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Sree Ayyanar Spinning vs. CIT (Supreme Court)

COURT:
CORAM:
SECTION(S):
GENRE:
CATCH WORDS:
COUNSEL:
DATE: (Date of pronouncement)
DATE: May 19, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

Once the assessee has moved the rectification application within four years from the date of the appeal order, the Tribunal cannot reject that application on the ground that four years have lapsed, which includes the period of pendency of the application before the Tribunal.The Tribunal is bound to decide the application on merits and cannot dismiss the same on the ground of limitation.

Janatha Textiles vs. TRO (Supreme Court)

COURT:
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SECTION(S):
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DATE: (Date of pronouncement)
DATE: May 19, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

It is an established principle of law that in a third party auction, the purchaser’s interest in the auctioned property continues to be protected notwithstanding that the underlying decree is subsequently set aside or otherwise.

CWT vs. Sona Properties (Bombay High Court)

COURT:
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SECTION(S):
GENRE:
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COUNSEL:
DATE: (Date of pronouncement)
DATE: May 19, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

It is not open to the WTO u/s 16A of the W. T. Act to call for the report of the Valuation Officer after the assessment proceedings are completed and use that report to commence proceedings for reassessment. The jurisdiction conferred on the WTO is limited to calling for the report when the proceeding are pending and not when the Wealth Tax Officer becomes functious officio.

Foster’s Australia Limited vs. CIT (AAR)

COURT:
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SECTION(S):
GENRE:
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COUNSEL:
DATE: (Date of pronouncement)
DATE: May 10, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

As the trademarks etc had been registered and used in India and enjoyed high reputation and goodwill in the Indian market, they had a “tangible presence” in India and were located in India. The facts showed that they became inextricable components of the business of manufacture and marketing of Foster’s lager beer in India by the group company of the applicant.

ACIT vs. Star India (ITAT Mumbai)

COURT:
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SECTION(S):
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COUNSEL:
DATE: (Date of pronouncement)
DATE: May 8, 2008 (Date of publication)
AY:
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.

R & B Falcon vs. CIT (Supreme Court)

COURT:
CORAM:
SECTION(S):
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COUNSEL:
DATE: (Date of pronouncement)
DATE: May 7, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

Transportation cost incurred by a foreign assessee in providing transportation facility for movement of offshore employees from their residence in home country to the place of work and back is liable to Fringe Benefit Tax u/s 115WA.

Kvaerner John Brown vs. CIT (Supreme Court)

COURT:
CORAM:
SECTION(S):
GENRE:
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COUNSEL:
DATE: (Date of pronouncement)
DATE: May 7, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

Jurisdiction u/s S. 143(1)(a) and 143 (1A) is confined to making “prima facie” adjustments. When there are conflicting judgments on interpretation of Section 80-O, it is not permissible to make “prima facie” adjustments u/s 143(1)(a) and consequently additional tax u/s 143(1A) is not payable.

CIT vs. Arthusa Offshore (Uttarakhand High Court)

COURT:
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DATE: (Date of pronouncement)
DATE: April 23, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

The word “tax”in Articles 14(2) and 2(1)(b) of the India-USA DTAA includes “surcharge” and for purposes of Article 14(2) which provides that the rate of tax payable by a USA company shall not exceed 15% of the rate payable by domestic companies, the surcharge payable by domestic companies has to be included.

Development Consultants vs. DCIT (ITAT Kolkata)

COURT:
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SECTION(S):
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COUNSEL:
DATE: (Date of pronouncement)
DATE: April 23, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

Where the assessee entered into “international transactions” with “associated enterprises” and the AO made adjustments to the arms length price, held, deleting the adjustments that:

(i) In order to determine the most appropriate method for determining the arm’s length price, it is first necessary to select the ‘tested party’ and the tested party will be the least complex of the controlled taxpayer and will not own valuable intangible property or unique assets that distinguish it from potential uncontrolled comparables.

Malayala Manorama vs. CIT (Supreme Court)

COURT:
CORAM:
SECTION(S):
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COUNSEL:
DATE: (Date of pronouncement)
DATE: April 18, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

The AO has no jurisdiction u/s 115J of the Act to go behind the Profit & loss account of the assessee and to make adjustments therein beyond what is expressly provided in s. 115J. An assessee is entitled to provide for depreciation in its books at rates which are higher than the rates specified in Schedule XIV to the Companies Act.

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