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DATE: October 28, 2014 (Date of pronouncement)
DATE: November 4, 2014 (Date of publication)
AY: 2007-08, 2008-09 & 2009-10
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S. 80-IB(10)(c): Area of projected terrace (open to sky) is not liable to be included within the meaning of expression “built-up area”

The issue to be decided is as to whether the area of projected terrace (open to sky) is liable to be included within the meaning of expression “built-up area” contained in clause (c) of section 80IB(10) of the Act. (i) …

Naresh T. Wadhwani vs. DCIT (ITAT Pune) Read More »

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DATE: October 31, 2014 (Date of pronouncement)
DATE: November 4, 2014 (Date of publication)
AY: 2007-08
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S. 37(1): Law on deductibility of expenditure incurred on legal fees to defend criminal proceedings explained

(i) The ratio of the decisions in CIT vs. Birla Brothers 82 ITR 166 (SC), CIT vs. Dhanrajgiri Raja Narsinghgiri (1973) 91 ITR 544 (SC), CIT Vs. H. Hirjee (1953) 23 ITR 427 (SC) and CIT Vs. Chaman Lal & …

Praveen Saxena vs. JCIT (ITAT Delhi) Read More »

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DATE: October 31, 2014 (Date of pronouncement)
DATE: November 3, 2014 (Date of publication)
AY: 2009-10
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S. 50C(2): Reference to DVO cannot be made if assessee has challenged the valuation by the stamp authorities and even if the said challenge is dismissed on ground that as purchaser paid the duty, assessee had no locus standi to challenge stamp valuation

The mandate of section 50C is clear and the sale consideration shall be deemed to be the value adopted or assessed by the Stamp Valuation Authority. The only exception provided is that firstly the assessee should claim before AO that …

Seksaria Industries Pvt. Ltd vs. ITO (ITAT Mumbai) Read More »

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DATE: October 31, 2014 (Date of pronouncement)
DATE: November 3, 2014 (Date of publication)
AY: 2009-10
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CITATION:
Interest on NPAs is not taxable. As there is a conflict on the point between Vasisth Chay Vyapar Ltd 330 ITR 440 (Del) and Sakthi Finance Ltd., (2013) 31 taxmann.com 305 (Mad), the view in favour of the assessee has to be followed

Based on the prudential norms, the assessee herein did not admit the interest relatable to NPA advances in its total income. The Delhi High Court in Vasisth Chay Vyapar Ltd 330 ITR 440 (Del) has held that the interest on …

ACIT vs. Solapur Siddheshwar Sahakari Bank Ltd (ITAT Pune) Read More »

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DATE: October 31, 2014 (Date of pronouncement)
DATE: November 3, 2014 (Date of publication)
AY: 2006-07
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CITATION:
S. 147: Reopening on the possibility that the assessee AOP may or may not be a taxable unit is based on surmise and presumption & is invalid

(i) The assessee is a FUND and a resident of Denmark. Along with its return of income, in India, the assessee had submitted ‘Tax Residency Certificate’ issued by the Danish Authorities in order to claim the benefit of Article 14 …

Investeringsforeningen BankInvest vs. DDIT (ITAT Mumbai) Read More »

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DATE: October 30, 2014 (Date of pronouncement)
DATE: October 31, 2014 (Date of publication)
AY: 2009-10
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S. 2(47): Transfer takes place in year of execution of sale deed, handing over of possession & receipt of sale consideration & is not deferred to year of registration. Verdict in Suraj Lamp and Industries 340 ITR 1 (SC) explained

The Tribunal had to consider whether capital gains are assessable in AY 2008-09, being the year when the sale deed was executed and possession handed over and most of the sale consideration was received or in AY 2009-10 when the …

Amitkumar Ambalal Shah vs. ITO (ITAT Ahmedabad) Read More »

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DATE: October 30, 2014 (Date of pronouncement)
DATE: October 31, 2014 (Date of publication)
AY: 2009-10
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CITATION:
Though approval of Director of STPI to EOU is sufficient for s. 10A, it is not so for s. 10B. For s. 10B, the approval of the Board appointed under I(D&R) Act is necessary. Claim for s. 10A can be made before CIT(A)

(1) The fact that the assessee is a 100% EOU approved by the Director, STPI does not mean entitle the assessee to deduction u/s 10B if the undertaking is not been approved by the Board appointed in this behalf by …

Clarion Technologies Pvt. Ltd vs. DCIT (ITAT Pune) Read More »

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DATE: October 29, 2014 (Date of pronouncement)
DATE: October 31, 2014 (Date of publication)
AY: 2008-09
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The only requirement of s. 249(4) is payment of tax due on returned income. There is no time limit prescribed for payment of such taxes. The delay in filing an appeal after payment of SA tax can be condoned

(i) The only requirement of section 249(4) is payment of tax due on returned income and there is no time limit prescribed for payment of such taxes. Therefore, if an appeal is filed after making of payment, it cannot be …

Kanchenjunga Greenlands Pvt. Ltd vs. DCIT (ITAT Hyderabad) Read More »

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DATE: October 29, 2014 (Date of pronouncement)
DATE: October 31, 2014 (Date of publication)
AY: 2009-10
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CITATION:
S. 194-I: Payment for use of an asset simpliciter, whether with control and possession in its legal sense or not, could be said to be for the use of an asset. However, payment for a specific act such as power transmission and even if an asset is used in the said process, cannot be said to be for the use of an asset

(i) It is thus clear that in a situation in which the payment in made for the use of an asset simpliciter, whether with control and possession in its legal sense or not, the payment could be said to be …

ACIT vs. Maharashtra State Electricity Distribution Company Ltd (ITAT Mumbai) Read More »