and there was no question of payment of advance tax by assessees; therefore, revenue could not charge any interest under section 234B from assessees Read Morenew
  
 [2015] 56 taxmann.com 188 (Bombay)
Parking charges collected on vacant land were taxable even if developer was following project completion method -IT : Where assessee developer was following project completion method for payment of taxes, parking charges collected by him on vacant land belonging to him had nothing to do with completion of assessee's project; assessee was obliged to pay on parking charges in current year Read Morenew
  
 [2015] 56 taxmann.com 171 (Gujarat)
Electrical installation in hotel building has to be treated as plant; entitled to 25% depreciation -IT : Electrical installations and sanitary fittings, even if, installed in a hotel building would be regarded as plant and same were entitled to depreciation at rate of 25 per cent Read Morenew
  
 [2015] 56 taxmann.com 208 (Allahabad)[2014] 368 ITR 687 (Allahabad)
HC quashed reassessment as impugned issue was decided by SC in favour of assessee in earlier year -IT : Reassessment on ground that assessee had paid commission without deducting TDS to advertising agents, could not be upheld where Supreme Court had decided same issue in assessee's favour in earlier assessment year Read Morenew
  
 [2015] 56 taxmann.com 196 (Madras)
Addition of unexplained bank deposits upheld on failure of assessee to prove that they were disclosed in return -IT : Where Assessing Officer made addition with respect to income of Electro Medical maintenance centre not included in return of income but assessee showed that said income had been offered in return of subsequent year, matter was remanded back to Assessing Officer for verification Read Morenew
  
 [2015] 56 taxmann.com 177 (Gujarat)
Builder entitled to deduction of interest if bank loan was transferred to housing society as per development agreement -IT : Interest paid to bank on borrowed fund which was advanced by builder to housing society and recoverable later on from purchasers of flats, would be allowable Read More
  
 [2015] 56 taxmann.com 197 (Gujarat)
No tax recovery from director of public Co. without issuing notice of lifting corporate veil to director -IT : Director of a public limited company could not be treated as director of a private limited company, by lifting corporate veil under section 179 without issuing show cause notice to him Read More
  
 [2015] 56 taxmann.com 210 (Karnataka)
No penalty for claim wrongly made under old law when assessee had paid taxes when it was brought to his notice -IT : Where revenue brought to notice of assessee that capital gain was to be taxed in view of change in law from current year and assessee paid tax accordingly, there being no suppression, no penalty could be levied Read More
  
 [2015] 56 taxmann.com 204 (Madras)
Car parking area can’t be treated as part of built-up area of residential unit while computing sec. 80-IB relief -IT: Assessee 'engaged in business of developing and construction of housing project need not be owner of property so as to claim deduction under section 80-IB(10) Read More
  
 [2015] 56 taxmann.com 206 (Bombay)
Interest on loan given to NR-AE is leviable at rate prevailing in that country and not at rate prevailing in India -IT/ILT : Where assessee advanced loans to its AE situated in Germany, rate of interest was to be determined on basis of rate prevailing in Germany where loan had been consumed Read More
  
 [2015] 56 taxmann.com 160 (Karnataka)
Losses of eligible business were to be reduced while computing sec. 80-IA relief even if they were already set-off -IT: While computing profits from eligible business for allowing deduction under section 80-IB, deduction of losses set off against profits from other business has to be taken into consideration Read More
  
 [2015] 56 taxmann.com 300 (Gujarat)
Decision by third judge due to difference of opinion between two judges couldn’t be termed as decision by larger bench -IT : Decision of the High Court u/s 259(2) by referring to a third Judge where the two Judges hearing the appeal differ in opinions is not the same as a decision rendered by a Bench of three Judges with one dissenting. Therefore, past Division Bench judgments of the same HC would bind the third Judge(referee Judge) who is hearing on the point of difference between the two Judges Read More
  
 [2015] 56 taxmann.com 36 (Andhra Pradesh and Telangana)[2014] 369 ITR 180 (Andhra Pradesh and Telangana)
Sale proceeds of diamonds weren't unexplained when assessee had furnished details of buyer and manner of payment -IT : Where in support of sale of diamonds not only particulars of persons who purchased diamonds were furnished but also manner of payment was disclosed, impugned addition made under section 68 in respect of sale proceeds of diamonds was to be set aside Read More
  
 [2015] 56 taxmann.com 176 (Karnataka)
Sec. 54F relief available in entirety if investment exceeds sale proceeds, irrespective of usage of housing loan -IT: Where even before sale of agricultural land, assessee borrowed housing loan and started construction on site belonging to him and after sale of agricultural land, amount spent towards construction of house was more than consideration received, assessee was entitled to benefit of section 54F Read More
  
 [2015] 56 taxmann.com 173 (Delhi)
HC didn't interfere with depreciation allowed on asset which was purchased and leased back without overvaluation -IT : Where assessee purchased assets from an unrelated party and leased them back to said party and there was no overvaluation of assets so as to claim higher depreciation for reducing tax liability, Explanation 3 to section 43(1) could not be applied to deny depreciation Read More
  
 [2015] 56 taxmann.com 86 (Bombay)
Reassessment upheld as assessee claimed sec. 80-IB relief without declaring that he didn't have license to manufacture -IT : Where during original assessment proceedings, assessee-company had not declared to department that it did not possess factory license to manufacture and claimed deduction under section 80-IB, initiation of re-assessment proceedings was justified Read More
  
 [2015] 56 taxmann.com 163 (Karnataka)
HC allows sec. 54F relief even if sale proceeds not deposited in CG scheme as assessee intended to invest -IT: Where assessee had already started construction of a residential house within one year prior to date of sale of land and utilised entire sale consideration within three years from date of transfer of land, he could not be denied exemption under section 54F Read More
  
 [2015] 56 taxmann.com 164 (Delhi)
AO of searched person has to record satisfaction that undisclosed income belongs to other person u/s 158BD -IT : Satisfaction of Assessing Officer of person searched or against whom an order under section 132A has been passed, that any undisclosed income belongs to a third person, is prerequisite before proceedings under section 158BD are initiated Read More
  
 [2015] 56 taxmann.com 147 (Karnataka)[2015] 370 ITR 246 (Karnataka)
Sum received under MOU entered with owner to identify buyers for property was taxable as business income -IT: Where assessee entered into a memorandum of understanding with owner of property for a consideration, to identify buyers of property, and he had no intention to acquire capital asset in lieu of transfer and only facilitated transfer of capital asset from owner to purchaser and made profits, such profits would be assessible as business income and not capital gains Read More
  
 [2015] 55 taxmann.com 426 (Bombay)
Confirmation of postal authorities is sufficient to prove service of assessment order in time -IT : Where postal authorities evidenced that assessee had received copy of assessment order within prescribed time, contention of assessee that he received same late, was unjustified, and, revision petition filed by him against said order was time barred Read More
  
 [2015] 55 taxmann.com 421 (Gujarat)
No reassessment on basis of auditor's objections when AO was aware of controversy at assessment stage -IT : Where reassessment proceedings made on basis of audit objection and mere change of opinion on same set of evidence on record, available at time of assessment, reassessment was to be quashed Read More
  
 [2015] 56 taxmann.com 162 (Delhi)[2015] 371 ITR 11 (Delhi)
AO couldn’t deny sec. 80-IC relief to manufacturer of LCD monitors merely by doubting genuineness of claim -IT: Where LCD monitors manufactured by assessee was covered under Schedule XIV and Assessing Officer proceeded on basis of doubts as to genuineness of claim rather than some concrete material, disallowance of deduction under section 80-IC was not justified Read More
  
 [2015] 56 taxmann.com 141 (Bombay)
No reassessment on basis of mere change of opinion by AO to deny depreciation on non-compete fees paid -IT : Where assessee's claim of depreciation on non-compete fees paid, was accepted by Assessing Officer in regular assessment after verifying details, notice issued for reassessment was based on change of opinion and same was not sustainable Read More
  
 [2015] 55 taxmann.com 534 (Bombay)
No sec. 194J TDS on sale of goods to stockiest below MRP by treating the differential amount as managerial fees -IT : Where assessee had received sale price from stockist but had not paid/credited any amount to stockist, question of invoking section 194J against assessee did not arise Read More
  
 [2015] 56 taxmann.com 67 (Delhi)
Sec. 69A invoked against company on basis of statement of director recorded during survey -IT: Where assessee had not offered any satisfactory explanation regarding surrendered amount being not bona fide and it was also not borne out in any contentions raised before lower authorities, additions so made after adjusting expenditure were justified Read More
  
 [2015] 56 taxmann.com 41 (Madhya Pradesh)
HC denied to condone delay in filing appeal by a Co. as director didn't give true facts about service of ITAT's order -IT : Where assessee-company filed contradictory affidavits and had not given true and correct facts about service of order of Tribunal, delay in filing appeal could not be condoned Read More
  
 [2015] 55 taxmann.com 428 (Madras)[2014] 369 ITR 500 (Madras)
Filing of return by power generating unit has to be treated as an exercise of option by it to claim depreciation -IT : Filing of return of income within prescribed time under section 139(1) along with audit report has to be treated as an option exercised by assessee in terms of second proviso to rule 5(1A) for claiming depreciation Read More
  
 [2015] 56 taxmann.com 151 (Bombay)
Exp. incurred on issue of shares to set-up a manufacturing unit couldn't be capitalized; deductible u/s 35D -IT: Depreciation is not allowable on capitalised expenditure on issue of shares; such expenditure would fall within provision of section 35D Read More
  
 [2015] 55 taxmann.com 425 (Gujarat)
No penalty on assessee without considering his explanation, even though he had accepted additions made by revenue -IT : Where addition was made an account of non-existing liabilities which was accepted by assessee only to avoid litigation, penalty imposed solely on basis of said addition overlooking details and explanation filed by assessee could not be sustained Read More
  
 [2015] 56 taxmann.com 149 (Karnataka)
Income from letting out of building alongwith other facility is taxable as business income if both are inseparable -IT : Where facilities given by assessee along with let out buildings/commercial establishments were inseparable and entire construction and interiors of buildings was done with sole intention of carrying on business, entire income would be assessed as 'business income' Read More
  
 [2015] 55 taxmann.com 447 (Karnataka)
Interest earned by society on short-term deposits in course of providing credit facilities was deductible u/s 80P -IT : Where co-operative society was engaged in business of providing credit facilities to its members, deposited excess amount for short term in bank, interest earned was entitled to be deducted under section 80P Read More
  
 [2015] 56 taxmann.com 89 (Delhi)
No additions by AO relying upon report of Valuation Officer in absence of any material indicating undervaluation -IT: Where due disclosure of acquisition of properties had been made in course of regular assessments by assessee, Assessing Officer in block assessment could not have brought to tax said amounts based upon DVO's report in absence of any material pointing to under valuation Read More
  
 [2015] 55 taxmann.com 478 (Allahabad)
HC lambasts AO for making suo-motu rectification when superior authority had passed order in favour of assessee -IT : Assessing Officer could not pass order suo motu under section 154 levying interest under sections 234B and 234C when superior authority had already passed an order against levy of interest Read More
  
 [2015] 56 taxmann.com 112 (Karnataka)
No deemed income of NR u/s 9 when it had established Liaison office in India to purchase goods for export -IT/ILT: Activity of assessee-liaison office of a foreign company being confined to purchase of goods in India for purpose of export, fall under purview of Explanation 1(b) to section 9(1)(i) and, thus, not exigible to tax Read More
  
 [2015] 55 taxmann.com 422 (Bombay)
Firm couldn't be assessed for transfer of tenancy rights vested in individual partners of firm -IT : Where on examination of evidence it was clear that tenancy of rental premises belonged to individual partners and not to assessee-firm and consideration was received by partners in individual capacity, addition made in income of assessee-firm was not justified Read More
  
 [2015] 55 taxmann.com 477 (Gujarat)
HC allowed revenue exp. even if it was claimed for first time in course in assessment proceedings -IT: Claim of revenue expenditure made for first time in course of assessment proceeding without revising return of income, was allowable under section 37(1) Read More
  
 [2015] 56 taxmann.com 16 (SC)
Non-mentioning of block period in notice doesn’t invalidate notice or vitiate block proceedings; SLP dismissed -IT : SLP dismissed against High Court ruling that non-mentioning of block period in notice issued under section 158BC would not invalidate notice nor would vitiate proceedings as one without jurisdiction Read More
  
 [2015] 56 taxmann.com 68 (Allahabad)[2014] 369 ITR 307 (Allahabad)
Chief CIT can't condone delay in filing exemption application under sec. 10(23C) -IT : Where assessee's application under section 10(23C)(vi) was rejected on ground that it was filed beyond prescribed date, in view of fact that Chief Commissioner in whom power is vested for condonation of delay is not a Court within meaning of section 5 of Limitation Act, 1963, impugned order rejecting said application was to be confirmed Read More
  
 [2015] 56 taxmann.com 50 (Bombay)[2015] 370 ITR 38 (Bombay)(MAG.)[2015] 274 CTR 113 (Bombay)
Super built area couldn't be equated with built-up area while allowing relief under sec. 80-IB -IT : Super-built up area cannot be equated with built-up area to determine area of a residential flat to allow deduction under section 80-IB Read More
  
 [2015] 55 taxmann.com 448 (Bombay)
HC denied to admit writ against Setcom's order as its admission would lead to abatement of application -IT : Revenue's writ petition against order of Settlement Commission was not entertained having regard to fact that entertaining same would result in expiry of 18 months time-limit stipulated in section 245D(4A)(iii) and abatement of settlement application, but revenue was given liberty to raise its contention at hearing under section 245D(4) Read More
  
 [2015] 55 taxmann.com 454 (Bombay)
Depreciation claimed on basis of incorrect valuation calls for reassessment -IT: Where assessee was allowed depreciation on intangible assets but thereafter during survey assessee's managing director agreed to withdraw 50 per cent of such depreciation and valuer of said assets stated that his valuation could not be used for claiming depreciation, there was tangible material for reopening of assessment Read More
  
 [2015] 56 taxmann.com 44 (SC)
SLP granted against HC's order holding that 15% of profit of Dutch Co. was attributable to its PE in India -IT/ILT : SLP granted against order of High Court where it was held that since assessee-Dutch company was engaged in providing travel industry services of Computerized Reservation System and its Indian distributor merely gave connection to Indian travel agents for booking and major functioning of collecting and data analysis/development took place in, USA, attribution of 15 per cent of assessee's profit to India was just and proper Read More
  
 [2015] 56 taxmann.com 85 (Bombay)
High Court rebukes ITAT for taking decision by simply relying upon HC's order without adverting to relevant material -IT : Matter was remanded to Tribunal where Tribunal disallowed advertisement expenses, ignoring its order for prior assessment years allowing deduction of similar expenditure Read More
  
 [2015] 56 taxmann.com 87 (Calcutta)
High Court gives opportunity to S.R. Batliboi to furnish evidences to justify incurring of huge conference exp. -IT : Matter needed readjudication where assessee claimed for opportunity to produce all relevant evidences to justify incurring of huge business expenditure Read More
  
 [2015] 56 taxmann.com 19 (SC)
SLP granted as HC held that deemed dividend was taxable in hands of registered shareholder instead of beneficiary -IT : SLP granted against High Court Ruling that deemed dividend was to be taxed in hands of shareholder whose name was entered in register of shareholder and not in hands of beneficially/beneficiary firm Read More
  
 [2015] 56 taxmann.com 18 (SC)
Certificate of incorporation and PAN don't prove genuineness of Co. if evidence indicated it as paper Co. -IT : SLP dismissed against High Court ruling that certificate of incorporation, PAN etc., are not sufficient for purpose of identification of subscriber company when there is material to show that subscriber was a paper company and not a genuine investor Read More
  
 [2015] 56 taxmann.com 17 (SC)
SLP dismissed against HC's order making additions u/s 68 as assessee failed to prove genuineness of transaction -IT : SLP dismissed against ruling of High Court that where assessee could not prove capacity of creditor and genuineness of transaction, addition of gift amount under section 68 was to be allowed Read More
  
 [2015] 56 taxmann.com 35 (Kerala)[2014] 369 ITR 536 (Kerala)
Notification specifying higher depreciation on commercial vehicles acquired in specific period wasn't discriminatory -IT : Notification providing for accelerated depreciation at rate of 50 per cent for new commercial vehicles acquired on or after 1-1-2009 but before 1-10-2009 is not discriminatory and not violative of fundamental rights of assessee who purchased vehicles between 1-10-2009 to 31-3-2010 Read More
  
 [2015] 56 taxmann.com 42 (Calcutta)
Exp. incurred on office to repair damages caused by floods would be treated as revenue exp. -IT : Expenditure which was necessary to repair damage caused by fire/flood, was to be treated as revenue expenditure Read More
  
 [2015] 56 taxmann.com 20 (SC)
No reassessment to disallow sec. 35D deduction which was allowed after scrutiny assessment; SLP dismissed -IT : SLP dismissed against High Court ruling that where for several years deduction for amortization of GDR issue expenses under section 35D had already been allowed, that too after scrutiny assessment, same could not be disallowed in current year by reopening Read More
  
 [2015] 56 taxmann.com 51 (SC)
Assessee has to reply to sec. 148 notice even if jurisdiction of AO is disputed, Supreme Court dismissed SLP -IT/ILT: SLP dismissed against order of High Court where it was held that even if existence of PE of petitioner non-resident company within jurisdiction of Assessing Officer was in dispute, if petitioner had not made aware Assessing Officer that no income chargeable to tax had escaped assessment and had merely told him that he had no jurisdiction to issue reassessment notices, it did not act strictly in accordance with law Read More
  
 [2015] 56 taxmann.com 72 (Punjab & Haryana)
HC sets aside order transferring jurisdiction of assessee as it was made without hearing to assessee -IT : Where revenue authorities transferred assessee's jurisdiction from one place to another without serving it a notice or affording an opportunity of hearing, order so passed being in violation of provisions of section 127(2), deserved to be set aside Read More
  
 [2015] 55 taxmann.com 470 (Delhi)[2015] 275 CTR 475 (Delhi)(MAG.)
AO to examine whether Co. was entitled to investment allowance on transfer of machinery under amalgamation scheme -IT: Where, under scheme of arrangement, 9 out of 13 industrial units held by respondent company were transferred to three newly formed companies, scheme would be covered under expression 'otherwise transferred' in sub-section (5) of section 32A, hence benefit of investment allowance was rightly withdrawn Read More
  
 [2015] 55 taxmann.com 453 (Gujarat)
Interest paid after execution of slump sale and initiation of business operations couldn't be capitalized -IT : Where at time of acquisition of assets, assessee had no income to reduce its tax liability by way of enhanced WDV of assets, Assessing Officer was in error in invoking Explanation 3 to section 43 for disallowance of excess depreciation Read More
  
 [2015] 55 taxmann.com 531 (Bombay)
No reassessment by AO solely on basis of ground raised in assessment without having any tangible material -IT: Where Assessing Officer raised query with regard to bad debts claimed by assessee and after satisfaction passed original assessment order, re-assessment without recording any tangible material was unjustified Read More
  
 [2015] 55 taxmann.com 449 (Madras)[2015] 370 ITR 173 (Madras)
Issuance of credit note to purchaser due to excess billing couldn't partake the character of bad-debts -IT : Where assessee, having found that it had charged higher amount in respect of certain export, issued credit notes to purchasers and correspondingly revised debts, it could not be said to be a case of writing off of debt Read More
  
 [2015] 55 taxmann.com 443 (Karnataka)
Addition of unexplained investment in building held as stock-in-trade would be allowed as deduction on its sale -IT : Where building was already sold by developer and alleged excess amount of investment on building was actually in nature of expenditure, net tax would be nil Read More
  
 [2015] 56 taxmann.com 182 (Madras)
Donation of educational trust not to be held as capitation fee without enquiring from students; sec. 11 relief given -IT : Denial of exemption u/s 11 to "capitation fees disguised as donations" has to be based on relevant material Read More
  
 [2015] 56 taxmann.com 15 (SC)
SLP dismissed against HC's order denying sec. 154 rectification as re-computation of turnover required explanations -IT : SLP dismissed against order of High Court where it was held that since recomputation of turnover of assessee would not be confined to arithmetical or adding figures, rather explanation and answers would be required, said determination could not be undertaken under section 154 Read More
  
 [2015] 55 taxmann.com 438 (Bombay)[2015] 371 ITR 225 (Bombay)[2015] 274 CTR 1 (Bombay)
No reassessment on pretext of wrong allocation of exp. between units if sec. 80-IA relief was granted in assessment -IT: Assessing Officer having allowed assessee's claim for deduction under section 80-IA/80-IB in course of assessment under section 143(3), could not initiate reassessment proceedings merely on basis of change of opinion that there was inappropriate allocation of expenses between various units eligible for deduction Read More
  
 [2015] 56 taxmann.com 14 (SC)
SetCom’s order wasn’t to be interfered with due to error in computing penalty unless exercise of power was perverse -IT: SLP dismissed against High Court ruling that even if there was an error of law or fact in calculating penalty by Settlement Commission, discretion exercised by it requires no interference unless exercise of power made by Settlement Commission was perverse requiring interference under article 226 of Constitution Read More
  
 [2014] 52 taxmann.com 112 (Andhra Pradesh and Telangana)[2014] 367 ITR 421 (Andhra Pradesh and Telangana)
High Court upheld sec. 69 additions as assessee failed to explain source of investment -IT : In view of failure of assessee to explain source of investment for earning certain undisclosed income, reasonable addition suggested by revenue on account of unexplained investment on estimate basis was to be confirmed Read More
  
 [2015] 55 taxmann.com 536 (Delhi)[2015] 230 Taxman 205 (Delhi)[2015] 372 ITR 498 (Delhi)
High Court allows Sec. 54 relief on provisional booking of a house as it amounts to acquisition of 'capital asset' -IT: Even where assessee acquired property by provisional booking, he was eligible for section 54 deduction for cost of improvement along with cost of investment Read More
  
 [2015] 56 taxmann.com 13 (Andhra Pradesh and Telangana)[2015] 370 ITR 205 (Andhra Pradesh and Telangana)(MAG.)
Assessee can't claim interest on refund if there is no delay on part of department in granting refund -IT : Where there was no delay on part of department in making refund after furnishing indemnity bond by assessee, no interest on refund was allowable Read More
  
 [2015] 56 taxmann.com 7 (Delhi)
Doc seized during search not to be relied upon by AO to make additions when doc was undated and unsigned -IT : Where Assessing Officer made addition to assessee's income on basis of a document seized in course of search, in view of fact that document seized was both undated and unsigned and even taken at face value did not lead to further enquiry on behalf of Assessing Officer, impugned order of Tribunal deleting addition was to be confirmed Read More
  
 [2015] 55 taxmann.com 446 (Bombay)[2014] 368 ITR 655 (Bombay)
Limitation period to revise an order won't begin from date of reassessment if issue isn't subject to reassessment -IT : For issues which were not subject of reopening, period of limitation for revision would commence from date of order of assessment and not reassessment Read More
  
 [2015] 55 taxmann.com 518 (Calcutta)[2014] 368 ITR 395 (Calcutta)
HC directs Chief CIT to examine whether assessee engaged in teaching music/dance is educational institution -IT : HC directs Chief CIT to examine whether assessee engaged in teaching music/dance is educational institution Read More
  
 [2015] 55 taxmann.com 480 (Kerala)
Assessee has to collect TCS on sale of imported timber to dealers -IT : Where assessee was engaged in importing timber and thereupon selling it to registered dealers in country, assessee was required to collect tax at source from purchasers/dealers in terms of section 206C at time of sale Read More
  
 [2015] 55 taxmann.com 468 (Gujarat)
Non-refundable membership fees received from members to be apportioned and taxed over period of membership -IT : When services were to be rendered for a period of years, both revenue and expenditure were to be shown proportionate to degree of completion of service Read More
  
 [2015] 55 taxmann.com 423 (Calcutta)
Plastic Pouch development exp. is in nature of scientific research exp; allowable under Sec. 35 -IT : Plastic pouch development expenses being in nature of scientific research or acquisition of patent rights or copy right would come under purview of section 35 or 35A; said expenses were not allowable under section 37(1) Read More
  
 [2015] 55 taxmann.com 489 (Delhi)[2015] 274 CTR 84 (Delhi)
Amount paid for using know-how to produce hydro-power equipment is taxable as royalty: High Court -IT/ILT : Where assessee, an Austria based company, entered into agreement with Indian company for furnishing know-how and technical assistance for producing hydro power equipment, amount received for right to use technical know-how would be taxable in India as 'royalty' whereas amount received for rendering technical services would be taxable to extent it is attributable to activities actually performed in India Read More
  
 [2015] 55 taxmann.com 315 (Karnataka)
Directors not liable for tax dues of Co. if AO failed to show that dues were not recoverable from Co. -IT : Unless it was shown that it was not possible to recover tax due from said company, no liability could be fixed on assessee-director of said company to pay due tax Read More
  
 [2015] 56 taxmann.com 117 (Uttarakhand)
Sec. 5 shall not operate to exclude income of NR which is covered under presumptive provisions of sec. 44BB -IT/ILT : Sec. 5(2) shall not operate to exclude amount received outside India for computing income presumptively u/s 44BB Read More
  
 [2015] 55 taxmann.com 473 (Karnataka)[2014] 369 ITR 463 (Karnataka)
Units should be custom bonded is a pre-requisite to claim exemption for custom duty and not for sec. 10A exemption -IT : Customs bonding is not a requirement or a condition precedent for granting exemption under section 10A Read More
  
 [2015] 55 taxmann.com 479 (Bombay)
Failure to consider satisfaction recorded under sec. 158BD is a mistake apparent from record -IT : There was an error apparent on record in Tribunal's order where Tribunal had not considered evidence of satisfaction recorded under section 158BD Read More
  
 ITAT
  
 [2015] 56 taxmann.com 205 (Indore - Trib.)
Deeming fiction of Sec. 50C not be considered while computing exemption under Sec. 54 -IT : When a property is acquired by inheritance, cost of acquisition and period of holding of previous owner is to be taken as cost and holding period of assessee Read Morenew
  
 [2015] 56 taxmann.com 200 (Chandigarh - Trib.)
Bank couldn’t defer deduction of tax and wait for lower TDS certificate from depositor; held as assessee-in-default -IT: Bank cannot simply defer deduction of tax at source on interest on deposits and keep on waiting for certificate under section 197 to be obtained by depositor; it is liable to deduct tax as per mandate of section 194A Read Morenew
  
 [2015] 56 taxmann.com 179 (Delhi - Trib.)
Royalty for know-how of manufacturing taxable at its situs while know-how for product functionality at situs of usage -IT/ILT : When royalty is for use of a technology in manufacturing, it is to be taxed at situs of manufacturing product, and, when royalty is for use of technology in functioning of product so manufactured, it is to be taxed at situs of use Read Morenew
  
 [2015] 56 taxmann.com 193 (Kolkata - Trib.)
AO couldn’t take into account profit margin of principle-contractor to estimate profit of sub-contractor -IT: On rejection of books of account under section 145, profit margin of assessee, a sub-contractor, is to be estimated at rate much less than average profit margin worked out by Assessing Officer of its principal (i.e., contractor) Read Morenew
  
 [2015] 56 taxmann.com 203 (Delhi - Trib.)
No TP adjustment on interest rate charged from AE if it was higher than rate computed by LIBOR -IT/ILT : Where in terms of agreement, assessee was entitled to receive 2 per cent extra mobile phones along with its purchased quantity from Chinese parties, in view of fact that apart from confirmation from suppliers, assessee brought on record bill entry, purchase invoice etc. in support of its claim that value of said swap units was duly accounted for, impugned addition made in that respect by Assessing Officer was to be set aside Read Morenew
  
 [2015] 56 taxmann.com 172 (Cochin - Trib.)[2015] 38 ITR(T) 83 (Cochin - Trib.)
Organizing seminar by State forum of bankers club for benefit of bank employees wasn't charitable activity -IT: Where assessee-trust was rendering service to banks by organizing lectures and seminars for benefit of bank employees, same was not charitable activity and assessee was not entitled for recognition under section 2(15) Read More
  
 [2015] 56 taxmann.com 201 (Chandigarh - Trib.)[2014] 32 ITR(T) 352 (Chandigarh - Trib.)
Removing moisture from raw honey is deemed as manufacturing activity for sec. 10B relief -IT : Activity of removing moisture from raw honey and thereupon repacking and exporting same to various countries amounted to 'manufacturing' activity eligible for exemption under section 10B Read More
  
 [2015] 55 taxmann.com 483 (Hyderabad - Trib.)
Earlier assessments couldn't be held erroneous on ground of non-genuine transactions of subsequent years -IT/ILT: Where Assessing Officer passed earlier assessment order after examining all facts and evidences relating to transaction of know-how and DMF, Only because TPO in subsequent year took a view that purchase of technical know-how and DMF was not genuine; assessment order could not be revised under section 263 Read More
  
 [2015] 56 taxmann.com 174 (Delhi - Trib.)
Commission paid to NR agent for procurement of export orders outside India wasn't taxable; not liable for TDS -IT : Where commission paid by assessee to non-resident agent for procuring export orders was not chargeable to tax in hands of said agent, assessee was not liable to deduct tax at source Read More
  
 [2015] 56 taxmann.com 158 (Chennai - Trib.)[2015] 38 ITR(T) 522 (Chennai - Trib.)
Payment of data storage charges to NR doesn't constitute either royalty or 'FTS' -IT/ILT : Payment of data storage charges made by assessee to a non-resident did not fall either under royalty or fee for technical services and, thus, assessee was not required to deduct tax at source while making payment of said charges Read More
  
 [2015] 55 taxmann.com 540 (Mumbai - Trib.)
A merchant banker isn't functionally comparable with an investment advisor for TP study -IT/ILT: Merchant banking and investment banking services are functionally different from investment advisory support services Read More
  
 [2015] 55 taxmann.com 429 (Hyderabad - Trib.)
Sum appropriated by co-operative bank towards education fund out of earlier year wasn't deductible -IT :Where assessee, a co-operative bank, credited one per cent of profits earned in earlier years to Co-operative Education Fund maintained by National Co-operative Union, since amount paid was not out of profits of year which were subjected to tax it could not be allowed as deduction Read More
  
 [2015] 56 taxmann.com 159 (Delhi - Trib.)
Co. having huge turnover and brand value in comparison to assessee is excludible from list of comparables -IT/ILT : Where TPO made addition to assessee's ALP in respect of rendering software development services to its AE, in view of fact that some of comparables selected by TPO were inappropriate on account of turnover, brand value and functional difference as they were involved in development of softwares, impugned addition was to be set aside and, matter was to be remanded back for disposal afresh Read Morenew
  
 [2015] 56 taxmann.com 76 (Pune - Trib.)
Even investment in name of partners would provide sec. 54EC relief to partnership firm -IT : Where partners of assessee-firm introduced land and building as their capital contribution to firm, said land and building became property of firm and, therefore, capital gain arising on sale of said property was taxable in hands of assessee-firm Read More
  
 [2015] 56 taxmann.com 77 (Mumbai - Trib.)
ITAT reduces disallowance as claim was reasonable even if certain vouchers were self-made and not verifiable -IT: Deduction on account of 'raw material discarded' could not be allowed to assessee where it could not furnish any relevant detail to satisfaction of Assessing Officer Read More
  
 [2015] 56 taxmann.com 128 (Hyderabad - Trib.)
TPO gets flak from ITAT for comparing a trading concern with manufacturing concern for TP purposes -IT/ILT: Where assessee-company was engaged only in trading of Grey Bentonite Clay, a company engaged in manufacturing of Bentonite could not be selected as comparable Read Morenew
  
 [2015] 56 taxmann.com 256 (Mumbai - Trib.)
Collection centers working for Path Labs can't be compared with trader of goods to decide TDS liability u/s 194H -IT : Traders of goods cannot be compared with service providers / collectors/ aggregators working with pathological laboratories, as latter provide only agency services Read More
  
 [2015] 56 taxmann.com 272 (Mumbai - Trib.)
Order pronounced by ITAT beyond 90 days from date of conclusion of hearing isn't bad in law -IT : Order of ITAT does not become bad in law if pronounced beyond 60/90days as prescribed in Rule 34(5)(c) Read More
  
 [2015] 56 taxmann.com 132 (Delhi - Trib.)
No TP addition by AO on basis of notional price instead of using actual price charged from non-AE under CUP method -IT/ILT : It is actual transaction of charging or paying price in a comparable uncontrolled transaction which is to be considered for purposes of determining ALP under CUP method and there can be no question of substituting such actual price charged with a notional price which could have been charged Read Morenew
  
 [2015] 56 taxmann.com 43 (Mumbai - Trib.)
ITAT directs AO to make same disallowance u/s 14A which was made in earlier year, as facts remained unchanged -IT : Where in earlier assessment year, Assessing Officer had worked out disallowance under section 14A at 10 per cent of exempt income from composit activity, on similar fact in current year, basis of disallowance was to be same Read More
  
 [2015] 56 taxmann.com 129 (Mumbai - Trib.)
Comparable excluded/included earlier had to be given same treatment in later years if facts remained unchanged -IT/ILT: Where a company had been included/excluded from list of comparables in earlier years, consistent with view taken in earlier years and there being no change in facts and circumstances in instant year, same had to be included/excluded in list of final comparables Read Morenew
  
 [2015] 56 taxmann.com 140 (Bangalore - Trib.)
No exclusion of comparable on basis of info obtained u/s 133(6) without making available such info to assessee -IT/ILT: Where Assessing Officer has excluded a company from comparable list on basis of information obtained under section 133(6) but does not make available said information to assessee, comparability should be considered afresh Read Morenew
  
 [2015] 56 taxmann.com 157 (Delhi - Trib.)
Communication of factual inconsistencies by departmental auditor doesn't put fetters on initiation of reassessment -IT : If Assessing Officer fails to examine an issue during assessment proceedings and later developments warrant its examination, it would not be case of 'change of opinion' at time of initiation of re-assessment Read More
  
 [2015] 56 taxmann.com 48 (Kolkata - Trib.)
MAT Companies are liable to pay interest on account of default in payment of advance tax -IT : Interest under sections 234B and 234C shall be payable on failure to pay advance tax in respect of tax payable under section 115JB Read More
  
 [2015] 56 taxmann.com 255 (Mumbai - Trib.)
Sec. 54F relief allowed to wife as she gifted one house to her husband and held only single house on date of transfer -IT : Gift of house to spouse cannot be disregarded for the purpose of assessee's eligibility for deduction u/s 54F Read More
  
 [2015] 55 taxmann.com 472 (Panaji - Trib.)[2014] 166 TTJ 174 (Panaji - Trib.)
Sec. 80P : Co-operative society not to be deemed as co-operative bank if it didn't receive any deposits from public -IT: Where assessee, a co-operative society did not receive deposits from public and, moreover, by-laws of society permitted admission of any other co-operative society as its members, assessee could not be regarded as primary-co-operative bank and, there being no application of section 80P(4), its claim for deduction under section 80P(2)(a)(i) was to be allowed Read More
  
 [2015] 55 taxmann.com 452 (Chennai - Trib.)
Fee paid to electricity board for using distribution network isn't FTS as it doesn't involve human intervention -IT : Where assessee paid charges to State power utility for using its distribution network to sell energy generated and same did not involve any human intervention, assessee was not required to deduct TDS under section 194J Read More
  
 [2015] 56 taxmann.com 111 (Delhi - Trib.)
Reimbursement of exp. to foreign AE was taxable if no nexus was found between services rendered and reimbursement -IT/ILT : Where assessee-company, a tax resident of UK, had received certain sum from a foreign company which was engaged in exploration and production of oil in oil fields of India and claimed same to be reimbursement of actual cost, but could not establish one to one nexus between services rendered to said company and alleged reimbursement, it would be fair to tax assessee's receipts under section 44BB Read More
  
 [2015] 56 taxmann.com 40 (Mumbai - Trib.)
Sec. 80-IA: Assessee can't deduct brought forward depreciation from Gross Total Income instead of business income -IT : Where assessee deducted brought forward unabsorbed depreciation from gross total income and claimed deduction, assessee's manner of computing deduction was incorrect and same was to be deducted only from business income Read More
  
 [2015] 55 taxmann.com 488 (Mumbai - Trib.)
Sum incurred in organizing a sports event to promote brand of foreign AE is an international transaction: ITAT -IT/ILT : Where expenditure incurred by sports channel owned by Mauritian AE for organizing brand promotional sport event in UAE was reimbursed by Indian assessee, same would fall under ambit of international transaction and was to be dealt under provisions of transfer pricing Read More
  
 [2015] 56 taxmann.com 113 (Mumbai - Trib.)
Sum paid to manufacture batteries of 'Kodak Camera' without supplying raw materials wasn't liable to sec. 194C TDS -IT : Transaction between assessee and manufacturer for manufacturing of specific batteries with name of assessee printed on cell, was to be treated as an 'agreement of purchase' which would not fall under provisions of section 194C Read More
  
 [2015] 56 taxmann.com 238 (Delhi - Trib.)
No TDS on additional payment made due to Forex fluctuation if tax was deducted at the time of credit of payment -IT/ILT: Provisions of section 195 provide that once tax is deducted at source at the time of credit of payment, there can be no question of deduction of tax at source on full or in part at the time of payment. Once tax was deducted at the first stage when the amount of income was credited to the account of payee, which was done by converting foreign currency into TT buying rate on that particular date, then the assessee could not be called upon to deduct tax at source on the additional liability Read More
  
 [2015] 55 taxmann.com 464 (Mumbai - Trib.)
ITAT directs AO to re-determine whether sum received by foreign Co. was reimbursement or FTS -IT/ILT: Matter be readjudicated to determine whether sum received by a foreign company from Indian subsidiary was reimbursement of expenses or fee for technical services as per article 13 of DTAA between India and UK in absence of relevant agreement Read More
  
 [2015] 56 taxmann.com 49 (Hyderabad - Trib.)
A software product Company isn't comparable to software development service provider -IT/ILT : A software product company cannot be regarded as a comparable to a company engaged in software development services Read More
  
 [2015] 55 taxmann.com 433 (Cochin - Trib.)[2015] 37 ITR(T) 495 (Cochin - Trib.)
Sum paid by trust to other trusts registered either u/s 12AA or u/s 10(23C) won't be held as application of income -IT : Where assessee trusts advanced loan to other trusts which exceeded 15 per cent of their income, claim of exemption was to be decided in view of Explanation to section 11(2) and section 11(3)(d) Read More
  
 [2015] 56 taxmann.com 237 (Delhi - Trib.)
No TP addition for variation between actual price and ALP of fixed asset but depreciation to be re-computed on ALP -IT/ILT: If there is an international transaction in the capital field, which does not otherwise give rise to any income in itself, then even though its ALP may be computed in consonance with the provisions, but no adjustment can be made for the difference between the declared value and the ALP of such international transaction Read More
  
 [2015] 56 taxmann.com 91 (Pune - Trib.)
Co. providing services to its AE from off-shore location couldn't be compared with a co. rendering on-site services -IT/ILT : A company providing off-shore services to its associated enterprise stands on a different footing from a company rendering on-site services to clients Read More
  
 [2015] 55 taxmann.com 471 (Pune - Trib.)[2014] 165 TTJ 721 (Pune - Trib.)
'Bakshish' paid to harvesting labours by sugarcane manufacturer on behalf of farmers won't attract sec. 194C TDS -IT : Where assessee a sugar manufacturer made payment of harvesting and transportation charges to harvesting and transport contractors on behalf of farmers which formed part of purchase price of sugar cane for assessee, and same had not been claimed as separate deduction, provisions of sections 194C and 194H were not applicable and consequently said payments could not be disallowed under section 40 (a) (ia) Read More
  
 [2015] 56 taxmann.com 92 (Bangalore - Trib.)
Sum received by foreign co. from sale of software licence to end user customers in India held as royalty -IT/ILT : Payment received by assessee a non-resident company for sale of software license to end user customers in India amounts to royalty in hands of assessee Read More
  
 [2015] 56 taxmann.com 53 (Hyderabad - Trib.)
ITAT denied to rectify its order as it was passed after considering arguments of assessee and materials on record -IT : Where Tribunal, while upholding addition by invoking section 50C on account of capital gains on sale of property, considered arguments of assessee and all materials on record, rectification application was to be dismissed Read More
  
 [2015] 56 taxmann.com 73 (Lucknow - Trib.)[2014] 36 ITR(T) 435 (Lucknow - Trib.)
AO couldn't refer matter to departmental valuation officer without rejecting books of assessee -IT : Assessing authorities could not refer matter to Departmental Valuation Officer without books of account being rejected Read More
  
 [2015] 56 taxmann.com 45 (Hyderabad - Trib.)
DRP to reconsider case as assessee contended that reassessment was invalid due to assessment being held as void -IT/ILT : Matter was to be remanded to DRP to consider preliminary objection of assessee challenging validity of reassessment proceedings Read More
  
 [2015] 55 taxmann.com 485 (Delhi - Trib.)
TP adjustments set aside as comparables had functional differences with entity engaged in investment advisory -IT/ILT : TPO's adjustment to assessee's ALP in respect of rendering investment advisory services to its AE, was to be rejected when some of comparables selected by him were functionally different Read More
  
 [2015] 56 taxmann.com 78 (Hyderabad - Trib.)
Amount reimbursed to AE which doesn't affect profitability is excludible from operating cost for TP study -IT/ILT : Where companies selected by TPO as comparables had been held by co-ordinate bench of Tribunal in assessee's own case for earlier years, as not comparable due to functional difference from assessee ITE service provider, said companies were to be excluded from list of comparables in current year also Read More
  
 [2015] 56 taxmann.com 90 (Delhi - Trib.)
TPO gets flaks from ITAT for treating a manufacturing Co. as comparable to a Co. rendering travel support services -IT/ILT: A company engaged in manufacturing activity has different FAR from company rendering project support services to its associated enterprise and cannot be selected as comparable Read More
  
 [2015] 55 taxmann.com 533 (Jaipur - Trib.)[2014] 166 TTJ 485 (Jaipur - Trib.)
Disallowance made due to retrospective amendment in law doesn't invite concealment penalty on assessee -IT: Assessee could not be penalized under section 271(1)(c) for claims which were not disallowable by any express provision at relevant time, but were disallowed in view of retrospective amendment Read More
  
 [2015] 56 taxmann.com 88 (Visakhapatnam - Trib.)
Assessee can claim sec. 54B and 54F reliefs, simultaneously, on sale of agricultural land -IT: Assessee is entitled to exemption under both sections 54B and 54F and they are not mutually exclusive and independent of each other Read More
  
 [2015] 56 taxmann.com 79 (Pune - Trib.)
Pune ITAT allows depreciation on Goodwill following verdict of Apex Court in Smifs Securities -IT : Where under share sale and purchase agreement assessee purchased 51 per cent shareholding of company 'M' while assigned debts of Rs. 1.35 crores to 'M' for Re. 1 only and subsequently recovered amount was shown and taxed in hand of company 'M', original loss of Rs. 1,34,99,999 was in fact compensation paid to company 'M' for surrendering their 51 per cent share; hence, a capital expenditure Read More
  
 [2015] 55 taxmann.com 487 (Mumbai - Trib.)
ITAT rejects entities with high related party transactions and functional differences in comparable lists -IT/ILT : Addition made to assessee's ALP in respect of rendering advisory and support services to its AE for development of business in petroleum, natural gas etc. was not sustainable as some of comparables selected by TPO were improper on account of related party transactions and functional difference etc. Read More
  
 [2015] 55 taxmann.com 486 (Delhi - Trib.)
Mistake apparent from records when income having been offered to tax wasn't considered in scrutiny assessment -IT/ILT: Where assessee himself had offered dividend income and paid tax thereon at rate of 15 per cent but Assessing Officer had not considered this income while making order under section 143(3), there was apparent mistake in assessment order which could be rectified under section 154 Read More
  
 [2015] 56 taxmann.com 52 (Delhi - Trib.)
AO couldn't presume suppression of sale consideration of property transferred merely on basis of DVO's report -IT : Where full value of consideration received as a result of transfer of a 'capital asset' is less than stamp value, then, such stamp value is to be substituted with full value of consideration Read More
  
 [2015] 56 taxmann.com 156 (Delhi - Trib.)
Receipts predominantly for use of property rather than incidental services taxable as income from house property -IT : Where shops situated in hotel premises which included commercial complex also, were let out on rent without any dominant incidental services as part of this arrangement for purposes of running offices and commercial establishments, it was not a case of anything more than simple letting out of property as emphasis was on property itself rather than services; rental income is to be taxed under the head 'income from house property' Read More
  
 [2015] 55 taxmann.com 538 (Hyderabad - Trib.)
Section 50C won't apply to an encumbered property, says ITAT -IT : Where property held by assessee was encumbered and, thus, she was not absolute owner of property, while computing capital gain arising from transfer of such a property, market value of property as taken for purpose of payment of stamp duty could not be adopted as sale consideration by applying provisions of section 50C Read More
  
 [2015] 55 taxmann.com 539 (Pune - Trib.)
TP adjustment has to be made only for international transaction with AE and not with unrelated parties -IT/ILT: Determination of transfer pricing adjustment should be restricted to value of international transactions carried out by assessee with its associated enterprises and not to unrelated parties Read More
  
 [2015] 55 taxmann.com 537 (Hyderabad - Trib.)
Interest-free loan taken from tenant isn't includible in 'Annual Letting Value' of property on notional basis -IT : Where assessee let out its hotel premises, in view of fact that apart from rent assessee also received interest free loan from tenant which had no nexus with leasing of property, notional interest on said loan could not be included while computing ALV of property Read More
  
 [2015] 55 taxmann.com 424 (Delhi - Trib.)
Voluntary disallowance by assessee under Sec. 14A couldn't be enhanced by AO without showing any reason -IT: Where Assessing Officer could not found any deficiency in assessee's books of account and could not prove that assessee's computation of section 14A disallowance for earning exempt income was incorrect, assessee's claim was to be allowed Read More
  
 [2015] 56 taxmann.com 12 (Pune - Trib.)
No TP adjustment by ignoring transaction in entirety and by picking up those which are in revenue's favour -IT/ILT : Where TPO made addition to assessee's ALP in respect of purchase of raw material from AE located abroad by applying internal CUP method, matter was to be remanded back for disposal afresh with a direction that transaction of import from AEs was to be considered in entirety to calculate amount of adjustment instead of only those common products whereby import price from AEs was higher vis-a-vis purchase price from local third parties Read More
  
 [2015] 55 taxmann.com 444 (Kolkata - Trib.)[2014] 34 ITR(T) 549 (Kolkata - Trib.)
No disallowance of loss claimed in return filed u/s 153A after the due date prescribed under sec. 139(1) -IT : Raw materials purchased by assessee for first time production would be allowable as revenue expenditure Read More
  
 [2015] 56 taxmann.com 118 (Mumbai - Trib.)
Application of income by trust for charitable purposes outside India doesn't lead to denial of Sec. 12AA registration -IT : Registration u/s 12AA cannot be refused to a trust which applies its income for charitable purposes outside India Read More
  
 [2015] 55 taxmann.com 520 (Mumbai - Trib.)
Mere establishment of subsidiary in other country won't be deemed as PE of foreign Co. -IT/ILT : Whether establishing a subsidiary in other treaty country would not result in creating and establishing a PE of foreign holding company in said treaty country Read More
  
 [2015] 55 taxmann.com 522 (Lucknow - Trib.) (TM)
Mere non-verifiability of creditors doesn't indicate that they are bogus if purchases are genuine -IT: Where Assessing Officer had drawn an adverse conclusion only on account of non-verifiability of sundry creditors but there being no dispute as regards purchases, and trading results having been accepted, addition made under section 68 was not sustainable Read More
  
 [2015] 55 taxmann.com 469 (Mumbai - Trib.)
Foreign currency futures are transactions of derivative market; they can't be termed as speculative in nature -IT: Transaction of derivative market which included foreign currency and call option/put option could not be termed as speculative in nature Read More
  
 [2015] 55 taxmann.com 484 (Hyderabad - Trib.)
Sum received in foreign currency for rendering technical service abroad isn't taxable in India: ITAT -IT/ILT : Where assessee rendered services as senior drilling engineer at Nigeria to an Indian company, fees was received by assessee in foreign currency for rendering said services outside India could not be brought to tax in India Read More
  
 Statutes
  
NOTIFICATION NO. 40/2015 [F. NO. 203/3/2014/ITA-II
Govt. notifies 'IIT, Bhubaneswar' as scientific research association under Sec. 35(1)(ii) -IT : Section 35(1)(ii) of the Income-Tax Act, 1961 - Scientific Research Expenditure - Approved Scientific Research Associations/institutions - Indian Institute of Technology, Bhubaneswar Read Morenew
  
NOTIFICATION NO.41/2015 [F.NO.142/1/2015-TPL]/SO 1
CBDT mandates e-filing for individuals & HUFs claiming tax refund and for ordinarily residents earning overseas income -IT/ILT : Income-Tax (Seventh Amendment) Rules, 2015 – Amendment in Rule 12 and Substitution of Forms SAHAJ (ITR-1), ITR-2, SUGAM (ITR-4S) And ITR-V Read Morenew
  
NOTIFICATION NO.39/2015 [F.NO.142/02/2015-TPL]/SO
CBDT doubles exemption limit of conveyance allowance; revised limit notified -IT : Income-Tax (Sixth Amendment) Rules, 2015 – Amendment in Rule 2BB Read More
  
NOTIFICATION NO.38/2015 [F.NO.142/15/2013-TPL]
Co. intending incorporation can now apply for PAN in Form INC-7 prescribed under Companies Act, 2013 -IT : Income-Tax (Fifth Amendment) Rules, 2015 – Amendment in Rules 114 and 114A Read More
  
INSTRUCTION NO.3/2015 [F.NO.500/2/2015-APA-II]
Collection of tax from an Indian resident to be suspended during pendency of MAP proceedings invoked by UK based AE -IT/ILT : Section 90 of the Income-Tax Act, 1961 – Double Taxation Agreement – India-Uk Convention for Avoidance of Double Taxation and Prevention of Fiscal Evasion – Suspension of Collection of Taxes during Mutual Agreement Procedure (MAP) Read More
  
ORDER [F.NO.500/137/2011-FT&TR-III]
Govt. constitutes 'Information Security Committee' in CBDT -IT/ILT : Constitution of An Information Security Committee (ISC) – Broad Responsibilities of Said Committee Read More
  
Gold and silver rates as on March 31, 2015 -IT/ILT : Gold and Silver Rates as on 31st March, 2015 Read More
  
 News
  
Finance Minister Seeks Global Info Exchange to Curb Black Money -Finance Minister Seeks Global Info Exchange to Curb Black Money [21-04-2015] Read Morenew
  
TIGHTENING SCREWS - Greenpeace in Crosshairs; I-T Break may be Withdrawn -TIGHTENING SCREWS - Greenpeace in Crosshairs; I-T Break may be Withdrawn [21-04-2015] Read Morenew
  
MAT rowpushes FIIs towards P-notes -MAT rowpushes FIIs towards P-notes [21-04-2015] Read Morenew
  
Voter ID, Aadhaar enough to get PAN card -Voter ID, Aadhaar enough to get PAN card [21-04-2015] Read Morenew
  
Centre to withdraw some contentious queries from new I-T return forms -Centre to withdraw some contentious queries from new I-T return forms [21-04-2015] Read Morenew
  
I-T issues notice to Vodafone seeking returns reassessment -I-T issues notice to Vodafone seeking returns reassessment [21-04-2015] Read Morenew
  
Earnings, tax worries see markets correct -Earnings, tax worries see markets correct [21-04-2015] Read Morenew
  
Indian taxmen beat the world -Indian taxmen beat the world [20-04-2015] Read More
  
Aadhaar Holders Don't Need to Submit ITR-V After E-filing -Aadhaar Holders Don't Need to Submit ITR-V After E-filing [18-04-2015] Read More
  
HC Offers 3 Options to Taxman in Nokia Case -HC Offers 3 Options to Taxman in Nokia Case [18-04-2015] Read More
  
FM pitches for low taxes; says taxpayers partners, not hostages -FM pitches for low taxes; says taxpayers partners, not hostages [18-04-2015] Read More
  
Filing I- T returns becomes tougher -Filing I- T returns becomes tougher [18-04-2015] Read More
  
Snippets of New ITR Forms and e-Filing requirements: Assessment year 2015-16 -CBDT has amended Rule 12 of Income-tax Rules, 1962 relating to return of income which shall be applicable for the assessment year 2015-16 vide Notification No.4, dated 15-4-2015 [17-04-2015] Read More
  
Tax Disputes Not Covered under BIPA, Need to be Settled in Court, Says Govt -Tax Disputes Not Covered under BIPA, Need to be Settled in Court, Says Govt [17-04-2015] Read More
  
HC Questions Cairn India about its Security on Rs.20,000-cr Tax Demand -HC Questions Cairn India about its Security on Rs.20,000-cr Tax Demand [17-04-2015] Read More
  
Govt draws the line, says no arbitration for tax issues -Govt draws the line, says no arbitration for tax issues [17-04-2015] Read More
  
PEs seek fine tuning of Budget proposals -PEs seek fine tuning of Budget proposals [16-04-2015] Read More
  
CBDT names, shames tax defaulters, again -CBDT names, shames tax defaulters, again [16-04-2015] Read More
  
Coming, a Flood of Tax-free Bonds -Coming, a Flood of Tax-free Bonds [13-04-2015] Read More
  
FinMin might relax norms for selection of CEO, MD in 5 PSBs -FinMin might relax norms for selection of CEO, MD in 5 PSBs [13-04-2015] Read More
  
FM launches IFSC at GIFT, assures ‘globally compatible’ tax regime -FM launches IFSC at GIFT, assures ‘globally compatible’ tax regime [11-04-2015] Read More
  
3 investors keen to take over Nokia plant: TN govt -3 investors keen to take over Nokia plant: TN govt [11-04-2015] Read More
  
Mumbai Court Orders Investigation Against EIH and Its Board -Mumbai Court Orders Investigation Against EIH and Its Board [10-04-2015] Read More
  
Regulator may Let Pension Funds Invest in PE and VC -Regulator may Let Pension Funds Invest in PE and VC [10-04-2015] Read More
  
Ramalinga Raju Jailed for 7 Yrs, Fined Rs 5 crore in Satyam Scam -Ramalinga Raju Jailed for 7 Yrs, Fined Rs 5 crore in Satyam Scam [10-04-2015] Read More
  
Self-assessment tax paid before due date of filing of wealth tax return isn't subject to interest: CBDT clarifies -IT : Section 17B of the Wealth-Tax Act, 1957 – Return of Wealth – Interest for Defaults in Furnishing of – Chargeability of Interest under Section 17B on Self-Assessment Tax Paid before Due Date of Filing of Return of Net Wealth [09-04-2015] Read More
  
No capital gain arises on roll over of Mutual Funds under Fixed Maturity Plans as per SEBI norms, CBDT clarifies -IT : Section 2(42A) of the Income-Tax Act, 1961 – Capital Gains - Short-Term Capital Assets – Capital Gains in Respect of Units of Mutual Funds under Fixed Maturity Plans on Extension of Their Term [09-04-2015] Read More
  
Jewellers Seek a Role in New Gold Monetisation Scheme -Jewellers Seek a Role in New Gold Monetisation Scheme [09-04-2015] Read More
  
Vigil Tightened to Curb Flow of Black Money from Abroad -Vigil Tightened to Curb Flow of Black Money from Abroad [09-04-2015] Read More
  
Gilts Need Better Tax, Investment Regime to Draw Retail Investors -Gilts Need Better Tax, Investment Regime to Draw Retail Investors [09-04-2015] Read More
  
Black money: SIT reviews work of probe agencies -Black money: SIT reviews work of probe agencies [09-04-2015] Read More
  
Delhi Govt. announces hike in minimum wage rates in Scheduled Employments in NCT of Delhi -IT/CL : Minimum Rates of Wages in Scheduled Employment Under Minimum Wages Act, 1948 in NCT of Delhi Effective From 1-4-2015 [08-04-2015] Read More
  
Demand notices on FIIs not retrospective -Demand notices on FIIs not retrospective [08-04-2015] Read More
  
SC rejects Kingfisher plea -SC rejects Kingfisher plea [08-04-2015] Read More