Month: July 2012

Gujarat H.C : Where in course of assessment, assessee did not disclose that it charged higher rate of interest on delayed payment of goods from its sister concern so as to increase its profits eligible for deduction under section 80-IA, Assessing Officer was justified in initiating reassessment proceedings

High Court Of Gujarat Sun Pharmaceutical Industries Ltd. Vs. DCIT Assessment year : 1997-98 Section : 147, 80-IA Akil Kureshi And Ms. Harsha Devani, JJ. Special Civil Application No. 12468 Of 2004 July  31, 2012 JUDGMENT Akil Kureshi, J. – Petitioner has challenged a notice dated 25.2.2004 issued under section 148 of the Income Tax Act, …

AAR : The applicant is not entitled to absolute exemption from levying of tax in India by virtue of provisions of DTAA between India and Austria, since the sub-contractor being an independent agency and not an agent which is devoted wholly on behalf of the applicant, cannot be treated to be a Permanent Establishment within the meaning of Article 5 of the DTAA

Authority For Advance Rulings (Income Tax), New Delhi C.A.T. Geondata Gmbh, In Re Section : 9, 44BB Justice P.K. Balasubramanyan, Chairman A.A.R. No. 1119 Of 2011 July 31, 2012 RULING 1. Essar Oil Limited and Essar Engineering Holdings Limited were awarded a contract by the Government of India for exploration of block AA-ONN-2004/3 under the New …

AAR : Capital gains arising on the sale of shares of Exevo Inc., US (‘Exevo lnc’) by Copal Market Research Ltd. (“CMRL”) to the applicant would not be chargeable to tax in India in the hands of CMRL

Authority For Advance Rulings (Income Tax), New Delhi Moody’s Analytics Inc., USA, In Re Section : 9, 90 Justice P.K. Balasubramanyan, Chairman A.A.R. Nos. 1186 To 1189 Of 2011 July 31, 2012 RULING 1. The applicant in AAR No. 1186 of 2011, Moody’s Analytics, Inc. Co., USA (Moody’s, USA) is a company incorporated in the United …

S.C : The nature of activities carried on by the Liaison Office [‘India LO’] of the Applicant in India, as listed in the Statement of relevant facts [Annexure III], any income accrues or arises in India as per Section 5(2)9B) of the Act

Supreme Court Of India Columbia Sportswear Company vs. Director of Income-tax, Bangalore Section :245N, 245S S.H. Kapadia, CJI A. K. Patnaik And Swatanter Kumar, JJ. Special Leave Petition (C) Nos. 3318, 13760 And 31543 Of 2011 Civil Appeal Nos. 2996, 5839,Of 2008, 6987 Of 2010, 7035, 10064 And 11327 Of 2011 July 30, 2012 ORDER Special Leave …

S.C : assessee is entitled to claim deduction to the extent of profits referred to in sub-section 1-B of Section 80HHC of the Income Tax Act, derived from export of goods – in this case, granite, for the Assessment Year 1988-1989

Supreme Court Of India Tamil Nadu Minerals Ltd. Vs. CIT, Tamil Nadu Section : 32a S.H. Kapadia, Cj And Madan B. Lokur, J. Civil Appeal Nos. 2997, 7472 & 7473 Of 2004 August 30, 2012 ORDER Civil Appeal No.2997 of 2004: 1. The civil appeal filed by the assessee is dismissed with no order as to …

Gujarat H.C : What is meant by the term “change of opinion”?

High Court Of Gujarat Gujarat Power Corporation Ltd vs. Assistant Commissioner Of Income Tax Section : 148 to 153, 143(3), 115-JB, 10(23G), 263, 147, 139, 142, 80-IB(10) Asst. Year : 2002-03 Akil Kureshi & Harsha Devani, JJ. SCA No. 29792 of 2007 30th July, 2012 Counsel appeared Sn Soparkar, Sr. Advocate With Swati Soparkar for the …

Delhi H.C : Whether there can be escapement of income even when order under section 172(4) or 172(7) is passed and, therefore, when conditions of section 147/148 are satisfied, notice for reassessment can be validly issued

High Court Of Delhi Emirates Shipping Line, Fze VS. Assistant Director Of Income-Tax Assessment Year : 2007-08 Section : 172, 147/148 Sanjiv Khanna And R.V. Easwar, JJ. Writ Petition (Civil) No. 9780 Of 2009 July 26, 2012 ORDER Sanjiv Khanna, J. – Emirates Shipping Line, FZE, is a foreign company incorporated under the laws of United …

Allahabad H.C : The Income Tax Appellate Tribunal was correct in law in deleting the additions made by the Assessing Officer regarding unexplained share capital and unexplained share application money relying on the decision of the Supreme Court in the case of Stellar Investment whereas the assessee company being a Pvt. Ltd. Company and the shares allotted on private placement basis and also assessee failed completely to produce these shareholders and the summons issued by the Assessing officer at the given addresses are received back unserved

High Court of Allahabad CIT vs. Misra Preservers (P.) Ltd. Section : 69 Asst. Year : 1988-89 Sunil Ambwani&Adityanath Mittal, JJ. ITA Defective No. 158 of 2001 26th July, 2012 Counsel appeared S.C.,A. Kumar, B. J. Agrawal, D. Awasthi, G. Krishna, R.K. Upadhyay, Sambhu Chopra for the Petitioner.: A. Bansal, S. Pathak, S. K. Garg for …
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