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Month: October 2014

Archive for October, 2014

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DATE: September 9, 2014 (Date of pronouncement)
DATE: October 6, 2014 (Date of publication)
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A strict procedure has to be followed for service by affixture. If done improperly, the notice and the resultant assessment order are null and void.

(i) As per sub-section (1) of section 282, the notice is to be served on the person named therein either by post or as if it was a summons issued by Court under the Code of Civil Procedure, 1908 (V …

Sanjay Badani vs. DCIT (ITAT Mumbai) Read More »

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DATE: August 18, 2014 (Date of pronouncement)
DATE: October 6, 2014 (Date of publication)
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S. 54F amendment by Finance (No.2) Act, 2014 is prospective & w.e.f. 01.04.2015

The above-said amendment to Section 54F of the Income Tax Act, which will come into effect only from 01.04.2015, makes it very clear that the benefit of Section 54F of the Income Tax Act will be applicable to constructed, one …

CIT vs. V. R. Karpagam (Madras High Court) Read More »

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DATE: February 17, 2014 (Date of pronouncement)
DATE: October 6, 2014 (Date of publication)
AY: 2014-15
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In view of retrospective amendment, s. 234D will apply to assessment orders passed after 01.06.2003

It can also be noted that the Bombay High Court (Commissioner of Income tax v. Indian Oil Corporation Ltd., reported in 2010 TAXMAN 466) has in terms held that the decision of the Tribunal in ITO v. Ekta Promoters (P.) Ltd., reported in (2008) 113 …

CIT vs. Gujarat State Financial Services Ltd (Gujarat High Court) Read More »

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DATE: September 9, 2014 (Date of pronouncement)
DATE: October 6, 2014 (Date of publication)
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An Attitudal change in Judges is required. It is high time for us to change our mind set and see whether this new technology can help us to increase the speed and also we have to take into account the convenience of the parties

In the said judgment, the Supreme Court has reproduced valuable observations of Justice Bhagwati in the case of National Textile Workers’ Union vs. P.R. Ramakrishnan at page 256 as follows: “We cannot allow the dead hand of the past to …

Suvarna Rahul Musale vs. Rahul Prabhakar Musale (Bombay High Court) Read More »

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DATE: September 17, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
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Change of method of accounting to value the stock of its investments / securities at lower of cost or market value is valid.

A premise which can be drawn is that for the purposes of valuation of the closing stock it is permissible for the assessee to value it at the cost or market value, whichever is lower. In-fact, the Hon’ble Supreme Court …

ACIT vs. Bank of Maharashtra (ITAT Pune) Read More »

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DATE: September 17, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
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For s. 80-IA(4) a developer is a person who designs and creates new projects whereas a contractor is a person who has a contract to do work

Having regard to the scope of work executed by the assessee, it is difficult to comprehended that assessee was merely acting as a contractor. In common parlance, a contractor is understood as a person who carries out the assigned work …

Kirloskar Brothers Limited vs. DCIT (ITAT Pune) Read More »

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DATE: September 18, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
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Reopening of s. 143(1) assessment on the basis of the retrospective amendment of section 80HHC of the Act by the Taxation Law (Amendment) Act, 2005 is bad as the said amendment is struck doen in Avani Exports vs. CIT (Guj HC)

We find force in the contentions of the Revenue as the assessment order which was sought to be reopened by the Assessing Officer was only an intimation under section 143(1) of the Act and not a regular assessment under section …

ACIT vs. M/s Northern Tannery (ITAT Lucknow) Read More »

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DATE: September 19, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
AY: 2007-08
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U/s 45(4), capital gains on transfer of capital assets on dissolution of firm has to be worked out on the basis of the fair market value of the capital asset on the date of transfer

(i) Dissolution and retirement are two different concepts. In the case of retirement, the retiring partner goes out of the firm but the remaining partners continue to carry on the business of the partnership as a firm. In the case …

M. Ahammedkutty vs. ITO (ITAT Cochin) Read More »

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DATE: September 19, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
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Creation of shell companies and subscribing for shares at high premium constitutes tax evasion by money laundering. It is a case of clear human ingenuinity with the clear and contumacious intention to defraud the revenue

(i) The first question comes to our mind is as to why this hurry in completing the reassessment proceedings especially when substantial time is still available and detailed inquiry is expected. Normally, once reopening is done by issuance of notice …

Bisakha Sales Pvt. Ltd vs. CIT (ITAT Kolkata) Read More »

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DATE: September 30, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
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Charitable status cannot be denied by fact of surplus. Mere levy of fees is neither reflective of business aptitude nor indicative of profit oriented intent

Applying the above test, the Hon’ble Delhi High Court opined that a mere levy of fees is neither reflective of business aptitude nor indicative of profit oriented intent. The Hon’ble Delhi High Court held that when propelling motive is not …

Jaipur Development Authority vs. CIT (ITAT Jaipur) Read More »