Month: December 2014

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

High Court Of Calcutta Maud Tea & Seed Co. Ltd. Vs. CIT Section 43(5) Soumitra Pal And Arindam Sinha, JJ. IT Appeal No. 274 Of 2001 December 24, 2014 JUDGMENT 1. This appeal was admitted on two substantial questions of law. The first of such questions was formulated as by order dated October 1, 2002, to …

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.

High Court Of Delhi CIT, Delhi-IV vs. Shiv Raj Gupta Section 2(47), 28(i) Sanjiv Khanna And V. Kameswar Rao, JJ. IT Appeal No. 41 Of 2002 December 22, 2014 JUDGMENT Sanjiv Khanna, J. – The Revenue in this appeal under Section 260A of the Income Tax Act, 1961 (Act, for short), pertaining to assessment year 1995-96, …

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)

High Court Of Delhi CIT Vs. Harig India Ltd. Assessment Year 1998-99 Section 80HHC Sanjiv Khanna And V. Kameswar Rao, JJ. IT Appeal No.141 Of 2002 December  22, 2014 ORDER Sanjiv Khanna, J. – The present appeal by the Revenue under Section 260A of the Income Tax Act, 1961 (Act, for short) was admitted for hearing …

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

High Court Of Delhi CIT Vs. Naresh Kumar Jaggi Section 221, 140A Sanjiv Khanna And V. Kameswar Rao, JJ. IT Appeal No. 654 Of 2014 December  22, 2014 JUDGMENT V. Kameswar Rao, J. – The challenge in this appeal by the Revenue under section 260A of the Income-tax Act, 1961 (“the Act” in short) is to …

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.

High Court Of Delhi De Nora India Ltd. Vs. CIT Section 43(1) Assessment Years 1990-91 And 1991-92 Sanjiv Khanna And V. Kameswar Rao, JJ. IT Appeal Nos. 190 & 191 Of 2002 December 22, 2014 JUGEMENT V. Kameswar Rao, J. – These two appeals filed by the assessee DENORA India Ltd. (earlier known as M/s Titanor Components …

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

High Court Of Kerala Pattambi Service Co-operative Bank Ltd. vs. Union of India Section : 133 P.R. Ramachandra Menon, J. Wp (C) Nos. 10334,14827, 14922, 14923, 20629, 21579, 25297, 23801 To 23803 & 26114 Of 2014 December 20, 2014 JUDGMENT 1. Constitutional validity of section 133(6) of the Income Tax Act, 1961 to the extent the …

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)

In The ITAT Delhi Bench ‘D’ Le Passage To India Tours & Travel (P.) Ltd. vs. DCIT, Circle 4 (1), New Delhi Assessment Years : 2007-08 And 2008-09 Section 9 T.S. Kapoor, Accountant Member And C.M. Garg, Judicial Member IT Appeal Nos. 210 & 498 (Delhi) Of 2012, 1778 And 1989 (Delhi) Of 2013 December  19, …

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

High Court Of Andhra Pradesh And Telangana A. Venkateswara Rao vs. ACIT Section 23 Period 1-4-1994 To 16-9-1994 L. Narasimha Reddy And Challa Kodanda Ram, JJ. ITTA No. 56 Of 2004 December 17, 2014 JUDGMENT L. Narasimha Reddy, J. – The legal representative of an assessee filed this appeal, feeling aggrieved by the order dated August …
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