Month: February 2008

Archive for February, 2008


CIT vs. Pamwi Tissues (Bombay High Court)

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DATE: (Date of pronouncement)
DATE: February 27, 2008 (Date of publication)
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CITATION:

The deletion of the second proviso to s. 43B by the Finance Act 2003 wef 1.4.2004 cannot be treated as a retrospective amendment and contributions towards PF beyond the period stipulated in s 36(1)(va) are not allowable deductions. Note: The

Narang Overseas vs. ACIT (ITAT Mumbai 5 Member Special Bench)

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DATE: (Date of pronouncement)
DATE: February 26, 2008 (Date of publication)
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CITATION:

(i) The judgement of the SC in Mariappa Gounder vs. CIT 232 ITR 2 does not decide whether mesne profits received against wrongful possession of property is in the nature of revenue receipt or capital receipt. It merely decides the

Amway India vs. DCIT (ITAT Delhi Special Bench)

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DATE: (Date of pronouncement)
DATE: February 24, 2008 (Date of publication)
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(i) The question whether expenditure is on capital or revenue account should be decided from the practical and business view point and in accordance with sound accountancy principles. The three tests applied to decide the nature of expenditure are the

Munjal Sales vs. CIT (Supreme Court)

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DATE: (Date of pronouncement)
DATE: February 24, 2008 (Date of publication)
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CITATION:

(i) A firm seeking to claim deduction of interest paid on capital from its partners has to first satisfy the requirements of s. 36(1)(iii) and thereafter the limits imposed by s. 40(b)(iv). The fact that the said capital is not

Idea Cellular vs. DCIT (Bombay High Court)

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DATE: (Date of pronouncement)
DATE: February 24, 2008 (Date of publication)
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CITATION:

Where all the material facts were placed before the AO and he raised questions thereon, Explanation 1 to s. 147 has no application. Further, the argument that because there was no discussion in the assessment order, the AO had not

ACIT vs. M/s Triace (ITAT Mumbai)

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DATE: (Date of pronouncement)
DATE: February 24, 2008 (Date of publication)
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CITATION:

Where the CIT (A) decided the ground of reopening against the assessee but decided the ground of merits in favour of the assessee, the assessee is entitled, in an appeal by the Revenue before the Tribunal, to urge, under Rule

CCE vs. Punjab Fibres (Supreme Court)

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DATE: (Date of pronouncement)
DATE: February 19, 2008 (Date of publication)
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CITATION:

In the context of s. 35 of the Excise Act, held (1) Where the statute confers on the authority concerned a limited power of condonation of delay or does not provide any such power, the authority has no power to condone delay beyond the prescribed period;

Rupee Finance vs. ACIT (ITAT Mumbai)

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DATE: (Date of pronouncement)
DATE: February 16, 2008 (Date of publication)
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CITATION:

Where the assessee purchased shares at a price below the market price and the question was whether the difference between the market price and the purchase price can be assessed as unexplained investment u/s 69 or as a benefit u/s

State vs. Abraham Kurian (Supreme Court)

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DATE: (Date of pronouncement)
DATE: February 16, 2008 (Date of publication)
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CITATION:

(1) Tax administration is a complex subject. It consists of several aspects. The Government needs to strike a balance in the imposition of tax between collection of revenue on one hand and business-friendly approach on the other hand. (2) Exemption

DCIT vs. Core Health Care (Supreme Court)

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DATE: (Date of pronouncement)
DATE: February 12, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

(i) Interest paid in respect of borrowings on capital assets not put to use in the concerned financial year are deductible under Section 36(1)(iii) of the Act; (ii) Interest on all moneys borrowed for the purposes of business are deductible

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