Month: June 2015

Bombay H.C : Non-compete consideration received by the assessee is not liable to tax as capital gains even after the amendment to Section 55(2)(a) of the Act w.e.f. 1.4.1998 which introduced the words ‘or a right to manufacture, produce or process any article or thing’

High Court Of Bombay CIT-8, Mumbai vs. Bisleri Sales Ltd. Assessment Year : 1999-2000 Section : 115JB, 28(va) M.S.Sanklecha And N.M. Jamdar, JJ. IT Appeal No.1436 Of 2013 June 30, 2015 JUDGMENT 1. This Appeal filed by the Revenue under Section 260A of the Income Tax Act, 1961 (Act) challenges the order dated 30 November 2012 …

Bombay H.C : The Assessing Officer has under Section 245 of the Income Tax Act, 1961 (the ‘Act’) adjusted the demands aggregating to Rs. 43 crore for the Assessment Years 2004-05, 2007-08 and 2008-09 out of the refund of Rs.129 crore admittedly due to the petitioner for the Assessment Year 2006-07

High Court Of Bombay Hindustan Unilever Ltd. vs. DCIT-1(1) Assessment Years : 2007-08 And 2008-09 Section : 245, 220 M.S. Sanklecha And N. M. Jamdar, JJ. Writ Petition No.2686 Of 2013 June 25, 2015 JUDGMENT M.S. Sanklecha, J. – On 11 June 2015, at the joint request of the counsel, petition was kept at the bottom …

Kerala H.C : the excess payment refund debited in the Profit & Loss Account of the appellant under the head ‘indirect expenses’ should be treated as interest on the customers’ deposits/advances, is legal or not

High Court Of Kerala Beacon Projects (P.) Ltd. vs. CIT, Thiruvanthapuram Assessment Years : 2012 -13 And 2013-14 Section : 2(28A), 194A, 201 Antony Dominic And Shaji P. Chaly, JJ. IT Appeal Nos. 258 & 259 Of 2014 June 23, 2015 JUDGMENT Antony Dominic, J. – The issue raised in these appeals is whether the finding …

Andhra Pradesh H.C : the Honble Tribunal (ITAT) is not erroneous and perverse in law in cancelling the penalty levied under Section 271(1)(c) of the Income Tax Act, 1961, when the Respondent-assessee made a wrong claim of business profits on purchase and sale of land as adventure and income warranting the said penalty

High Court Of Andhra Pradesh Pr.CIT – II vs. G.K. Properties (P.) Ltd. Section : 271(1)(c) G. Chandraiah And Challa Kodanda Ram, JJ. I.T.T.A. No. 42 Of 2015 June 17, 2015 ORDER: Challa Kodanda Ram, J. – This appeal at the instance of Revenue, arises from the order of the Tribunal dated 16.09.2014 in ITA No.1803/Hyd/2013 …

Bombay H.C : Whether, on the facts and in the circumstances of the case and in law, the Tribunal has erred in holding that interest earned on NOSTRO A/c. is taxable?

High Court Of Bombay DIT (IT)I, Mumbai vs. Credit Agricole Indosuez Assessment Year : 1997-98 Section : 9, 10(15)(iv), 37(1) M.S. Sanklecha And N. M. Jamdar, JJ. IT Appeal No. 1430 Of 2013 June 17, 2015 ORDER M.S. Sanklecha, J. – This appeal by the Revenue under Section 260A of Income-tax Act, 1961 (Act) challenges the …

Madras H.C : the income of the assessee Trust fell within the ambit of amended provisions of Section 2 (15) of the Act and that the assessee trust has violated the provisions of Section 13 (1) (c) of the Act. On a challenge made to the assessing order, the Commissioner allowed the appeal in favour of the Trust.

High Court Of Madras Natya Sankalpaa vs. DIT.(Exemptions), Chennai Assessment Year : 2009-10 Section : 13 R. Sudhakar And Ms. K.B.K. Vasuki, JJ. Tax Case (Appeal) No. 1040 Of 2014 June 17, 2015 JUDGMENT R. Sudhakar, J. – The appellant assessee Trust was formed by Smt. Urmila Sathyanarayanan for promoting Bharatanatyam and other forms of Indian …

Bombay H.C : The Tribunal is justified in restricting the adjustment only on international transactions where the assessee has selected TNMM and applied the same on entity level because presumption underlying arms length principle is that uncontrolled transactions are at arm’s length, and therefore, it the overall margins are less than arm’s length margins, the short fall must be on account of AE transactions only and not on pro rata basis

High Court Of Bombay CIT, Central-iii vs. Firestone International (P.) Ltd. Assessment Year : 2006-07 Section : 92C M.S. Sanklecha And N.M. Jamdar, JJ. IT Appeal No. 1354 Of 2013 June 15, 2015 ORDER 1. This Appeal under Section 260-A of the Income Tax Act, 1961 (the Act), challenges the order dated 9th November, 2012 passed …

Madras H.C : Needs to be decided in the above appeals is the manner in which the Additional Finance Charges (AFC) also known as Overdue Charges (ODC) has to be taxed in the light of Section 145

High Court Of Madras CIT, Chennai vs. Shriram Investments Ltd. Assessment Years : 1997-98 To 2000-01 Section : 145 R. Sudhakar And Ms. K.B.K. Vasuki, JJ. Tax Case (Appeal) Nos. 1222 And 1225 To 1228 Of 2007 June 15, 2015 JUDGMENT R. Sudhakar, J. – All the above Tax Case (Appeals) are filed by the Revenue …

Gujarat H.C : Sugarcane Factory Societies have challenged the impugned notices under Section 148 of the Income Tax Act, 1961 (hereinafter referred to as “Act”) issued by the concerned Assessing Officer to reopen the completed assessment of respective assessment years

High Court Of Gujarat Shree Chalthan Vibhag Khand vs. DCIT M.R. Shah And S.H. Vora, JJ. Section 5, 147 Assessment year 2007-08 Special Civil Application Nos. 17870, 17773, 18784, 18785, 18787 And 18795 Of 2014, 2362, 2364, 2368, 2371, 2373, 2375, 2638, 2641, 3676, 3678, 3682, 3684, 4446, 4448, 5009 & 5011 Of 2015 June 12, …

Gujarat H.C : Whether the learned Appellate Tribunal has jurisdiction to extend the stay granted earlier beyond the total period of 365 days in view of statutory provisions contained in Section 35C(2A) of the Central Excise Act, 1944?

High Court Of Gujarat DCIT – TDS Circle vs. Vodafone Essar Gujarat Ltd. Assessment years 2008-09 and 2009-10 Section 254 M.R. Shah And S.H. Vora, JJ. Special Civil Application No. 5014 Of 2015 June 12, 2015 JUDGMENT M.R. Shah, J. – Rule. Learned advocate Mr. Sandeep Singhi waives service of rule on behalf of the respondent …
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