Click Here To Subscribe To Our Free Newsletter

This section is now closed. Click here for new judgements

Posted on by editor
COURT:
CORAM:
SECTION(S): ,
GENRE:
CATCH WORDS: , ,
COUNSEL:
DATE: November 7, 2014 (Date of pronouncement)
DATE: November 11, 2014 (Date of publication)
AY: 1997-98
FILE: Click here to view full post with file download link
CITATION:
Though a firm is not a "person" under UK law, it is so under the Indian law. Consequently, the firm is eligible for exemption under the India-UK DTAA. The department's contention that the firm is not eligible for benefits under the DTAA is not acceptable

(i) It is the other objection regarding attempt on the part of the Revenue to subject the said partnership to taxation on the ground its income was not saved from the charge of income tax by the India-UK Treaty, that …

P & O Nedlloyd Ltd. & Ors vs. ADIT (Calcutta High Court) Read More »

Posted on by editor
COURT:
CORAM: ,
SECTION(S): ,
GENRE:
CATCH WORDS:
COUNSEL:
DATE: November 5, 2014 (Date of pronouncement)
DATE: November 11, 2014 (Date of publication)
AY: 2008-09
FILE: Click here to view full post with file download link
CITATION:
S. 50C vs. s. 11: If a charitable institution invests the entire sale consideration in other capital asset, s. 50C should not be invoked

The only issue in the appeal is, therefore, whether while taking the Value of Sale of capital Asset being immoveable property in case of an institution registered u/s 12A whether the provisions of section 11(1A) will prevail or deeming provisions …

ACIT vs. The Upper India Chamber of Commerce (ITAT Lucknow) Read More »

Posted on by editor
COURT:
CORAM: ,
SECTION(S): ,
GENRE:
CATCH WORDS: ,
COUNSEL:
DATE: November 7, 2014 (Date of pronouncement)
DATE: November 11, 2014 (Date of publication)
AY: 2006-2007, 2007-2008 & 2009-2010
FILE: Click here to view full post with file download link
CITATION:
Law on whether income from rent for lease of space in technology park and income from operation and management of facilities is assessable as "business profits" or "income from house property" explained

Assessee has been consistently offering the incomes under the head “Income on House Property” as far as the receipts of rents are concerned and under the head “Business” as far as the service fee and management fee on maintenance are …

K. Raheja IT Park (Hyderabad) P. Ltd vs. CIT (ITAT Hyderabad) Read More »

Posted on by editor
COURT:
CORAM: ,
SECTION(S):
GENRE:
CATCH WORDS:
COUNSEL:
DATE: November 5, 2014 (Date of pronouncement)
DATE: November 11, 2014 (Date of publication)
AY: 2004-05
FILE: Click here to view full post with file download link
CITATION:
CIT(A) cannot decline to condone delay in filing appeal and still decide it on merits

We are of the view that in case CIT(A) chose not to condone the delay, he has no business to adjudicate the appeal on merits. For this, we are of the view that first of all, the appeal should be …

Dr. Murari Mohan Kokey vs. ITO (ITAT Kolkata) Read More »

Posted on by editor
COURT:
CORAM: ,
SECTION(S): ,
GENRE:
CATCH WORDS:
COUNSEL:
DATE: November 5, 2014 (Date of pronouncement)
DATE: November 10, 2014 (Date of publication)
AY: 2009-10
FILE: Click here to view full post with file download link
CITATION:
Purchases cannot be treated as bogus solely on the ground that suppliers are not traceable if the assessee has paid by a/c payee cheques and produced the income-tax and sales-tax documents and bank statements of the suppliers

(i) A perusal of the orders passed by the tax authorities would show that they have suspected the genuineness of the purchases only for the reason that the above said five parties were not available in the given addresses. It …

Ganpatraj A Sanghavi vs. ACIT (ITAT Mumbai) Read More »

Posted on by editor
COURT:
CORAM: ,
SECTION(S): ,
GENRE:
CATCH WORDS: ,
COUNSEL: ,
DATE: November 5, 2014 (Date of pronouncement)
DATE: November 8, 2014 (Date of publication)
AY: 2009-10
FILE: Click here to view full post with file download link
CITATION:
S. 153C: Date of receiving seized documents is the "date of initiation of search" and six years period has to be reckoned from that date. An assessment order passed u/s 143(3) instead of u/s 153C is void

A search in the case of Koutons took place on 19.02.2009 (AY 2009-10). The documents belonging to the assessee which were found during the search were handed over to the AO having jurisdiction over the assessee on 16.06.2009 (AY 2010-11). …

Jasjit Singh vs. ACIT (ITAT Delhi) Read More »

Posted on by editor
COURT:
CORAM: ,
SECTION(S):
GENRE:
CATCH WORDS: ,
COUNSEL:
DATE: November 5, 2014 (Date of pronouncement)
DATE: November 8, 2014 (Date of publication)
AY: 2009-10
FILE: Click here to view full post with file download link
CITATION:
S. 271(1)(c): Explanation that bona fide mistake was committed on advice of CA is a reasonable one as per Explanation 1B of s. 271(1) and does not attract penalty

When there is no attempt on the part of the assessee to show the Long Term Capital Gain in a different category then merely because a concessional rate of tax was applied in the revised return does not ifso facto …

ACIT vs. Cecilia Haresh Chaganlal (ITAT Mumbai) Read More »

Posted on by editor
COURT:
CORAM: ,
SECTION(S):
GENRE:
CATCH WORDS: ,
COUNSEL:
DATE: September 16, 2014 (Date of pronouncement)
DATE: November 8, 2014 (Date of publication)
AY: 2007-08
FILE: Click here to view full post with file download link
CITATION:
S. 271(1)(c): Apart from falsity of the explanation, the department must have cogent material or evidence from which it could be inferred that assessee has consciously concealed particulars of income or deliberately furnished inaccurate particulars of income

As held by Hon’ble Supreme Court in the case of CIT vs. Khode Easwar 83 ITR 369 the penalty proceedings being penal in character, the Revenue itself has to establish that the receipt of the amount undisputedly constitute income of …

G. K. Properties Pvt. Limited vs. ITO (ITAT Hyderabad) Read More »

Posted on by editor
COURT:
CORAM: ,
SECTION(S):
GENRE:
CATCH WORDS: , , , ,
COUNSEL: , ,
DATE: November 7, 2014 (Date of pronouncement)
DATE: November 8, 2014 (Date of publication)
AY: 2008-09
FILE: Click here to view full post with file download link
CITATION:
Though there is a functional difference between a PE Fund and a Merchant Banker, A manager or a sub-advisor to the PE Fund cannot be equated with the PE Fund so as not to be comparable with Merchant Bankers

(i) A merchant bank, apart from helping businessmen in raising finance, also renders consultancy services. It helps its clients in raising finance through issue of shares, debentures, bank loans, etc., from the domestic and international market. The term “Merchant Banker‘ …

Xander Advisors India Pvt. Ltd vs. ACIT (ITAT Delhi) Read More »