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Section 5

Kerala H.C : Where assessee was following mercantile system of accounting, interest accrued to it on fixed deposits was to be brought to tax in relevant year itself even though maturity period or expiry date did not fall in assessment year in question

Avijit Das / December 20, 2017

High Court Of Kerala Pr. CIT, Kottayam vs. Plantation Corporation of Kerala Ltd. Section 5 Assessment year 2009-10 K. Vinod […]

Sec. 44BB, Section 5, Section 9

S.C : Where assessee, foreign company, had entered into contracts with (ONGC) for giving hire of their rig for carrying out oil exploration activities in India, mobilisation fee received by assessee was to be included for computation of deemed profits and gains of business, chargeable to tax under section 44BB

Avijit Das / October 30, 2017

Supreme Court Of India Sedco Forex International Inc. Vs. CIT, Meerut Section 44BB, 5, 9 A. K. Sikri And Ashok

S.C : Where assessee received some amount of enhanced compensation as also interest thereon under an interim order passed by High Court in pending appeals relating to land acquisition, it was liable to be assessed for tax in year in which said amount had been received

Avijit Das / September 12, 2017

Supreme Court Of India CIT, Faridabad vs. Chet Ram (HUF) Section 5 R.K. Agrawal And Dr. D.Y. Chandrachud, JJ. Civil

Karnataka H.C : deleting the prima facie adjustment made by the Assessing Officer pertaining to the interest of Rs. 74.75 lakhs accrued on intercorporate loans without realising that the Assessing Officer had full powers to make an adjustment with reference to deductions claimed by the assessee which is at variance in the profit and loss account and balance-sheet filed along with the return

Avijit Das / March 29, 2017

High Court Of Karnataka CIT vs. United Breweries Ltd. Assessment Year : 1997-98 Section : 5 D.V. Shylendra Kumar And

Punjab & Haryana H.C : the interest on enhanced compensation was not taxable in the hands of the assessee, Shri Laxman Swaroop Goel as the interest on enhanced compensation had not attained finality as the matter was under dispute before the Hon’ble High Court which finally decided the issue on 17th Nov., 2007

Avijit Das / March 24, 2017

High Court Of Punjab & Haryana CIT vs. Laxman Swaroop Goel Assessment Year : 2005-06 Section : 5 Adarsh Kumar

Allahabad H.C : Interest on loans advanced to M/s Marigold Holdings and Trading Company Ltd, and M/s Shivtrishul Finance Limited (now known as Dakshinanchal Finance Limited) by the assessee Company (Formely Renusagar Power Company Limited) accrued from day to day and did not accrue at the end of the accounting year

Avijit Das / August 9, 2016

High Court Of Allahabad Renu Sagar Power Co. Ltd. vs. CIT, Allahabad Section 5 Sudhir Agarwal And Kaushal Jayendra Thaker,

Section 145, Section 5

Gujarat H.C : Interest on non-performing assets is not taxable on accrual basis looking to the guidelines of the Reserve Bank of India

Avijit Das / August 5, 2016

High Court Of Gujarat Pr.CIT-5 vs. Shri Mahila Sewa Sahakari Bank Ltd. Section 5, 145 Assessment year 2010-11 Ms. Harsha

Calcutta H.C : The rental income received from Spice Cell Ltd. was assessable as business income and not under the head ‘house property’ and in not following its orders for the assessment years 2001-02 and 2002-03

Avijit Das / June 23, 2016

High Court Of Calcutta New Kenilworth Hotel (P.) Ltd. vs. CIT, Kol-III Section 5 Assessment Year 2003-04 Girish Chandra Gupta

Section 195, Section 201, Section 5

Delhi H.C : The agreement dated 1.1.1997 between the assessee and M/s. L.M. Ericsson, Sweden for payment of royalty is contrary to public policy and void under Section 23 of the Contract Act, 1972 and therefore the order and demand under Section 201 and interest levied under Section 201 (1A) of the Income Tax Act, 1961 are liable to set aside and deleted

Avijit Das / September 4, 2015

High Court Of Delhi DIT vs. Ericsson Communications Ltd. Section : 195, 5, 201 Dr. S. Muralidhar And Vibhu Bakhru,

S.C : Interest earned on application money deposited in bank is taxable in year of allotment of shares

Avijit Das / September 4, 2015

Supreme Court Of India CIT vs. Henkel Spic India Ltd. Section 5 Assessment year 1992-93 A.K. Sikri And Rohinton Fali

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