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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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CITATION:
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: 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 »