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Direct Tax Laws
  
 SC/HC
  
 [2015] 54 taxmann.com 334 (Rajasthan)[2014] 369 ITR 132 (Rajasthan)[2015] 273 CTR 522 (Rajasthan)
Mere non-registration of asset in name of assessee doesn’t lead to denial of deprecation claim thereon -IT: Where certain assets were already transferred to assessee-society, assessee's claim for depreciation could not be rejected merely because those properties had not yet been registered in name of assessee Read Morenew
  
 [2015] 54 taxmann.com 310 (Madras)
ITAT rightly determined market value of land on 1-4-1981 after considering doc of 1984 in respect of nearby land -IT: Where Tribunal determined fair market value of land inherited by assessee before 1-4-1981 by considering document of 1984 in respect of nearby land and after allowing certain deductions, no interference was required with such determination Read Morenew
  
 [2015] 54 taxmann.com 288 (Bombay)
HC dismissed condonation plea of revenue alleging non-service of order as it was false explanation of revenue -IT: If explanation for delay in filing appeal is found to be concocted or demonstrate through negligence in prosecuting cause, then, it would be a legitimate exercise of discretion not to condone delay Read Morenew
  
 [2015] 54 taxmann.com 299 (Delhi)
HC exempts interest earned by trust on funds deposited in foreign bank following order of CBDT -IT : Once income derived from property held under by assessee-trust was applied in accordance with charitable objects in view of specific exemption granted by a special order issued by CBDT, there would be no violation of section 13(1)(d) so as to deny exemption Read Morenew
  
 [2015] 54 taxmann.com 293 (Bombay)
AO couldn’t make addition of deemed dividend when assessee wasn’t a shareholder of lending Co. -IT: Where assessee itself was not shareholder of lending company, addition made by Assessing Officer by invoking provisions of section 2(22)(e) was not sustainable Read Morenew
  
 [2015] 54 taxmann.com 316 (Delhi)
Issue relating to promotion of ACIT is first appealable before Central Administrative Tribunal, rules High Court -IT: Where petitioners working on different posts with respondent/CBDT, raised a grievance with regard to their promotions, they were required to approach Central Administrative Tribunal (CAT) in first instance and, thus, writ petition filed by them was not maintainable Read More
  
 [2015] 54 taxmann.com 255 (Karnataka)
No revocation of trust’s registration alleging misuse of funds by trustees if trust was fulfilling its objects -IT : Where assessee-trust was fulfilling its main object of imparting education, registration of trust could not be cancelled only on basis that trustees were misappropriating funds of said trust Read More
  
 [2015] 54 taxmann.com 246 (Gujarat)
No TDS on sum paid for extra cost incurred by contractor due to delay in completion of work by sub-contractor -IT : Amount paid by sub-contractor to main contractor on account of extra costs that main contractor had to incur due to delay in completion of work by sub-contractor was not liable to TDS under section 194C Read More
  
 [2015] 54 taxmann.com 315 (Madras)
Computation of period to levy interest for assessee-in-default not to be adjudicated in writ; rules Madras HC -IT: Where petitioner had been called upon to pay interest under section 220(2), demand having been raised consequent to order passed by Settlement Commission, computation of period for purpose of levy of interest could not be adjudicated in a writ petition and, hence, petitioner was to be directed to file a revision before Commissioner under section 264 Read More
  
 [2015] 54 taxmann.com 321 (Madras)
No mandate to file audit report alongwith return to claim deduction under sec. 32AB -IT : Deduction under section 32AB claimed by assessee cannot be disallowed on ground that assessee had not filed audit report along with return Read More
  
 [2015] 54 taxmann.com 257 (Bombay)
Assessee’s failure to substantiate capital exp. on R&D leads to sec. 35(2AB) disallowance and levy of penalty -IT : Where out of 9 items in respect of capital expenditure of research and development, bills or supporting documents in relation to 6 items had not been produced by assessee, imposition of penalty under section 271(1)(c) after disallowance of said expenditure was justified Read More
  
 [2015] 54 taxmann.com 63 (Madras)
Unexplained cost of construction to be spread over total period of construction for making sec. 69 additions -IT: Where construction was spread over a number of years, addition for unexplained cost of construction would be spread over to said years Read More
  
 [2015] 54 taxmann.com 217 (Allahabad)
No reassessment after 4 years if there was no failure of assessee to disclose material facts at assessment stage -IT : In absence of failure on part of assessee to disclose truly and fully all material facts necessary for assessment, Assessing Officer could not initiate reassessment proceedings after expiry of four years from end of relevant assessment year Read More
  
 [2015] 54 taxmann.com 216 (Allahabad)
Appellate authorities rightly deleted sec. 68 addition after relying on confirmation of advance by lenders; HC -IT : Where appellate authorities after considering balance sheet of lender as well as confirmatory certificates in respect of advances given to assessee, deleted addition made by Assessing Officer under section 68, said order did not require any interference Read More
  
 [2015] 54 taxmann.com 212 (Delhi)
Assembling of air purification system by simple tools would qualify as manufacture for sec. 80-IC relief -IT : Assembling of altogether different constituent parts in air purification system by using simple tools and testing equipments would qualify as a manufacturing activity eligible to deduction under section 80-IC Read More
  
 [2015] 54 taxmann.com 82 (Bombay)[2014] 369 ITR 758 (Bombay)
Mistake in rectification order is rectifiable by Tribunal -IT : A mistake from any source, be it parties or Tribunal, as long as it becomes part of record, would require examination by Tribunal under section 254(2) Read More
  
 [2015] 54 taxmann.com 73 (Madras)
Rectification order passed by ITAT after 4 years was valid as it took time to dispose of petition of assessee -IT: Where Tribunal took its own time to dispose of petition filed by assessee for rectification order and passed said order after 4 years, was well within time limit as specified under section 254(2) Read More
  
 [2015] 54 taxmann.com 78 (Karnataka)
No penalty under sec. 158BFA on admission of undisclosed income without hearing assessee -IT : A notice to assessee is a must before any penalty is imposed under section 158BFA Read More
  
 [2015] 54 taxmann.com 194 (Bombay)
Issue of determining market value of property being converted into stock-in-trade couldn’t be decided in writ -IT : Question of determining fair market value of property of assessee converted into stock-in-trade from investment is a question of fact which can not be determined in writ jurisdiction Read More
  
 [2015] 54 taxmann.com 75 (Allahabad)
Mere incompleteness in import declaration form won't invite penalty when goods were recorded in books -IT : Where in respect of credit entries, assessee established identity of creditors by bringing on record their PAN and complete addresses and, moreover, transaction was made through proper banking channel, impugned addition made under section 68 was not sustainable Read More
  
 [2015] 54 taxmann.com 248 (Kerala)
Employee couldn’t file writ due to excess tax deducted by employer as he could claim its credit in return -IT : Where assessee filed writ petition seeking a direction to respondents to assess him for tax only after deducting monthly instalments recovered from his salary towards housing loan repayment, in view of fact that any excess deduction would be taken care of in regular assessment, relief sought for could not be granted Read More
  
 [2015] 54 taxmann.com 76 (Bombay)
Bombay High Court levied sec. 234D interest on 'Indian Oil Corporation' following its order of earlier year -IT : In view of order passed in case of CIT v. Indian Oil Corporation Ltd. [2012] 25 taxmann.com 284/210 Taxman 466 (Bom.) interest on excess refund under section 234D was to be charged from assessee Read More
  
 [2015] 54 taxmann.com 74 (Delhi)
Gain from share transaction couldn't be taxed as business profit without considering material brought by assessee -IT: Without considering period of holding to shares, number of transactions and criteria elucidated in Circular No. 4 of 2007, income from share transactions could not be held as 'business income' as against claim as 'capital gains' Read More
  
 [2015] 54 taxmann.com 159 (Delhi)
No penalty alleging sec. 269SS violation in absence of any evidence showing acceptance of cash loan by assessee -IT : Where Assessing Officer made addition under section 69C in respect of interest paid on loan taken in cash, since revenue had not filed any document or material to show that in fact loan was taken and interest payment was made, impugned addition was to be deleted Read More
  
 [2015] 54 taxmann.com 103 (Gujarat)
Exp. incurred on issuance of debentures is allowable as revenue exp. -IT : Expenses incurred in issue of debentures could be allowed as revenue expenditure Read More
  
 [2015] 54 taxmann.com 68 (Punjab & Haryana)
Interest paid on borrowed sum isn't deductible when income is determined by applying estimated rate of net profit -IT : Depreciation is allowable even if total income is estimated by applying net profit rate Read More
  
 [2015] 54 taxmann.com 70 (Bombay)[2015] 370 ITR 154 (Bombay)
Reassessment set aside as AO had disallowed interest by treating it as capital exp. due to change of opinion -IT : Assessing Officer having allowed deduction in respect of assessee's claim for payment of interest, could not initiate reassessment proceedings merely on basis of change of opinion that interest expenditure in question was capital in nature Read More
  
 [2015] 54 taxmann.com 77 (Bombay)
No capital gain on transfer of transferable development rights as its cost of acquisition couldn't be determined -IT : Where assessee had not incurred any cost to acquire TDR attached to land owned by society, transfer of same to developer for consideration for construction of a floor space index would not be eligible to capital gains tax Read More
  
 [2015] 54 taxmann.com 225 (Gujarat)
HC deletes sec. 69B additions as AO failed to prove that purchases were made out of undisclosed income -IT : Where Assessing Officer could not show that assessee had made purchases out of undisclosed income, addition was not justified under section 69B Read More
  
 [2015] 54 taxmann.com 221 (Madras)
HC directed AO to analyse provisions of clubbing before making addition of gift in name of HUF -IT : Where assessee received cheques as gift in his individual name, but deposited same in HUF account, before making addition in hand of HUF matter to be readjudicated for in-depth analysis of section 52(2)(vii) and section 64(2) Read More
  
 [2015] 54 taxmann.com 215 (Allahabad)
Failure to file timely return of TCS isn't a technical mistake; HC upheld proceedings for such failure -IT : Where assessee, a State Government undertaking, did not furnish return in Form No. 27EC well in time, impugned penalty order passed under section 272A(2)(c) was to be upheld Read More
  
 [2015] 54 taxmann.com 196 (Delhi)[2015] 370 ITR 490 (Delhi)
No disallowance if trust was accumulating funds to pay on death of bank employees to fulfill its objects -IT: Where assessee-society constituted for welfare of employees of a bank, had accumulated a sum under heading 'Further utilization' for making payments to members or their legal representatives in case of their death, retirement or permanent disability, assessee had fulfilled its obligation as required under section 11(2) and no disallowance was called for Read More
  
 [2015] 53 taxmann.com 140 (Madras)
HC quashed block assessment order as it was made on basis of time-barred notice of sec. 158BD -IT : Where notice issued to assessee under section 158BD was beyond time limit specified under section 158BE, block assessment order was void ab initio Read More
  
 [2015] 54 taxmann.com 67 (Allahabad)
AO couldn't make partial disallowance of exp. After accepting the genuineness -IT: Where Assessing Officer had accepted genuineness of payment of consultancy charges to architect, entire amount should have been allowed and allowing part payment was not justified Read More
  
 [2015] 53 taxmann.com 108 (Madras)[2015] 370 ITR 87 (Madras)
Timely service of sec. 143(2) notice is mandatory and not only a mere procedural requirement -IT : Service of notice under section 143(2) within time-limit prescribed is mandatory and it is not a mere procedural requirement Read More
  
 [2015] 54 taxmann.com 227 (Gujarat)
No reassessment alleging excess payment to related if there was no failure of assessee to disclose material facts -IT : In absence of any failure on assessee's part to disclose all material facts necessary for assessment, Assessing Officer could not initiate reassessment proceedings merely on basis of change of opinion that assessee had paid excessive interest on loan taken from related parties Read More
  
 [2015] 54 taxmann.com 229 (Allahabad)
ITAT couldn't delete sec. 68 addition when mystery pertaining to creditworthiness remained unresolved, says HC -IT : Mystery pertaining to creditworthiness being unsolved, matter was remanded to Tribunal for fresh adjudication where it deleted addition made under section 68 in absence of departmental representatives Read More
  
 [2015] 54 taxmann.com 348 (Bombay)
No sec. 115E benefit on short-term cap gain from sale of foreign exchange asset as it isn't an investment income -IT/ILT : Short-term capital gains arising on sale of assets is not income 'derived from' foreign exchange asset so as to qualify as 'investment income' within the meaning of section 115E of the Act so as to be entitled to concessional tax rate of 20% Read More
  
 [2015] 54 taxmann.com 347 (SC)
SC: Sum paid to NR professional for preparation of scheme for raising finance and tie up for loans was 'FTS' -IT/ILT : Where assessee-company, intending to set up a power project, took services of non-resident company who prepared scheme for raising required finance as well as tie up for required loan from Indian and international financial institutions, and loans were availed by assessee, said services would come within ambit and sweep of term 'consultancy service' Read More
  
 [2015] 54 taxmann.com 108 (Bombay)
Sale of shares couldn't be treated as unexplained when AO failed to prove that share transaction was bogus -IT : Where DMAT account and contract note showed details of share transaction, and Assessing Officer had not proved said transaction as bogus, capital gain earned on said transaction could not be treated as unaccounted income under section 68 Read More
  
 [2015] 54 taxmann.com 188 (Allahabad)
In development agreements capital gain is levied on transfer of possession of land irrespective of transfer of title -IT : Where assessee had transferred possession of land and all other rights except title at time of entering into an agreement with a builder, capital gain would not be levied in relevant assessment year in which title of land was transferred Read More
  
 [2015] 54 taxmann.com 109 (Delhi)[2015] 229 Taxman 143 (Delhi)[2015] 370 ITR 338 (Delhi)
AO can invoke rule 8D when sec. 14A disallowance made by assessee is found unsatisfactory -IT: It is only when voluntary disallowance made by assessee under section 14A is found to be unsatisfactory on examination of accounts, that Assessing Officer is entitled and authorised to compute deduction under rule 8D Read More
  
 [2015] 54 taxmann.com 158 (Allahabad)[2015] 370 ITR 194 (Allahabad)[2015] 273 CTR 90 (Allahabad)
Sum paid by power generating Co. to erect transmission lines for sake of its customer was revenue exp. -IT : Borrowed fund being utilised for earning assessable income, no interest was to be disallowed Read More
  
 [2015] 54 taxmann.com 161 (Bombay)[2014] 369 ITR 717 (Bombay)[2015] 273 CTR 400 (Bombay)
No addition under sec. 41(1) of balance sales tax on prepayment of total sales tax liability -IT : Where assessee made premature payment of deferred sales tax at Net Present Value against total liability and credited balance amount to its capital reserve account, same could not be remission or cessation of a trading liability under section 41(1) Read More
  
 [2015] 54 taxmann.com 28 (Gujarat)[2015] 229 Taxman 201 (Gujarat)
Writing off bad debt and reducing it from debtor’s account is enough to claim deduction: HC -IT: Once amount of bad debt is debited to profit and loss account and simultaneously reduced from asset side, same is to be allowed; it was not necessary for assessee to close individual account of each of its debtors in its books Read More
  
 [2015] 54 taxmann.com 191 (Allahabad)
Sum paid to hire vehicles for exclusive usage would attract TDS under sec. 194C and not under sec. 194-I -IT: Where buses/vehicles were hired by assessee for fixed tenure and for its exclusive usage, section 194C and not section 194-I would be attracted Read More
  
 [2015] 54 taxmann.com 301 (Andhra Pradesh)
HC denies sec. 54F/54B relief to mother for buying properties in name of her married daughters -IT : Assessee is not entitled to sections 54F and 54B relief in respect of properties acquired in name of her married daughters Read More
  
 [2015] 54 taxmann.com 170 (Gujarat)
Sum received on redemption of stock appreciation rights under ESOP was taxable as cap gains and not as perquisites -IT: Amount received by assessee on redemption of Stock Appreciation Rights received under ESOP was to be taxed as capital gain and not as perquisite under section 17(2)(iii) Read More
  
 [2015] 54 taxmann.com 160 (Delhi)
No reassessment to deny sec. 54 relief alleging sale of agricultural land, as such sale was otherwise exempt -IT : Where Assessing Officer completed assessment under section 143(3) allowing assessee's claim for deduction under section 54, subsequently he could not initiate reassessment proceedings taking a view that property transferred by assessee was agriculture land and, thus, deduction in question was wrongly allowed Read More
  
 [2015] 54 taxmann.com 22 (Bombay)[2015] 229 Taxman 204 (Bombay)
Refusal of ITAT to admit a claim in block assessment won’t invite sec.150 to re-open assessment beyond time-limit -IT: In absence of any ascribed incriminating material found during search, Assessing Officer could not resort to reassessment beyond period of limitation as provided under section 150 Read More
  
 [2015] 54 taxmann.com 29 (Madras)[2015] 229 Taxman 200 (Madras)
No business income arises from cutting of trees of spontaneous growth and using them for own purpose -IT: There can be no business income from cutting trees of spontaneous growth in tea graden and using wood for own consumption Read More
  
 [2015] 54 taxmann.com 136 (SC)[2015] 229 Taxman 129 (SC)
Police rightly allowed to probe corruption charges against tax officer as it didn't cause prejudice to him -Prevention of Corruption: Where no case of prejudice or miscarriage of justice by reason of investigation by Sub-Inspector of Police was made out, permission granted by Magistrate to investigate complaint against income-tax authority by Sub-inspector was allowable Read More
  
 [2015] 54 taxmann.com 114 (Delhi)[2014] 368 ITR 609 (Delhi)
No reassessment after 4 years if there was no failure of assessee to disclose material facts during assessment -IT: Where reassessment notice for proportionate disallowance of interest and financial charges on ground of granting interest free loan was issued only on basis of reappreciation of same material, same was unjustifie Read More
  
 [2015] 54 taxmann.com 15 (Madras)[2015] 229 Taxman 179 (Madras)
Interest on borrowings used by investment co. to invest in securities is an allowable exp.: HC -IT : Where borrowed amount was invested in shares and debentures for purpose of business, interest paid thereupon would be allowed as deduction under section 36(1)(iii) Read More
  
 [2015] 54 taxmann.com 254 (Delhi)
Even statutory reserve created by NBFC was to be added back for computing book profits for MAT purposes -IT : For the purpose of section 115JB of the Act, statutory reserves (such as reserve required to be created by NBFC under section 45-IC of the RBI Act,1934) are to be treated alike and in a similar manner as other reserves. The reserve, which is required to be created under section 45-IC of the Reserve Bank of India Act, 1934 , is out of the profits earned by a non-banking financial institution. It is not an amount diverted at source by overriding title. Read More
  
 [2015] 54 taxmann.com 20 (Karnataka)[2015] 229 Taxman 155 (Karnataka)
Receipts from allowing usage of building constructed on leasehold land along with facilities is business income -IT : Where a company was permitted to commercially exploit property belonging to assessee and to use facilities thereon supplied by assessee, income received by assessee would constitute its business income Read More
  
 [2015] 54 taxmann.com 59 (Gujarat)[2015] 229 Taxman 203 (Gujarat)
HC remands case to ITAT as it had reversed finding of CIT(A) without assigning any reasons -IT: Where Tribunal without assigning any cogent reasons reversed finding of Commissioner (Appeals) that revenue had not produced material in support of its claim that assessee had shown lesser gross profit, matter was to be re-adjudicated Read More
  
 [2015] 54 taxmann.com 102 (Andhra Pradesh)
Sale of assets by a firm to a Co. would be chargeable to capital gain as it wasn't a case of succession of firm -IT: Where assessee firm sold its assets to a company and said transaction did not fall under section 47(xiii), assessee was liable to pay capital gains tax Read More
  
 [2015] 54 taxmann.com 21 (Allahabad)[2015] 229 Taxman 188 (Allahabad)[2014] 367 ITR 511 (Allahabad)
AO can estimate income of current year on basis of GP ratio of last year if books of account are rejected: HC -IT: Profits estimated in previous years is a safe guide for estimation of profits for assessment year in question for estimating turnover since business activity conducted by assessee remains same Read More
  
 [2015] 54 taxmann.com 23 (Delhi)[2015] 229 Taxman 197 (Delhi)
If AO adopted GP rate on ad hoc basis for civil contractor, ITAT was correct in adopting presumptive tax rate -IT : Where Assessing Officer computed gross profit rate of assessee at 25 per cent of gross receipts without any justification, Tribunal was justified in adopting gross profit rate of 8 per cent as mentioned in section 44AD even though turnover of assessee was in excess of Rs. 40 lakh Read More
  
 [2015] 53 taxmann.com 142 (Gujarat)
High Court upheld ITAT's order setting aside penalty considering favourable order passed in subsequent year -IT : No penalty to be levied for wrong claim of deduction under section 10A if there was no concealment of income or furnishing of inaccurate particulars Read More
  
 [2015] 54 taxmann.com 8 (Karnataka)[2015] 229 Taxman 113 (Karnataka)
Exp. incurred on expansion of business which had no nexus with existing business couldn’t be allowed -IT: Where expenditure incurred by assessee for expansion of business had no nexus with business carried on by assessee, same was not allowable under section 37(1) Read More
  
 ITAT
  
 [2015] 54 taxmann.com 379 (Delhi - Trib.)
ITAT quashed sec. 153C block proceedings as AO didn't record satisfaction that seized docs belonged to other person -IT : Where Assessing Officer of 'B', 'P' and 'MB' did not record any satisfaction that some money, bullion, jewellery or books of account or other documents found from these persons belonged to assessee, initiation of proceedings under section 153C on assessee was void ab initio Read Morenew
  
 [2015] 54 taxmann.com 384 (Pune - Trib.)
Interest on sums lent to foreign AE is to be benchmarked at LIBOR and not at domestic prime lending rate -IT/ILT : While benchmarking international transactions where assessee had advanced money to its AE and charged interest, international rates fixed being LIBOR + rate would be applicable and not domestic prime lending rates Read Morenew
  
 [2015] 54 taxmann.com 361 (Kolkata - Trib.)[2014] 165 TTJ 13 (Kolkata - Trib.)(UO)
AO couldn’t make addition of unaccounted stock when he failed to point out defects in book of accounts -IT : Where Assessing Officer could not point out any defect in books of account maintained by assessee, he was not supposed to make addition of unaccounted closing stock being difference in stock on mathematical calculation Read More
  
 [2015] 54 taxmann.com 364 (Pune - Trib.)
Purchase of material for R&D would provide sec. 35 deduction irrespective of its usage in that year -IT : Whenever any material is purchased for research & development, same should be allowed as deduction under section 35 and it is immaterial whether material is consumed or held as closing stock Read More
  
 [2015] 54 taxmann.com 195 (Mumbai - Trib.)
Independent manufacture couldn’t be chosen as a comparable for job worker -IT/ILT : Where assessee was only a job worker comparables chosen by assessee of full fledged independent manufacturers could not be prima facie considered for purpose of comparability analysis Read More
  
 [2015] 54 taxmann.com 251 (Hyderabad - Trib.)
Co. engaged in BPO services couldn’t be a comparable for software development Co. -IT/ILT : A software development company cannot be compared with a company mainly engaged in BPO services Read More
  
 [2015] 54 taxmann.com 252 (Mumbai - Trib.)
Income from letting out shopping complex alongwith host of facilities would be business receipts -IT : Where assessee company developed shopping malls and business centres on properties owned by it and let out same by providing host of facilities in said business centre, income derived therefrom was business income Read More
  
 [2015] 54 taxmann.com 259 (Mumbai - Trib.)
Exp. for increasing share capital is revenue exp. when capital is utilized to purchase trading stock, says ITAT -IT : Where assessee incurred certain expenditure for increase in share capital, in view of fact that entire incremental share capital was used for purchase of trading stock, expenditure in question was to be allowed as revenue expenditure Read More
  
 [2015] 54 taxmann.com 287 (Mumbai - Trib.)
Commission held at ALP in earlier year had to be accepted in later years if facts remained unchanged -IT/ILT : Where similar commission payments were being made by assessee to an individual as per agreement and were considered at arm length in earlier years, then same could not be considered as not being at arm's length in year under consideration unless it was shown by department that facts in year under consideration had undergone a change Read More
  
 [2014] 51 taxmann.com 357 (Mumbai - Trib.)
No agency PE under India-France DTAA even if agent is wholly dependent on foreign Co. unless transaction isn’t at ALP -IT/ILT : As per Article 5(6) of India-France DTAA, even if agent is wholly or almost wholly dependent on the foreign enterprise he still will not constitute dependent agent PE unless additional condition of the transactions being not at arm’s length price is fulfilled. The initial onus is upon the Revenue to show that the transactions are not at arm’s length price, thus, AO was directed to examine whether the transactions between the agent and assessee (i.e., foreign company) were at arm’s lengt Read More
  
 [2015] 54 taxmann.com 297 (Panaji - Trib.)
Co-operative banks to withhold taxes while making payment of interest in excess of Rs. 10,000 to its depositors -IT: Where assessee co-operative bank had made interest payments in excess of Rs. 10,000 on term deposits to its depositors, assessee would be liable to deduct TDS on said payment Read More
  
 [2015] 54 taxmann.com 250 (Panaji - Trib.)
No addition in block assessment for completed assessments unless any incriminating evidence found in search -IT : Determination of 'total income' in respect of assessment years for which assessments were already completed on date of search, shall not be influenced by items of income other than those based on material unearthed during course of search Read More
  
 [2015] 54 taxmann.com 186 (Mumbai - Trib.)
ITAT allows deduction of interest as loan was utilized to acquire property for business of pre-schooling -IT : Where assessee, engaged in business of running pre-schools, took term loan and utilised it for acquiring property used for purpose of pre-schooling business, assessee's claim for deduction of interest on said loan was to be allowed Read More
  
 [2015] 54 taxmann.com 312 (Chennai - Trib.)
Co. providing engineering and geospatial services isn't comparable to a Co. offering only engineering services -IT/ILT : Where TPO made addition to assessee's ALP in respect of rendering engineering and structural designing services to its AE, in view of fact that one of comparables selected by TPO was functionally different as it was offering both engineering as well as geospatial services, only a part of impugned addition deserved to be confirmed Read More
  
 [2015] 54 taxmann.com 313 (Jaipur - Trib.)
ITAT deleted penalty as revenue failed to point out any non-compliance regarding production of TP docs -IT/ILT : Where in course of transfer pricing proceedings, revenue could not point out any specific non-compliance on part of assessee regarding production of documents maintained under section 92D(1), impugned penalty order passed under section 271G was to be set aside Read More
  
 [2015] 54 taxmann.com 296 (Delhi - Trib.)
A software development Co. can’t be a chosen as comparable for a Co. developing software without any IP rights -IT/ILT: Assessee that was engaged in software development services on contract basis without having any IP rights in software developed by it was functionally not comparable to a company engaged in developing software tools after enough research and development activity and tools so produced were intellectual property of this company Read More
  
 [2015] 53 taxmann.com 389 (Bangalore - Trib.)[2015] 67 SOT 222 (Bangalore - Trib.)(URO)
TP adjustment is to be made only in respect of purchases made from AE and not from unrelated parties -IT/ILT : TP adjustment is to be made only in respect of purchases made from AE and not from unrelated parties Read More
  
 [2015] 54 taxmann.com 222 (Delhi - Trib.)
Date of receipt of seized material would be considered to count limitation period for issuing sec. 153C notice -IT: Where pursuant to search proceedings in case of 'R', seized material relating to assessee was received on 12-3-2009, in view of proviso to section 153C, notice issued to assessee for assessment years 2001-02 and 2002-03 was barred by limitation Read More
  
 [2015] 54 taxmann.com 197 (Cochin - Trib.)
For sec. 80-IB relief initial AY would being when hotel starts functioning and not when approval is granted to it -IT : For purpose of computing ten assessment years for granting of deduction under section 80-IB, initial assessment year is year in which business of hotel started functioning and not year in which approval was granted by prescribed authority Read More
  
 [2015] 54 taxmann.com 224 (Cochin - Trib.)
No sec. 11 relief if trust was doing supermarket business on commercial lines, being not incidental to its objects -IT : Where assessee trust carried on supermarket business for and on behalf of trust on commercial basis and there was no nexus between supermarket business and activity incidental to attainment of objects of assessee, assessee would be disentitled for exemption under section 11 Read More
  
 [2015] 54 taxmann.com 81 (Pune - Trib.)
Related party threshold should be relaxed when sufficient comparables aren't found for TP study, says Pune ITAT -IT/ILT: A company engaged in development of software products and services could not be functionally comparable to assessee providing software development services Read More
  
 [2015] 54 taxmann.com 210 (Hyderabad - Trib.)
ITAT directs AO to exclude seven comparables to determine ALP following decisions of co-ordinate benches of ITAT -IT/ILT : Following decisions of co-ordinate Benches, seven companies were directed to be excluded from comparables for computing ALP of transactions entered into by assessee with its AEs Read More
  
 [2015] 54 taxmann.com 162 (Bangalore - Trib.)
Initiation of search would provide sec. 153A jurisdiction even if no undisclosed income was unearthed in search -IT : Where expenses on renovation and cost of improvement of leased building were incurred only for purpose of carrying on day to day business and did not bring into existence of any capital assets, same would be allowable as revenue expenditure Read More
  
 [2015] 54 taxmann.com 137 (Panaji - Trib.)
Sec. 80P: Co-operative society not to be deemed as co-operative bank if it didn't accept deposits from non-members -IT: A co-operative society, not accepting deposits of money from non-members, cannot be regarded as primary co-operative bank and provisions of section 80P(4) would not be applicable in its case to deny deduction under section 80P(2)(a)(i) to it Read More
  
 [2015] 54 taxmann.com 6 (Delhi - Trib.)
No disallowance for cash payment for purchase of gold bars held as investment: ITAT -IT: Where assessee had shown purchase of gold as investment in balance sheet as well as in wealth-tax return and, further, purchases and sales were made at prevalent market price, loss incurred on sale of gold within a year was to be treated as short term capital loss Read More
  
 [2015] 54 taxmann.com 228 (Mumbai - Trib.)[2014] 35 ITR(T) 314 (Mumbai - Trib.)
Penalty leviable if assessee didn't add back depreciation charged under Companies Act in computation of income -IT: Where assessee-company charged depreciation both under Companies Act and Income-tax Act while failed to add back depreciation charged under Companies Act, same could not be held as mistake not liable to penalty Read More
  
 [2015] 54 taxmann.com 72 (Delhi - Trib.)
ITAT deleted disallowance following earlier order of HC as DRP hadn't given cogent reasons for disallowance -IT/ILT : Following order passed by High Court in assessee's own case relating to earlier assessment year, in absence of any cogent reasons, disallowance made by TPO in respect of certain allied payments made by assessee to AE such as technical fee, training and testing expenses, was to be deleted Read More
  
 [2015] 54 taxmann.com 80 (Mumbai - Trib.)
Co. engaged in 3D animation software services isn't comparable to a Co. providing various software products -IT/ILT: A company providing variety of software products in area of web solutions, e-commerce, software consultants, content management ERP applications etc. could not be functionally comparable to assessee purely providing software services in field of 3D animation Read More
  
 [2015] 54 taxmann.com 219 (Cochin - Trib.)
Reassessment initiated on receiving info of TDS default made by assessee after scrutiny assessment held valid -IT : Assessee cannot challenge disallowance made under section 40(a)(ia) taking a plea that it could not collect Form 15-I from recipients due to lapse of time Read More
  
 [2015] 54 taxmann.com 366 (Delhi - Trib.)
Sub-contractor not disentitled from availing the benefit of presumptive taxation under section 44BB -IT/ILT : The basic condition to be satisfied for applicability of section 44BB is that the plant or machinery(which term includes ship) supplied or rented on hire by the assessee-non-resident should be used in the prospecting for or extraction or production of minerals oils or where equipment has been supplied, such equipment should have been used for the purposes of prospecting for or extraction or production of mineral oils. There is nothing in the said provision so as to disentitle a sub-cont Read More
  
 [2015] 54 taxmann.com 64 (Jodhpur - Trib.)[2014] 165 TTJ 11 (Jodhpur - Trib.)(UO)
Estimated addition curtailed by CIT(A) following ITAT's order of preceding year couldn't be interfered with -IT : Where Commissioner (Appeals) had reduced net profit rate to 7.75 per cent from 12.5 per cent as applied by Assessing Officer, following Tribunal's order in immediately preceding year, no interference was required with Tribunal's order Read More
  
 [2015] 53 taxmann.com 495 (Chennai - Trib.)
Sum paid to NR agent for rendering marketing services outside India wasn't taxable in absence of its PE in India -IT/ILT: Where foreign agents rendered marketing services to assessee outside India, since those agents did not have PE in India, commission paid to them was not taxable in India Read More
  
 [2015] 54 taxmann.com 220 (Cochin - Trib.)
ITAT invoked sec. 40(a)(ia) disallowance as payment was made for labour contract work without deducting tax -IT : Where assessee had disclosed relevant particulars at time of original assessment, but they are found to be untrue on basis of material discovered by a later date by Assessing Officer, assessment would be validly re-opened section 147(a) Read More
  
 [2015] 54 taxmann.com 214 (Mumbai - Trib.)
No disallowance of depository charges paid by broker without deducting tax as Stock Exchange paid taxes thereon -IT : Where assessee made payment of depository charges on account of services provided with regard to transactions in securities through stock exchange without deducting tax at source, since taxes on said amount were already paid by recipient, impugned disallowance made by authorities below was not sustainable Read More
  
 [2015] 53 taxmann.com 516 (Cochin - Trib.)
Prior to 1-4-2013, TDS disallowance was attracted in payer’s hand even when payee paid taxes thereon -IT : Position prior to 1-4-2013 - Where assessee-partners borrowed amounts from their respective partnership firms, assessee would be required to deduct TDS on interest payment made even firm paid taxes Read More
  
 [2015] 54 taxmann.com 112 (Mumbai - Trib.)
Income of Swiss shipping Co. is taxable only in Switzerland and not in India as per India-Switzerland DTAA -IT/ILT : Where assessee, a Switzerland based company, was engaged in business of operation of ships in international water, in terms of article 22 of India-Switzerland DTAA, freight income earned by assessee was taxable in Switzerland and not in India Read More
  
 [2015] 54 taxmann.com 185 (Bangalore - Trib.)
Capital gain arose on sale of land as assessee didn’t bring evidence to prove that land was held as stock-in-trade -IT : Where assessee failed to bring any evidence on record showing that land was purchased by him as stock-in-trade for business purpose, Assessing Officer was justified in treating it as investment and computing capital gain arising from sale of land on basis of guidance value determined by State Government for stamp duty purposes Read More
  
 [2015] 53 taxmann.com 459 (Hyderabad - Trib.)
Exp. on domestic transaction with non-AE not to be held as an operating exp. for international transaction with AE -IT/ILT : Expenditure incurred on account of domestic transaction with non-AE cannot be considered as operating expenditure in relation to international transactions with AE while computing profit margin of assessee Read More
  
 [2015] 54 taxmann.com 57 (Cochin - Trib.)
No recalling of ITAT's order if it disallowed interest when borrowed sum wasn't used in business of assessee -IT: Where Tribunal specifically found that borrowed money was not used in money lending business by assessee, and, hence giving any credit towards payment of interest on borrowed fund did not arise, recalling of Tribunal's order was not justified Read More
  
 [2015] 54 taxmann.com 139 (Mumbai - Trib.)
Reimbursement of technical exp. to foreign head office without making available technical service wasn't FTS -IT/ILT: Technical expenses allocated by head office to assessee-Indian division was in nature of reimbursement of technical expenses to head office and not on account of any specific technical services having been 'made available' and, therefore, such amount could not be brought to tax in hands of assessee under article 13 of Indo-French Tax Treaty Read More
  
 [2015] 54 taxmann.com 134 (Mumbai - Trib.)
Builder was entitled to sec. 54EC relief on sale of land being held as capital asset and not as stock-in-trade -IT : Where assessee builder sold property which was held for 30 years and same was shown as land asset not as land stock, asset was capital in nature and assessee was to be exempted under section 54 EC on investment of said capital gain Read More
  
 [2015] 54 taxmann.com 50 (Delhi - Trib.)
Issue related to selection or rejection of comparables has to be decided by passing a speaking order -IT/ILT : Issue of selection or rejection of a comparable should be decided by a speaking order Read More
  
 [2015] 54 taxmann.com 24 (Mumbai - Trib.)
Segmental results couldn’t be rejected because it was unaudited and break up was done after closing of accounts -IT/ILT: Segmental results determined by assessee could not be rejected merely on ground that accounts segmental results were unaudited or segmental break up was done after accounts were closed Read More
  
 [2015] 54 taxmann.com 329 (Jaipur - Trib.)
ITAT denies to condone delay on basis of vague affidavit of CA; raises questions on his work ethics -IT: It is unbelievable that an assessee, who is assessed for 2 years at a high income resulting in a huge tax and interest demand, has not visited the CA office almost for a period of about one year to know about the filing of the appeals. There is no deposition in the affidavit of CA filed by assessee that prior to TRO notice, no other notice by way of telephone or writing was received either by assessee or the CA. Thus, the depositions in affidavit remain vague, unsubstantiated and do not amou Read More
  
 [2015] 54 taxmann.com 140 (Mumbai - Trib.)
No disallowance of AMP exp. reimbursed to AE on basis of investigation report without any proof of bogus exp. -IT/ILT: Where during original assessment proceedings, assessee had furnished all details regarding reimbursement of advertisement expenses to a Cyprus company before Assessing Officer as well as TPO who had allowed said expenses, in absence of any evidence to show that such expenses were bogus, assessment could not be reopened to disallow such expenses merely on basis of investigation report Read More
  
 [2015] 54 taxmann.com 138 (Delhi - Trib.)[2014] 369 ITR 109 (Delhi - Trib.)
Retainership charges paid to NR agents to promote business in foreign country would be outside the ambit of 'FTS' -IT/ILT: Retainership charges paid by assessee to overseas non-resident agents to promote its business in foreign countries would not fall within meaning of 'Fee for technical services' under section 9(1)(vii) Read More
  
 [2015] 54 taxmann.com 107 (Ahmedabad - Trib.)
Derivate trading via stock exchange couldn't be held as speculative due to delay in recognition of such exchange -IT : Derivate trading via stock exchange couldn't be held as speculative due to delay in recognition of such exchange Read More
  
 [2015] 54 taxmann.com 110 (Cochin - Trib.)
Assessee developing Industrial infrastructure with profit motive wasn't entitled to sec. 11 relief -IT: Where assessee, engaged in development of industrial infrastructure in State of Kerala, carried on its activity with profit motive and in same manner in which a private builder of large township would conduct his business, assessee's case would fall in proviso to section 2(15) Read More
  
 [2015] 54 taxmann.com 166 (Delhi - Trib.)
AO to invoke sec. 44BB after determining correct receipts from providing services for extraction of mineral oil -IT/ILT: It is duty of Assessing Officer to determine correct tax liability of assessee Read More
  
 [2015] 54 taxmann.com 300 (Mumbai - Trib.)
Fee for providing assistance for borrowed service was business profits in absence of FTS clause in India-Greece DTAA -IT/ILT : Consideration received from providing assistance in the form of borrowed service to associated enterprise was business income in absence of FTS clause in India-Greece DTAA Read More
  
 [2015] 54 taxmann.com 131 (Mumbai - Trib.)
LIBOR is appropriate benchmark for charging interest on loans advanced to foreign AEs, says Mumbai ITAT -IT/ILT : Interest charged as LIBOR plus 200 basis points on foreign currency loan given abroad is most correct benchmark Read More
  
 [2015] 54 taxmann.com 168 (Pune - Trib.)
Sum paid to labourers for execution of contract without transfer of responsibility won't attract sec. 194C TDS -IT: Where assessee contractor in order to execute its work orders had engaged services of labourers through Jamadar, same could not partake nature of sub-contract in absence of any obligation or responsibility being fastened upon said Jamadar or labourers, hence, there was no requirement to deduct tax at source out of such payments Read More
  
 [2015] 54 taxmann.com 111 (Mumbai - Trib.)
Issue of applicability of suitable method for TP study was remanded to ITAT following order of preceding year -IT: Following order of Tribunal for preceding year, issue of application of most appropriate method for computation of arm's length price was restored back to Tribunal for fresh consideration Read More
  
 [2015] 54 taxmann.com 167 (Delhi - Trib.)
Mere wrong exclusion of comparables in earlier year won't debar assessee from including it in later year -IT/ILT: Where a particular company was wrongly excluded by assessee in determining ALP of an international transaction for an earlier year, same could not debar him from including it in list of comparables in succeeding year, if it was actually comparable Read More
  
 [2015] 54 taxmann.com 19 (Hyderabad - Trib.)
ITAT allows credit for tax accrued but not yet paid in Brazil under Article 23 of India- Brazil DTAA -IT/ILT : Where assessee granted loan to its AE, Brazil arm's length price of said transaction was rightly determined on basis of rate of LIBOR plus 250 basis points charged on loan taken by AE Brazil from a Brazil bank without any guarantee Read More
  
 [2015] 54 taxmann.com 157 (Delhi - Trib.)
ITAT allowed sec. 24 interest deduction as borrowed funds were used for construction of house property -IT: Interest paid on funds borrowed for construction of property would be allowed as deduction under section 24 Read More
  
 [2015] 54 taxmann.com 52 (Mumbai - Trib.)
Allotment of flats under self financing scheme of DDA has to be deemed as construction of house for sec. 54F relief -IT : In view of CBDT Circular No. 471, dated 15-10-1986 cases of allotment of flats under self financing scheme are to be treated as cases of construction for purpose of capital gains entitling benefit under section 54F Read More
  
 [2015] 54 taxmann.com 135 (Kolkata - Trib.)
Co. is liable to DTT only on dividend approved in AGM and not on dividend proposed by board of directors -IT : Provision for dividend made in accounts or recommendation of board of director regarding proposed dividend can not be considered as declaration of dividend Read More
  
 [2015] 54 taxmann.com 55 (Hyderabad - Trib.)
A specialized embedded software development service provide not comparable with other software development Co. -IT/ILT : A specialized embedded software development service provider cannot be compared with any other software development company Read More
  
 [2015] 54 taxmann.com 261 (Delhi - Trib.)
Transactions between head office and foreign branch aren't international transactions under TP provisions -IT/ILT : Since the branch office in Canada is only a branch office and not a separate entity distinct from the assessee, the transactions between the head office and branch office in Canada cannot be considered as international transaction Read More
  
 [2015] 54 taxmann.com 32 (Pune - Trib.)[2014] 159 TTJ 390 (Pune - Trib.)
Delay in issue of completion certificate by local authority couldn’t be a ground to deny 80-IB(10) relief -IT-I : Where two housing projects developed by assessee were sanctioned by a common approval by local authority, in view of fact that those projects were independent of each other, assessee's claim for deduction could be allowed for project in respect of which conditions specified in section 80-IB(10)(a)(i) were duly satisfied Read More
  
 [2015] 54 taxmann.com 106 (Jaipur - Trib.)
ITAT rejected CUP method for royalty paid to AE as there was no comparable data of uncontrolled transactions -IT/ILT : ITAT rejected CUP method for royalty paid to AE as there was no comparable data of uncontrolled transactions Read More
  
 [2015] 54 taxmann.com 51 (Mumbai - Trib.)
No TP adjustment of interest when rate of interest charged to AE was more than LIBOR -IT/ILT : Where assessee charged interest on loan advanced to AE and interest charged was more than arm's length interest rate, adjustment on account of arm's length of interest was unwarranted Read More
  
 [2015] 54 taxmann.com 234 (Pune - Trib.)
Reference to TPO is invalid if made after expiry of time-limit for issuing sec. 143(2) notice -IT/ILT : Where issue of scrutiny assessment notice u/s143(2) is time-barred, AO cannot make a reference to TPO u/s 92CA. Reference u/s 92CA without issuing notice u/s 143(2) is invalid reference and order passed by TPO on invalid reference is non est and void ab initio. A nonest and void ab initio order passed by the TPO on 29.10.2010 determining the arm's length price u/s 92CA(3) of the Act cannot form a basis to formulate a belief that certain income chargeable to tax has escaped assessment wi Read More
  
 [2015] 54 taxmann.com 5 (Chennai - Trib.)
No penalty if NR didn’t offer interest income from NRE a/c under impression that it’s exempt under Sec. 10(4) -IT : Where assessee did not offer interest income to tax received from his NRE fixed deposits account under a bona fide belief that his case was covered under section 10(4) no penalty could be imposed upon him Read More
  
 [2015] 53 taxmann.com 518 (Delhi - Trib.)[2014] 164 TTJ 145 (Delhi - Trib.)
No penalty on disallowance of exp. when assessee had made bona-fide claim duly supported by genuine docs -IT : Where assessee's claim for expenses were supported by documents and non-genuineness of these document was not proved, no penalty could be levied under section 271(1)(c) Read More
  
 [2015] 54 taxmann.com 13 (Hyderabad - Trib.)[2014] 33 ITR(T) 540 (Hyderabad - Trib.)
Failure to explain cash deficit in books of account during assessment invokes Sec. 68 addition -IT : Where there was no proper explanation for cash deficit in books of account and amounts were spent without there being any explained sources, same was to be covered by section 68 Read More
  
 [2015] 54 taxmann.com 12 (Hyderabad - Trib.)[2014] 34 ITR(T) 22 (Hyderabad - Trib.)
Sec. 10A relief allowable on gross export bills even if assesse later on adjusts it with overseas payables -IT: Where assessee received permission from RBI for netting off of payables abroad against import receivables, deduction under section 10A was to be allowed on total amount of gross bills which was received in convertible foreign exchange Read More
  
 [2015] 54 taxmann.com 25 (Kolkata - Trib.)
Partner could claim TDS credit of dissolved firm if he included firm’s income in his return -IT : Where assessee partner upon dissolution of firm became proprietor of business run by firm and included income of firm in his return, assessee would be entitled for credit of TDS of firm in accordance with rule 37BA Read More
  
 Statutes
  
NOTIFICATION NO. 17/2015 [F. NO. 203/06/2014/ITA-I
'Academy of Scientific and Innovation Research' notified 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 - Academy of Scientific and Innovative Research (Acsir), New Delhi Read Morenew
  
NOTIFICATION NO. 14/2015 [F.NO.203/31/2014/ITA.II]
Govt. notifies agricultural extension projects of 'Godrej Agrovet Ltd' for purpose of Sec. 35CCC deduction -IT : Section 35CCC of The Income-Tax Act, 1961 - Expenditure on Agricultural Extension Project - Notified Eligible Agricultural Extension Project – Godrej Agrovet Limited Read More
  
NOTIFICATION NO.13/2015 [F.NO. 142/09/2013-TPL]/SO
Govt. notifies new list of agricultural commodities which aren't "taxable commodities transactions" -IT : Commodities Transaction Tax (First Amendment) Rules, 2015 - Amendment in Rule 3 Read More
  
NOTIFICATION NO.48/2015 [F.NO.V.27015/4/2014-SO(NA
Govt. notifies projects of various entities for purpose of relief under section 35AC -IT : Section 35AC, Read with Explanation (b) Thereto, of the Income-Tax Act, 1961 - Eligible Projects or Schemes, Expenditure on - Notified Eligible Projects or Schemes – Dr.lalmohan Memorial Trust, Manipur, Etc. Read More
  
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Disallowance under Sec. 40(a)(i) should be limited to sum chargeable to tax and not total remittance: CBDT -IT/ILT : Section 40(a)(i) of the Income-Tax Act, 1961 – Business Disallowance – Interest, etc., paid to a Non-Resident without deduction of tax at source - Clarification on amounts not deductible under section 40(a)(i) [13-02-2015] Read More