Month: June 2012

Bombay H.C : Grant of deduction under section 54EC in case of investment made out of earnest money/advance received as a part of sale consideration before date of transfer of assets

High Court Of Bombay Mrs. Parveen P. Bharucha Vs. DCIT, Circle 2, Pune Section : 54EC, 147 S.J. Vazifdar And M.S. Sanklecha, JJ. Writ Petition No. 10437 Of 2011 June 27, 2012 JUDGMENT M.S. Sanklecha, J. – Rule, returnable forthwith. Respondents waive service. At the instance and request of the Advocates for the Petitioner and the …

Gujarat H.C : The assessee towards interest on short term fixed deposits be treated as the income of the assessee Company and can, accordingly, be taxed in its hands?

High Court Of Gujarat Gujarat Power Corporation Ltd. vs. ITO Assessment Year : 1992-93 Section : 4, 2(24) Akil Kureshi And Ms. Harsha Devani, JJ. Tax Appeal No.99 Of 2000 June 26, 2012 JUDGMENT 1. This appeal is filed by Gujarat Power Corporation Ltd. (hereinafter to be referred to as “the assessee”) challenging the judgment of …

Karnataka H.C : The view taken by the Assessing Officer is legally sustainable in law ignoring the fact that no proper examination was done nor any inquiry was made by the Assessing Officer during the course of assessment proceedings and thereby holding that revisionary proceedings under Section 263 are unwarranted

High Court Of Karnataka CIT vs. Alloy Steels Assessment Year : 2006-07 Section : 37(1), 263 N.K. Patil And B. Manohar, JJ. IT Appeal No. 5001 Of 2012 June 19, 2013 JUDGMENT 1. This appeal arises out of the impugned order in ITA No. 138/PNJ/2011 dated 03.08.2011 on the file of Income-tax Appellate Tribunal, Panaji Bench, …

Gujarat H.C : Assessment could not be reopened to scrutinise assessee’s claim for bad debt on account of embezzlement of funds when all necessary details in respect of said claim had been furnished by assessee during original assessment proceedings

High Court Of Gujarat Ashokjyot Oxygen (P.) Ltd. vs. H. N. Patel, ITO Assessment Year : 1996-97 Section : 147 Akil Kureshi And Ms. Harsha Devani, JJ. Special Civil Application No. 12907 Of 2003 June 18, 2012 JUDGMENT Ms. Harsha Devani J. – The petitioner, a private limited company, engaged in the business of industrial gases …

Gujarat H.C : Where assessee paid tax under section 140A, interest under section 234A to be demanded only on amount of short paid tax and not on entire assessed tax

High Court Of Gujarat Bharatbhai B. Shah vs. ITO & 2 Assessment Year : 1996-97 Section : 234A Akil Kureshi And Ms. Harsha Devani, JJ. Special Civil Application No. 9820 Of 2002 June  18, 2012 JUDGMENT Akil Kureshi, J. – In this petition, the petitioner has challenged the action of the revenue authorities in demanding interest under …

Gujarat H.C : Where Tribunal remanded matter back to AO to assess issue afresh, he was required to pass fresh assessment order within time limit prescribed under section 153(2A)

High Court Of Gujarat Instruments And Control Co. VS. CCIT-I & 2 Assessment Year : 1988-89 Section : 153 Akil Kureshi And Harsha Devani, JJ. Special Civil Application No. 10330 Of 2003 June 18, 2012 JUDGMENT Akil Kureshi, J. – The petitioner has prayed for a refund of an amount of Rs. 9,62,976/- with interest from …

Madras H.C : Income earned from providing technical services outside India in connection with development or production of computer software, deduction allowed under section 80HHE and not under section 80-O

High Court Of Madras CIT, Chennai VS. B.T. System & Service Ltd. Assessment Years : 1993-94 To 1995-96 Section : 80HHE, 80-O Mrs. Chitra Venkataraman And K. Ravichandrabaabu Tax Case (Appeal) Nos. 1159 To 1163 Of 2005 June 14, 2012 JUDGMENT Mrs. Chitra Venkataraman, J. – The Revenue is on appeal as against the order of the …
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