"23 September 2015" Archive

Writ in Karnataka HC for Extension of TAR/ITR Due Date

Karnataka State Chartered Accountant Society (KSCAA) & Sri.Raveendra S.Kore vs Union of India & CBDT (Karnataka High Court ), Writ Petition (WP) 41109/2015, 41110/2015. Updated on 28.09.2015- Hon’ble Karnataka high court directed CBDT to consider the representation of KSCAA by 29.09.2015. - ...

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Posted Under: Income Tax |

Addition in case of own mischief of assessee will not amount to double taxation – HC

R.B. Shreeram Durgaprasad (P) Ltd. Vs The CIT (Bombay High Court)

Bombay High court held In the case of R.B. Shreeram Durgaprasad (P) Ltd. vs. The CIT that concept of double taxation is not attracted in the present matter. The Export firm has to pay tax as it has actually utilized that amount as its income while the assessee has to pay tax as it attempted to conceal that income....

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Periodic payments are covered under section 40(c)(iii) but Lumpsum Payment are not : HC

M/s Nagpur Engineering Co. Pvt. Ltd. Vs Commissioner of Income Tax, Nagpur (Bombay High Court)

Bombay High court held In the case of M/s Nagpur Engineering Co. Pvt. Ltd. vs. CIT. that in order to attract ceiling u/s 40(c), the payment must be a periodical payment. A Lumsum payment or one time payment is not covered under section 40(c) of Income Tax Act, 1961....

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Deduction U/s. 80P(2)(a) allowable to Co-Op. banks on Commission on collection of electricity bills & prepayment facility: HC

The CIT Vs Amravati District Central Cooperative Bank Ltd. (Bombay High Court)

Bombay High court held In the case of CIT vs. Amravati District Central Cooperative Bank Ltd. that following the judgment of (2003) 264 ITR (38) (Bom.) (CIT vs. Ahmednagar District Central Cooperative Bank Ltd.) ...

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Distance for agricultural land prior to A.Y. 2014-15 is to be measured by approach road & not by straight line/ aerial method : HC

The CIT Vs Nitish Rameshchandra Chordia, & Others (Bombay High Court)

Bombay High court held In the case of The CIT vs. Nitish Rameshchandra Chordia & others. that amendments in the statute unless a different legislative intention is clearly expressed, shall operate prospectively....

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Loan to Shareholders in the course of lending business cannot be treated as deemed dividend

I.T.O Ward 29(4), Kolkata Vs Shri Piyush Jalan (ITAT Kolkata)

ITAT Kolkata has held in the case ITO Vs. Piyush Jalan that where lending of money is substantial part of the business of the concerned company and any advance or loan is made by it to a shareholder in the ordinary course of its business...

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Section 68 Cannot be invoked merely on the basis of Presumptions

Mukesh V. Prajapati Vs I.T.O. Ahmedabad (ITAT Ahmedabad)

It has been held in case of Mukesh V. Prajapati Vs ITO (Ahmedabad ITAT), that the amount of cash credits shown as loan taken from various relatives , cannot be added as unexplained credit under sec 68 just on the presumption that the sources of the fund is not genuine...

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Section 68 Cannot be invoked if Creditor’s Identity, Mode of Payment & Repayment proved

M/s. Jindal (India) Textiles Vs I.T.O. Ward 2(2), Surat (ITAT Ahmedabad)

In the case of M/s. Jindal (India) Textiles Vs. ITO the Hon’ble ITAT held that once creditors’ identity, mode of payment and repayment, assessee’s books of accounts proved the impugned credit transactions...

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No addition for mere sharp decline in G.P ratio in absence of collaborating evidence

Principal Commissioner of Income Tax Vs M/s Hues India Pvt. Ltd. (Rajasthan High Court)

In the case of of Pr. CIT vs. M/s Hues India Pvt. Ltd., High court of Rajasthan bench at Jaipur held that that quantum and penalty proceedings under the Act stand on a different footing and relying on decision in case of CIT v. Gotan Lime Khanij Udyog reported in 2002 (256) ITR 243 and Malani Ramjivan ...

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Keyman insurance expenses allowable if conditions u/s 10(10D) fulfilled

Suri Sons Vs Additional Commissioner of Income Tax (ITAT Amritsar)

In the case of Suri Sons vs. ACIT - ITAT Amritsar has held that that once life insurance policy has been sold as a life insurance policy on the keyman to the business, as long as it is in the nature of life insurance policy...

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