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DATE: October 17, 2014 (Date of pronouncement)
DATE: October 24, 2014 (Date of publication)
AY: 2007-08
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CITATION:
Law on the tests to distinguish whether gains on sale of shares is short-term or business profits explained

(i) The assessee wonders as to why should she be not allowed her claim of the delivery-based transactions as being not trade, which stands admitted by her qua non-delivery based transactions? However, that precisely defines the controversy which is to …

Harsha L. Tahilramani vs. ACIT (ITAT Mumbai) Read More »

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DATE: October 17, 2014 (Date of pronouncement)
DATE: October 24, 2014 (Date of publication)
AY: 2008-09
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Various arguments on the applicability of s. 14A & Rule 8D where the AO has not recorded satisfaction, where the shares are held in strategic/ subsidiary companies, held as stock-in-trade, where there are surplus funds and the quantum of disallowance under Explanation (f) to s. 115JA/ 115JB considered

(i) When it is said that rule 8D is mandatory (i.e., AY 2008-09 onwards), all that is meant is where the said expenditure cannot be reasonably ascertained with reference to the assessee’s accounts, toward which the AO is to issue …

HSBC Invest Direct (India) Ltd vs. DCIT (ITAT Mumbai) Read More »

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DATE: October 22, 2014 (Date of pronouncement)
DATE: October 24, 2014 (Date of publication)
AY: 2008-09
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CITATION:
No S. 14A/ Rule 8D Disallowance if accounts not examined. Consent fee paid to SEBI is not penalty for infraction of law

Re Disallowance made u/s 14A r.w. rule 8D (i) It is now settled principle that the assessing officer has to examine the disallowance made by the assessee by having regard to the accounts of the assessee and only thereafter the …

ITO vs. Reliance Share and Stock Brokers (P) Ltd (ITAT Mumbai) Read More »

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DATE: October 17, 2014 (Date of pronouncement)
DATE: October 20, 2014 (Date of publication)
AY: 2009-10
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CITATION:
S. 43(5)(a): Loss on foreign currency forward contracts by a manufacturer/ exporter is a “speculation loss” and not a “hedging loss”

Unless the assessee shows that there was some existing contract in respect of which he was likely to suffer a loss because of future price fluctuations and that it was to safeguard against such loss that he entered into the …

Araska Diamond Pvt. Ltd vs. ACIT (ITAT Mumbai) Read More »

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DATE: October 10, 2014 (Date of pronouncement)
DATE: October 16, 2014 (Date of publication)
AY: 1993-94
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S. 271(1)(c): Wrong claim for depreciation by showing a finance or loan transaction as a lease transaction attracts penalty

(i) The detailed findings of the AO, the assessee not agitating the findings of the AO in quantum proceedings, no plea of factual discrepancies during quantum proceedings and appeals, even no such plea before AO during penalty proceedings and no …

Times Guaranty Ltd vs. ACIT (ITAT Mumbai) 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 9, 2014 (Date of pronouncement)
DATE: October 6, 2014 (Date of publication)
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A strict procedure has to be followed for service by affixture. If done improperly, the notice and the resultant assessment order are null and void.

(i) As per sub-section (1) of section 282, the notice is to be served on the person named therein either by post or as if it was a summons issued by Court under the Code of Civil Procedure, 1908 (V …

Sanjay Badani vs. DCIT (ITAT Mumbai) Read More »

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DATE: September 26, 2014 (Date of pronouncement)
DATE: October 4, 2014 (Date of publication)
AY: 2006-07
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CITATION:
AO can assess on consideration of material available on record, surrounding circumstances, human conduct, preponderance of probabilities and nature of incriminating information / evidence available on record

We have already seen that the tax authorities have applied the test of human probabilities explained by the Hon’ble Supreme Court in the cases of Sumati Dayal and Durga Prasad More (supra) to disbelieve the claim of Long term Capital …

Usha Chandresh Shah vs. ITO (ITAT Mumbai) Read More »

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DATE: September 26, 2014 (Date of pronouncement)
DATE: October 4, 2014 (Date of publication)
AY: 2008-09
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CITATION:
The expenses like rent, depreciation, electricity, insurance charges, office maintenance and other miscellaneous expenses have no co-relation with the number of employees.

The assessee has used allocation key of employee head account. The expenses like rent, depreciation, electricity, insurance charges, office maintenance and other miscellaneous expenses have no co-relation with the number of employees. On the contrary, these expenses have a direct bearing to the revenue generation. …

Varian India Private Limited vs. Addl. DIT (ITAT Mumbai) Read More »

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DATE: September 25, 2014 (Date of pronouncement)
DATE: October 3, 2014 (Date of publication)
AY: 2005-06
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CITATION:
S. 271(1)(c) penalty for s. 40(a)(ia) disallowance is permissible

The law, in our humble view, would hold even where the disallowance leading to the variation between the assessed and returned incomes is u/s. 40(a)(ia), being independent of the provision where -under the same (disallowance) is effected. That is, the …

Mulla Associates vs. ACIT (ITAT Mumbai) Read More »