Category: Tribunal

Archive for the ‘Tribunal’ Category


ITO vs. Lotia Co.op Hsg. Soc. (ITAT Mumbai)

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DATE: (Date of pronouncement)
DATE: August 22, 2008 (Date of publication)
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CITATION:

Where the assessee was a co.op society and it and its members entered into a development agreement with a builder pursuant to which Tranferable Development Rights (TDR) entitled to be received under the Development Control Regulations was assigned to the developer for the repairs and redevelopment of the building and the construction of additional floors, held that the TDRs were owned by the flat owners individually and as no consideration for the transfer of the TDRs was received by the assessee society nor any area in the constructed portion was allocated to the assessee society, it was not chargeable to tax. Noted that even in the case of flat owners the Mumbai Bench had held in Jethalal D. Mehta vs. DCIT (2005) 2 SOT 422 that the receipts on sale of TDRs were not chargeable to tax in their hands.

R. B. K. Securities vs. ITO (ITAT Mumbai)

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DATE: (Date of pronouncement)
DATE: August 13, 2008 (Date of publication)
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FILE: Click here to view full post with file download link
CITATION:

Even prior to the amendment to s. 43(5) by the Finance Act 2005 w.e.f 1.4.2006, dealings in Futures & Options and other derivatives products cannot be treated as speculative transactions as they are special kind of transactions, not involving purchase and sale of shares and consequently the loss arising therefrom cannot be treated as a speculation loss.

Jashan Textile Mills vs. DCIT (ITAT Mumbai)

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DATE: (Date of pronouncement)
DATE: August 2, 2008 (Date of publication)
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CITATION:

In ACIT vs. Rogini Garments 108 ITD 49, the Chennai Special Bench of the ITAT held that in view of s. 80-IA (9), relief under s. 80-IA had to be deducted from the profits and gains before computing relief u/s 80-HHC. M/s SCM Creations was an intervener in that case and a common judgement was passed. The Madras has reversed the judgement of the Special Bench and held that relief u/s 80-IA should not be deducted from profits and gains of business before computing relief u/s 80-HHC.

Manoj Aggarwal vs. DCIT (ITAT Delhi 5 Member Spl Bench)

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DATE: (Date of pronouncement)
DATE: July 28, 2008 (Date of publication)
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FILE: Click here to view full post with file download link
CITATION:

It is a precondition to invoking s. 158BD that the AO must, in the course of s. 158BC proceedings, record satisfaction that the income belongs to the other person. In the absence of such finding, s. 158BD cannot be invoked. The satisfaction must be objective and not subjective. It must be recorded before jurisdiction is exercised. Even though no time limit is prescribed, there is an implied time limit for giving such finding i.e. the period prescribed in s. 158BE for framing the s. 158BC assessment

Shri. Ranjeet Singh vs. ACIT (ITAT Delhi)

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DATE: (Date of pronouncement)
DATE: July 1, 2008 (Date of publication)
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CITATION:

Where the assessee was assessed at Delhi but a notice u/s 148 was issued by the AO in Ghaziabad and the assessee had protested the usurpation of jurisdiction from the beginning

E-Gain Communication vs. ITO (ITAT Pune) (5.3 MB)

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DATE: (Date of pronouncement)
DATE: June 28, 2008 (Date of publication)
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FILE: Click here to view full post with file download link
CITATION:

Where the assesee was a captive company rendering software development services to its parent company and was entitled to receive actual cost + 5% and it was agreed that the Transactional Net Margin Method (“TNMM”) was the appropriate method for determining arms’ length price.

Mrs. Mudra Nanavati vs. DCIT (ITAT Mumbai)

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DATE: (Date of pronouncement)
DATE: June 28, 2008 (Date of publication)
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FILE: Click here to view full post with file download link
CITATION:

The issue of notice under s. 143 (2) I. T. Act within the time limit is mandatory for block assessment proceedings. If notice u/s 143 (2) is issued beyond the time limit, the block assessment order passed u/s 158BC is not valid.

M/s B. G. Chitale vs. DCIT (ITAT Pune – Special Bench)

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DATE: (Date of pronouncement)
DATE: June 10, 2008 (Date of publication)
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CITATION:

The process of pasteurisation of milk does not amount to manufacture / processing for purposes of sections 80-I and 80-HHA as while pastuerised milk is improved in quality, it is not a commercially different product as compared to raw milk.

Taj Lands End vs. ACIT (ITAT Mumbai)

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DATE: (Date of pronouncement)
DATE: June 10, 2008 (Date of publication)
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FILE: Click here to view full post with file download link
CITATION:

It is not mandatory for an asseessee to claim depreciation prior to the insertion of Explanation 5 to s. 32. Vahid Paper Converter vs. ITO 100 TTJ 532 (Ahd) (SB) distinguished.

ACIT vs. Star India (ITAT Mumbai)

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DATE: (Date of pronouncement)
DATE: May 8, 2008 (Date of publication)
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FILE: Click here to view full post with file download link
CITATION:

Deduction u/s 80-HHF (1) is available in respect of the ‘profits of the business’ which means the entire business profits and not only the profits derived from the export activity. Accordingly, deduction is allowable even if the export activity has resulted in a loss provided there is an overall business profit.

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