Month: August 2009

Madras H.C : The capital gains on the building had to be computed as short-term capital gains and the balance value of the land should be treated as long-term capital gains, even though the land and building being one composite asset and the assessee having claimed depreciation on the said asset, as per the provisions of s. 50 the entire profit was assessable as short-term capital gains

High Court Of Madras CIT vs. Coimbatore Lodge Section 50, 54EC F.M. Ibrahim Kalifulla & Mrs. R. Banumathi, JJ. Tax Case (Appeal) No. 774 of 2009 31st August, 2009 Counsel Appeared : K. Submmanian, for the Appellant JUDGMENT F.M. Ibrahim Kalifulla, J. : The Revenue has come forward with the above appeal raising the following substantial …

Delhi H.C : Under this Act, Institute of Chartered Accountants of India (ICAI) has been set up and,thus, it is a statutory body. It is given the prime function of regulating the profession of chartered accountants

High Court Of Delhi ICAI Accounting Research Foundation & Anr. vs. Director General Of Income Tax (Exemptions) & Ors. Section 2(15), 10(23C)(iv) A.K. Sikri & Valmiki J. Mehta, JJ. Writ Petn. No. 3032 of 2008 28th August, 2009 Counsel Appeared : N.K. Poddar with Pramod Dayal, for the Petitioners : Ms. Prem Lata Bansal, for the …

Calcutta H.C : The AO did not issue any notice of inquiry in respect of the return under s. 142(1) of the IT Act. Nor did the AO issue any notice under s. 143(2) of the IT Act calling upon the petitioner to substantiate any claim in the return of any loss, exemption, deduction, allowance or relief

High Court Of Calcutta Berger Paints India Ltd. vs. Assistant Commissioner Of Income Tax & Ors. Section 147, 148, Art. 226 Asst. Year 1999-2000 Ms. Indira Banerjee, J. Writ Petn. No. 2139 of 2003 28th August, 2009 Counsel Appeared : Dr. D. Pal, Abhratosh Majumdar & Ananda Sen, for the Petitioner : Dipak Shome & P.K. …

Kerala H.C : All the assessments completed were within 10 years and since the net wealth escaped assessment in the original assessments was above Rs. 10 lakhs, the Tribunal sustained the assessments in terms of s. 17(1A)(iii)

High Court Of Kerala P.K. Kurian vs. Assistant Commissioner Of Wealth Tax & Anr. Section WT 17(1A)(iii) C.N. Ramachandran Nair & C.K. Abdul Rehim, JJ. WT Appeal Nos. 172, 175 to 177 of 2009 25th August, 2009 Counsel Appeared : P. Balakrishnan, for the Appellant : P.K.R. Menon & Jose Joseph, for the Respondent JUDGMENT C.N. …

Punjab & Haryana H.C : Whether on the true and correct interpretation of the provisions of ss. 69B, 69C the amount can be treated as income without piercing the corporate veil under s. 34 of the Companies Act, 1956 ?

High Court Of Punjab & Haryana Such Chain Chits (P) Ltd. vs. CIT Section 68 Asst. Year 1992-93 Adarsh Kumar Goel & Mrs. Daya Chaudhary, JJ. IT Appeal No. 489 of 2009 25th August, 2009   Counsel Appeared : Pankaj Jain, for the Appellant ORDER BY THE COURT : Delay condoned, subject to just exceptions. Heard …

Delhi H.C : the Tribunal has reduced the commission to be allowed for sale of the goods by the assessee to its sister concern from 8 per cent as allowed by the CIT(A) to 5 per cent and as against 11 per cent claimed by the assessee and 3 per cent allowed by the AO

High Court Of Delhi United Exports vs. CIT Section 40A(2) Asst. Year 2004-05 A.K. Sikri & Valmiki J. Mehta, JJ. IT Appeal No. 356 of 2009 25th August, 2009 Counsel appeared : Dr. Rakesh Gupta, Tarun Kumar & B.B. Bhagat, for the Appellant : Ms. Prem Lata Bansal, for the Respondent JUDGMENT VALMIKI J. MEHTA, J. …
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