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DATE: November 3, 2014 (Date of pronouncement)
DATE: November 14, 2014 (Date of publication)
AY: 2009-10
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CITATION:
S. 2(47)(vi): A Power of Attorney which does not enable enjoyment of property does not result in a "transfer". CBDT Circular No.495 dated 22.9.1987 reads more into s. 2(47)(vi) than warranted

(i) There is no transfer to or enabling enjoyment of property in favour of the assessee in any manner and therefore, sub-clause (vi) of Section 2(47) of the Income Tax Act does not get attracted. Clause 21 of the power …

CIT vs. C. Sugumaran (Madras High Court) Read More »

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DATE: January 1, 2014 (Date of pronouncement)
DATE: November 14, 2014 (Date of publication)
AY: 2004-05
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S. 2(47)(v): Execution of a Power of Attorney in favour of the builder constitutes part performance u/s 53A of TOP Act and a "transfer" for capital gains

(i) On a reading of the above provision itself, it is clear that possession of the property has been handed over to the builder immediately on receipt of the first installment of the payment from the builder. As per clause …

Cochin Stock Exchanges Limited vs. CIT (Kerala High Court) Read More »

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DATE: November 5, 2014 (Date of pronouncement)
DATE: November 14, 2014 (Date of publication)
AY: 2008-09
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S. 14A/ Rule 8D: Interest expenditure attributable to a taxable business cannot be disallowed. Expenditure on creating assets which do not belong to the assessee is revenue expenditure

(i) Once it was duly established that no borrowed funds on which interest was paid had been invested for earning tax free income, no disallowance was permissible under Section 14A. The Tribunal has observed that under Rule 8D(2)(ii), a proportionate …

ACIT vs. Dhampur Sugar Mill Pvt. Ltd (Allahabad High Court) Read More »

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DATE: November 12, 2014 (Date of pronouncement)
DATE: November 14, 2014 (Date of publication)
AY: 2003-04
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CITATION:
S. 271(1)(c): Penalty initiated without specifying whether it is for concealment or for furnishing inaccurate particulars it invalid

(i) It is incumbent upon the Assessing Officer to state whether penalty was being levied for concealment of particulars of income by the assessee or whether any inaccurate particulars of income had been furnished by the assessee. There are two …

DCIT vs. Nepa Limited (ITAT Indore) Read More »

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DATE: September 5, 2014 (Date of pronouncement)
DATE: November 14, 2014 (Date of publication)
AY: 2007-08
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S. 271(1)(c): No penalty can be levied for a bona fide "wrong" claim which is not a "false" claim

The addition by way of disallowing the depreciation claimed has rightly been made in the quantum proceedings which fact has been accepted by the assessee by filing a revised return and not agitating the issue further. Considering the explanation offered …

Poysha Goyal vs. ACIT (ITAT Delhi) Read More »

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DATE: October 29, 2014 (Date of pronouncement)
DATE: November 14, 2014 (Date of publication)
AY: 1988-89 to 1997-98
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An ITO cannot carry out the functions of an authority under the Central Excise Act and arrogate to himself the power to determine the quantity of production, or the intricacies of the manufacturing process. He must seek assistance of the concerned authority

(i) Even where the authorities of the Central Excise Department doubt the accuracy of figures mentioned in the registers, or if they find it difficult to understand the complexity of the manufacturing process, they seek the help of the experts. …

CIT vs. Shri Girija Smelters (P) Ltd (Andhra Pradesh High Court) Read More »

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DATE: November 12, 2014 (Date of pronouncement)
DATE: November 14, 2014 (Date of publication)
AY: 2007-08
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CITATION:
S. 54: Purchasing the undivided share of a co-owner in a new flat constitutes a "purchase" & is eligible for exemption

(i) The assessee purchased a residential flat on 08.01.1981, which was sold on 07.02.2007 for a sale consideration of Rs.1,25,00,000/-. The long term capital gain on such sale amounted to Rs.1,14,63,650/-. Before the said sale, assessee had entered into an …

ITO vs. Narinder Kaur Bhatia (ITAT Mumbai) Read More »

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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: October 14, 2014 (Date of pronouncement)
DATE: November 12, 2014 (Date of publication)
AY: 2005-06
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CITATION:
The person who constructs a road on Build, Operate and Transfer (BOT) basis on land owned by the Government is not the "owner" of the road and cannot claim depreciation thereon

The High Court had to consider whether a person who is in the business of infrastructure development constructs a road on Build, Operate and Transfer (BOT) basis on land owned by the Government, can it claim depreciation on the toll …

North Karnataka Expressway Ltd vs. CIT (Bombay High Court) Read More »

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DATE: November 3, 2014 (Date of pronouncement)
DATE: November 12, 2014 (Date of publication)
AY: 2001-2002 to 2007-2008
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CITATION:
Admission of undisclosed income by assessee constitutes good evidence. Loose sheets found during search can be relied upon

(i) With regard to the undisclosed income of Rs.52,73,920/- supported by printouts, in the sworn statement dated 29.8.2006, the assessee says that he had separate business income which was not included in his income tax returns. Therefore, admission of undisclosed …

B. Kishore Kumar vs. DCIT (Madras High Court) Read More »