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DATE: November 10, 2014 (Date of pronouncement)
DATE: November 28, 2014 (Date of publication)
AY: 2008-09
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CITATION:
S. 255(3): Action of ITAT President in forming Special Bench lacking in propriety

During the pendency of the assessee’s appeal before the Division Bench of the Tribunal, the CBDT addressed a letter to the President of the Tribunal and sought the constitution of a Special Bench u/s 255(3) for hearing the appeal. The …

Jagati Publications Ltd vs. ITAT (Bombay High Court) Read More »

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DATE: November 24, 2014 (Date of pronouncement)
DATE: November 27, 2014 (Date of publication)
AY: 2003-04
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S. 271(1)(c): Before proceeding to the Explanation below s. 271 and putting the responsibility on the assessee, it is necessary for the AO to first demonstrate that the assessee's explanation or conduct is not reasonable on human probabilities, or that it was in the nature of violating settled legal positions. If the explanation is not fanciful, baseless or unacceptable, penalty cannot be levied

A legal contention raised bonafide by the assessee claiming the amounts to be capital receipt, only because the same was not accepted, by itself cannot be said to be act of fraud or gross or wilful negligence. Merely because the …

CIT vs. Rucha Engineers Pvt. Ltd (Bombay 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: October 14, 2014 (Date of pronouncement)
DATE: October 28, 2014 (Date of publication)
AY: 2003-04
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CITATION:
S. 2(24)(x) r.w.s 36(1)(va) & 43B: Even employees' contribution to PF etc is allowable if deposited before due date of filing ROI

Section 43B made it mandatory for the department to grant deduction in computing the income under section 28 in the year in which tax, duty, cess, etc. is actually paid. However, Parliament took cognizance of the fact that the accounting …

CIT vs. Ghatge Patil Transports Ltd (Bombay High Court) Read More »

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DATE: October 13, 2014 (Date of pronouncement)
DATE: October 14, 2014 (Date of publication)
AY: 2005-06
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CITATION:
Advertisement expenditure incurred by agent to popularize the business of the channel run by the foreign principal is allowable as there is a direct business between the expenditure and the assessee's business as agent. The fact that the foreign principals also benefited does not entail right to deny deduction under section 37(1)

The main grounds on which the revenue has questioned the order of the tribunal are (a) non disclosure in form 3CEB of the fact that the principal is also a beneficiary of the advertising expenses; (b) that the advertising and …

CIT vs. N.G.C. Network (India) P. Ltd (Bombay High Court) Read More »

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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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CITATION:
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: October 10, 2014 (Date of pronouncement)
DATE: October 10, 2014 (Date of publication)
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CITATION:
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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CITATION:
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 »