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December 2014

Income Tax Case Laws, Sec. 158BB

Telangana And Andhra Pradesh H.C : There existed about Rs. 1 crore of undisclosed income

Avijit Das / December 24, 2014

High Court Of Telangana And Andhra Pradesh CIT vs. Shankarlal Section : 158BB L. Narasimha Reddy And M. Seetharama Murthy, […]

Calcutta H.C : The transactions entered into by the appellant in respect of ACC shares and the loss of Rs. 14.82 lakhs incurred therein fell outside the purview of the said proviso (b) because the market price of ACC shares continued to rise and there was no adverse price fluctuation

Avijit Das / December 24, 2014

High Court Of Calcutta Maud Tea & Seed Co. Ltd. Vs. CIT Section 43(5) Soumitra Pal And Arindam Sinha, JJ.

Sec. 2(47), Sec. 28(i)

Delhi H.C : The amount of Rs. 6.6 crores received by the assessee from SWC is on account of handing over management and control of CDBI (which were earlier under the management and control of the assessee) to SWC as terminal benefit and is taxable u/s 28(ii) of the Income-tax Act or same is exempt as capital receipt being non competition fee by executing deed of covenant.

Avijit Das / December 22, 2014

High Court Of Delhi CIT, Delhi-IV vs. Shiv Raj Gupta Section 2(47), 28(i) Sanjiv Khanna And V. Kameswar Rao, JJ.

Delhi H.C : Manufacture of gold jewellery undertaken by job workers under supervision and control of assessee and under its directions/check amounts to manufacturing by assessee entitling it to deduction under section 80HHC(3)(a)

Avijit Das / December 22, 2014

High Court Of Delhi CIT Vs. Harig India Ltd. Assessment Year 1998-99 Section 80HHC Sanjiv Khanna And V. Kameswar Rao,

Section 211, Section 140A

Delhi H.C : There was no intention on part of assessee to avoid or intentionally delay payment of taxes as admitted under section 140A and belated payment was made voluntarily without resort to any coercisve steps, authorities were justified in restricting penalty to 25 per cent

Avijit Das / December 22, 2014

High Court Of Delhi CIT Vs. Naresh Kumar Jaggi Section 221, 140A Sanjiv Khanna And V. Kameswar Rao, JJ. IT

Delhi H.C : The Tribunal was correct in law in placing reliance on surveyor’s report for the purpose of determining the actual cost of the asset acquired by the assessee from M/s Wimco Ltd.

Avijit Das / December 22, 2014

High Court Of Delhi De Nora India Ltd. Vs. CIT Section 43(1) Assessment Years 1990-91 And 1991-92 Sanjiv Khanna And

Income Tax Case Laws, Section 133

Kerala H.C : Constitutional validity of section 133(6) of the Income Tax Act, 1961 to the extent the words “enquiry or” have been added thereto, also incorporating “second proviso”, is under challenge in the main case and some of the connected cases

Avijit Das / December 20, 2014

High Court Of Kerala Pattambi Service Co-operative Bank Ltd. vs. Union of India Section : 133 P.R. Ramachandra Menon, J.

ITAT-Delhi BENCH ‘D’ : Retainership charges paid by assessee to overseas non-resident agents to promote its business in foreign countries would not fall within meaning of ‘Fee for technical services’ under section 9(1)(vii)

Avijit Das / December 19, 2014

In The ITAT Delhi Bench ‘D’ Le Passage To India Tours & Travel (P.) Ltd. vs. DCIT, Circle 4 (1),

Bombay H.C : the contribution of Rs. 39,68,000 paid towards ‘heavy repair fund’ is covered by the principle of mutuality and is not chargeable to tax

Avijit Das / December 18, 2014

High Court Of Bombay CIT Vs. Darbhanga Mansion Chs Ltd. Section : 4 Assessment Year : 2005-06 S.C. Dharmadhikari And

Andhra Pradesh And Telangana H.C : an assessee filed this appeal, feeling aggrieved by the order dated August 25, 2003, passed by the Visakhapatnam Bench of the Income-tax Appellate Tribunal

Avijit Das / December 17, 2014

High Court Of Andhra Pradesh And Telangana A. Venkateswara Rao vs. ACIT Section 23 Period 1-4-1994 To 16-9-1994 L. Narasimha

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