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SUMMARY OF NEWS OF PROFESSIONAL INTEREST ON VOICE OF CHARTERED ACCOUNTA
DATE S.NO. TOPIC
4-May-09 55 SMITA AGRAWAL
Landmark Allahabad High Court Ruling in Matter of Stay of
Tax Demand by CIT-Appeals : Calling to CBDT to issue
Circular etc so that CIT-A are enlightened on their duties of
Considering Stay Applications etc.
5-May-09 56 YUM RESTAURANT
DHC dismissing Yum Restaurants Income Tax Appeal : on
Issue of Contribution of Advertisement expenses etc to
Subsidiary and Crystallization of Expense & DHC on
Commission expense; Importance of Written clause in
Agreements for TAX BENEFITS.
57 NALINI MAHAJAN
Latest SC developments on concealment penalty vis a vis
debatable claim ; share capital ; revenue’s SLP admitted over
Nalini Mahajan / block assessment & subsidy taxation.
9-May-09 58
D.S PROMOTERS & DEVELOPERS :
WELCOME DELHI HIGH COURT RULING ON
TAXATION/CHARACTERIZATION OF RENTAL INCOME
DERIVED BY PROPERTY/REAL ESTATE DEVELOPERS
M/s.GPS Sensors Indicators Pvt. Ltd.
59 Brief Snapshot of Sale Tax/VAT Determinations
14-May-09 60 ROTORK CONTROLS INDIA (P) LTD:
LANDMARK SUPREME COURT RULINGS ON
ESTIMATED WARRANTY CLAIMS AS ALLOWABLE
EXPENSE
14-May-09
61
GREEN WORLD CORPORATION
REOPENING U/S 148 VIS A VIS SECTION 150(1)
19-May-09 62 Jai Bharat Maruti Ltd. (Assessee's Appeal allowed by
Delhi High Court) : on scope of
Reasons to Believe & scope of additions on unconnected
issues.
63 The Printers House Pvt. Ltd.
on allowability of Commission Expense & on invocation of
Section 14A.
64 Mesco Pharmaceuticals Ltd.
on block Assessment Section 143(2) Controversy."The
questions raised in this appeal are squarely covered against
the Revenue by a recent judgment of this Court in ITA No
200/2008 titled Commissioner of Income Tax vs Pawan
Gupta and/or ITA No 1173/2007 titled Commissioner of
Income Tax vs Tulika Mishra. No substantial question of law
arises for consideration.
65
Chakiat Agencies (P) Ltd
on reopening u/s 148 after earlier regular assessment
21-May-09 66 NSG Network Asia LLC
In context of liability to pay advance tax by payee-assessee
on payment subject to tax withholding u/s 195, in
consequence of failure to deduct tax, BHC after considering
the matter at length, has upheld underlying ITAT order
concluding no liability for advance tax on payee assessee for
payment on which tax is deductible (albeit not deducted),
placing reliance on Utt. HC ruling in SEDCO case 264 ITR
320. In underlying order and from question posited before
BHC, it is clear that ITAT placed reliance on Del ITAT
Special Bench ruling in Motorola case at 95 ITD 269. In
context of tax withholding, landmark SC development in
L&T and ITI cases, holding that employer tax deductor u/s
192 while taking declaration from employee payee over leave
travel concession etc, is not bound to examine the evidence
thereof, may also be usefully referred
67 DBS Limited
In context of allowability of Expatriate Salaries u/s 37 of the
Act, BHC while affirming underlying ITAT order, concluded
that expenditure was incurred in India duly subject to tax
withholding in India. In holding so, BHC placed reliance on
its earlier ruling in the case of Emirates Commercial 262 ITR
55
68 Om parkash Jain and Others
In context of addition made in consequence of surrender and
subsequent retraction, BHC while reversing underlying ITAT
order and remanding the matter back to AO, concluded that
while relying on retraction, genuineness of documents lead in
support thereof must be examined and documentary
evidence, if genuine, must prevail over oral testimony.
Further, BHC replaced the specific direction of ITAT by
general discretion to AO.
69 Monika Gems and Others
In context of allowability of foreign travel expenses in Gems
Industry, BHC while allowing assessee's appeals, revered the
ITAT finding wherein it was concluded that subject expense
is neither allowable and nor disallowable. In connection to
this ITAT finding, BHC held the same to be vitiated by non
application of mind.
70 Lata Shanti lal Shah
In context of concealment penalty u/s 271(1)(c) of the Act,
BHC concluded that explanation 1 to section 271(1)(c)
pointing deemed concealment in specified cases cannot be
invoked for first time before HC by revenue, when the same
is not pressed before lower authorities.
23-May-09 71 Ashish Rajpal
in relation to Section 263 : regarding requirement under
Section 263 of the Act to issue a notice before embarking
upon revisionary proceedings
72 B.J.Duplex
in relation to depreciation on Passive User : "Since there has
been a passive user and that the machinery has been kept
ready for use which is a pure finding of fact, the Assessee is
entitled to depreciation."
73
Murli Chaudhary
regarding Concealment Penalty u/s 271(1)(c) : When
Assessment REMAND back : Status : DHC affirmed ITAT
view "Even if the addition of Rs 10,00,272/- in respect of
which penalty u/s 271(1)(c) was imposed, had not been
deleted by the learned CIT(A) in the quantum proceedings
vide an order dated 14.12.1990 and the issue relating to the
said addition was actually remanded by him to the file of the
AO for reconsideration, the ultimate result was the same in
as much as the very basis of imposition of the said penalty
did not survive and the said penalty having no legs to stand
was liable to be cancelled as rightly held by the Tribunal."
74 Shri Raj Kumar
regarding Trade Advance and Deemed Dividend u/s 2(22)(e)
of Income Tax
27-May-09 75 Bajaj Auto Ltd.
BHC has admitted assessee's appeal challenging ITAT order
interalia for whether assessee (auto manufacturer) is liable
for tax withholding u/s 194C on service charges paid to
authorized service stations, for discharge of free service
coupons.
76 Aditya Birla Nuvo Ltd.
BHC has admitted assessee's appeal challenging ITAT order
interalia for whether ITAT is justified in
disallowing debenture issue expenses pertaining to
convertible portion, holding them as capital in nature
applying Ahd ITAT Special Bench ruling in Ashima Syntex
case 100 ITD 247. In this connection, reference may be made
to Raj HC ruling in case of Secure Meters Limited 175
Taxman 567.
77 Blue Star Limited.
BHC has admitted assessee's appeal challenging ITAT’s
order interalia for whether amount received by assessee
on giving up its right in Joint Venture is liable to capital
gains or is pure capital receipt non chargeable to tax.
78 S. R. Enterprises
BHC has admitted revenue's appeal challenging ITAT order
interalia for whether amount received on sale of transferable
development right is assessable to tax as business income or
under the head capital gains.
30-May-09 79
Apex Metchem(P)
Rajasthan High Court on SECTION 254(2) after considering
SC in Honda Siel and Saurashtra Exchange.
80
JAL HOTELS LTD. & SUDHIR ENGG. CO LIMITED
in context of reopening after earlier 143(3) assessment
S.R. BATLIBOI & CO.
30-May-09 81 Petition filed by S.R. Batliboi & Co., reputed Auditors and
Accountants against the Department of Income Tax
entreating the issuance of an appropriate writ to prevent the
Respondents from forcibly gaining or securing access to the
data contained in two laptops belonging to employees of the
Petitioner were seized by the Dy. Director, Income Tax in the
course of conducting a Search and Seizure operation against
EMAAR In view of the fact that the Respondents have
rejected the offer made by the Petitioner as recorded in order
dated 18.11.2008 : the impugned summons, as referred to in
Prayer (ii) of the Writ Petition are set aside, and the
Respondents are directed to forthwith return the laptops to
the Petitioner.
VOICE OF CHARTERED ACCOUNTANTS
RELEVANT SEC. JUDGMENT
(IF ANY) PASSED BY
ALLAHABAD
HIGH COURT
SECTION 37 DHC
SECTION 271 (1)( c) SC AND DHC
SECTION 22 DHC
COURT OF
COMMISSIONER
DEPARTMENT OF
TRADE AND TAXES
GOVERNMENT OF
Section 84of the Delhi N.C.T. OF DELHI
Value Added Tax VYAPAR BHAVAN,
Act, 2004 NEW DELHI
SECTION 37 SUPREME COURT
SECTION 148 SUPREME COURT
DHC
SECTION 14A DHC
SECTION 143(2) DHC
MADRAS HIGH
SECTION 148 COURT
BHC
SECTION 195
BHC
SECTION 37
BHC
BHC
BHC
SECTION 271(1)
(c)
SECTION 263 DHC
DHC
SECTION 271(1) ( c) DHC
SECTION 2(22)(e) DHC
SECTION 194C BHC
BHC
BHC
BHC
RAJASTHAN
SECTION 254(2) HIGH COURT
SECTION 143(3) DHC
SECTION 132 DHC
SUMMARY OF NEWS OF PROFESSIONAL INTEREST ON VOICE OF CHARTERED ACCO
DATE S.NO. TOPIC
2-Jun-09 82
GUJARAT MINERAL DEV CORP LTD
ON JURISDICTION OF ITAT AND SCOPE OF APPEAL BEFORE ITAT.
83 Coronation Floor Mills :
In context of unreasonable/excessive expense u/s 40A(2) of the Act, Guj
HC has interalia concluded that:
"The contention raised on behalf of the appellant-assessee that the fair
market value having not been ascertained by the Assessing Officer. No
disallowance could have been made therefore does not merit
acceptance."
84 Sun Pharmaceutical Ind. Ltd.
In this interesting case, Guj HC dismissed revenue’s appeal challenging
ITAT order whereby assessee’s claim of lease rent of Rs 48 lacs (app)
for 99 years has been treated as revenue expense and allowed in one
go. (It is noteworthy that before AO it was assessee’s submission that
subject claim of lease rent is just like advance rent). Contrary
conclusion stands recorded in Ahd ITAT Special Bench ruling in FAG
Bearing 118 TTJ 433. It is apparent that Special Bench ruling has
received a dent after Guj HC instant ruling, specially being Jurisdictional
High Court.
4-Jun-09 85 Home solution Retail India Ltd & ors
supreme court issues notice in respect of Service Tax on Rental of
Immovable Property on an SLP being filed by UOI against the order
dated 18-04-2009 of Hon'ble DHC.
86
Genom Biotech Private Limited
(CROSS BORDER TAX EVASION AND INFLATION OF TAX
EXPENSE: HELD VALID GROUND FOR SEARCH U/S 132 AND
PROVISIONAL ATTACHMENT ORDER U/S 281B).
87 Titanor Components Ltd. :
BHC Goa Bench has allowed assessee’s appeal and set aside ITAT order
by considering extenso implication of assessee’s filing an application u/s
158A of the Act (dealing with avoidance of repetitive appeals) before
ITAT.
88
Sudhakar T Pendse:
BHC has dismissed assessee’s appeal in context of block assessment u/s
158BC of the Act and has affirmed underlying appellate orders.
88
Sudhakar T Pendse:
BHC has dismissed assessee’s appeal in context of block assessment u/s
158BC of the Act and has affirmed underlying appellate orders.
89
Solapur Distt Cooperative Milk Producers:
BHC has dismissed revenue’s appeal against ITAT order and has
answered an important tax question in favor of assessee.
90
S. R. Batliboi
Income Tax Department has introduced a scheme for centralized
processing of annual income-tax returns which envisages no interface
with the tax payer and processing of returns to be done in an automated
jurisdiction-less manner. Implementation of such scheme requires having
a robust system for information relating to payment of TDS and TCS so
that the credit for TDS and TCS can be granted accurately and the risk of
financial fraud is minimized.
6-Jun-09 91
Samir Bio Tech Pvt Ltd
DHC in context of section 68 of the Act after taking note of latest SC
ruling in Lovely Exports 216 CTR 195 (FIRST TIME ANY HC
TAKING NOTE OF SAID SC RULING) has concluded that once
shareholders are identified (by filing of income tax particulars,
shareholders audited balance sheets etc) and the transaction is
conducted through banking channel, no addition can be made for
unexplained cash credit , in view of aforesaid SC ruling.
92 JSRS Udyog Limited,
In the case of JSRS Udyog Limited, DHC in context of section 148 of
the Act, placing reliance on its latest ruling in Haryana Acrylic case
(3/11/2008), while allowing assessee's writ petition has concluded as
under:
"We are of the opinion that the said order has, first of all, not dealt with
any of the objections raised by the petitioner. Secondly, the order is
nothing but a repetition of what is given in the purported reasons.
There is no indication of any specific information with regard to any
accommodation entry being provided by the assessee / petitioner. Apart
from merely saying that the receipts of the share application money were
bogus and sham transactions, there is nothing indicated either in the
reasons or in the impugned order dated 28.11.2008 to enable us to arrive
at such a conclusion.
In a recent decision in the case of Haryana Acrylic Manufacturing
Company v. CIT [WP(C) 4074/2007 decided on 03.11.2008], in a
somewhat similar circumstances.
93 Integrated Databases India ltd
In the case of Integrated Databases India ltd., DHC in context of section
10B(5) dealing with filing of audit report with tax return, has interpreted
the said requirement as directory in nature (can be submitted any time
before completion of assessment), holding the said provision to be
similar to section 80IA(7) and section 80J(6A).
94
Rani Mishra
DHC i n context of section 17(3)(iii) dealing with taxability of profits
in lieu of salary , has concluded that compensation received by assessee
for being discriminated in offering of job (as also no job offered) by a
government organization, is capital receipt non chargeable to tax and is
not covered under said provision.
6-Jun-09 95
M.L.B.D BOOKS INTERNATIONAL
DHC has dismissed assessee’s appeal and has affirmed ITAT order. In
this case, DHC has affirmed disallowance by Assessing Officer u/s
40A(2) on account of unreasonable/excessive purchase price, as paid by
assessee to its sister concern, which was made after comparing the
purchases rates charged by other persons from assessee company. In this
case, assessee’s explanation that difference in rates occurred due to hard
bound volume being supplied by related/sister concern, has been held by
DHC to be rightly rejected by AO on the ground that bill from sister
concern never shown that books supplied were hard bound. Further,
DHC has affirmed the ITAT/CIT-A and AO’s order confirming
disallowance of commission payment to sister concern u/s 40A(2) on the
ground that
96 Flow Trading & Investment Pvt. Ltd.: DHC while affirming
underlying ITAT order has interalia held that: “In these circumstances,
we find no perversity in the conclusion reached by ITAT that the expense
in issue incurred for purposes of generating a feasibility report for the
benefit of the Assessee is in the nature of a revenue expense” where the
finding of fact that there was unity of control and interlacing of the new
line of business with the existing business has been returned by the
ITAT.
97 Exinn Securities and Credits: DHC while
dismissing revenue’s appeal pleading that ITAT failed to consider the
violation of rule 46A(3) (non confrontation of additional evidence etc to
AO), while highlighting the importance of specific appeal grounds
before ITAT has held that
“We are unable to accept this argument for simple reason that violation
of Rule 46A(3) was not a ground raised before the ITAT despite the fact
that it may have been contemplated in the order dated 06.06.2002. The
Tribunal cannot be legally faulted in not taking the said rule into
consideration if it did not form a part of the appeal at all.”
98
Napcon Turbochargers Ltd.: DHC in context of allowability of
expenses to keep the business going, has affirmed ITAT order to the
effect:"In fact, I have given a finding in assessment year 2002-03 that the
business of turbo chargers is in existence and merely because orders
were not received, there could be no adverse inference.
As in the case of preceding year, there is no sale of any plant and
machinery or closure of the establishment and on the contrary from the
various expenses incurred by the appellant, continuation of business is
fully supported"
13-Jun-09 99 Prasad Agents Private Limited (engaged in trading of shares etc):
for the first time, in context of explanation to section 73 of the Act
(dealing with classification of loss arising from sale/purchase of shares in
hands of a company assessee as speculative loss).
100 Cartini India Limited :
BHC in context of reopening within four years (not covered by proviso
to section 147), held that AO cannot form a prima facie opinion that
deduction is not allowable and accordingly reopen the assessment on the
ground that income chargeable to tax has escaped assessment.
101
Coca Cola regarding stay of Tax Demand :
Assessee’s writ petition allowed : in case there’s delay in disposition of
ITAT Appeal & it is not attributable to assessee : Demand must not be
enforced & section 292C analysed in extenso r/w section 132(4A).
13-Jun-09 102 BANARASI LAL PASSI
regarding Concealment Penalty u/s 271(1)(c)SC after condoning delay,
has dismissed revenue's SLP from Delhi High Court order wherein it was
‐
held that:" We cannot find fault with the Tribunal’s conclusion that the
assessee had made the claim of deduction under Section 80 O of the said
Act under a bonafide belief that it was entitled to such a deduction. The
Tribunal has, in our view, rightly deleted the penalty u/s 271(1)(c) of the
said Act. No interference with the impugned order is called for. No
substantial question of law arises for our consideration. The appeal is
103 BHARTI CELLULAR LTD
regarding TDS on Payment for Interconnect & Port Charges.On
revenue's SLP from DHC order reported at 175 Taxman 573 wherein it
was held that "The Assessee's were Companies providing mobile phone
facility to their customers i.e. subscriber's under licences granted by
DOT. They had set up their own networks. Where subscribers had to
make call from one network to another network these were routed
through MTNL, providing interconnection at points, described as
103 BHARTI CELLULAR LTD
regarding TDS on Payment for Interconnect & Port Charges.On
revenue's SLP from DHC order reported at 175 Taxman 573 wherein it
was held that "The Assessee's were Companies providing mobile phone
facility to their customers i.e. subscriber's under licences granted by
DOT. They had set up their own networks. Where subscribers had to
make call from one network to another network these were routed
through MTNL, providing interconnection at points, described as
104 RBG INVESTMENT & FIN LTD
SC on revenue's SLP in the matter of RBG INVESTMENT from DHC
ruling reported at 175 Taxman 291, after condoning delay has dismissed
the same
SUNDARAM FINANCE
105 on assessee's SLP has issued notice on following law point:"Issue
notice. In our view, prima facie, the High Court should have framed the
substantial question of law, namely, whether provision of contingent
deposit was deductable under Section 37 of the Income Tax Act?"
106 ACCENT FOR LIVING
SC has issued notice on assessee's SLP from Punjab & Haryana High
Court order wherein Liberty ruling 293 ITR 520 was followed to hold
that duty drawback gains are not profits derived from industrial
undertaking u/s 80IB of the Act. On earlier occasion, SC has issued
notice on revenue's SLP in Eltek SGS case wherein DHC (300 ITR 6)
held in favor of assessee on subject issue that is, duty drawback is
eligible for deduction u/s 80IB.
Baidyanath
13-Jun-09 107 SC on Classification of Commodity in Indirect Tax & Res Judicata
(Consistency):"The primary object of the Excise Act is to raise revenue
for which various products are differently classified in New Tariff
Act.
108 Suretech International :
Held equipment for recovery and peak performance of batteries being
subjectmatter of determination, do not form part of “ Renewable energy
devices and spare parts” covered under item no. 58 of third schedule to
DVAT ACT, 2004" and is taxable under general unspecified items
falling u/s 4(1)(e) of DVAT Act 2004 and attract VAT @ 12.5%
109 General Machinery and Merchants Association:
In this determination, in context of the question "What is the rate of tax
upon Electric Motors and Switch gears/starters which are used as a part
of Machinery”, it is held that the subject items do not find any place in
any of the schedules of Act, and thus are a general unspecified items
falling u/s 4(1)(e) of DVAT Act 2004 and attract VAT @ 12.5%.
15-Jun-09 110 Inducto Ispat Alloys Ltd.
allowing Assessee's Writ Petition and quashing of REOPENING Notice.
Original assessment u/s 143(3), no reopening can be made after the
expiry of 4 years from end of relevant assessment year.
15-Jun-09
111 Manjusha Estate Pvt Limited
regarding allowing Assessee’s Writ Petition and quashing of
REOPENING Notice.
Merely receipt of Valuation report u/s 142A (which itself is invalid )
which discloses estimated higher cost of construction as compared to the
value disclosed in accesee's books/return of income (despite the fact that
only 143(1) & no regular assessment was made ), cannot be a
justification for reopening the case u/s 148.
112 SHRI SIRMAD BUDDHISAGAR SURI JAIN SAMADHI MANDIR
(Gujarat HC) regarding allowing Assessee’s Writ Petition and quashing
of REOPENING Notice.
In the given case notice u/s 148 is quashed and set aside, as having
been issued by an authority who did not have jurisdiction to issue the
notice, and as a consequence, the Assessment Order is quashed and set
aside.
113 M/S NAVJIVAN ROLLER FLOUR & PULSE MILLS LIMITED
"The assessee was following mercantile system of accounting. On
28.05.1987 the Trade Association made an Award for damages for
breach of contract by the assessee. Assessee's liability to pay such
damages comes into existence on the date when Trade Association made
an Award for damages i.e. on 28.05.1987.
16-Jun-09 114 IAL Shipping Agencies :
In context of separate-legal entity approach, It cannot be said that the
assessee company and the other company, which were under the same
management, are the same entity.
115 Rajesh Kumar:
Del HC has upheld ITAT order wherein albeit reference for Special
Audit was vitiated by principle of Natural Justice.
116
Hindustan Indl. Limited,
while reversing underlying ITAT order and allowing assessee's appeal, in
a fact situation, where assessee purchased agricultural land for intended
industrial use, transferred the same under acquisition by Noida
Development Authority without using it for industrial activity, it is
concluded by DHC that mere non carrying of agricultural operations
and mere intention to carry industrial activity, without anything more,
will not change the character of land from "agricultural" (so
classified as per land records both at the time of purchase/acquisition
by/from assessee ) to non agricultural, u/s 2(14) of the Act
117 Trishla Jain and Others,
while answering bulk of tax references, in context of non-resident
taxation for interest accrued on debentures purchased in foreign
exchange, u/s 5(2) of the Act, has interalia concluded that assessee's
contention that said interest be taxable on receipt basis, is devoid of
merit because of section 5(2)(b) of the Act, which as per HC, indicates
that if taxability can be drawn on basis of accrual then actual receipt is
immaterial. In concluding so, P&HHC drew support from
·SC and Mad HC ruling Standard Triumph cases 201 ITR 391 etc.
·BHC ruling in Pfizer Corp 259 ITR 391 which has analysed section 145
scope vis a vis section 5 of the Act, which remains unconsidered in
present P&HHC ruling.
18-Jun-09 118 E. I. Dupont,
SC has dismissed revenue's SLP against DHC order in context of section
271(1)(c) of the Act.
119 ITAC Ltd, has dismissed revenue's SLP against the order of DHC
affirming ITAT and CIT-A order giving relief to assessee u/s 68 of the
Act.
120 Reflect Optics,
BHC has dismissed assessee's appeal against ITAT order where addition
on account of shortage of stock as computed at the time of survey u/s
133A was involved.
19-Jun-09 121
SAMTEL INDIA LTD. (Delhi HC)
The claim of the assessee for loss suffered on foreign exchange forward
contract will be allowed as a revenue loss if the loss is in respect of
import of capital goods & it will be in the capital field and if it is in
respect of import of raw materials then it will be in the revenue field.
122 OCL India Ltd. (Delhi HC)
Once revenue has not challenged a CIT-A order on a subject matter,
same cannot be disturbed by invoking section 154 seeking to rectify
appeal effect order originally passed (On part of AO).
In this case, DHC has affirmed ITAT order which has emphasized and
pointed that in case Deptt Valuation report do not consider material facts
relating to a property, an assessee can rebut /dislodge the same by
placing its own valuer's report, which in turn if accurate as compared to
DVO report can be relied by appellate authorities.
123 Urmila Bawa (Delhi HC)
123
In this case, DHC has affirmed ITAT order which has emphasized and
pointed that in case Deptt Valuation report do not consider material facts
relating to a property, an assessee can rebut /dislodge the same by
placing its own valuer's report, which in turn if accurate as compared to
DVO report can be relied by appellate authorities.
124 Sri Chamundeshwari Sugar Ltd. (Karnataka HC) If a machinery is
actually put to use but later on it becomes defective & non-functional
then it can not be said that the machinery was not used for the purpose of
business & claim of depreciation will be allowed in such a case.
20-Jun-09 125 Ansaldo Energia SPA (Madras HC)
Landmark Madras High Court ruling on taxability of off-shore supply
(turnkey contracts) India Italy DTAA etc.
126 GEO ENPRO PETROLEUM LTD. (Delhi HC)
Dismissed Assessee's Appeal: Section 80IB Deduction involved:
Commercial Production Year. In our view this finding is a pure finding
of fact. If that be so, according to us, no question of law, much less a
substantial question of law arises for our consideration. These appeals
are thus dismissed.
127
M/S JINDAL EXPORTS LIMITED (Delhi HC)
Mat Credit under section 115JAA is advance tax to be deducted before
calculating interest u/s 234A/234B/234C & Rectification u/s 154 of the
Act on aforesaid issue is not tenable at law.
23-Jun-09 128 Bhaumik Colour (P) Ltd. (Mumbai ITAT) Decision on
2(22)(e)Deemed dividend can be assessed only in hands of a person who
is a shareholder of lender company.
If a person is a registered shareholder but not beneficial shareholder then
provisions of section 2(22)(e) would not apply and similarly if a person
is a beneficial shareholder but not a registered shareholder then also
provisions of section 2(22)(e) would not apply.
129 MUKAND GLOBAL FINANCE LTD. (Mumbai ITAT)
Miscellaneous issues like Section 50 & 32(1)(iii), section 47 & 49,
section 14A, section 115JA.
130
LOKPRIYA HOUSING DEVELOPMENT PVT LTD. (Mumbai
ITAT) Section-147 and penalty u/s 271(1) (c)
It is well settled that there should be reasonable belief and it should be
based on record, for coming to a conclusion that income has escaped
assessment when the reason cannot be produced, there is no other
alternative but to draw adverse inference and agree with the contention
of the assessee.
23-Jun-09 131 TDI MARKETING PVT. LTD. (Delhi HC)
If the shareholders have appeared and confirmed having entered into
transaction, in absence of any contrary material, the Assessing Officer
could not merely on presumption treat the share capital as unexplained
cash credit.
132 SURAJMAL MEMORIAL EDUCATION SOCIETY (Delhi HC)
DHC rejects assessee’s writ petition and affirms rejection of registration
application by DGIT (exemption) u/s 10(23C)
133 TANEJA MINES (Delhi HC)
If there is any material collected by the Assessing Officer pertaining to
the exact turnover that would be sufficient reason to make a best
judgment assessment.
25-Jun-09 134 ANANTRAJ INDUSTRIES LTD. (Delhi HC)
It is not essential or mandatory that each and every point must be
reflected in the Assessment Order. A presumption must be drawn that
issues which were alive and relevant before the Assessing Officer were
in fact duly considered.
135 KISAN SAHKARI CHINI MILL, GADARPUR, U.S. NAGAR
(Uttarakhand HC)
Incentive received by assessee as levy sugar released for free sale,
claimed by the assessee as capital receipt but the Assessing Officer has
treated it to be revenue receipt. Appeal filed by department is dismissed
by Uttarakhand HC.
136 RANA ROHIT SINGH (Allahabad HC)
Commissioner could not have refused to entertain the revision on the
ground that it is not a substitute of appeal, though there may be many
more reasons, but such reasons have to be germane to the issue and
valid. Allahabad HC CIT set aside the order of CIT.
25-Jun-09 137 M/s Hindustan Mint & Agro Products P. Ltd
Whether in view of the provision of Section 80IA (9) r.w.s 80IB (13), the
deduction of income under Chapter VI-A can be allowed on entire profit
and gains of an undertaking or an enterprise of an assessee or it is to be
allowed on such profit and gains as reduced by deduction claimed and
allowed u/s 80IB / 80IA.
OICE OF CHARTERED ACCOUNTANTS
RELEVANT SEC.
(IF ANY) JUDGMENT PASSED BY
SECTION 273A, HIGH COURT OF
273B GUJARAT
HIGH COURT OF
SECTION 40A(2) GUJARAT
HIGH COURT OF
GUJARAT
SC
SECTION 132 &
281B BHC
SECTION 158A BHC
SECTION 158BC BHC
SECTION 158BC BHC
BHC
DHC
HIGH COURT OF
SECTION 68 DELHI
HIGH COURT OF
SECTION 148 DELHI
SECTION 10B(5) DHC
SECTION 17(3)(iii) DHC
SECTION 40A(2) DHC
DHC
RULE 46A(3) DHC
DHC
SECTION 73 BHC
SECTION 154 &
147 BHC
SECTION 292C &
132(4A) BHC
SECTION 271(1)(c) SC AND DHC
SC
SC
SC
SECTION 37 SC
SECTION 80IB SC
SC
COMMISSIONER,DEPA
SECTION 4(1)(e) RTMENT OF TRADE
of DVAT Act 2004 AND TAXES
COMMISSIONER,DEPA
SECTION 4(1)(e) RTMENT OF TRADE
of DVAT Act 2004 AND TAXES
HIGH COURT OF
GUJARAT AT
SECTION 143(3) AHMEDABAD
HIGH COURT OF
GUJARAT AT
SECTION 148. AHMEDABAD
HIGH COURT OF
GUJARAT AT
SECTION 148 AHMEDABAD
HIGH COURT OF
GUJARAT AT
AHMEDABAD
BHC
SECTION
142(2A),158BC,
158BE DHC
SECTION 2(14) DHC
SECTION 5 & 145
SECTION 271(1)
(C) SC
SECTION 68 DHC
SECTION 133A BHC
SECTION 43A DHC
SECTION 154 DHC
DHC
KARNATAKA HIGH
SECTION 32 COURT
SECTION 9 MADRAS HIGH COURT
SECTION 80IB DHC
SECTION
115JAA,234A/234B
,234C & 154 DHC
SECTION 2(22)(e) ITAT(MUMBAI)
SECTION 50 ,
32(1)(iii) , 47 ,49
,14A & 115JA ITAT(MUMBAI)
SECTION 147 ITAT(MUMBAI)
DHC
Section 10(23C) DHC
DHC
DHC
UTTRAKHAND HIGH
COURT
ALLAHABAD HIGH
COURT
SECTION 80IA &
80IB ITAT (CHENNAI)
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