Subscribe To Our Free Newsletter:

FGP Ltd vs. CIT (Bombay High Court)

COURT:
CORAM:
SECTION(S):
GENRE:
CATCH WORDS:
COUNSEL:
DATE: (Date of pronouncement)
DATE: October 17, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

Though the assessee was following the mercantile system and was entitled to royalty under an agreement, the royalty was not assessable in accordance with the principles of real income, in view of the dispute pending in arbitration.

Mittal Tower Premises vs. ITO (ITAT Mumbai)

COURT:
CORAM:
SECTION(S):
GENRE:
CATCH WORDS:
COUNSEL:
DATE: (Date of pronouncement)
DATE: October 17, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

Non-occupancy charges received by a commercial society from its members, even though in excess of 10% of the maintenance charges, are exempt on the principles of mutuality.

Hawkins Cookers vs. ITO (ITAT Mumbai)

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

For purposes of s. 145A, where an assessee follows the procedure laid down by the ICAI and the tax auditor reports in clause 12(b) of Form 3CD of the Tax Audit Report that no adjustment is required to be made on account of s. 145A, the unutilized modvat credit cannot be added to income.

DCIT vs. ING Investment (ITAT Mumbai)

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

For purposes of s. 14A, only the expenditure which is proved to have a nexus with the exempt income can be disallowed and not on an ad-hoc basis.

Philips Software vs. ACIT (ITAT Bangalore) (4 MB)

COURT:
CORAM:
SECTION(S):
GENRE:
CATCH WORDS:
COUNSEL:
DATE: (Date of pronouncement)
DATE: October 3, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

The AO/TPO have to satisfy and communicate to the taxpayer which one of the four conditions prescribed in s. 92C (3) are satisfied before applying the transfer pricing provisions and the failure to demonstrate this to the assessee renders the transfer pricing order void

B. M. Malani vs. CIT (Supreme Court)

COURT:
CORAM:
SECTION(S):
GENRE:
CATCH WORDS:
COUNSEL:
DATE: (Date of pronouncement)
DATE: October 2, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

Levy of interest is for compensating the revenue from loss suffered by non-deposit of tax by the assessee within the time specified therefor. This principle should also be applied for determining whether any hardship had been caused or not. A genuine hardship means a genuine difficulty. It cannot be concluded that a person having large assets would never be in difficulty as he can sell those assets and pay the amount of interest levied.

Sony India vs. DCIT (ITAT Delhi)

COURT:
CORAM:
SECTION(S):
GENRE:
CATCH WORDS:
COUNSEL:
DATE: (Date of pronouncement)
DATE: October 2, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

Under Rule 10B (2) (c) the comparability of an international transaction with an uncontrolled transaction has to be judged with reference to the contractual terms. Accordingly, the actual transaction, as entered into between the parties, has to be considered and the authorities have no right to re-write the transaction unless it is held that it is sham or bogus or entered into by the parties in bad faith to avoid and evade taxes.

CIT vs. HCL Comnet (Supreme Court)

COURT:
CORAM:
SECTION(S):
GENRE:
CATCH WORDS:
COUNSEL:
DATE: (Date of pronouncement)
DATE: September 24, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

Provision for bad and doubtful debts cannot be added to the “book profits” for purposes of section 115JA because they merely represent the dimunition in the value of an asset and are not a provision for an unascertained liability.

Automated Securities vs. ITO (ITAT Pune) (1.8 MB)

COURT:
CORAM:
SECTION(S):
GENRE:
CATCH WORDS:
COUNSEL:
DATE: (Date of pronouncement)
DATE: September 24, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

In order to attract the non-discrimination clause in Article 26, mere differential treatment is not enough. The assessee has to show that not only has it been subjected to differential treatment vis-à-vis others but also that the ground for this differentiation in treatment is unreasonable, arbitrary or irrelevant and that the basis of differentiation lacks any coherent relationship with the object sought to be achieved by that provision.

UPS Freight Services vs. ACIT (ITAT Mumbai)

COURT:
CORAM:
SECTION(S):
GENRE:
CATCH WORDS:
COUNSEL:
DATE: (Date of pronouncement)
DATE: September 24, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

As the 3rd Provio to s. 245 (2A) {restricting the right of the Tribunal to grant stay beyond 365 days even if the delay is not attributable to the assessee} comes into force on 1.10.2008, there is no bar on the Tribunal before that date to grant stay beyond 365 days.

Top