Month: July 2009

Punjab & Haryana H.C : The Hon’ble Tribunal was correct in sending back the issue of taxability of interest income back to the file of the AO without appreciating the fact that the assessee has failed to prove that the interest was earned from a property held under a trust or a legal obligation

High Court Of Punjab & Haryana CIT vs. Punjab Energy Development Agency Section 11(1)(a) Adarsh Kumar Goel & Mrs. Daya Chaudhary, JJ. IT Appeal No. 666 of 2008 31st July, 2009 Counsel Appeared: Ms. Urvashi Dhugga, for the Appellant JUDGMENT ADARSH KUMAR GOEL, J. : Delay in refiling is condoned. Heard on merits. 2. Revenue has …

Allahabad H.C : the sum of Rs. 41,790 representing the premium paid to the LIC securing an insurance against the liabilities arising under the Payment of Gratuity Act, 1972 was not hit by the provisions of s. 40A(7)(a) of the IT Act, 1961 and was an allowable deduction under s. 37(1)

HIGH Court Of Allahabad CIT vs. Pradeshiya Industrial & Investment Corpn. Of U.P. Ltd. Section 40A(7), 37(1) Asst. Year 1984-85 Prakash Krishna & S.K. Gupta, JJ. IT Ref. No. 107 of 1999 31st July, 2009 Decision in favour of  JUDGMENT Prakash Krishna, J. : The Tribunal, Allahabad Bench, Allahabad has referred the following question of law …

Karnataka H.C :the valuation as adopted by the assessee should be accepted which was not based on any comparative sale instances or any accepted method of valuation adopted by ignoring the various materials and circumstances under which the AO had correctly valued per square feet of property at Rs. 332.335 and consequently recorded a perverse finding

High Court Of Karnataka CIT & Anr. vs. N. Srirama Reddy (DECD.) Section 45, 48 Asst. Year 1981-82 V. Gopala Gowda & Aravind Kumar, JJ. IT Appeal No. 137 of 2004 31st July, 2009 Counsel Appeared : M.V. Seshachala & K.V. Aravind, for the Appellants : S. Parthasarathi, for the Respondent JUDGMENT ARaVIND KUMAR, J. : …

Karnataka H.C : A sum of Rs. 20 lakhs received by the assessee as non-competition from M/s Titan Industries Ltd. for sale of its ‘quartz alarm time piece units’ along with plant and machinery, goodwill, etc., should be treated as a capital receipt or the same should be treated as a revenue receipt as held by the AO

High Court Of Karnataka CIT & ANR. vs. Tata Coffee Ltd. Section 4 Asst. Year 1995-96 V. Gopala Gowda & Aravind Kumar, JJ. IT Appeal No. 458 of 2004 31st July, 2009 Counsel appeared : M.V. Seshachala, for the Appellants : G. Sarangan for Smt. Vani H., for the Respondent JUDGMENT ARAVIND KUMAR, J. : This …

Madras H.C : the interest income of the assessee clubs received from its corporate members, on the investment of surplus funds as fixed deposits with them, is not exempted from tax on the concept of mutuality

High Court Of Madras Madras Gymkhana Club vs. DCIT Section 4, 147, 148 Asst. Year 1996-97, 1997-98, 1998-99 F.M. Ibrahim Kalifulla & B. Rajendran, JJ. Tax Case (Appeal) Nos. 397 to 404 of 2008 30th July, 2009 Counsel Appeared : T.V. Ramanujam for T.V. Krishnamachari J. Balachander for S. Sridhar & B. Raveendran, for the Appellants …

Punjab & Haryana H.C : the expenditure incurred on the issue of debentures is an allowable expenditure under s. 37 of the IT Act, 1961 when 20 per cent of the funds raised through debentures were to be compulsorily converted into equity share capital after one year from the date of allotment of debentures

High Court Of Punjab & Haryana CIT vs. Sukhjit Starch & Chemicals Ltd. Section 37(1) Asst. Year -1983-84 Adarsh Kumar Goel & Mrs. Daya Chaudhary, JJ. IT Ref. No. 128 of 1990 29th July, 2009 Counsel appeared : Vivek Sethi, for the CIT : Rohit Sud, for the Assessee JUDGMENT Adarsh Kumar Goel, J. : The …

Punjab & Haryana H.C : Whether on the facts and circumstances of the case, the order of the Tribunal is perverse by not dealing with the findings of the assessing authority in respect of computation of net profit of 8 per cent, which is fair and judicious keeping in view the provisions of s. 44AD of the IT Act,1961, especially when the assessee failed to produce the account books as well as the requisite information in spite of repeated opportunities ?

High Court Of Punjab & Haryana CIT vs. Brij Pal Sharma Section 145, 260A Asst. Year 2000-01 Adarsh Kumar Goel & Mrs. Daya Chaudhary, JJ. IT Appeal No. 868 of 2008 29th July, 2009 Counsel Appeared : Rajesh Katoch, for the Appellant : S.K. Mukhi, for the Respondent JUDGMENT ADARSH KUMAR GOEL, J. : The Revenue …

Punjab & Haryana H.C : the assessee has purchased FDRs in a bank during a particular assessment year, proceedings under s. 147 of the IT Act can be initiated without recording a specific finding that these investments are out of income, which escaped assessment

High Court Of Punjab & Haryana Surinder Kumar vs. ITO Section 69A, 260A Asst. Year 1996-97 Adarsh Kumar Goel & Mrs. Daya Chaudhary, JJ. IT Appeal No. 90 of 2008 29th July, 2009 Counsel appeared : K.L.Goyal with Manoj Rohilla, for the Appellant : Aman Bansal, for the Respondent JUDGMENT ADARSH KUMAR GOEL, J. : The …
Malcare WordPress Security