Rental payments for accommodation of land-owners weren't a part of consideration in Joint development agreements
July 29, 2014[2014] 46 taxmann.com 335 (Pune - Trib.)
IT : Where on date of agreement complete consideration was not paid by developer to assessee, date on which actual possession of land was given to developer would be considered as date of transfer
IT : Where rent was paid by builder towards alternate accommodation given to assessee land owner in course of business activity, said amount could not be held as part of consideration paid to assessee for transfer of assets
HC denies sec. 10(23C) relief as repair exp. was paid merely to siphoned away the trust's money
July 29, 2014[2014] 46 taxmann.com 418 (Uttarakhand)/[2013] 359 ITR 401 (Uttarakhand)
IT : Where assessee trust raised a claim for exemption under section 10(23C), in view of fact that assessee had paid certain amount as repairs which ultimately landed in hands of father of Chartered Accountant of trust who was totally unconnected with repairs work, Assessing Officer rightly inferred that money had been siphoned away from trust and thus its claim for exemption was to be rejected
No extension of time-limit for assessment in case of any finding or direction of ITAT without hearing assessee
July 29, 2014[2014] 46 taxmann.com 337 (Agra - Trib.)
IT : When as a result of a finding or direction in an appellate order, income of one person is held to be income of another person, assessment of such another person can be eligible for relaxation from time barring provisions only if such other person was given an opportunity of being heard before said order (i.e., appellate order) was passed
CIT had rightly exercised his revisionary powers when AO had made assessment without any examination of facts
July 29, 2014[2014] 46 taxmann.com 421 (Kerala)/[2014] 224 Taxman 143 (Kerala)(MAG.)/[2014] 360 ITR 36 (Kerala)
IT: Where there was non-application of mind while considering assessment under section 143(3) and procedure adopted would have implication on tax computation which ultimately caused prejudice to revenue, matter was remanded to Assessing Officer for fresh consideration
Discount to NR on export order won't be hit by rigours of withholding tax provisions
July 30, 2014[2014] 46 taxmann.com 423 (Mumbai - Trib.)
IT/ILT : Where Assessing Officer disallowed certain amount of bonus allegedly paid by assessee to a foreign party without deducting tax at source, in view of fact that said amount was infact trade discount and, moreover, assessee had brought on record certain additional evidence in support of its claim, impugned disallowance was to be deleted and, matter was to be remanded back for disposal afresh
'Javed Akhtar' got 50% deduction for getting replaced his Society's lift benefitting his professional work
July 30, 2014[2014] 46 taxmann.com 395 (Mumbai - Trib.)
IT : Where assessee had incurred expenditure on replacement of new lift to remove hardship and inconvenience to his professional work as well as family life due to frequent breakdown of old lift, 50 per cent of total expenditure which was for professional purpose would be allowed as revenue expenditure
No sec. 69A additions if jewellery found in search was within permissible limit as stipulated by CBDT in its circular
July 30, 2014[2014] 46 taxmann.com 440 (Rajasthan)
IT : Where jewellery found in possession of assessee's family was personal wearing of ladies and same was within permissible limit stipulated by CBDT Circular, no addition was to be made
Appeal once rejected by Committee on Dispute couldn't be admitted even if Committee was declared non-functional
July 30, 2014[2014] 46 taxmann.com 442 (Kerala) (FB)
IT : Appeals of revenue which was not permitted by COD when it was functional, cannot be filed later on when COD is declared non-functional
No reassessment by AO to disallow provision of exchange difference on repayment of loan on change of opinion
July 30, 2014[2014] 46 taxmann.com 376 (Gujarat)
IT: Reassessment beyond four years to tax exchange difference on Foreign Currency loan was unjustified in view of fact that required revelation for exchange difference on said loans were already mentioned in balance-sheet of assessee
Income accrues on completion of services; ITAT accepts Completion Contract Method for revenue recognition
July 30, 2014[2014] 46 taxmann.com 370 (Pune - Trib.)/[2014] 64 SOT 131 (Pune - Trib.)
IT : Where work related to installation and erection of equipment had been completed in subsequent years, accrual of income happened only in subsequent years when assessee gets an enforceable right to receive same even if in accounts assessee had shown it as income and TDS had been claimed by him
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