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Year: 2014

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DATE: September 30, 2014 (Date of pronouncement)
DATE: October 12, 2014 (Date of publication)
AY: 2004-05
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S. 115JB: Cost of use of land amortized in books cannot be added back for computing book profits

This is a land taken for use from the State government without transferring the title for relief and rehabilitation for land evacuees because of submerges and where construction of such alternative facility is a condition for setting up a project. …

ACIT vs. NHPC Ltd (ITAT Delhi) Read More »

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DATE: October 8, 2014 (Date of pronouncement)
DATE: October 12, 2014 (Date of publication)
AY: 2005-06
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Even if s. 50C addition can be made on the basis of stamp duty valuation, addition u/s 69B cannot be made barely on the basis of DVO's report

At the outset, we have to demarcate the territory of the case, i.e. application of section 50C and addition to be made u/s 69C. We find that both the sections operate independently i.e. to say that section 50C shall bet …

ACIT vs. Dilip Nabera (HUF) (ITAT Mumbai) Read More »

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DATE: October 10, 2014 (Date of pronouncement)
DATE: October 10, 2014 (Date of publication)
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Neither the capital receipts received by the Petitioner on issue of equity shares to its holding company, a non-resident entity, nor the alleged short-fall between the so called fair market price of its equity shares and the issue price of the equity shares can be considered as income within the meaning of the expression as defined under the Act.

The assessee, an Indian company, issued equity shares at the premium of Rs.8591 per share aggregating Rs.246.38 crores to its holding company. Though the transaction was reported as an “international transaction” in Form 3 CEB, the assessee claimed that the …

Vodafone India Services Pvt. Ltd vs. UOI (Bombay High Court) Read More »

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DATE: October 10, 2014 (Date of pronouncement)
DATE: October 10, 2014 (Date of publication)
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Senior officers of the department summoned and strictures passed for ‘Irresponsible conduct’ of filing an appeal on a point which is admittedly covered against the department by a judgement of the Supreme Court

The department conceded before the Tribunal that the issue in the appeal was covered in favour of the assessee by the judgement of the Supreme Court in CIT v/s Tulsyan NEC Ltd 330 ITR 226 (SC). However, despite this, the …

CIT vs. Reliance Infrastructure Ltd (Bombay High Court) Read More »

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DATE: August 8, 2014 (Date of pronouncement)
DATE: October 10, 2014 (Date of publication)
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CITATION:
Income by way of fees for technical services payable by a person who is a resident, would be income deemed to accrue or arise in India

Section 9(1) of the Act provides which incomes shall be deemed to accrue or arise in India. Sub-clause (vii)(b) of section 9(1) of the Act, as applicable to the facts of the present case, inter alia provides that income by …

CIT vs. Montedison of Italy (Bombay High Court) Read More »

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DATE: July 31, 2014 (Date of pronouncement)
DATE: October 10, 2014 (Date of publication)
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The key word in Explanation is “work”. There could be a scenario where in the given set of facts and circumstances it could be validly contended that a hotel was a place of the work of the employees of the Assessee Company

Whether expenses incurred in a hotel would fall within “or other place of their work” appearing in Explanation 2 to Section 37(2A) of the Act, would entirely depend on the facts of each case. There cannot be any generalization in …

Sandvik Asia Ltd vs. CIT (Bombay High Court) Read More »

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DATE: August 1, 2014 (Date of pronouncement)
DATE: October 10, 2014 (Date of publication)
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Benefit of section 80V would be available to the Assessee if the borrowings were taken for the purpose of payment of tax

In Hindustan Cocoa Products Ltd. v/s Commissioner of Income Tax, reported in [1999] 236 ITR 140, this Court observed that the benefit of section 80V would be available to the Assessee if the borrowings were taken for the purpose of …

CIT vs. Mafatlal Dyes and Chemicals Ltd (Bombay High Court) Read More »

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DATE: September 2, 2014 (Date of pronouncement)
DATE: October 9, 2014 (Date of publication)
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Premature payment of sales-tax deferral loan by paying an amount equal to the net present value of the deferred tax by which the entire liability to pay tax/loan stood discharged is not a "benefit" taxable u/s 41 (1)

As per an incentive scheme announced by the Government of Maharashtra, the assessee entered into an agreement to avail the benefits under deferral/1993 scheme which provides for deferment of payment of taxes. This agreement not only determined the eligibility of …

CIT vs. McDowell & Co Ltd (Karnataka High Court) Read More »

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DATE: September 23, 2014 (Date of pronouncement)
DATE: October 8, 2014 (Date of publication)
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As the UOI has continued the process of appointment of Tribunal Members without amending the Rules, the Petitioner, who was wait-listed in 2007, deserves to be considered for appointment within 30 days

The Selection Committee finalized a list of 18 persons, 13 for the post of Accountant Member and 5 for the post of Judicial Member. The Petitioner, Inturi Rama Rao, was placed in a ‘Waiting List’ appointment as Accountant Member. The …

Inturi Rama Rao vs. UOI (Supreme Court) Read More »

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DATE: July 30, 2014 (Date of pronouncement)
DATE: October 8, 2014 (Date of publication)
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Interest on NPAs, even if credited to the Profit & loss account, is not chargeable to tax

While constructing its Profit & Loss Account to arrive at its net Profit or Loss, a Co-operative Society is required to show interest accrued/accruing on amounts of Overdue Loans separately. This is precisely what has been done by the assessee …

The Solapur District Central Co-op. Bank Ltd vs. ACIT (ITAT Pune) Read More »