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DATE: January 30, 2015 (Date of pronouncement)
DATE: February 2, 2015 (Date of publication)
AY: 2006-07
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Entertainment tax subsidy is a capital receipt even though the source is the public who visit the cinema hall after it becomes operational

A subsidy of such nature cannot possibly be granted by the Government directly. Entertainment tax is leviable on the admission tickets to cinema halls only after the facility becomes operational. Since the source of the subsidy is the public at large which is to be attracted as viewers to the cinema halls, the funds to support such an incentive cannot be generated until and unless the cinema halls become functional

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DATE: January 19, 2015 (Date of pronouncement)
DATE: January 21, 2015 (Date of publication)
AY: 2003-04
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S. 147: Assessment cannot be reopened in the absence of "fresh material"

The order passed by the assessing authority extracted above unmistakably shows that even at that stage it had no fresh material available to it so as to exercise the jurisdiction available under Sections 147/148 of Income Tax Act. It was, thus, taking a fresh call on the subject of assessment of income (i.e. re-assessment), drawing conclusions and inferences from the same very material that had been scrutinized in the original assessment proceedings

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DATE: November 11, 2014 (Date of pronouncement)
DATE: November 12, 2014 (Date of publication)
AY: -
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Liability for TDS u/s 194A does not arise if the beneficiary is not ascertainable and the person in whose name the interest is credited is not person liable to pay tax. Circular No. 08/ 2011 dated 14.10.2011 set aside

(i) Essentially, the controversy in the present case involves the question whether the provisions of Chapter XVII of the Act would be applicable in respect of interest which is payable on the fixed deposits maintained by this Court with the …

UCO Bank vs. UOI (Delhi High Court) Read More »

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DATE: July 8, 2014 (Date of pronouncement)
DATE: November 7, 2014 (Date of publication)
AY: 2003-04 to 2008-09
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CITATION:
S. 143(3) assessment on amalgamating company is a nullity. U/s 170(2) assessment has to be on successor. Mistake cannot be cured u/s 292B. Participation by amalgamating company is irrelevant as there is no estoppel against a statute

(i) Section 481 of the Companies Act provides for dissolution of the company. The Company Judge in the High Court can order dissolution of a company on the grounds stated therein. The effect of the dissolution is that the company …

CIT vs. Dimension Apparels Ltd (Delhi High Court) Read More »