Month: December 2014

Archive for December, 2014


ACIT vs. B. Rajamallu (ITAT Hyderabad)

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DATE: November 26, 2014 (Date of pronouncement)
DATE: December 1, 2014 (Date of publication)
AY: 2008-09
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CITATION:
S. 2(47)/ 53A: Mere handing over possession pursuant to development agreement does not result in transfer if developer has not taken steps for development of property

The AO has assessed capital gain in the assessment year for the reason that assessee as per the terms of the development agreement entered with the developer has handed over possession of the property. However, as can be seen from

Posted in All Judgements, Tribunal

Andhra Networks Limited vs. DCIT (ITAT Hyderabad)

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DATE: December 26, 2014 (Date of pronouncement)
DATE: December 1, 2014 (Date of publication)
AY: 2005-06
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CITATION:
For constituting a long-term capital asset, date of allotment of property and not date of registration to be considered. Benevolent approach should be adopted and not a hyper-technical or legalistic one

(i) All the aforesaid judgments relied on by the Revenue are cases arising prior to the amendment to Section 2(47) of the Act. The very same judgments show, in particular the judgment of the Full Bench of the Gujarat High

Posted in All Judgements, Tribunal

Amrut Tubewell Company vs. ACIT (Gujarat High Court)

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DATE: November 11, 2014 (Date of pronouncement)
DATE: December 1, 2014 (Date of publication)
AY: 1986-87
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CITATION:
S. 271(1)(c) & 273(2)(a): Penalty cannot be mechanically levied. Cogent reasons have to be given

Sections 271(1)(c) and 273(2)(a) empower the AO to impose penalty on an assessee in a case, where, (1) there is concealment of income or (2) conscious attempt to provide the particulars of income which is untrue. Meaning thereby, the AO

Posted in All Judgements, High Court
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