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DATE: September 5, 2014 (Date of pronouncement)
DATE: November 14, 2014 (Date of publication)
AY: 2007-08
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S. 271(1)(c): No penalty can be levied for a bona fide "wrong" claim which is not a "false" claim

The addition by way of disallowing the depreciation claimed has rightly been made in the quantum proceedings which fact has been accepted by the assessee by filing a revised return and not agitating the issue further. Considering the explanation offered …

Poysha Goyal vs. ACIT (ITAT Delhi) Read More »

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DATE: October 29, 2014 (Date of pronouncement)
DATE: November 14, 2014 (Date of publication)
AY: 1988-89 to 1997-98
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An ITO cannot carry out the functions of an authority under the Central Excise Act and arrogate to himself the power to determine the quantity of production, or the intricacies of the manufacturing process. He must seek assistance of the concerned authority

(i) Even where the authorities of the Central Excise Department doubt the accuracy of figures mentioned in the registers, or if they find it difficult to understand the complexity of the manufacturing process, they seek the help of the experts. …

CIT vs. Shri Girija Smelters (P) Ltd (Andhra Pradesh High Court) Read More »

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DATE: November 12, 2014 (Date of pronouncement)
DATE: November 14, 2014 (Date of publication)
AY: 2007-08
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S. 54: Purchasing the undivided share of a co-owner in a new flat constitutes a "purchase" & is eligible for exemption

(i) The assessee purchased a residential flat on 08.01.1981, which was sold on 07.02.2007 for a sale consideration of Rs.1,25,00,000/-. The long term capital gain on such sale amounted to Rs.1,14,63,650/-. Before the said sale, assessee had entered into an …

ITO vs. Narinder Kaur Bhatia (ITAT Mumbai) Read More »

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DATE: November 11, 2014 (Date of pronouncement)
DATE: November 12, 2014 (Date of publication)
AY: -
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CITATION:
Liability for TDS u/s 194A does not arise if the beneficiary is not ascertainable and the person in whose name the interest is credited is not person liable to pay tax. Circular No. 08/ 2011 dated 14.10.2011 set aside

(i) Essentially, the controversy in the present case involves the question whether the provisions of Chapter XVII of the Act would be applicable in respect of interest which is payable on the fixed deposits maintained by this Court with the …

UCO Bank vs. UOI (Delhi High Court) Read More »

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DATE: October 14, 2014 (Date of pronouncement)
DATE: November 12, 2014 (Date of publication)
AY: 2005-06
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CITATION:
The person who constructs a road on Build, Operate and Transfer (BOT) basis on land owned by the Government is not the "owner" of the road and cannot claim depreciation thereon

The High Court had to consider whether a person who is in the business of infrastructure development constructs a road on Build, Operate and Transfer (BOT) basis on land owned by the Government, can it claim depreciation on the toll …

North Karnataka Expressway Ltd vs. CIT (Bombay High Court) Read More »

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DATE: November 3, 2014 (Date of pronouncement)
DATE: November 12, 2014 (Date of publication)
AY: 2001-2002 to 2007-2008
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CITATION:
Admission of undisclosed income by assessee constitutes good evidence. Loose sheets found during search can be relied upon

(i) With regard to the undisclosed income of Rs.52,73,920/- supported by printouts, in the sworn statement dated 29.8.2006, the assessee says that he had separate business income which was not included in his income tax returns. Therefore, admission of undisclosed …

B. Kishore Kumar vs. DCIT (Madras High Court) Read More »

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DATE: November 7, 2014 (Date of pronouncement)
DATE: November 11, 2014 (Date of publication)
AY: 1997-98
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Though a firm is not a "person" under UK law, it is so under the Indian law. Consequently, the firm is eligible for exemption under the India-UK DTAA. The department's contention that the firm is not eligible for benefits under the DTAA is not acceptable

(i) It is the other objection regarding attempt on the part of the Revenue to subject the said partnership to taxation on the ground its income was not saved from the charge of income tax by the India-UK Treaty, that …

P & O Nedlloyd Ltd. & Ors vs. ADIT (Calcutta High Court) Read More »

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DATE: November 5, 2014 (Date of pronouncement)
DATE: November 11, 2014 (Date of publication)
AY: 2008-09
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CITATION:
S. 50C vs. s. 11: If a charitable institution invests the entire sale consideration in other capital asset, s. 50C should not be invoked

The only issue in the appeal is, therefore, whether while taking the Value of Sale of capital Asset being immoveable property in case of an institution registered u/s 12A whether the provisions of section 11(1A) will prevail or deeming provisions …

ACIT vs. The Upper India Chamber of Commerce (ITAT Lucknow) Read More »

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DATE: November 7, 2014 (Date of pronouncement)
DATE: November 11, 2014 (Date of publication)
AY: 2006-2007, 2007-2008 & 2009-2010
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CITATION:
Law on whether income from rent for lease of space in technology park and income from operation and management of facilities is assessable as "business profits" or "income from house property" explained

Assessee has been consistently offering the incomes under the head “Income on House Property” as far as the receipts of rents are concerned and under the head “Business” as far as the service fee and management fee on maintenance are …

K. Raheja IT Park (Hyderabad) P. Ltd vs. CIT (ITAT Hyderabad) Read More »

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DATE: November 5, 2014 (Date of pronouncement)
DATE: November 11, 2014 (Date of publication)
AY: 2004-05
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CITATION:
CIT(A) cannot decline to condone delay in filing appeal and still decide it on merits

We are of the view that in case CIT(A) chose not to condone the delay, he has no business to adjudicate the appeal on merits. For this, we are of the view that first of all, the appeal should be …

Dr. Murari Mohan Kokey vs. ITO (ITAT Kolkata) Read More »