ITAX-Baroda - 1

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Kapil Goel
11/17/14
Fwd: Bangalore bench ITAT detailed order on TDS applicability on payments in kind; connotation of word "sum" SC order in Kanchangenga distinguished and held We are in complete agreement with the contention of the learned counsel for the Assessee that the provisions for deducting tax at source and paying it over to the Government on behalf of the recipient of the payment is in the nature of vicarious liability. The said liability can be easily and without any effort can be discharged when payment of compensation in a sum of money i.e., in the form of monetary compensation. At least in cases where the quantification of the sum of money takes place in terms of money but the payment or discharge of the liability is made by adjustment which is otherwise than by payment of monetary compensation, it can be said that there would still be a liability. But where neither there is quantification of the sum payable in terms of money nor actual payment in monetary terms, it would be unfair to burd
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Fwd: Bangalore bench ITAT detailed order on TDS applicability on payments in kind; connotation of word "sum" SC order in Kanchangenga distinguished and held We are in complete agreement with the contention of the learned counsel for the Assessee that the provisions for deducting tax at source and paying it over to the Government on behalf of the recipient of the payment is in the nature of vicarious liability. The said liability can be easily and without any effort can be discharged when payment of compensation in a sum of money i.e., in the form of monetary compensation. At least in cases where the quantification of the sum of money takes place in terms of money but the payment or discharge of the liability is made by adjustment which is otherwise than by payment of monetary compensation, it can be said that there would still be a liability. But where neither there is quantification of the sum payable in terms of money nor actual payment in monetary terms, it would be unfair to burd
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11/17/14
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Kapil Goel
9/19/14
Delhi high court order explaining at length meaning of individual words managerial , technical and consultancy services u/s 9(1)(vii) (held how they are interpreted and understood by the persons engaged in business and by the common man who is aware and understands the said terms is relevant; rvices consists of services of technical nature, when special skills or knowledge relating to technical field are required for their provision, managerial services are rendered for performing management functions and consultancy services relate to provision of advice by someone having special qualification that allow him to do so.) OECD Report on e-commerce AGREED on Tax Treaty Characterisation Issues arising from e-commerce)
Delhi high court order explaining at length meaning of individual words managerial , technical and
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Delhi high court order explaining at length meaning of individual words managerial , technical and consultancy services u/s 9(1)(vii) (held how they are interpreted and understood by the persons engaged in business and by the common man who is aware and understands the said terms is relevant; rvices consists of services of technical nature, when special skills or knowledge relating to technical field are required for their provision, managerial services are rendered for performing management functions and consultancy services relate to provision of advice by someone having special qualification that allow him to do so.) OECD Report on e-commerce AGREED on Tax Treaty Characterisation Issues arising from e-commerce)
Delhi high court order explaining at length meaning of individual words managerial , technical and
9/19/14
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Kapil Goel
9/18/14
DS issue: Mumbai ITAT in Aditya Birla Ltd case on allowability of provision u/s 37 read with section 40(a)(ia): tax deduction at source (where assessee not received the bills under various heads, held that provisions of tax deducting at source were not applicable for the provisions made );Real estate: Method of accounting and year of taxability of income: mere allotment letters cannot accrue income and section 2(47) TRANSFER definition limitedly applies to capital gains and not business head;interest u/s 201(1A): Held for the delay in deposit of TDS on account of circumstances beyond the control of the assessee, the assessee should not be held to be in default and interest under section 201(1A) of the Act should not be charged.
Included in this update: i) TDS issue: Mumbai ITAT in Aditya Birla Ltd case on allowability of
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DS issue: Mumbai ITAT in Aditya Birla Ltd case on allowability of provision u/s 37 read with section 40(a)(ia): tax deduction at source (where assessee not received the bills under various heads, held that provisions of tax deducting at source were not applicable for the provisions made );Real estate: Method of accounting and year of taxability of income: mere allotment letters cannot accrue income and section 2(47) TRANSFER definition limitedly applies to capital gains and not business head;interest u/s 201(1A): Held for the delay in deposit of TDS on account of circumstances beyond the control of the assessee, the assessee should not be held to be in default and interest under section 201(1A) of the Act should not be charged.
Included in this update: i) TDS issue: Mumbai ITAT in Aditya Birla Ltd case on allowability of
9/18/14
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Kapil Goel
9/16/14
Mumbai ITAT holds: compensation is mainly towards damage for breach of trust or fraud, can't be taxed under any heads of income; Bang ITAT on retro amendment in section 195 (finance act 2012) explanation 2 holds cannot be pressed to invoke tds for earlier/previous payments! (refer SC 5 judge bench latest order also)
THE INCOME TAX APPELLATE TRIBUNAL “L” BENCH, MUMBAI ITA no. 2551/Mum./2009 Assessment Year : 2005–06
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Mumbai ITAT holds: compensation is mainly towards damage for breach of trust or fraud, can't be taxed under any heads of income; Bang ITAT on retro amendment in section 195 (finance act 2012) explanation 2 holds cannot be pressed to invoke tds for earlier/previous payments! (refer SC 5 judge bench latest order also)
THE INCOME TAX APPELLATE TRIBUNAL “L” BENCH, MUMBAI ITA no. 2551/Mum./2009 Assessment Year : 2005–06
9/16/14
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Kapil Goel
9/14/14
Delhi ITAT in case of LDS Engineers on AO's duty, approach and Onus u/s 40(a)(ia) TDS disallowance section highlighted; Madras high court where assessee has given a special right or privilege to the franchisees to undertake a particular business in the property of the assessee on receipt of franchisee fee is clearly in the nature of business income & not income from house property; Section 205 bar on direct recovery once TDS done Madras high court order; Section 153A invalid order on dissolved firm detailed pune bench ITAT order; ITAT expresses displeasure over "AO/CIT had sent the scrutiny report/approved the filing of second appeal in a very casual manner"!
IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH 'D', NEW DELHI ITA No. 2082/Del/2010 : Asstt
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Delhi ITAT in case of LDS Engineers on AO's duty, approach and Onus u/s 40(a)(ia) TDS disallowance section highlighted; Madras high court where assessee has given a special right or privilege to the franchisees to undertake a particular business in the property of the assessee on receipt of franchisee fee is clearly in the nature of business income & not income from house property; Section 205 bar on direct recovery once TDS done Madras high court order; Section 153A invalid order on dissolved firm detailed pune bench ITAT order; ITAT expresses displeasure over "AO/CIT had sent the scrutiny report/approved the filing of second appeal in a very casual manner"!
IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH 'D', NEW DELHI ITA No. 2082/Del/2010 : Asstt
9/14/14
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Kapil Goel
9/11/14
Capital Gains Word "Held" for computing period of holding in short term and long term explained at length by Delhi high court in case of Frick India; Kolkatta ITAT on reopening for accommodation entry on general and vague "survey" statement/disclosure which is non specific held bad in law; Duty of subordinate court to apply special bench ITAT in Merilyn as per AP high court decision highlighted by Mumbai ITAT in Amit Naresh Sinha case; Capital receipt non taxable : discharging supplier from sale of equipment and related receipt;
IN THE HIGH COURT OF DELHI AT NEW DELHI Date of decision: 2nd September, 2014 + ITA 146/2002 FRICK
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Capital Gains Word "Held" for computing period of holding in short term and long term explained at length by Delhi high court in case of Frick India; Kolkatta ITAT on reopening for accommodation entry on general and vague "survey" statement/disclosure which is non specific held bad in law; Duty of subordinate court to apply special bench ITAT in Merilyn as per AP high court decision highlighted by Mumbai ITAT in Amit Naresh Sinha case; Capital receipt non taxable : discharging supplier from sale of equipment and related receipt;
IN THE HIGH COURT OF DELHI AT NEW DELHI Date of decision: 2nd September, 2014 + ITA 146/2002 FRICK
9/11/14
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Kapil Goel
9/8/14
Pune ITAT on section 40A(3) cash payment exceeding prescribed limits "for maintaining the constant suppliers if the assessee is compel to make the payment in cash then the harsh provisions like Sec. 40A(3) should not be evoked." Luck ITAT on reopening notice u/s 148 cannot be issued till time is available for filing return u/s 139(4) belated return; Luck ITAT rev fav orders: scrutiny selection on computer basis & tds u/s 195 applicable on advance payment "interest" labelled as discount (to foreign buyers) & Karnataka high court on section 54: house meaning & Section 148 notice service!
IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “B”, PUNE ITA No. 376/PN/2013 Assessment Year : 2009-
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Pune ITAT on section 40A(3) cash payment exceeding prescribed limits "for maintaining the constant suppliers if the assessee is compel to make the payment in cash then the harsh provisions like Sec. 40A(3) should not be evoked." Luck ITAT on reopening notice u/s 148 cannot be issued till time is available for filing return u/s 139(4) belated return; Luck ITAT rev fav orders: scrutiny selection on computer basis & tds u/s 195 applicable on advance payment "interest" labelled as discount (to foreign buyers) & Karnataka high court on section 54: house meaning & Section 148 notice service!
IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “B”, PUNE ITA No. 376/PN/2013 Assessment Year : 2009-
9/8/14
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Kapil Goel
9/5/14
Hyd ITAT detailed order on books significance and duty/approach of AO u/s 145; Mumbai bench ITAT on marketing and sale support to promote new products in overseas markets is revenue expense (Section 37) and not technical services (9(1)(vii)) and no tds required u/s 195; Mak Data Supreme Court analysed by ITAT and Madras high court (ass fav & rev fav) concealment penalty /271(1)(C)detailed orders; director commission part of salary and tds applicable u/s 192 and not section 194H and salary no disallowance till AY 2014-2015 in 40(a)(ia); Bang ITAT TDS on hotel booking u/s 194c?
IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH “A”, HYDERABAD BEFORE SHRI PM JAGTAP, ACCOUNTANT
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Hyd ITAT detailed order on books significance and duty/approach of AO u/s 145; Mumbai bench ITAT on marketing and sale support to promote new products in overseas markets is revenue expense (Section 37) and not technical services (9(1)(vii)) and no tds required u/s 195; Mak Data Supreme Court analysed by ITAT and Madras high court (ass fav & rev fav) concealment penalty /271(1)(C)detailed orders; director commission part of salary and tds applicable u/s 192 and not section 194H and salary no disallowance till AY 2014-2015 in 40(a)(ia); Bang ITAT TDS on hotel booking u/s 194c?
IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH “A”, HYDERABAD BEFORE SHRI PM JAGTAP, ACCOUNTANT
9/5/14
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Kapil Goel
9/1/14
Landmark Karnataka high court order on TDS defaults in Kingfisher case (Rav Fav) on i) Scope and ambit of first appellate authority vis a vis duty of assessee to place all material to counter AO's allegations ii) Competent authority to pass orders u/s 201 : regular TDS AO; iii) Tax Audit report data can be used to issue notices u/s 201 (read in light of amended clause 37(a),(b) and (c) in amended TAR) hold Kingfisher liable to pay outstanding TDS dues as admitted; four months given to reconciling Held ITAT grossly erred to upset CIT-A orders (detailed communication of vijay mallya reproduced in the orders)
Karnataka high court in Kingfisher Airlines case decided on 15/7/2014 i) Basis of issuance of notice
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Landmark Karnataka high court order on TDS defaults in Kingfisher case (Rav Fav) on i) Scope and ambit of first appellate authority vis a vis duty of assessee to place all material to counter AO's allegations ii) Competent authority to pass orders u/s 201 : regular TDS AO; iii) Tax Audit report data can be used to issue notices u/s 201 (read in light of amended clause 37(a),(b) and (c) in amended TAR) hold Kingfisher liable to pay outstanding TDS dues as admitted; four months given to reconciling Held ITAT grossly erred to upset CIT-A orders (detailed communication of vijay mallya reproduced in the orders)
Karnataka high court in Kingfisher Airlines case decided on 15/7/2014 i) Basis of issuance of notice
9/1/14
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Kapil Goel
8/28/14
Allahabad high court on reopening u/s 148 reasons "live nexus" with addition in assessment sine qua non otherwise whole proceedings bad; cash credit source of source cannot be asked (itat order order) ass fav decision on loans : section 68; Madras high court agricultural land capital gains relevant principles (itat reversed) ass fav order section 2(14) capital asset;Allahabad high court on conversion of firm to co. under chapter IX companies act no transfer & no capital gains; P&H high court on addition of cash sales (unproved and unexplained) held rightly added u/s 68 and rule 27 ITAT limited scope;
HIGH COURT OF JUDICATURE AT ALLAHABAD AFR Court No. 33 Income Tax Appeal No. 264 of 2005 Commissioner
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Allahabad high court on reopening u/s 148 reasons "live nexus" with addition in assessment sine qua non otherwise whole proceedings bad; cash credit source of source cannot be asked (itat order order) ass fav decision on loans : section 68; Madras high court agricultural land capital gains relevant principles (itat reversed) ass fav order section 2(14) capital asset;Allahabad high court on conversion of firm to co. under chapter IX companies act no transfer & no capital gains; P&H high court on addition of cash sales (unproved and unexplained) held rightly added u/s 68 and rule 27 ITAT limited scope;
HIGH COURT OF JUDICATURE AT ALLAHABAD AFR Court No. 33 Income Tax Appeal No. 264 of 2005 Commissioner
8/28/14
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Kapil Goel
8/25/14
Fwd: Phrase “wholly for religious purposes” or “wholly for religious and charitable purposes” as used in section 115BBC (dealing with anonymous donations) exempting religious institutions etc Held to be interpreted liberally in light of well-accepted fact that all the major religions of the world with one voice eulogise the importance of taking care of the old, infirm, disabled, visited by misfortune etc. on account of some natural or man-made calamity, widowed, orphaned etc. and these discussions/lectures are not divorced from religion as mankind is exhorted in the name of God and saints to take care of the weak and the needy.
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Fwd: Phrase “wholly for religious purposes” or “wholly for religious and charitable purposes” as used in section 115BBC (dealing with anonymous donations) exempting religious institutions etc Held to be interpreted liberally in light of well-accepted fact that all the major religions of the world with one voice eulogise the importance of taking care of the old, infirm, disabled, visited by misfortune etc. on account of some natural or man-made calamity, widowed, orphaned etc. and these discussions/lectures are not divorced from religion as mankind is exhorted in the name of God and saints to take care of the weak and the needy.
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8/25/14
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Kapil Goel
8/23/14
Fwd: ITAT Orders on Wealth tax covering taxability of land u/s 2(ea) as taxable asset where construction not permitted and where building constructed are not taxable ; valuation for business residential units revaluation to be ignored; On Alleged bogus purchases where supplier held by Sale tax deptt as HAWALA dealer mere suspicion lack of adequate enquiry by Ld AO and closing stock includes purchase; held purchase genuine; gift from relative plain paper declaration sufficient and adequate held; TDS on advance not ipso facto income; section 14A/Rule 8D interest element crucial factors highlighted
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Fwd: ITAT Orders on Wealth tax covering taxability of land u/s 2(ea) as taxable asset where construction not permitted and where building constructed are not taxable ; valuation for business residential units revaluation to be ignored; On Alleged bogus purchases where supplier held by Sale tax deptt as HAWALA dealer mere suspicion lack of adequate enquiry by Ld AO and closing stock includes purchase; held purchase genuine; gift from relative plain paper declaration sufficient and adequate held; TDS on advance not ipso facto income; section 14A/Rule 8D interest element crucial factors highlighted
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8/23/14
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Kapil Goel
8/22/14
Fwd: Rev Fav ITAT orders : issues relating to conversion of stock to investment of shares to take concessional benefits of capital gains head found on facts not proper/genuine ; interest element can be claimed against cost of capital asset provided same is capitalized as per accounting ; inflated purchases book rejection & profit estimation upheld; charitable trust selling immovable property at less than circle rate held if actual sale price investment in new FDR (AS PER 11(1a)) then as per Gyna chand batra itat, no capital gains on trust for excess deemed consideration u/s 50C; prior period expense issue dealt in detail
IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI ITA No.7122/Mum/2012 Assessment Year : 2009-
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Fwd: Rev Fav ITAT orders : issues relating to conversion of stock to investment of shares to take concessional benefits of capital gains head found on facts not proper/genuine ; interest element can be claimed against cost of capital asset provided same is capitalized as per accounting ; inflated purchases book rejection & profit estimation upheld; charitable trust selling immovable property at less than circle rate held if actual sale price investment in new FDR (AS PER 11(1a)) then as per Gyna chand batra itat, no capital gains on trust for excess deemed consideration u/s 50C; prior period expense issue dealt in detail
IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI ITA No.7122/Mum/2012 Assessment Year : 2009-
8/22/14
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Kapil Goel
8/18/14
Rev and Ass Fav recent decisions on sec 271(1)(C) compilation : MAK DATA Supreme Court Concealment penalty decision (358 ITR 593) Vs Price Waterhouse decision (348 ITR 306)as interpreted and applied by High Courts and ITAT in context of voluntary vs forced/compelled surrender ; revised return u/s 139(5); incriminating material unearthed during search/survey, explanation and bonafides Vis a Vis concealment penalty u/s 271(1)(c)
MAK DATA Supreme Court Concealment penalty decision as interpreted and applied by High Courts and
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Rev and Ass Fav recent decisions on sec 271(1)(C) compilation : MAK DATA Supreme Court Concealment penalty decision (358 ITR 593) Vs Price Waterhouse decision (348 ITR 306)as interpreted and applied by High Courts and ITAT in context of voluntary vs forced/compelled surrender ; revised return u/s 139(5); incriminating material unearthed during search/survey, explanation and bonafides Vis a Vis concealment penalty u/s 271(1)(c)
MAK DATA Supreme Court Concealment penalty decision as interpreted and applied by High Courts and
8/18/14
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Kapil Goel
8/16/14
Nonchalance reopening action on inexplicable reasons (without application of mind) quashed by delhi ITAT as reflected from manner of recording of reasons (Delhi high court Suren 357 ITR 24 applied) and Fresh/external material must to reopen a case otherwise action would become impermissible review; Reasons cannot be improved says Allahabad high court and Capital gains section 54/54f exemption liberal and wider interpretation in favor of assessee explained ay length in case of CIT vs Kuldeep Singh by Delhi high court taking support from SC decision in Sanjeev Lal vs CIT; Pune ITAT on section 54B (agreement based deduction allowed)
IN THE HIGH COURT OF DELHI AT NEW DELHI Reserved on: 12.05.2014 Pronounced on: 14.08.2014 WP(C) 1320/
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Nonchalance reopening action on inexplicable reasons (without application of mind) quashed by delhi ITAT as reflected from manner of recording of reasons (Delhi high court Suren 357 ITR 24 applied) and Fresh/external material must to reopen a case otherwise action would become impermissible review; Reasons cannot be improved says Allahabad high court and Capital gains section 54/54f exemption liberal and wider interpretation in favor of assessee explained ay length in case of CIT vs Kuldeep Singh by Delhi high court taking support from SC decision in Sanjeev Lal vs CIT; Pune ITAT on section 54B (agreement based deduction allowed)
IN THE HIGH COURT OF DELHI AT NEW DELHI Reserved on: 12.05.2014 Pronounced on: 14.08.2014 WP(C) 1320/
8/16/14
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Kapil Goel
8/13/14
ITAT decisions on interpretation of section 14A & Rule 8D holding where assessee suo motto disallowed/not claimed direct expenses for share activity like demat, STT and Portfolio management expenses no mechanical application of rule 8D/section 14A; Kol ITAT relying on Goa bench Sesa Goa deleted 14A disallowance; Chennai ITAT holding Special bench Chemivest overruled by high court decisions that where no exempt income no disallowance u/s 14A & 8D; AO mechanical reliance on rule 8D jettisoned; Pune ITAT on mortgaged property not includible for wealth tax u/s 2(m); Share activity business or investment; Luck ITAT on direct reopening on investigation wing report rejected and self assessment tax penalty u/s 140A & sec.221 not attracted if all tax paid under valid revised return;
IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE Date of Pronouncement : 31-07-201\ Mrs.
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ITAT decisions on interpretation of section 14A & Rule 8D holding where assessee suo motto disallowed/not claimed direct expenses for share activity like demat, STT and Portfolio management expenses no mechanical application of rule 8D/section 14A; Kol ITAT relying on Goa bench Sesa Goa deleted 14A disallowance; Chennai ITAT holding Special bench Chemivest overruled by high court decisions that where no exempt income no disallowance u/s 14A & 8D; AO mechanical reliance on rule 8D jettisoned; Pune ITAT on mortgaged property not includible for wealth tax u/s 2(m); Share activity business or investment; Luck ITAT on direct reopening on investigation wing report rejected and self assessment tax penalty u/s 140A & sec.221 not attracted if all tax paid under valid revised return;
IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE Date of Pronouncement : 31-07-201\ Mrs.
8/13/14
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Kapil Goel
8/6/14
Karnataka high court full text of order in case of Canara housing (25/7/2014) overruling special bench ITAT all cargo order on scope of search assessment u/s 153A not confined to incriminating material (applies DHC in Anil Bhatia case); Karnataka high court order in Jayesh Mehta case on search/survey assessment for suppressed receipts only on profit element @2% ; Mumbai ITAT in GECF Asia Limited on India Thailand DTAA where Technical service clause is missing held mere advisory & consultancy services cannot be treated as royalty under head of "consideration for information concerning industrial, commercial, scientific experience" & Allahabad high court detailed orders in LG case on international taxation for business connection & permanent establishment (detailed principles laid down); Allahabad high court on section 10(23c) educational institution cases (eligibility criteria discussed)!
Karnataka high court full text of order in case of Canara housing (25/7/2014) overruling special
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Karnataka high court full text of order in case of Canara housing (25/7/2014) overruling special bench ITAT all cargo order on scope of search assessment u/s 153A not confined to incriminating material (applies DHC in Anil Bhatia case); Karnataka high court order in Jayesh Mehta case on search/survey assessment for suppressed receipts only on profit element @2% ; Mumbai ITAT in GECF Asia Limited on India Thailand DTAA where Technical service clause is missing held mere advisory & consultancy services cannot be treated as royalty under head of "consideration for information concerning industrial, commercial, scientific experience" & Allahabad high court detailed orders in LG case on international taxation for business connection & permanent establishment (detailed principles laid down); Allahabad high court on section 10(23c) educational institution cases (eligibility criteria discussed)!
Karnataka high court full text of order in case of Canara housing (25/7/2014) overruling special
8/6/14
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Kapil Goel
8/5/14
Madras high court approving by detailed analysis chennai itat leading order on commission payment no TDS u/s 195 to foreign agents (no taxability u/s 9) held: i) not technical services u/s 9(1)(vii) ii) mere business income : no operation in india ; Chennai ITAT in M/s Cosmic Global Ltd on extensive analysis of meaning og fees for technical services in context of Translation services : held not technical in nature (no disallowance for tds u/s 40(a)(i)); On behalf TDS concept clarified in case of Baskara Construction Pvt .Ltd
IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED: 22.7.2014 TC(A).No.789 of 2013 The Commissioner of
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Madras high court approving by detailed analysis chennai itat leading order on commission payment no TDS u/s 195 to foreign agents (no taxability u/s 9) held: i) not technical services u/s 9(1)(vii) ii) mere business income : no operation in india ; Chennai ITAT in M/s Cosmic Global Ltd on extensive analysis of meaning og fees for technical services in context of Translation services : held not technical in nature (no disallowance for tds u/s 40(a)(i)); On behalf TDS concept clarified in case of Baskara Construction Pvt .Ltd
IN THE HIGH COURT OF JUDICATURE AT MADRAS DATED: 22.7.2014 TC(A).No.789 of 2013 The Commissioner of
8/5/14
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Kapil Goel
8/2/14
Allahabad high court on section 245 illegal retention & adjustment of taxpayer's money & jewellery etc with dues of firm/co. in which petitioner is partner etc; held arbitrary costs of 50k imposed on revenue (may be recovered from erring officials held); Pune ITAT on awarding of costs u/s 254(2b) ITAT power in context of wring withdrawal of registration u/s 12AA(3) law explained; Karnataka high court in Ingersoll Rand case on sec. 32 intangible asset depreciation detailed and exhaustive analysis on phrase ":similar business or commercial rights" u/s 32; Delhi high court on applicability of section 44AD to cases where turnover exceeds 40 lacs (now 1cr.) where AO has no material to make best judgment assessment;
HIGH COURT OF JUDICATURE AT ALLAHABAD Court No. - 33 Case :- WRIT TAX No. - 295 of 2010 Petitioner :-
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Allahabad high court on section 245 illegal retention & adjustment of taxpayer's money & jewellery etc with dues of firm/co. in which petitioner is partner etc; held arbitrary costs of 50k imposed on revenue (may be recovered from erring officials held); Pune ITAT on awarding of costs u/s 254(2b) ITAT power in context of wring withdrawal of registration u/s 12AA(3) law explained; Karnataka high court in Ingersoll Rand case on sec. 32 intangible asset depreciation detailed and exhaustive analysis on phrase ":similar business or commercial rights" u/s 32; Delhi high court on applicability of section 44AD to cases where turnover exceeds 40 lacs (now 1cr.) where AO has no material to make best judgment assessment;
HIGH COURT OF JUDICATURE AT ALLAHABAD Court No. - 33 Case :- WRIT TAX No. - 295 of 2010 Petitioner :-
8/2/14
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Kapil Goel
7/30/14
MUMBAI ITAT laying down detailed and succinct principles on cash credit section 68 (source of source; duty of AO; requisite explanation etc all explicated at length) (Note: High courts have held where creditor is tax assessee, AO required to communicate with creditor's coordinate AO failing which addition shall be vitiated); Luck bench ITAT held failure to follow cbdt scrutiny guideline/instruction in issuing timely notice u/s 143(2) will nullify the whole action/assessment; Mumbai ITAT 40(a)(ia) not apply to expense not claimed by assessee in P&L account; delhi itat relying on agra itat held finance act 2012 amendment is retrospective (payee paid taxes will insulate payer from tds disallowance u/s 40(a)(ia); Mumbai ITAT held new explanations in royalty definition shall not apply to section 40(a)(i) for disallowance as latter adopts old royalty explanation no. 2 only; Cargo handling charges will not fall for TDS u/s 194J; section 195 shall not apply to reimbursement to overseas agent
MUMBAI ITAT laying down detailed and succinct principles on cash credit section 68 (source of source;
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MUMBAI ITAT laying down detailed and succinct principles on cash credit section 68 (source of source; duty of AO; requisite explanation etc all explicated at length) (Note: High courts have held where creditor is tax assessee, AO required to communicate with creditor's coordinate AO failing which addition shall be vitiated); Luck bench ITAT held failure to follow cbdt scrutiny guideline/instruction in issuing timely notice u/s 143(2) will nullify the whole action/assessment; Mumbai ITAT 40(a)(ia) not apply to expense not claimed by assessee in P&L account; delhi itat relying on agra itat held finance act 2012 amendment is retrospective (payee paid taxes will insulate payer from tds disallowance u/s 40(a)(ia); Mumbai ITAT held new explanations in royalty definition shall not apply to section 40(a)(i) for disallowance as latter adopts old royalty explanation no. 2 only; Cargo handling charges will not fall for TDS u/s 194J; section 195 shall not apply to reimbursement to overseas agent
MUMBAI ITAT laying down detailed and succinct principles on cash credit section 68 (source of source;
7/30/14