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Year: 2014

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DATE: November 10, 2014 (Date of pronouncement)
DATE: November 28, 2014 (Date of publication)
AY: 2008-09
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S. 255(3): Action of ITAT President in forming Special Bench lacking in propriety

During the pendency of the assessee’s appeal before the Division Bench of the Tribunal, the CBDT addressed a letter to the President of the Tribunal and sought the constitution of a Special Bench u/s 255(3) for hearing the appeal. The …

Jagati Publications Ltd vs. ITAT (Bombay High Court) Read More »

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DATE: November 24, 2014 (Date of pronouncement)
DATE: November 27, 2014 (Date of publication)
AY: 2003-04
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S. 271(1)(c): Before proceeding to the Explanation below s. 271 and putting the responsibility on the assessee, it is necessary for the AO to first demonstrate that the assessee's explanation or conduct is not reasonable on human probabilities, or that it was in the nature of violating settled legal positions. If the explanation is not fanciful, baseless or unacceptable, penalty cannot be levied

A legal contention raised bonafide by the assessee claiming the amounts to be capital receipt, only because the same was not accepted, by itself cannot be said to be act of fraud or gross or wilful negligence. Merely because the …

CIT vs. Rucha Engineers Pvt. Ltd (Bombay High Court) Read More »

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DATE: November 11, 2014 (Date of pronouncement)
DATE: November 27, 2014 (Date of publication)
AY: 2000-01
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S. 158BD: Issue of notice u/s 158BD to the non-searched party has to be within the two years period given to the AO for completion of block assessment u/s 158BE(1)

The AO passed an order u/s 158BC in the case of Sree Gokulam Chits and Finance Company Limited. After the expiry of two years, he initiated proceedings u/s 158BD against the assessee. The Tribunal struck down the s. 158BD proceedings …

CIT vs. V. D. Muralidharan (Madras High Court) Read More »

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DATE: October 7, 2014 (Date of pronouncement)
DATE: November 24, 2014 (Date of publication)
AY: 2007-08
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CITATION:
S. 80-!B(10): Law laid down in Radhe Developers 341 ITR 483 (Guj) on "works contract" is not affected by the law laid down by the Supreme Court in Larsen and Toubro Limited (2014) 1 SCC 708 and K. Raheja Development Corporation (2005) 141 STC 298

The department argued that the judgement in Commissioner of Income-tax v. Radhe Developers, (2012) 341 ITR 483 (Guj.) which draws a distinction between a “development contract” and a “works contract” and which holds that the benefit of s. 80-IB(10) is …

CIT vs. Vishal Developers (Gujarat High Court) Read More »

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DATE: November 17, 2014 (Date of pronouncement)
DATE: November 24, 2014 (Date of publication)
AY: 2009-10
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S. 14A Rule 8D: No presumption can be drawn that investment in tax-free securities has come from own funds. The amount of disallowance has to be added to the book profits u/s 115JB

(i) As regards the claim qua disallowance of interest expenditure, the argument of sufficient capital, so that the same must be presumed as having been applied toward investments yielding tax exempt income, misses the point completely. The matter has to …

Ferani Hotels Pvt. Ltd vs. ACIT (ITAT Mumbai) Read More »

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DATE: November 13, 2014 (Date of pronouncement)
DATE: November 24, 2014 (Date of publication)
AY: 2002-03
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S. 253(3): Delay of 1163 days in filing the appeal due to languid and inane conduct of the assessee cannot be condoned as it would result in the limitation period becoming otiose

(i) We are of the view that there is an extraordinary delay of 1163 days in filing this appeal for which assessee has to show “sufficient cause” but the cause shown by the assessee may be considered a “sufficient cause” …

SRF Limited vs. ACIT (ITAT Delhi) Read More »

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DATE: November 17, 2014 (Date of pronouncement)
DATE: November 19, 2014 (Date of publication)
AY: 2006-07
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CUP method can be applied by a comparing a pricing formulae, rather than the pricing quantification in amount. Rule 10AB inserted w.e.f. 01.04.2012 is beneficial in nature and so retrospective w.e.f. 01.04.2002

The assessee followed the 50:50 business model of sharing residual profits in equal ratio with the service provider at the other end of the transaction i.e. at the consignee’s end in the case of export transaction and at consigner’s end …

Toll Global Forwarding India Pvt Ltd vs. DCIT (ITAT Delhi) Read More »

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DATE: October 31, 2014 (Date of pronouncement)
DATE: November 19, 2014 (Date of publication)
AY: 2005-06
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Disallowance u/s 184(5) of interest, salary etc paid by a firm to partners cannot be made if the Best Judgement assessment u/s 144 is due to incompleteness of accounts & not due to failures referred to in s. 144

The Tribunal had to consider whether disallowances for payments in respect of remuneration and interest on capital paid to the partners, in computation of taxable income of the firm, can be made under section 184(5) when even though assessment is …

M/s Vijay Veer Singh vs. ITO (ITAT Agra) Read More »

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DATE: November 14, 2014 (Date of pronouncement)
DATE: November 18, 2014 (Date of publication)
AY: 2003-04 to 2008-09
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S. 153A/ 153C: Entire law on recording of satisfaction by the AO and limitation period explained

(i) It must not be lost sight of that s. 153C of the Act and 158BD of the Act are draconian in nature when accounts of the person or entity other than the person searched are reopened automatically and revenue …

ACIT vs. Inlay Marketing Pvt. Ltd (ITAT Delhi) Read More »

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DATE: November 14, 2014 (Date of pronouncement)
DATE: November 18, 2014 (Date of publication)
AY: 2010-11 & 2011-12
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CITATION:
The term "any sum" in s. 194LA TDS does not cover a case where there is no monetary consideration but Development Right’s Certificate (DRC) are issued

The issue that arises for consideration is as to whether provisions of s.194LA of the Act are applicable to a case where (a) there was no compulsory acquisition; (b) there was no payment of any monetary consideration. (i) The process …

Bruhat Bangalore Mahanagar Palike vs. ITO (ITAT Bangalore) Read More »