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DATE: August 13, 2014 (Date of pronouncement)
DATE: October 12, 2014 (Date of publication)
AY: 2003-04
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S. 80HHC: Deemed credit under the CENVAT Incentive Scheme is part of the business profits eligible for deduction u/s 80HHC

We agree with the submission of Ms Vissanjee that the said CENVAT incentive being the refund of tax and duty paid on inputs consumed for goods manufactured and exported would automatically reduce the cost of manufacture of the exported goods, …

CIT vs. Valiant Glass Works Pvt.Ltd (Bombay High Court) Read More »

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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: 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 23, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
AY: 1993-94
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Non-service of s. 143(2) notice does render s. 158BC assessment order if return is belated and assessee participated in assessment proceedings

In the instant case, undisputedly the return was not filed under section 139(1) of the Act, it was rather a belated return as it was filed on 19.1.1995 and due date for filing of return was 31.10.1993. The return of …

Bharat Sewa Sansthan vs. DCIT (ITAT Lucknow) Read More »

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DATE: September 24, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
AY: 2004-05
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An assessment u/s 153A & 153C cannot be made in the absence of incriminating material found in search

It has been held by the ITAT, Kolkata Bench in the case of LMJ International Limited vs DCIT 119 TTJ (Kol) 214 where nothing incriminating is found in the course of search relating to any assessment years, the assessments for …

Trishul Hi-Tech Industries vs. DCIT (ITAT Kolkata) Read More »

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DATE: September 19, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
AY: 2007-08 and 2008-09
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(i) If the entity is a bank or other financial institution, the current interest rate applicable to the funds lent to the PE is deductible to the borrower (PE). However, as far as assessability in the hands of lender (HO) is concerned the same has to be excluded on the ground of mutuality as held by Special Bench in Sumitomo Corporation. (ii) MAT provisions in s. 115JB do not apply to foreign companies

(i) The decision of Spl. Bench in the case of Sumotomo Mitsubishi Banking Corporation (supra) which is a five member bench decision has elaborately considered the issue regarding deduction of interest paid by PE to head office and the interest …

The Bank of Tokyo- Mitsubishi UFJ Ltd vs. ADIT (ITAT Delhi) Read More »

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DATE: September 25, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
AY: 1996-97
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What is accrual of income. The word "conceal" inherently and per-se refers to an element of mens rea, albeit the expression "furnishing of inaccurate particulars" is much wider in scope

(i) We need not refer to the case law on the subject, what is income or accrual of income, except by referring to the authoritative pronouncement of this Court in Commissioner of Income Tax versus Dinesh Kumar Goel, (2011) 331 …

New Holland Tractors (India) Pvt. Ltd vs. CIT (Delhi High Court) Read More »

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DATE: September 26, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
AY: 2000-01 to 2004-05 and 2006-07
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A factual decision is perverse if the authority has acted without any evidence or on view of facts, which cannot be reasonably entertained. A perverse finding is one, if it is arrived at without any material or if it is arrived at or inference is made on material, which would not have been accepted or relied upon by a reasonable person conversant with the law.

This Court while exercising appellate jurisdiction under Section 260A of the Act is not an appellate Court for facts reprise. Factual findings can be challenged only on the ground that the factual findings recorded are perverse or relevant evidence has …

CIT vs. Rama Krishna Jewellers (Delhi High Court) Read More »

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DATE: September 29, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
AY: 2006-200
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The formal reasons given in support of reopening the case cannot be added to or subtracted from or improved in the affidavit-in-opposition

In Hindustan Lever Ltd. Vs. R.B. Wadkar, Assistant Commissioner of Income-Tax And Others (No.1) reported in 268 ITR 322 (Bombay) and Aroni Commercials Ltd. Vs. Deputy Commissioner of Income-Tax And Another reported in (2014) 362 ITR 403(Bom) both Division Bench …

Asiatic Oxygen Limited vs. DCIT (Calcutta High Court) Read More »