Weekly DT Digest

SC: Dismisses SLP, HC held financial-institution's charge to take pre-eminence over Revenue's charge 

SC dismisses Revenue’s SLP against Gujarat HC judgment; HC had accorded preeminence to IFCI’s ( a financial institution) charge on

Jan 08,2015

HC: Admonishes Revenue for non- communication of prosecution initiated against Jet Airways; Stays SCNs 

HC expresses dissatisfaction over non communication of prosecution initiated by Revenue against assessee pursuant to show cause notices (SCNs) issued

Jan 08,2015

ITAT: Services from specified persons’ u/s 13(3) at market value not prohibited; Grants Sec 11 / 12 benefits 

Asessee- trust not prohibited from obtaining services from persons specified u/s 13(3), provided payment consideration commensurate with market value; Grants

Jan 08,2015

HC: Compensation upon termination of contract for specialized machinery, capital receipt, not taxable 

Compensation received upon sterilization of assets a capital receipt, not taxable; Assessee installed specialized machinery under contract specifications and upon unilateral termination

Jan 08,2015

ITAT: Taxes FTS at 10% u/s 115A(BB) as against US-DTAA 15% rate applying Sec 90(2) 

ITAT directs AO to tax FTS received by non-resident assessee at lower beneficial rate of 10% u/s 115A(BB) as against

Jan 02,2015

ITAT: Power-generation akin to manufacturing; Allows additional-depreciation on windmill under pre-2012 amended Sec 32(1)(iia) 

Allows additional depreciation on windmill to assessee- company engaged in manufacture and export of textile goods as well as power

Jan 02,2015

ITAT: No TDS on sitting fees paid to director pre-2012 Sec 194J(1)(ba) insertion 

ITAT rules that Sec 194J not applicable to payments in respect of director’s sitting fees for AY 2007-08 to AY

Jan 02,2015

ITAT: Sec 14A inapplicable to insurance companies; Relies co-ordinate bench in assessee's own case 

Directs AO to delete Sec 14A disallowance in case of assessee, a life insurance company; Holds provisions of Sec 14A

Jan 02,2015

HC: Directs ITAT to render “substantial justice” instead of wasting time on “technical grounds” 

HC directs ITAT to decide case on merits and not dismiss it merely on “technical grounds”, stresses that ITAT should

Dec 26,2014

HC: Condones appeal-delay on Revenue assurance that Departmental affairs improving, slaps Rs 25K cost 

HC condones delay of 623 days in filing of appeal to set aside the order passed by the Prothonotary and

Dec 26,2014

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