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March 2010

Sec. 2(11), Section 50

Bombay H.C : Whether on the facts and in the circumstances, and in law the Tribunal was right in holding that Padma Vilas Palace was not a building used as a hotel ?

Avijit Das / March 31, 2010

High Court Of Bombay CIT vs. Scindia Investment (P) Ltd. Section 2(11), 50(2) Asst. Year 1999-2000 Dr. D.Y. Chandrachud & […]

Punjab & Haryana H.C : the loss of Rs. 51,61,875 incurred on account of transactions of purchase and sale of 25 lacs units called ‘US-64’ was speculative loss under s. 73 of the IT Act and that the assessee was not entitled to set off in respect of the aforestated loss accordingly

Avijit Das / March 31, 2010

High Court Of Punjab & Haryana Porrits & Spencer (Asia) Ltd. vs. CIT Section 73, Expln., 94(7) Asst. Year 1991-92

Bombay H.C : the Tribunal was justified in confirming the order of the CIT(A) by deleting the addition of Rs. 31,68,775 being insurance premium paid by the assessee firm on a keyman insurance policy

Avijit Das / March 31, 2010

High Court Of Bombay CIT vs. B.N. Exports Section 37(1) Asst. Year 2004-05 Dr. D.Y. Chandrachud & J.P. Devadhar, JJ.

Income Tax Case Laws, Sec. 2(24), Sec. 2(24)(x), Sec. 37(1), Section 43B

Punjab & Haryana H.C : the payments were made beyond the due dates and were, therefore, not allowable under s. 36(1)(va) and were to be treated as income under s. 2(24)(x) of the IT Act, 1961, in contravention of the decision in the case of CIT vs. Pamwi Tissues Ltd. (2008) 215 CTR (Bom) 150 : (2008) 3 DTR (Bom) 66

Avijit Das / March 30, 2010

High Court Of Punjab & Haryana CIT vs. Lakhani Rubber Works Section 2(24)(x), 37(1), 43B Asst. Year 2003-04 M.M. Kumar

Punjab & Haryana H.C : the assessee-respondent was entitled for continuation of entitlement under s. 80(G)(5)(vi)

Avijit Das / March 30, 2010

High Court Of Punjab & Haryana CIT vs. Sewa Bharti Haryana Pradesh M.M. Kumar & Jitendra Chauhan, JJ. Section 80G(5)

Section 226, Section 281B

Allahabad H.C : Whether on facts, encashment of fixed deposits on expiry of period of bank guarantee and cessation of provisional attachment, which otherwise was illegal and in no way authorized encashment of fixed deposits, was totally unjustified

Avijit Das / March 30, 2010

High Court Of Allahabad Gopal Das Khandelwal vs. Union of India Section : 226, 281B Rajes Kumar And Pankaj Mithal,

Bombay H.C : The assessee is not eligible for deduction under s. 80-O since he is a professional and is providing professional service and therefore it cannot be said that he was owning some intellectual property and earning income through use/exploitation of such intellectual property in view of Supreme Court’s decision in the case of NTPS

Avijit Das / March 30, 2010

High Court Of Bombay CIT vs. Charles M. Correa Section 80-O, Asst. Year 2003-04 Dr. D.Y. Chandrachud & J.P. Devadhar,

Gujarat H.C : Condition precedent for issuing notice under section 153C and assessing or reassessing income of ‘such other person’ is that money, bullion, jewellery or other valuable article or thing or books of account or documents seized or requisitioned should belong to such person

Avijit Das / March 30, 2010

High Court Of Gujarat Vijaybhai N. Chandrani vs. ACIT Assessment Year : 2001-02 To 2006-07 Section : 153C D.A. Mehta

Section 154, Sec. 234B, Sec. 234C

Gujarat H.C : Tt was permissible to charge interest under sections 234B and 234C of the Income-tax Act, 1961, before allowing credit for minimum alternate tax under section 154 of the Act

Avijit Das / March 30, 2010

High Court Of Gujarat CIT vs. Bilag Industries (P.) Ltd. Assessment Year : 2002-03 Section : 154, 234B, 234C D.A.

Sec. 271(1)(c )

Bombay H.C :Tribunal were justified in deleting the penalty of Rs. 10,08,400 contravening the provisions of Expln. 1 to s. 271(1)(c) of the IT Act, without appreciating the facts brought on record by the AO in his order dt. 19th March, 2003

Avijit Das / March 30, 2010

High Court Of Bombay CIT vs. Alkesh K. Patel Section 271(1)(c) Asst. Year 1995-96 Dr. D.Y. Chandrachud & J.P. Devadhar,

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