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Direct Tax Laws
 [2014] 49 539 (Gujarat)
No penalty on order of protective assessment until substantive assessment order is passed, rules High Court -IT : Assessment order being protective assessment order, penalty could not be initiated Read Morenew
 [2014] 49 536 (Delhi)[2014] 364 ITR 503 (Delhi)
In reassessment cases it is to be discussed whether reason to believe constituted a change of opinion of AO -IT : Where section 10(29) exemption was allowed but in view of Supreme Court's decision reassessment notice was issue, matter to be readjudicated to find whether there was change of opinion Read Morenew
 [2014] 49 535 (Allahabad)
No denial of sec. 10(23C) relief to educational body on existence of general objects in MOA apart from education -IT : Mere presence of objects in memorandum providing for other charitable activities would not disentitle a society to claim approval under section 10(23C)(vi) Read Morenew
 [2014] 49 545 (Karnataka)
CII had to be taken from the date when asset was held by previous owner for computing cost of inherited asset -IT: In case of inheritance, cost of acquisition of asset should be calculated on basis of cost of acquisition by previous owner and it has to be indexed according to Explanation (3) to section 48 Read Morenew
 [2014] 49 543 (Madras)
HC upheld concealment penalty on assessee as it had filed nil return without paying the MAT liability -IT : Where assessee filed nil return and failed to compute book profit and pay MAT, which it was liable to pay, levy of penalty was justified Read More
 [2014] 51 45 (Karnataka)
Solitary transaction of sale and purchase of land couldn't be termed as 'adventure in nature of trade' -IT : Solitary transaction of sale and purchase of land couldn't be termed as 'adventure in nature of trade' Read More
 [2014] 49 528 (Allahabad)[2014] 364 ITR 660 (Allahabad)
No rejection of books due to non-issuance of cash memo on every sales as assessee was issuing one memo for a day -IT : Books of account of assessee could not be rejected on sole ground that only one consolidated cash memo was issued at end of day as it is not necessary that a cash memo is required to be issued for each and every sale Read More
 [2014] 49 530 (Andhra Pradesh)[2014] 364 ITR 203 (Andhra Pradesh)
ITAT had rightly set-aside time-barred assessment under sec. 144 after considering facts of the case -IT: Where Tribunal on appreciation of facts came to conclusion that order passed under section 144 read with section 251 was time-barred and cancelled same; conclusions reached by Tribunal could not be interfered with Read More
 [2014] 49 526 (Madras)
No unexplained investment if construction cost was determined as per State PWD rates and not Central PWD rates -IT: Where assessee computed cost of construction of building on basis of rate fixed by State PWD, in absence of any circular or notification indicating that Central PWD rate alone was to be adopted in arriving at cost of construction, Assessing Officer was not justified in making addition under section 69 to assessee's income by adopting rates fixed by central PWD in respect of building in question Read More
 [2014] 49 524 (Kerala)
HC denies to condone delay due to death of counsel as assessee delayed to appeal by 4 years after death of counsel -IT : Death of counsel before matter was heard could not be a sufficient reason for delay of another 4 years in challenging an ex parte order of Tribunal Read More
 [2014] 49 317 (Punjab & Haryana)[2013] 263 CTR 61 (Punjab & Haryana)
No sec. 11 relief to a trust involved in newspaper publishing without verifying materials on record by ITAT -IT: No sec. 11 relief to a trust involved in newspaper publishing without verifying materials on record by ITAT Read More
 [2014] 49 485 (Delhi)
No additions by AO on other grounds without making addition in respect of reasons given for escaped income -IT : Where no additions were made in respect of reasons given for reopening of assessment, it was not open to Assessing Officer to independently assess some other income Read More
 [2014] 49 402 (Karnataka)
Decorating plain glazed ceramic tiles via printing/embossing was manufacture for sec. 80-IA relief -IT: Where assessee was engaged in job work of decoration of plain glazed ceramic tiles through process of printing and embossing designs, said process being in nature of 'manufacturing activity', assessee's claim for deduction under section 80-IA was to be allowed Read More
 [2014] 51 351 (Kerala)
HC can’t review orders of SetCom; powers are confined to reviewing its decision making process rather decision itself -IT: High Court cannot assume the role of an appellate authority to review orders passed by the SetCom -Its role is confined to judicial review of the decision making process adopted by the SetCom and not the decision itself Read More
 [2014] 49 544 (Punjab & Haryana)[2014] 267 CTR 376 (Punjab & Haryana)
AO had rightly made reference to DVO as assessee had utilized unaccounted income in construction of property -IT : Where cost of construction shown in books of account was not proper, reference by Assessing Officer to DVO was justified Read More
 [2014] 50 217 (Bombay)
Concealment penalty on assessee upheld on his failure to explain source of flats acquired and shown in return -IT: Where assessee claimed that flats shown in return of income was acquired by surrendering his tenancy rights but failed to prove such rights, penalty levied under section 271(1)(c) was justified Read More
 [2014] 50 205 (Karnataka)
No revision by CIT due to retro-amendments if AO had already made assessment -IT : Though amendment in section 115JB by Finance (No. 2) Act, 2009 by way of insertion of Explanation (i) is retrospectively brought with effect from 1-4-2001, revenue could not have benefit of same where assessment was already made Read More
 [2014] 51 356 (Madras)
Sum received for hiring out dredgers wasn’t taxable as royalty under Article 12 of India-Netherland DTAA -IT/ILT : Sum received by Dutch Company for hiring out dredgers to its Indian AE would not be taxable in India as 'Royalty' as Article 12 of India-Netherland DTAA does not include such payments within its ambit. Read More
 [2014] 49 354 (Bombay)[2014] 226 Taxman 283 (Bombay)
Income from letting out of office alongwith furniture is income from other sources if both are inseparable -IT : Income received by assessee by letting out fully furnished office premises and furniture was required to be assessed under head income from other sources Read More
 [2014] 50 219 (Kerala)
In lending business one can’t assume that cash shortage found in search to be set-off with unexplained investment -IT: When undisclosed income that was invested remained unexplained by assessee, shortage of cash in unaccounted money lending business could not be set off against unexplained investment on basis of mere presumption Read More
 [2014] 50 113 (Punjab & Haryana)[2014] 226 Taxman 172 (Punjab & Haryana)(MAG.)[2014] 364 ITR 401 (Punjab & Haryana)
No sec. 41(1) addition if liability towards old creditors was discharged in subsequent years -IT: Where liability towards old creditors shown in books of account was discharged in subsequent years, section 41(1) could not be applied to make addition of said amount Read More
 [2014] 50 234 (Karnataka)
In case of inherited property CII had to be taken of the year in which asset was acquired by previous owner -IT: When an asset is acquired by way of inheritance, cost of acquisition of asset should be calculated on basis of cost of acquisition by previous owner and said cost of acquisition has to be calculated on basis of indexed cost of acquisition as provided in Explanation (3) to section 48 Read More
 [2014] 50 237 (Calcutta)
No reassessment to tax subsidy as revenue receipt if it was held as capital receipt in prior revisional proceedings -IT : Where subsidy received under West Bengal Industrial Promotion Scheme, 1994 was treated as Capital receipt in revisional proceedings taken under sec. 263 in earlier year, Assessing Officer could not reopen assessment during relevant year taking a view that amount in question was revenue receipt Read More
 [2014] 50 218 (Madhya Pradesh)[2014] 268 CTR 484 (Madhya Pradesh)
No deemed seizure of agricultural land as it wasn’t a valuable article of which physical possession was impossible -IT : Unless valuable article or thing found as a result of search is of a nature that it is not possible or practicable to take physical possession of same, seizure of petitioner's immovable properties would not be necessary Read More
 [2014] 50 94 (Gujarat)[2014] 365 ITR 470 (Gujarat)
No reference to Valuation Officer to ascertain undisclosed investment unless AO had rejected books of account -IT : Where Assessing Officer made a reference to Valuation Officer without rejecting books of account of assessee, addition under section 69B was to be deleted Read More
 [2014] 51 53 (Punjab & Haryana)[2014] 366 ITR 257 (Punjab & Haryana)
HC denied set-off and carry forward of business loss as assessee didn't file return on due date under sec. 139(1) -IT : A business loss cannot be carried forward unless it has been determined in pursuance of a return filed under section 139(1) Read More
 [2014] 50 200 (Madras)
Penalty upheld as source of deposits wasn’t explained and income wasn’t disclosed in pursuance of sec. 153C notice -IT : Where assessee did not explain cash deposits and did not disclose income in response to notice issued under section 153C and did not give details as to how he would fall within explanation 1 to section 271(1)(c), penalty would be levied Read More
 [2014] 50 199 (Karnataka)
Mere grant of sec. 12A registration won’t be sufficient to allow registration under sec. 80G as well -IT : Section 80G and section 12A are exclusive and, therefore, in order to get recognition under section 80G, mere registration under section 12A is not sufficient Read More
 [2014] 50 198 (Bombay)[2014] 226 Taxman 153 (Bombay)(MAG.)
Loss on assignment of debt wasn’t deductible as assessee was giving loan to affiliate when it was incurring losses -IT: Where assessee having assigned amount recoverable from sister concern to another company, claimed deduction of loss incurred on assignment of debt, in view of fact that assessee kept giving loan to sister concern even when it was continuously making loss, Tribunal rightly concluded that transaction of assignment of debt was not entered into normal course of business and, thus, assessee's claim was to be rejected Read More
 [2014] 51 327 (Allahabad)
Sales incentives to employees establish LO promotional activities in India; treated as PE of foreign Co. -IT/ILT: Foreign Company established a LO in India - Performance of employees of LO was determined by number of direct orders received by them - Employees were also entitled to sales incentives for these orders - Such incentive plans established that LO was not engaged merely in preparatory or auxiliary activities - Its activities extended to marketing activities as well - Therefore, it would be treated as PE of foreign company and the income attributable to LO activities would be taxable in Indi Read More
 [2014] 50 206 (Punjab & Haryana)
AO couldn’t adopt DVO’s report making valuation at CPWD if it exceeds market rate -IT: Where DVO valued construction at CPWD rates which were 30 per cent higher than market rate, no addition could be made over valuation of approved valuer as adopted by assessee Read More
 [2014] 50 229 (Delhi)
No addition due to non-inclusion of excise duty in closing stock as duty was payable on removal of goods -IT : Excise duty being payable at time of removal of goods and not at time of manufacture, an addition to income of assessee-company on account of non-inclusion of excise duty in closing stock of finished products was not justified Read More
 [2014] 50 130 (Allahabad)
Income from share transactions couldn’t be held as business profits due to few instances of sale in quick time -IT : Where assessee was not engaged in business of purchase and sale of shares, merely because in certain instances shares were sold before completion of a year was no reason to treat said income as business income when assessee had duly shown it as short-term capital gain Read More
 [2014] 50 129 (Andhra Pradesh)
Exp. deductible in ordinary assessment was deductible even when income was determined by AO on estimation basis -IT : If assessee is entitled to deduction of interest and depreciation in ordinary course of assessment, same cannot be denied merely because profit is determined on basis of estimation Read More
 [2014] 50 136 (Gujarat)[2014] 226 Taxman 175 (Gujarat)(MAG.)[2014] 365 ITR 383 (Gujarat)
Sec. 68 addition upheld on huge deposits found in bank account of assessee on his failure to explain their source -IT : Where assessee received huge amount through banking channels as cash credits in its bank account but failed to render an explanation for same, said amount was to be treated as income in hands of assessee Read More
 [2014] 51 23 (Bombay)[2014] 367 ITR 568 (Bombay)[2014] 271 CTR 159 (Bombay)
HC grant sec. 80-IB relief to film production unit as it wasn't formed by transfer of existing machinery -IT : Where assessee was a film production unit which was not formed by transfer to a new business of machinery or plant previously used for any purpose, it was entitled to deduction under section 80-IB Read More
 [2014] 50 139 (Allahabad)[2014] 226 Taxman 160 (Allahabad)(MAG.)[2014] 367 ITR 335 (Allahabad)
HC directs authority to consider sec. 10(23C) relief as request for approval wasn’t not forwarded to it -IT : Where assessee society filed application for approval of exemption, said forms were addressed to prescribed authority and were sent through proper channel, but for some reasons were not forwarded to prescribed authority, writ petition filed by assessee was to be allowed Read More
 [2014] 50 141 (Kerala)
Delay in filing return due to late completion of audit not condonable if it occurs on non-supply of docs to auditor -IT: Where assessee society failed to file its return within due date on account of delay in getting audit report, in view of fact that said delay was attributable to assessee as it did not supply necessary statements to auditors in time, Commissioner was justified in rejecting application seeking condonation of delay filed under section 119(2)(b) Read More
 [2014] 50 145 (Punjab & Haryana)[2014] 226 Taxman 177 (Punjab & Haryana)(MAG.)
Sec. 54F relief denied as assessee didn’t furnish evidence to substantiate construction of new residential house -IT : Where assessee claimed benefit of section 54F but he did not adduce any evidence establishing construction of new residential house to justify his claim, his claim was to be declined Read More
 [2014] 50 81 (Madras)[2014] 226 Taxman 372 (Madras)
Sale proceeds of land/bonds aren't annual receipts; excludible in determining monetary limit of sec. 10(23C)(iiiad) -IT: Sale proceeds of land and bonds was not an annual receipt therefore, same should be excluded while considering monetary limit prescribed under section 10(23C)(iiiad) Read More
 [2014] 50 82 (Bombay)[2014] 362 ITR 351 (Bombay)[2014] 267 CTR 514 (Bombay)
Assessee couldn't challenge transfer order belatedly at a time when new authority was exercising its jurisdiction -IT : Where assessee did not challenge order of transfer of its case at earliest letting all believe that such transfer was accepted, assessee should be barred from challenging same on exercise of jurisdiction by new authority Read More
 [2014] 50 80 (Karnataka)[2014] 226 Taxman 154 (Karnataka)(MAG.)
Mere proposal to carry on commercial activities in future won't lead to denial of sec. 12A registration to trust -IT: Where assessee-trust had merely proposed to carry on business activity in future to support its charitable purposes, registration under section 12A could not be rejected Read More
 [2014] 50 88 (Bombay)[2014] 226 Taxman 375 (Bombay)[2014] 364 ITR 244 (Bombay)
No capital loss on writing off advances given to other cos, as such advances couldn't be construed as capital assets -IT : No capital loss on writing off advances given to other cos, as such advances couldn't be construed as capital assets Read More
 [2014] 50 95 (Karnataka)[2014] 226 Taxman 165 (Karnataka)(MAG.)[2014] 365 ITR 335 (Karnataka)
Existing units which got converted into STP units after fulfilling prescribed conditions would get sec. 10A relief -IT: Even existing DTA units which get converted into STP unit could get benefit under section 10A Read More
 [2014] 50 137 (Andhra Pradesh)[2014] 226 Taxman 173 (Andhra Pradesh)(MAG.)[2014] 365 ITR 249 (Andhra Pradesh)
Capital gain is taxable on completion of transfer of asset and not on receipt of consideration -IT : When transfer of capital asset is complete, sale consideration has to be taken into consideration for purpose of assessment even though payment of consideration deferred till other assessment year Read More
 [2014] 49 389 (Delhi)[2014] 361 ITR 297 (Delhi)
Share application money couldn't be treated as loan/deposits to trigger provisions of deemed dividend -IT : Merely because shares were issued belatedly in subsequent year, share application money cannot be treated as loan or deposits or advance for invoking provisions of section 2(22)(e) Read More
 [2014] 50 107 (Punjab & Haryana)
No penalty on claiming deduction of unpaid leave encashment exp. if full disclosure was made in return -IT : Where assessee-society treated unpaid leave encashment and gratuity as liability and claimed deduction of same and full particulars of income given in return were not found to be incorrect, penalty was to be deleted Read More
 [2014] 49 401 (Allahabad)[2014] 226 Taxman 307 (Allahabad)
Sum paid by School for transportation of students to attract sec. 194C as buses were under the control of operator -IT : Where assessee-school hired buses from a transport contractor for point to point transportation of its students and staff, it was to be regarded as service contract governed by provisions of section 194C Read More
 [2014] 49 384 (Jharkhand)
HC directs revenue to decide on merits as to whether cash seized during search could be treated as advance tax -IT: Where assessee vide its letters on 6-12-2012 and again on 8-1-2013 requested department to treat cash seized during course of search as advance tax from date of seizure itself, application of assessee should be considered in accordance with provisions of Act Read More
 [2014] 51 21 (Allahabad)
TPO should apply same formula to compute operating profit of assessee and its comparables, rules HC -IT/ILT : Arm's Length Price would have to be computed by treating case of assessee and comparable instances on same footing by according same treatment to export incentives Read More
 [2014] 51 253 (Delhi)
No TDS liability of bank under sec. 194A on interest accrued on FD made by litigant on directions of Court -IT: Where litigant deposit FD with the bank on directions of Court, he ceased to have any control or proprietary right over those funds. Although FD was drawn in the name of the Registrar General, he was neither the recipient of the amount credited to that account nor the interest accruing thereon. There was no assessee to whom interest income from the FD could be ascribed, thus, bank was not liable to deduct tax under section 194A on interest accrued on such FD. Read More
 [2014] 49 513 (Madras)[2014] 226 Taxman 111 (Madras)(MAG.)
HC directs AO to re-compute capital gains after referring the valuation of capital asset to Valuation Officer -IT: Where assessee made an objection with regard to adoption of market value under section 50C(1), Assessing Officer should have referred valuation of capital asset to valuation officer under section 50C(2) Read More
 [2014] 49 388 (Kerala)[2014] 360 ITR 39 (Kerala)[2014] 266 CTR 105 (Kerala)
Tribunal could rectify its order even if decision of HC was brought to its notice after disposal of appeal -IT : Interest to be levied under section 234D has to be only with effect from 1-6-2003 even if assessment year referred to was prior to 1-6-2003 Read More
 [2014] 49 387 (Kerala)[2014] 363 ITR 315 (Kerala)
Holding period of property begins on payment of full consideration if such condition was given for its transfer -IT : Where as per MOU for acquiring property, property was to be transferred to assessee only when entire consideration was paid Read More
 [2014] 49 395 (Bombay)[2014] 362 ITR 46 (Bombay)
Tribunal couldn't demand further pre-deposit from 'Deloitte' if it had paid full taxes alongwith 25% penalty -IT : Where petitioner had already paid full tax amount and also 25 per cent of penalty, Tribunal ought not to have required petitioner to deposit a further sum for hearing appeal Read More
 [2014] 50 48 (Bombay)[2014] 364 ITR 222 (Bombay)
AO couldn't make reassessment to disallow sec. 80-IA relief if such issue was considered during assessment -IT: Where issue of deduction under section 80-IA was discussed and deliberated by Assessing officer during regular scrutiny proceedings and responded to by assessee, merely because issue was not discussed in assessment order would not lead to reopening of assessment Read More
 [2014] 49 394 (Madhya Pradesh)[2014] 265 CTR 425 (Madhya Pradesh)
HC grants stay on recovery proceedings as appeal was pending for adjudication before CIT(A) -IT: Pending appeal against assessment, application for stay cannot be rejected on ground that recovery cannot be stayed Read More
 [2014] 51 213 (Delhi)
Payment by exporter to NR consignee agent for office exp. couldn't be held post-sales exp. not pertaining to him -IT/ILT: Where assessee exporter paid "USA office expenses" viz., ocean freight, duties, warehousing expenses, road freight and selling and administrative expenses to US consignee agent, concurrent finding by appellate authorities allowing substantial part of expenditure on verification of documents, was to be upheld Read More
 [2014] 51 15 (SC)[2014] 365 ITR 511 (SC)
SC: No interest or penalty in sec. 144 assessment as uneducated assessee wasn't represented properly before AO -IT : Where assessee being uneducated person could not be properly represented before Assessing Officer and, therefore, assessment was made under section 144 and in subsequent years some relief was given to assessees by High Court, penalty or interest was not to be levied Read More
 [2014] 49 403 (Calcutta)[2014] 361 ITR 632 (Calcutta)
Illusionary entry passed by assessee to impress bankers and stakeholder didn't represent real income; not taxable -IT: Where illusory entry passed by assessee company to impress bankers and to please shareholders and same did not represent any real income/receipt, same would not be taxable Read More
 [2014] 49 410 (Rajasthan)[2014] 264 CTR 196 (Rajasthan)
Estimated addition upheld due to discrepancies found in books of assessee and non-maintenance of stock register -IT: Where there was fall in GP rate, stock register were not maintained and other discrepancies were not properly explained, addition on account of estimation of GP rate was justified Read More
 [2014] 49 348 (Karnataka)[2014] 226 Taxman 114 (Karnataka)(MAG.)
Income arising to EOU on sale of scrap generated during manufacture was eligible for sec. 10B relief -IT: When assessee imports spare parts and exports them in same condition without involving those parts is any manufacturing activity, in such a case provisions of section 10B are not attracted Read More
 [2014] 50 180 (Allahabad)[2014] 226 Taxman 164 (Allahabad)(MAG.)[2014] 365 ITR 359 (Allahabad)
Assessee needed not to apply for renewal of approval if it was once granted under sec. 10(23C)(iv) -IT: Once approval has been granted under section 10 (23C)(iv), there is no necessity to accord subsequent approval unless approval is withdrawn by competent authority Read More
 [2014] 50 189 (Kerala)[2014] 226 Taxman 170 (Kerala)(MAG.)[2014] 365 ITR 343 (Kerala)
Sec. 36(1)(viia) relief is available to rural branches of co-operative bank if they satisfy requisite conditions -IT: 'Rural branch' as defined under Explanation to section 36(1)(viia) would include rural branch of a co-operative bank also which would be allowed deduction referred to in section only on satisfying conditions referred to in section Read More
 [2014] 50 179 (Madras)[2014] 226 Taxman 355 (Madras)[2014] 365 ITR 401 (Madras)
Sum paid to acquire leasehold land for 80 yrs without any clause to transfer asset back to lessor was capital exp. -IT : Amount paid by assessee for acquiring land on lease for a period of 80 years without there being any clause relating to reversion of property back to lessor, was to be regarded as capital expenditure Read More
 [2014] 49 353 (Karnataka)
Lessor could claim depreciation on machinery leased out in course of its business -IT: Where machinery owned by assessee was leased out in course of carrying out of business, depreciation was to be allowed Read More
 [2014] 49 488 (Delhi)[2014] 226 Taxman 178 (Delhi)(MAG.)[2014] 360 ITR 130 (Delhi)[2014] 268 CTR 341 (Delhi)
Subsidy granted by holding-co. to protect its capital investment was capital receipt in hands of subsidiary-Co. -IT: Grant of subsidy by holding company to secure and protect capital investment made by it in assessee-company would be capital receipt in assessee's hands and, therefore, not chargeable to tax Read More
 [2014] 49 357 (Andhra Pradesh)[2014] 364 ITR 208 (Andhra Pradesh)
Creche constructed in factory compound to increase efficiency of women employees was depreciable at 10% -IT : Creche building constructed within compound of factory for purpose of increasing efficiency and productivity of women employees is part of factory building eligible for 10 per cent depreciation Read More
 [2014] 49 356 (Gujarat)
AO with equivalent designation can invoke Explanation 3 to sec. 43(1) without seeking previous approval of DCIT -IT : Where Tribunal set aside order of Assessing Officer holding that he had not obtained approval of Deputy Commissioner before applying Explanation 3 to section 43(1), in view of fact that at relevant time previous approval of 'Inspecting Assistant Commissioner' was required to be obtained and since Assessing Officer himself was IAC, impugned order passed by Tribunal was to be set aside Read More
 [2014] 50 339 (Amritsar - Trib.)
'Dharmarth' receipts collected by a Logistic Co. and routed to a charitable trust couldn't be taxed -IT : Where assessee company having collected certain amount as 'dharmarth', routed it to a charitable trust, amount so collected could not be brought to tax as income of assessee Read Morenew
 [2014] 50 396 (Jodhpur - Trib.)
Advances disclosed in returns and subsequently adjusted against sales couldn't be deemed as undisclosed income -IT : Addition under section 68 be deleted where it was found that said credits were duly disclosed in original return and no incriminating material regarding cash credit was found Read Morenew
 [2014] 50 371 (Hyderabad - Trib.)
Violation of RBI norms by NBFC in advancing loan to affiliates doesn't lead to denial of genuine bad-debts claim -IT : Wherein regular course of its money lending business assessee - NBF had advanced loans to sister concerns/related parties, bad debts cannot be disallowed on ground of violation of RBI's guidelines Read Morenew
 [2014] 50 394 (Kolkata - Trib.)
CBDT's instruction for min tax effect for filing of appeal by dept. is applicable to pending cases also -IT : Instruction No. 5/2014, dated 10-7-2014 revising monetary limit to Rs. 4 lakh for filing appeal before Tribunal would apply to pending appeals as well Read Morenew
 [2014] 51 136 (Hyderabad - Trib.)[2014] 30 ITR(T) 393 (Hyderabad - Trib.)
ITAT computes ALP of interest on advance made to affiliates on basis of interest rate on deposit made with banks -IT/ILT : Where payment was made to non-resident abroad for services rendered abroad, no TDS liability would arise Read Morenew
 [2014] 50 393 (Bangalore - Trib.)
Rule 8D can't be invoked in absence of any nexus between borrowed funds and tax free investments -IT : In order to bring any interest expenditure claimed by assessee under ambit of Rule 8D(2)(ii), it will have to be demonstrated by Assessing Officer that said interest is not directly attributable to any particular income or receipt Read More
 [2014] 50 372 (Mumbai - Trib.)
ITAT lays down criteria for selection of accounting method in construction projects -IT : In order to compute income from construction projects, method of accounting has to be selected keeping in view transfer of significant risks and rewards of ownership coupled with absence of uncertainty associated with realization of revenue, so that sale can be said to have taken place Read More
 [2014] 50 270 (Panaji - Trib.)
Units manufacturing diverse products with separate machinery were independent units; sec. 80-IB available -IT : Where assessee company's both units manufacturing different products, having different machinery, assessee would be entitled for deduction under section 80-IB Read More
 [2014] 50 38 (Chennai - Trib.)[2014] 31 ITR(T) 447 (Chennai - Trib.)
State Govt. Co. providing long-term finance for industrial projects would be eligible to benefits of sec. 43D -IT: A State Government company providing long-term finance for industrial projects would fall within meaning of 'State Industrial Investment Corporation' under section 43D Read More
 [2014] 49 523 (Hyderabad - Trib.)[2014] 30 ITR(T) 451 (Hyderabad - Trib.)
No concealment penalty if AO had disallowed claim of assessee after taking a different view of evidence on record -IT: Where Assessing Officer rejected assessee's claim for deduction of commission paid to selling agents taking a different view of evidence on record, he was not justified in passing penalty order under section 271(1)(c) for raising a false claim of deduction Read More
 [2014] 50 185 (Pune - Trib.)
Commission paid to directors for managing Co's affairs partakes character of salary; not liable to sec. 194H TDS -IT : Commission paid to directors for managing affairs of company partakes of character of salary and, therefore, provisions of section 194H are not applicable in respect of for such payment Read More
 [2014] 50 392 (Delhi - Trib.)
DRP can't set aside proposed variation in draft assessment order and issue direction for further enquiry -IT : In terms of provisions of section 144C(8), DRP does not have power to set aside any proposed variation in draft assessment order and issue direction for further enquiry Read More
 [2014] 51 186 (Delhi - Trib.)
Sum received by international news agency on distribution of news and related photos in India is royalty -IT/ILT : Sum received by international news agency on distribution of news and related photos in India is royalty Read More
 [2014] 50 91 (Hyderabad - Trib.)[2013] 27 ITR(T) 580 (Hyderabad - Trib.)
No additions on basis of confessional statement made during search if it wasn't supported with evidences -IT : Assessing Officer cannot presume income under section 153A merely on basis of confessional statement; he is required to bring on record positive material in support of addition Read More
 [2014] 51 357 (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
 [2014] 50 279 (Delhi - Trib.)
Sum paid in excess of net assets to acquire business division on slum sale basis was to be treated as goodwill -IT : Where assessee required annual maintenance contract (AMC) of 'elevator division' business of ECE, said rights being in nature of 'business or commercial rights of similar nature' Read More
 [2014] 50 276 (Mumbai - Trib.)[2014] 31 ITR(T) 414 (Mumbai - Trib.)
Sec. 14A disallowance can be made even when assets yielding tax-free income form part of trading assets -IT : Provisions of section 14A, read with rule 8D of 1962 Rules, apply even in a case where assets yielding tax-exempt income form part of trading assets of assessee Read More
 [2014] 50 176 (Pune - Trib.)
ITAT directs AO to allow sec. 54F relief after considering recent ruling of Apex Court in case of Sanjeev Lal -IT: Where assessee cited order of Supreme Court in support of claiming deduction but same being recent was not available to Assessing Officer, nor before Commissioner (Appeals), matter was to be restored to decide in light of said order Read More
 [2014] 51 200 (Pune - Trib.)
ITAT deletes TP addition by following earlier case to hold that transaction was at ALP as facts remained unchanged -IT/ILT : Following order passed by Tribunal in assessee's own case relating to earlier assessment year, impugned addition made by TPO to assessee's ALP in respect of exports of spares and components to AE by applying internal TNMM, was to be set aside Read More
 [2014] 50 127 (Cochin - Trib.)
Sums collected by director from customers in ordinary course of business couldn’t be held as deemed dividend -IT : Where assessee, a shareholder and director of a company collected certain amount from customers of company in ordinary course of business and kept it in his savings account which was finally remitted to company within a gap of short period, same could not be added to assessee's taxable income as deemed dividend Read More
 [2014] 50 138 (Chennai - Trib.)
Sec. 14A disallowance couldn’t be made if assessee hadn’t earned or received any exempt income during the year -IT : Disallowance cannot made under section 14A where assessee had not earned/received any exempt income during relevant year Read More
 [2014] 50 187 (Panaji - Trib.)
Sec. 80P: Society wasn't a co-operative bank if it didn't receive deposits and admits other society as its member -IT : Where assessee, a co-operative society registered under the Karnataka State Co-operative Societies Act, 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
 [2014] 49 525 (Chennai - Trib.)[2014] 32 ITR(T) 312 (Chennai - Trib.)[2014] 66 SOT 30 (Chennai - Trib.)
Mere claiming forex fluctuation loss under wrong provision won't lead to levy of concealment penalty on assessee -IT : Merely because assessee had claimed deduction of foreign exchange fluctuation loss on account of acquisition of fixed assets wrongly under section 37 instead of dealing same under section 43A, no penalty would be levied under section 271(1)(c) Read More
 [2014] 50 92 (Mumbai - Trib.)[2013] 28 ITR(T) 64 (Mumbai - Trib.)
Sums paid for managing routine affairs of new branch attracts sec. 194J TDS as they were professional services -IT : Manage day-to-day affairs of new branch of assessee-company would be professional or managerial in nature, and payment made for same would be allowable expenditure subject to compliance of section 194J Read More
 [2014] 50 54 (Mumbai - Trib.)[2014] 151 ITD 166 (Mumbai - Trib.)
ITAT rejects plea of improper/delayed service of notice as it was sent in time via speed post on proper address -IT : If notice under section 143(2) has been sent through post and delivered on time on correct address, it is a proper service in time Read More
 [2014] 51 117 (Pune - Trib.)
Assessee could demand exclusion of comparable due to differences in FAR analysis even after selecting it earlier -IT/ILT : Where TPO made addition to assessee's ALP in respect of export made to AE by applying internal CUP method, in view of fact that Tribunal in earlier year had made certain adjustment to price charged to third parties so as to make it comparable with price charged from AE, following said order of Tribunal, matter was to be remanded back for disposal afresh Read More
 [2014] 51 342 (Delhi - Trib.)
Freight forwarding transaction was at ALP as assessee had chosen standard model of 50:50 to share profits with AE -IT/ILT: Where assessee, along with its associated enterprise, offers multi modal transportation services to business to business shippers through global freight forwarding services in relation to both import and export, 50:50 business model of sharing profits in equal ratio with service provider at other end of transaction, is a standard practice Read More
 [2014] 49 494 (Lucknow - Trib.)[2014] 31 ITR(T) 98 (Lucknow - Trib.)
Assessment in name of deceased person is void-ab-inito, says ITAT -IT: Assessment made in name of deceased person is non est and void ab initio Read More
 [2014] 50 238 (Delhi - Trib.)[2014] 151 ITD 55 (Delhi - Trib.)
No sec. 153A addition in respect of completed assessment when no incremental material was found during search -IT: No addition can be made in respect of assessments concluded on date of search unless some incriminating material is found during course of search Read More
 [2014] 50 86 (Hyderabad - Trib.)[2014] 34 ITR(T) 539 (Hyderabad - Trib.)
Appeal was not maintainable as it was signed and verified by the ex-Managing director of a company -IT : Where 'S' was neither Managing Director nor director of assessee company when appeal was filed before Tribunal, therefore, he was not an authorised person to sign and verify appeal filed on behalf of assessee company Read More
 [2014] 50 46 (Bangalore - Trib.)[2013] 28 ITR(T) 369 (Bangalore - Trib.)
ITAT directs AO to examine revised TDS return for deciding issue of sec. 40(a)(ia) disallowance -IT : Where revised TDS return was filed by assessee during appellate proceedings, matter was restored to Assessing Officer to examine same Read More
 [2014] 50 37 (Mumbai - Trib.)[2014] 31 ITR(T) 452 (Mumbai - Trib.)
Prior to 1-4-2005, no denial of sec. 80-IB relief even if space for commercial establishment exceeded 2000 sq. feet -IT : Where approval to housing project was given prior to 1-4-2005, deduction of section 80-IB could not be denied on ground that commercial establishments exceeded 2000 sq. feet Read More
 [2014] 51 124 (Mumbai - Trib.)
ITAT set-aside TP addition as some of the comparables chosen by TPO were functionally different -IT/ILT : Where TPO made addition to assessee's ALP in respect of rendering research and development support services to its AE, in view of fact that some of comparables selected were inappropriate on account of functional difference, regarding, impugned addition was to be set aside and matter was to be remanded back for disposal afresh Read More
 [2014] 50 45 (Chennai - Trib.)[2014] 160 TTJ 356 (Chennai - Trib.)
Trust promoting India-Japan relationship and not extending its benefits to Japan, eligible for registration -IT: Where assessee-society had been formed to promote relationship between India and Japan without any element of profit and fees collected was utilized only for promotion of its aims and objects, it was entitled to registration under section 12AA Read More
 [2014] 50 51 (Chennai - Trib.)[2014] 30 ITR(T) 688 (Chennai - Trib.)
'CII' had to be taken of the year in which capital asset was converted into stock-in-trade to compute capital gains -IT : To determine capital gains cost inflation index as stood in year of conversion of asset into stock-in-trade has to be applied and not cost inflation index as stood in year of sale taxation Read More
 [2014] 50 44 (Mumbai - Trib.)[2014] 29 ITR(T) 660 (Mumbai - Trib.)
Profits from sale of shares were business receipts as holding period of half of transactions were of few days -IT: Where there was huge frequency of share transactions and in most of cases holding period was only upto 7 days and assessee carried out repetitive transactions, income therefrom was business income Read More
 [2014] 50 34 (Hyderabad - Trib.)[2014] 33 ITR(T) 72 (Hyderabad - Trib.)
Remuneration payments to consultant-doctors would attract TDS under sec. 194J and not TDS under sec. 192 -IT: Where appointment of doctors was contract for service classifiable as professional service, assessee had correctly deducted tax at source from payment to doctors under section 194J Read More
 [2014] 50 89 (Jodhpur - Trib.)[2014] 163 TTJ 232 (Jodhpur - Trib.)
No reassessment on member on basis of purchase agreement which AO had used against AOP to reassess its income -IT : Where Assessing Officer himself had treated agreement relating to purchase of land to belong to AOP of which assessee was member, reassessment made in assessee's individual case on basis of same agreement was not justified Read More
 [2014] 51 191 (Delhi - Trib.)
ITAT orders fresh adjudication as DRP had made TP addition on AMP exp. without considering contentions of assessee -IT/ILT: Where DRP had made adjustments on account of advertising, marketing and promotional expenses, without considering contentions raised by assessee-company, matter was to be readjudicated Read More
 [2014] 50 93 (Indore - Trib.)[2014] 160 TTJ 35 (Indore - Trib.)
No penalty if value of excess stock found during survey had been surrendered by assessee and accepted by revenue -IT : No penalty could be levied under section 271(1)(c) with respect to old stock accumulated over years, value of which was surrendered by assessee during current year and accepted by Assessing Officer; no penalty on account of valuation difference when quantity of stock remained same Read More
 [2014] 50 85 (Hyderabad - Trib.)
Determination of income in an order passed under sec. 153A would be similar to order passed in reassessment -IT : Determination of income in order passed in terms of section 153A would be similar to order passed in any re-assessment Read More
 [2014] 50 87 (Mumbai - Trib.)
ITAT disallows premium on Keyman Insurance Policy as it wasn't incurred for business purposes -IT: Where assessee's case failed on basis of an inability to discharge onus to exhibit that premium paid on account of Keyman Insurance Policy was wholly and exclusively for business purpose, deduction claimed under section 37(1) was to be disallowed Read More
 [2014] 50 143 (Mumbai - Trib.)[2014] 31 ITR(T) 410 (Mumbai - Trib.)
Rule 8D rightly invoked as assessee didn’t discharge its onus to prove that no exp. was incurred on exempt income -IT : Where assessee had not discharged initial onus under section 14A, revenue was justified in applying rule 8D Read More
 [2014] 50 104 (Jodhpur - Trib.)[2014] 163 TTJ 238 (Jodhpur - Trib.)
AO's order couldn't be held as erroneous if he had enquired on vital issues without making detailed discussions -IT: If Assessing Officer allowed assessee's claim after making enquiries during course of assessment proceedings on relevant issues, his decision cannot be held to be erroneous simply because in his order he did not make an elaborate discussion in that regard Read More
 [2014] 50 455 (Hyderabad - Trib.)
Impact of odd event of amalgamation on profits of Co. to be verified before including it in list of comparables -IT/ILT : Where in exceptional events took place like amalgamation or acquisition comparable company Assessing Officer should verify and check whether amalgamation or acquisition would have any impact on profitability of company and thereafter decide issue of acceptablity of aforesaid company as comparable Read More
 [2014] 50 210 (Pune - Trib.)
Co-operative society was entitled to legitimate relief under sec. 80P even if it wasn’t claimed in its return -IT : Assessee co-operative society would be entitled for deduction under section 80P(2)(a)(i) even though same had not been claimed in its return of income Read More
 [2014] 50 111 (Pune - Trib.)[2014] 163 TTJ 17 (Pune - Trib.)
Sec. 80-IB: Date of initial approval would be deemed as date of approval of housing plan even after its revision -IT : Area of one acre as prescribed in clause (b) of section 80-IB means area of one acre available for housing project inclusive of amenities as per norms of concerned municipal corporation or local body Read More
 [2014] 51 282 (Hyderabad - Trib.)
Forex losses arising from services provided to foreign AEs are operative in nature; to be part of PLI for TP study -IT/ILT: While computing margin of assessee in its TP study, issue of segmental information to be considered; TPO should verify whether assessee had maintained separate books of account which were audited by statutory auditors of Software Development Services and, if so, TPO should consider audited segmental information and use only AE segment for computing assessee's PLI. Read More
 [2014] 50 214 (Lucknow - Trib.)
No reassessment due to non-filing of return if time-limit to file belated return hadn’t expired, says ITAT -IT : Where time to file return is available to assessee, it cannot be said that any income has escaped assessment Read More
 [2014] 50 216 (Hyderabad - Trib.)
Provisions of sec. 13 couldn’t be invoked by CIT while considering application for sec. 12AA registration -IT : Provisions of section 13 can be invoked by Assessing Officer while framing assessment and not by Commissioner while considering application for registration under section 12AA Read More
 [2014] 50 231 (Hyderabad - Trib.)
Assessee couldn't file review application in guise of rectification to criticize the order passed by Tribunal -IT: Where assessee was seeking a mere review and not rectification of any obvious and patent mistake apparent from record, an application under section 254(2) could not lie against an order passed under section 254(2) rejecting earlier application for rectification of order passed under section 254(1) Read More
 [2014] 50 235 (Panaji - Trib.)
No revision by CIT due to brief order issued by AO if he had allowed claim after examining materials on record -IT : Where Assessing Officer allowed assessee's claim for additional depreciation on windmills and machinery after taking into consideration relevant material on record, there being no infirmity in said order, impugned revisional order passed by Commissioner deserved to be set aside Read More
 [2014] 51 25 (Hyderabad - Trib.)
Operating profit ratio has to be taken as 'PLI' for computing ALP of goods Purchased from AE -IT/ILT : Where assessee entered into controlled transaction of purchase of goods from AE, operating profit to operating revenue be taken as PLI for Transfer Pricing Analysis Read More
 [2014] 50 236 (Delhi - Trib.)
Gains on renouncement of right of ESOP within 36 months of offer would give rise to short-term capital gains -IT : Where assessee acquired rights to purchase shares under ESOP which was a capital asset and he transferred said right within 36 months of offer, period of holding of right in question being less than 36 months, gain arising from transfer of said right was to be assessed as short-term capital gain Read More
 [2014] 51 256 (Delhi - Trib.)
Non-operating incomes and expenditures to be excluded while computing net operating profit under TNMM -IT/ILT : Non-operating incomes and non-operating expenses would be excluded while computing net operating profit under TNMM to determine profit level indicator of comparable company. Read More
 [2014] 50 208 (Mumbai - Trib.)[2014] 160 TTJ 731 (Mumbai - Trib.)
A brief assessment order couldn’t be held as erroneous even if there was legal requirement to give detailed order -IT : Writing an assessment order in detail may be a legal requirement but order not fulfilling this requirement cannot be said to be erroneous and prejudicial to interest of revenue Read More
 [2014] 49 568 (Chandigarh - Trib.)
No denial of sec. 10(23C) relief to educational institution on inclusion of incidental objects in its objects clause -IT : Assessee-society solely engaged in providing education through its nursing institute would be entitled to exemption under section 10(23C)(iiiad) irrespective of fact that its objects also included objects other than education Read More
 [2014] 49 509 (Ahmedabad - Trib.)[2014] 66 SOT 33 (Ahmedabad - Trib.)(URO)
Seller wasn't TCS defaulter if buyer had paid taxed after considering purchases made from seller -IT : Assessee company could not be treated as assessee in default for not collecting TCS from its buyers from whom assessee had received declaration as per section 206C(1A) Read More
 [2014] 51 250 (Bangalore - Trib.)
Sec. 35(2AB) provides deduction of in-house research exp. and not on acquisition of rights arising out of research -IT : In terms of exclusion clause contained in section 43(4)(ii), expenditure on scientific research should be on research actually carried out by assessee in-house and it should not be merely money spent in acquiring rights in or arising out of scientific research carried out by some other person Read More
 [2014] 50 114 (Chandigarh - Trib.)[2014] 31 ITR(T) 680 (Chandigarh - Trib.)
No addition merely on basis of statement recorded during survey if assessee retracted from said statement later on -IT : Where assessee retracted from surrender as same was obtained through intimidation and forged documents and no additional evidence was allowed to produce, addition would not be sustained Read More
 [2014] 50 60 (Jaipur - Trib.)
Export commission paid to foreign agent won't attract TDS if such agent didn't have PE in India -IT : Section 195 could not be invoked in respect of payment by assessee of commission on export sale made to a US company which had no permanent establishment in India Read More
 [2014] 50 53 (Hyderabad - Trib.)
Kurni Community is a backward class; trust established for its benefit couldn't be denied sec. 12AA registration -IT : Assessee-society, created for benifit of kurni community which was classified as a backward class, would come within exception provided under Explanation 2 to section 13 and, thus it could not be denied registration under section 12AA by invoking restriction imposed under section 13(1)(b) Read More
 [2014] 50 106 (Jodhpur - Trib.)[2014] 29 ITR(T) 444 (Jodhpur - Trib.)[2013] 158 TTJ 145 (Jodhpur - Trib.)
Processing of unfinished handicrafts goods amounts to manufacture eligible for sec. 10AA relief -IT: Where assessee after purchasing unfinished handicraft goods applied various processes like cutting, polishing, repairing, remaking, etc., and for that purpose, incurred substantial labour expenses, it could not be denied exemption under section 10AA on ground that it was not a manufacturing concern Read More
 [2014] 50 207 (Pune - Trib.)[2013] 158 TTJ 237 (Pune - Trib.)
Investment in REC bonds out of advance money received in an agreement to sell would qualify for sec. 54EC relief -IT : Where assessee had invested part of advance money received on agreement to sell of property in specified bonds prior to actual sale, such investment would qualify for exemption under section 54EC Read More
 [2014] 50 58 (Delhi - Trib.)[2014] 32 ITR(T) 1 (Delhi - Trib.)
Income earned by NR from supply of hardware alongwith embedded software was business receipt and not royalty -IT/ILT : Where assessee, a French Company, was engaged in business of manufacturing, trading and supplying of equipment and services for GSM cellular radio telephones system, revenue received by assessee on account of supply of software which was embedded in hardware was not in nature of royalty and therefore, it was to be taxed as business profits in accordance with article 7 of India-France DTAA Read More
 [2014] 51 215 (Mumbai - Trib.)
Consent fee paid to SEBI without admitting alleged violation by broker couldn’t be held as penalty; deduction allowed -IT: When SEBI accepted consent application (settlement application) without admitting or denying guilt by assessee-stock-broker, resultant consent fee paid to SEBI could not be equated with a "penalty" - The fee was paid for purpose of business, to settle a dispute with SEBI and to be able to conduct business without interruption - Thus, consent fee was allowable as business expenditure under section 37. Read More
 [2014] 50 442 (Hyderabad - Trib.)[2014] 33 ITR(T) 142 (Hyderabad - Trib.)
No revision by CIT if AO's act of allowing sec. 80-IA relief on sale of carbon credit wasn't prejudicial to revenue -IT : Non-mentioning of all issues on which enquiry was made by Assessing Officer in body of assessment order does not indicate lack of enquiry or non-application of mind Read More
 [2014] 50 450 (Mumbai - Trib.)[2014] 32 ITR(T) 477 (Mumbai - Trib.)
Assessing Officer couldn't tax arbitrarily the advance legal consultancy fees received by assessee form its client -IT : Where assessee a legal consultant, claimed to have received advance consultancy fee from parties representing them in matter pending before SEBI and after matter was decided by SEBI after 3 years same was booked and assessed Assessing Officer was injustified in assessing same in relevant year without considering chronological events before SEBI Read More
 [2014] 51 17 (Hyderabad - Trib.)[2014] 33 ITR(T) 356 (Hyderabad - Trib.)
Delay in filing of appeal couldn't be condoned on ground that sum papers were misplaced by staff of assessee -IT : If excise duty debited to profit and loss account is not paid at end of year, such amount should be added back in computation of income Read More
 [2014] 50 202 (Hyderabad - Trib.)
Loss arising in derivative transaction to hedge exchange rate and interest rate exposure wasn’t speculative -IT : Loss arising from derivative transactions which were entered into by assessee in order to hedge against exchange rate and interest risk exposure could not be treated as speculative loss, but as business loss Read More
 [2014] 50 423 (Lucknow - Trib.)[2014] 164 TTJ 430 (Lucknow - Trib.)
Assessee couldn't be deemed to be in default if bank mistakenly credited income-tax to account of CBEC -IT: Where bank credited tax deposited by assessee within time to CBEC account instead of CBDT account, for such a mistake committed by bank, assessee could not be held liable and interest imposed by revenue was not justified Read More
 [2014] 50 426 (Chennai - Trib.)[2014] 32 ITR(T) 152 (Chennai - Trib.)
Receipts from life memberships, which is utilized by trust to fulfil its objective, froms part of its capital fund -IT : Where amounts received by assessee-society towards different specific funds had been used by society for fulfilling objectives of such funds, said funds could not be treated as voluntary contributions in nature of income Read More
 [2014] 50 102 (Mumbai - Trib.)
No reassessment to curtail sec. 80-IC relief on basis of past order of AO if such claim was verified in assessment -IT : Where Assessing Officer on basis of earlier years order sought to re-open assessment though he had duly verified claim for deduction under section 80-IC in original assessment, reassessment was not valid Read More
 [2014] 50 101 (Mumbai - Trib.)
Sec. 54F relief denied as assessee had acquired another residential house within 1 year of transfer of capital asset -IT: While computing capital gains arising on transfer of a capital asset acquired by assessee under a gift or will, indexed cost of acquisition has to be computed with reference to year in which previous owner first held asset and not year in which assessee became owner of asset Read More
 [2014] 50 109 (Kolkata - Trib.)
No reassessment by AO to disallow sum paid to NR after holding that payment wasn't liable to TDS at assessment stage -IT : Where Assessing Officer having considered material on record, concluded that assessee was not required to deduct tax at source while making payment to non-resident, he could not subsequently reopen assessment merely on basis of change of opinion that payment in question was to be made after deducting tax at source Read More
 [2014] 50 112 (Ahmedabad - Trib.)[2013] 28 ITR(T) 561 (Ahmedabad - Trib.)
No sec. 41(1) addition as assessee had acknowledged trading liability and settled it in subsequent years -IT : Where assessee had acknowledged liability for purchases and such liability in subsequent years was either settled by returning goods or by making payment by account payee cheques, liability had not ceased so as to make addition under section 41(1) Read More
ORDER NO. 15/FT&TR/2014 [F.NO.500/15/2011-SO/FTD-I
CBDT reconstitutes DRP at various places consequent to change of designation of DRP members -IT/ILT : Section 144C of The Income-tax Act, 1961 - Dispute Resolution Panel (DRP) - Reference to - Constitution of DRPS at Delhi, Mumbai, Pune, Kolkata, Ahmedabad, Hyderabad, Bangalore and Chennai Read Morenew
NOTIFICATION NO. 66/2014 [F. NO. 279/MISC./66//201
CBDT authorizes Principal CITs to order CITs(A) to exercise powers and perform functions -IT : Section 120(1) and (2) of The Income-Tax Act, 1961 - Income-Tax Authorities - Jurisdiction of – Supersession of Notification No. SO 777(E), DATED 11-10-1990 Read More
NOTIFICATION NO. 68/2014 [F.No. 187/30/2014 (ITA-I
Principal Directors General, CITs, Directors General and Chief CITs shall be subordinate to CBDT: FinMin -IT : Section 118 of The Income-Tax Act, 1961 - Income-Tax Authorities - Control of - Notified Subordinate Officer - Amendment in Notification No. SO 359, Dated 30-3-1988 Read Morenew
NOTIFICATION NO. 70/2014 [F. NO. 187/37/2014 (ITA-
CBDT directs DGIT, Principal CITs, Chief CITs and CITs to exercise powers in respect of notified jurisdictions -IT : Section 120(1) and (2) of The Income-Tax Act, 1961 - Income-Tax Authorities - Jurisdiction of - Supersession of Notification No. SO 822(E), Dated 23-8-2001 Read Morenew
NOTIFICATION NO. 65/2014 [F. NO. 187/38/2014 (ITA-
CBDT revises cases or classes of cases in respect of which CIT (Exemptions) can exercise powers -IT : Section 120(1) and (2) of The Income-Tax Act, 1961 - Income-Tax Authorities - Jurisdiction of - Amendment in Notification No. SO 2754(E), Dated 22-10-2014 Read Morenew
NOTIFICATION NO. 69/2014 [F. NO. 187/37/2014 (ITA-
CBDT reconstitutes jurisdictions of Director General, Principal Directors and DITs (Investigations) -IT : Section 120(1) and (2) of The Income-Tax Act, 1961 - Income-Tax Authorities - Jurisdiction of - Amendment in Notification No. SO 1189(E), Dated 3-12-2001 Read Morenew
NOTIFICATION NO. 67/2014 [F. NO. 187/29/2014 (ITA-
CBDT empowers Principal Chief CIT, Chief CIT and CIT of International Taxation to distribute work amongst TPOs -IT/ILT : Section 120(1) and (2) of The Income-Tax Act, 1961 - Income-Tax Authorities - Jurisdiction of - Amendment in Notification No. SO 2816(E), Dated 3-11-2014 Read Morenew
NOTIFICATION NO. 64/2014 [F. NO. 187/40/2014 (ITA-
CBDT directs ACITs and JCITs to exercise powers and perform functions of AOs in respect of notified jurisdictions -IT : Section 120(1) and (2) of The Income-Tax Act, 1961 - Income-Tax Authorities - Jurisdiction of - Supersession of Notification No. SO 889(E), Dated 17-9-2001 Read Morenew
NOTIFICATION NO. 62/2014 [F. NO. 187/19/2014 (ITA.
CBDT revises jurisdictions of CITs (LTU) -IT : Section 120(1) and (2) of The Income-Tax Act, 1961 - Income-Tax Authorities - Jurisdiction of – Amendment In Notification No. SO 1615(E), Dated 26-9-2006; Notification No.SO 2022(E), Dated 30-11-2007; Notification No.SO 739(E), Dated 27-3-2008; Notification No. SO 1217(E), Dated 26-5-2008 and Notification No. SO 3249(E), Dated 25-10-2013 Read Morenew
NOTIFICATION NO.61/2014 [F.NO. 142/5/2014-TPL]/SO
Principal CITs/CITs get power to grant Sec. 10(23C) approval; CITs get more time for deciding on Sec. 80G approvals -IT : Income-Tax (Eleventh Amendment) Rules, 2014 – Amendment In Rules 2C, 2CA, 11AA, Form 10A, Form 56 and Form 56D Read More
I- T dept seizes Rs. 135 cr from Sahara premises -I- T dept seizes Rs. 135 cr from Sahara premises [25-11-2014] Read Morenew
PMO: Find more ways to bring black money -PMO: Find more ways to bring black money [25-11-2014] Read Morenew
Budget to unveil second generation reforms, says finance minister -Budget to unveil second generation reforms, says finance minister [24-11-2014] Read More
India 156th in ease of paying taxes -India 156th in ease of paying taxes [22-11-2014] Read More
Unsustainable tax demand will only earn a bad name: FM -Unsustainable tax demand will only earn a bad name: FM [22-11-2014] Read More
Govt Seeks A-G View on Next Step in Voda, Shell Cases -Govt Seeks A-G View on Next Step in Voda, Shell Cases [21-11-2014] Read More
Swiss closer to automatic tax info exchange -Swiss closer to automatic tax info exchange [20-11-2014] Read More
SIT on black money to create national database -SIT on black money to create national database [20-11-2014] Read More
I-T department likely to suggest SC appeal -I-T department likely to suggest SC appeal [20-11-2014] Read More
Black money concerns over relaunched Kisan Vikas Patra -Black money concerns over relaunched Kisan Vikas Patra [20-11-2014] Read More
Shell wins transfer- pricing tax dispute in Bombay HC -Shell wins transfer- pricing tax dispute in Bombay HC [19-11-2014] Read More
HC decides TP issue of undervaluation of shares in favour of shell; follows ratio of Vodafone's case -On November 18, 2014 the Bombay High Court held in favour of Shell India on the issue of applicability of Transfer Pricing provisions in case of issue of shares. In this regard, the High relied upon decision in the case of Vodafone India Services (P.) Ltd. v. Union of India [2014] 50 300 (Bombay). It held that Transfer Pricing provisions would not be applicable on alleged undervaluation of shares issued to foreign parent company, as there was no income arising therefrom. The High Cou [19-11-2014] Read More
2weeks to go for sending tax returns verification -2weeks to go for sending tax returns verification [18-11-2014] Read More
Settlement Application - Assessment deemed to be concluded when order is made and not when served; CBDT clarifies -Finance Act, 2007 - Explanatory Notes on provisions relating to Direct Taxes – Clarification on para 61.2 of Circular No.3 of 2008, dated 12-3-2008 dealing with Revised Settlement Scheme [17-11-2014] Read More
No TDS on deposits with court -No TDS on deposits with court [17-11-2014] Read More
Petition on share round- tripping lands at Bombay High Court -Petition on share round- tripping lands at Bombay High Court [17-11-2014] Read More
G20 endorses India’s stance on black money -G20 endorses India’s stance on black money [17-11-2014] Read More
CBDT Chairperson inaugurates Taxpayers' Lounge at Trade Fair-2014 -IT : Income Tax Department at Trade Fair 2014 [14-11-2014] Read More
NGO grouping wants India to push for black money information sharing -NGO grouping wants India to push for black money information sharing [13-11-2014] Read More
Money Paid Under Consent Settlement Can be Treated as Business Expense: ITAT -Money Paid Under Consent Settlement Can be Treated as Business Expense: ITAT [12-11-2014] Read More
Burman’s Swiss account had money from unknown entities where he was director -Burman’s Swiss account had money from unknown entities where he was director [12-11-2014] Read More
Toyota, Mitsui, Marubeni to sign first set of pacts -Toyota, Mitsui, Marubeni to sign first set of pacts [12-11-2014] Read More