Gist of latest Important tax caselaws

Below are the recent important tax caselaws related to Income tax, Service tax, Excise in brief. The citation is made available for your benefit :

INCOME TAX ACT

SECTION 12AA

CHARITABLE TRUST - PROCEDURE FOR REGISTRATION

Where there was no material on record to show that assessee-trust had carried out activities outside country or had applied any fund to such activities outside country, denial of registration under section 12AA was not justified - International Bhaktivedanta Institute Trust v. Director of Income-tax (Exemptions), Hyderabad (2014) 42 taxmann.com 330 (Hyderabad - Trib.)     Share application money : Where in support of receipt of share application money, assessee produced names, addresses and PAN of depositors which were sufficient to prove their identity and creditworthiness, Assessing Officer was not justified in making addition under section 68 in respect of amount in question - Commissioner of Income-tax (Central) v. Som Tobacco India Ltd. (2014) 42 taxmann.com 310 (Allahabad)     SECTION 92C TRANSFER PRICING - COMPUTATION OF ARM’S LENGTH PRICE Comparables and adjustments/CUP method : Where assessee-company engaged in manufacturing and marketing of speciality chemicals and printed circuit board, entered into cost sharing agreement with AE located abroad in terms of which certain group management cost was paid, in absence of proper examination of material brought on record in support of assessee's claim, TPO merely referring to CUP method could not determine ALP of management fee at nil - Atotech India Ltd. v. Assistant Commissioner of Income-tax, Circle -2, Gurgaon (2014) 42 taxmann.com 468 (Delhi - Trib.)