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DATE: October 7, 2014 (Date of pronouncement)
DATE: November 24, 2014 (Date of publication)
AY: 2007-08
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S. 80-!B(10): Law laid down in Radhe Developers 341 ITR 483 (Guj) on "works contract" is not affected by the law laid down by the Supreme Court in Larsen and Toubro Limited (2014) 1 SCC 708 and K. Raheja Development Corporation (2005) 141 STC 298

The department argued that the judgement in Commissioner of Income-tax v. Radhe Developers, (2012) 341 ITR 483 (Guj.) which draws a distinction between a “development contract” and a “works contract” and which holds that the benefit of s. 80-IB(10) is …

CIT vs. Vishal Developers (Gujarat High Court) Read More »

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DATE: October 14, 2014 (Date of pronouncement)
DATE: November 18, 2014 (Date of publication)
AY: 1991-92
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S. 80HHA/ 80-IA: Interest earned on fixed deposits placed out of business compulsion is "derived" from the undertaking

Income earned from fixed deposit placed for business purpose cannot be treated as income from other source but must be seen as part of the assessee’s business income. In the present case also the assessee was compelled to park a …

Empire Pumps Pvt. Ltd vs. ACIT (Gujarat High Court) Read More »

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DATE: October 16, 2014 (Date of pronouncement)
DATE: November 17, 2014 (Date of publication)
AY: 1992-93
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S. 271(1)(c): In the absence of a clear-cut finding by the AO as to whether it is a case of 'concealment' or 'furnishing inaccurate particulars', penalty cannot be levied

it is incumbent upon the AO to come to a positive finding as to whether there was concealment of income by the assessee or whether any inaccurate particulars of such income have been furnished by the assessee. In the absence …

Mitsu Industries Ltd vs. DCIT (Gujarat High Court) Read More »

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DATE: October 16, 2014 (Date of pronouncement)
DATE: November 17, 2014 (Date of publication)
AY: 1999-2000
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CITATION:
S. 28/ 37(1): Even if the business is illegal, a loss which is incidental to such business has to be allowed u/s 28 and the Explanation to s. 37(1) has no bearing

The assessee claimed a deduction of Rs.40,34,898 on account of gold seized by the Custom Authorities. The Tribunal rejected the claim by relying on the Explanation to s. 37(1) of the Act. The assessee claimed before the High Court that …

Bipinchandra K. Bhatia vs. DCIT (Gujarat High Court) Read More »