Month: November 2014

Archive for November, 2014


ACIT vs. The Tribune Trust (ITAT Chandigarh)

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DATE: November 26, 2014 (Date of pronouncement)
DATE: November 29, 2014 (Date of publication)
AY: 2007-08
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CITATION:
S. 2(15) Proviso/ 10(23C) (iv): Meaning of expression "not involving the carrying of any activity of profit" explained in detail

(i) The assessee trust is doing only one activity of printing and publishing of newspaper. This activity was held to be of charitable in nature by the Privy Council in the Trustees of The Tribune Press Lahore 7 ITR 415.

Posted in All Judgements, Tribunal

R. L. Allied Industries vs. ITO (ITAT Delhi)

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DATE: November 28, 2014 (Date of pronouncement)
DATE: November 29, 2014 (Date of publication)
AY: 2001-02 & 2002- 03
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CITATION:
As per proviso to s. 153C, the date of receiving books of account or documents shall be considered the date of search. Therefore, under proviso to s. 153C and s. 153A(1)(b), in the case of person in whose case action is required u/s 153C, the AO is empowered to take action u/s 153C for the year in which the seized document is received by him and the preceding six years

As per Section 153A(1)(b), the Assessing Officer is empowered to assess or reassess the total income of the six assessment years immediately preceding the assessment year relevant to the assessment year in which search is conducted. Thus, in other words,

Posted in All Judgements, Tribunal

Tianjin Tianshi Biological Development Company Ltd vs. DCIT (ITAT Delhi)

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DATE: November 28, 2014 (Date of pronouncement)
DATE: November 29, 2014 (Date of publication)
AY: 2009-10
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CITATION:
DRP’s stand that determination of ALP by the TPO is of no relevance in deciding the issue of suppressed sale by the assessee is not correct. Fact that products are sold below MRP does not mean the sales are suppressed

(i) The DRP held that the determination of ALP is of no relevance in deciding the issue of suppressed sale by the assessee and went on to estimate the value of suppressed sale on account of difference between the value

Posted in All Judgements, Tribunal

Subhash Kabini Power Corporation Ltd vs. CIT (ITAT Bangalore)

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DATE: November 28, 2014 (Date of pronouncement)
DATE: November 29, 2014 (Date of publication)
AY: 2009-10
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CITATION:
Profits on sale of carbon credits is not a taxable revenue receipt

Carbon credit is in the nature of “an entitlement” received to improve world atmosphere and environment reducing carbon, heat and gas emissions. The entitlement earned for carbon credits can, at best, be regarded as a capital receipt and cannot be

Posted in All Judgements, Tribunal

ADIT vs. Bartronics India Ltd (ITAT Hyderabad)

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DATE: January 27, 2014 (Date of pronouncement)
DATE: November 29, 2014 (Date of publication)
AY: 2009-10
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CITATION:
Consideration for use of software is not assessable as royalty under Article 12 of DTAA and s. 9(1)(vi)

(i) In order to qualify as royalty payment, it is necessary to establish that there is transfer of all or any rights (including the granting of any licence) in respect of copyright of a literary, artistic or scientific work. In

Posted in All Judgements, Tribunal

CIT vs. Hermes Developers (Bombay High Court)

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DATE: November 27, 2014 (Date of pronouncement)
DATE: November 28, 2014 (Date of publication)
AY: 2003-04 & 2004-05
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CITATION:
S. 80IB(10): Super built-up area cannot be equated with built-up area

The concept of “super built-up” area is used by builders to get higher price and the super built-up area includes common area of stair-case and balcony area. Since super built-up area cannot be equated with built-up area it cannot be

Posted in All Judgements, High Court

The Stock Holding Corporation of India vs. CIT (Bombay High Court)

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DATE: November 17, 2014 (Date of pronouncement)
DATE: November 28, 2014 (Date of publication)
AY: 1994-95
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CITATION:
S. 244A: Refund of self-assessment tax is entitled to interest

(i) The contention of revenue is that no interest at all is payable to the petitioner under Section 244A(1)(a) and (b) of the Act unless the amounts have been paid as tax. It would not cover cases where the payment

Posted in All Judgements, High Court

Jagati Publications Ltd vs. ITAT (Bombay High Court)

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DATE: November 10, 2014 (Date of pronouncement)
DATE: November 28, 2014 (Date of publication)
AY: 2008-09
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CITATION:
S. 255(3): Action of ITAT President in forming Special Bench lacking in propriety

During the pendency of the assessee’s appeal before the Division Bench of the Tribunal, the CBDT addressed a letter to the President of the Tribunal and sought the constitution of a Special Bench u/s 255(3) for hearing the appeal. The

Posted in All Judgements, High Court

CIT vs. Rucha Engineers Pvt. Ltd (Bombay High Court)

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DATE: November 24, 2014 (Date of pronouncement)
DATE: November 27, 2014 (Date of publication)
AY: 2003-04
FILE: Click here to view full post with file download link
CITATION:
S. 271(1)(c): Before proceeding to the Explanation below s. 271 and putting the responsibility on the assessee, it is necessary for the AO to first demonstrate that the assessee's explanation or conduct is not reasonable on human probabilities, or that it was in the nature of violating settled legal positions. If the explanation is not fanciful, baseless or unacceptable, penalty cannot be levied

A legal contention raised bonafide by the assessee claiming the amounts to be capital receipt, only because the same was not accepted, by itself cannot be said to be act of fraud or gross or wilful negligence. Merely because the

Posted in All Judgements, High Court

CIT vs. V. D. Muralidharan (Madras High Court)

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DATE: November 11, 2014 (Date of pronouncement)
DATE: November 27, 2014 (Date of publication)
AY: 2000-01
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CITATION:
S. 158BD: Issue of notice u/s 158BD to the non-searched party has to be within the two years period given to the AO for completion of block assessment u/s 158BE(1)

The AO passed an order u/s 158BC in the case of Sree Gokulam Chits and Finance Company Limited. After the expiry of two years, he initiated proceedings u/s 158BD against the assessee. The Tribunal struck down the s. 158BD proceedings

Posted in All Judgements, High Court