COURT:
CORAM: ,
SECTION(S): ,
GENRE:
CATCH WORDS: ,
COUNSEL:
DATE: November 28, 2014 (Date of pronouncement)
DATE: November 29, 2014 (Date of publication)
AY: 2009-10
FILE: Click here to view full post with file download link
CITATION:
Profits on sale of carbon credits is not a taxable revenue receipt

Carbon credit is in the nature of “an entitlement” received to improve world atmosphere and environment reducing carbon, heat and gas emissions. The entitlement earned for carbon credits can, at best, be regarded as a capital receipt and cannot be …

Subhash Kabini Power Corporation Ltd vs. CIT (ITAT Bangalore) Read More »

COURT:
CORAM: ,
SECTION(S): ,
GENRE:
CATCH WORDS: ,
COUNSEL:
DATE: January 27, 2014 (Date of pronouncement)
DATE: November 29, 2014 (Date of publication)
AY: 2009-10
FILE: Click here to view full post with file download link
CITATION:
Consideration for use of software is not assessable as royalty under Article 12 of DTAA and s. 9(1)(vi)

(i) In order to qualify as royalty payment, it is necessary to establish that there is transfer of all or any rights (including the granting of any licence) in respect of copyright of a literary, artistic or scientific work. In …

ADIT vs. Bartronics India Ltd (ITAT Hyderabad) Read More »

COURT:
CORAM: ,
SECTION(S):
GENRE:
CATCH WORDS:
COUNSEL:
DATE: November 27, 2014 (Date of pronouncement)
DATE: November 28, 2014 (Date of publication)
AY: 2003-04 & 2004-05
FILE: Click here to view full post with file download link
CITATION:
S. 80IB(10): Super built-up area cannot be equated with built-up area

The concept of “super built-up” area is used by builders to get higher price and the super built-up area includes common area of stair-case and balcony area. Since super built-up area cannot be equated with built-up area it cannot be …

CIT vs. Hermes Developers (Bombay High Court) Read More »

COURT:
CORAM: ,
SECTION(S):
GENRE:
CATCH WORDS: , ,
COUNSEL:
DATE: November 17, 2014 (Date of pronouncement)
DATE: November 28, 2014 (Date of publication)
AY: 1994-95
FILE: Click here to view full post with file download link
CITATION:
S. 244A: Refund of self-assessment tax is entitled to interest

(i) The contention of revenue is that no interest at all is payable to the petitioner under Section 244A(1)(a) and (b) of the Act unless the amounts have been paid as tax. It would not cover cases where the payment …

The Stock Holding Corporation of India vs. CIT (Bombay High Court) Read More »

COURT:
CORAM: ,
SECTION(S):
GENRE:
CATCH WORDS: , ,
COUNSEL: ,
DATE: November 10, 2014 (Date of pronouncement)
DATE: November 28, 2014 (Date of publication)
AY: 2008-09
FILE: Click here to view full post with file download link
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 »

COURT:
CORAM: ,
SECTION(S):
GENRE:
CATCH WORDS: , ,
COUNSEL:
DATE: November 24, 2014 (Date of pronouncement)
DATE: November 27, 2014 (Date of publication)
AY: 2003-04
FILE: Click here to view full post with file download link
CITATION:
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 »

COURT:
CORAM: ,
SECTION(S): ,
GENRE:
CATCH WORDS: ,
COUNSEL:
DATE: November 11, 2014 (Date of pronouncement)
DATE: November 27, 2014 (Date of publication)
AY: 2000-01
FILE: Click here to view full post with file download link
CITATION:
S. 158BD: Issue of notice u/s 158BD to the non-searched party has to be within the two years period given to the AO for completion of block assessment u/s 158BE(1)

The AO passed an order u/s 158BC in the case of Sree Gokulam Chits and Finance Company Limited. After the expiry of two years, he initiated proceedings u/s 158BD against the assessee. The Tribunal struck down the s. 158BD proceedings …

CIT vs. V. D. Muralidharan (Madras High Court) Read More »

COURT:
CORAM: ,
SECTION(S):
GENRE:
CATCH WORDS: ,
COUNSEL:
DATE: October 7, 2014 (Date of pronouncement)
DATE: November 24, 2014 (Date of publication)
AY: 2007-08
FILE: Click here to view full post with file download link
CITATION:
S. 80-!B(10): Law laid down in Radhe Developers 341 ITR 483 (Guj) on "works contract" is not affected by the law laid down by the Supreme Court in Larsen and Toubro Limited (2014) 1 SCC 708 and K. Raheja Development Corporation (2005) 141 STC 298

The department argued that the judgement in Commissioner of Income-tax v. Radhe Developers, (2012) 341 ITR 483 (Guj.) which draws a distinction between a “development contract” and a “works contract” and which holds that the benefit of s. 80-IB(10) is …

CIT vs. Vishal Developers (Gujarat High Court) Read More »

COURT:
CORAM: ,
SECTION(S): ,
GENRE:
CATCH WORDS:
COUNSEL:
DATE: November 17, 2014 (Date of pronouncement)
DATE: November 24, 2014 (Date of publication)
AY: 2009-10
FILE: Click here to view full post with file download link
CITATION:
S. 14A Rule 8D: No presumption can be drawn that investment in tax-free securities has come from own funds. The amount of disallowance has to be added to the book profits u/s 115JB

(i) As regards the claim qua disallowance of interest expenditure, the argument of sufficient capital, so that the same must be presumed as having been applied toward investments yielding tax exempt income, misses the point completely. The matter has to …

Ferani Hotels Pvt. Ltd vs. ACIT (ITAT Mumbai) Read More »

COURT:
CORAM: ,
SECTION(S): ,
GENRE:
CATCH WORDS: ,
COUNSEL:
DATE: November 13, 2014 (Date of pronouncement)
DATE: November 24, 2014 (Date of publication)
AY: 2002-03
FILE: Click here to view full post with file download link
CITATION:
S. 253(3): Delay of 1163 days in filing the appeal due to languid and inane conduct of the assessee cannot be condoned as it would result in the limitation period becoming otiose

(i) We are of the view that there is an extraordinary delay of 1163 days in filing this appeal for which assessee has to show “sufficient cause” but the cause shown by the assessee may be considered a “sufficient cause” …

SRF Limited vs. ACIT (ITAT Delhi) Read More »