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DATE: August 1, 2014 (Date of pronouncement)
DATE: October 10, 2014 (Date of publication)
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Benefit of section 80V would be available to the Assessee if the borrowings were taken for the purpose of payment of tax

In Hindustan Cocoa Products Ltd. v/s Commissioner of Income Tax, reported in [1999] 236 ITR 140, this Court observed that the benefit of section 80V would be available to the Assessee if the borrowings were taken for the purpose of …

CIT vs. Mafatlal Dyes and Chemicals Ltd (Bombay High Court) Read More »

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DATE: September 2, 2014 (Date of pronouncement)
DATE: October 9, 2014 (Date of publication)
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Premature payment of sales-tax deferral loan by paying an amount equal to the net present value of the deferred tax by which the entire liability to pay tax/loan stood discharged is not a "benefit" taxable u/s 41 (1)

As per an incentive scheme announced by the Government of Maharashtra, the assessee entered into an agreement to avail the benefits under deferral/1993 scheme which provides for deferment of payment of taxes. This agreement not only determined the eligibility of …

CIT vs. McDowell & Co Ltd (Karnataka High Court) Read More »

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DATE: September 23, 2014 (Date of pronouncement)
DATE: October 8, 2014 (Date of publication)
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As the UOI has continued the process of appointment of Tribunal Members without amending the Rules, the Petitioner, who was wait-listed in 2007, deserves to be considered for appointment within 30 days

The Selection Committee finalized a list of 18 persons, 13 for the post of Accountant Member and 5 for the post of Judicial Member. The Petitioner, Inturi Rama Rao, was placed in a ‘Waiting List’ appointment as Accountant Member. The …

Inturi Rama Rao vs. UOI (Supreme Court) Read More »

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DATE: July 30, 2014 (Date of pronouncement)
DATE: October 8, 2014 (Date of publication)
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Interest on NPAs, even if credited to the Profit & loss account, is not chargeable to tax

While constructing its Profit & Loss Account to arrive at its net Profit or Loss, a Co-operative Society is required to show interest accrued/accruing on amounts of Overdue Loans separately. This is precisely what has been done by the assessee …

The Solapur District Central Co-op. Bank Ltd vs. ACIT (ITAT Pune) Read More »

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DATE: August 13, 2014 (Date of pronouncement)
DATE: October 7, 2014 (Date of publication)
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Stay of demand in high-pitched assessments should be considered as per observations in Soul v. DCIT 323 ITR 305 (Delhi)

This writ petition is directed against the order dated 06.08.2014 passed by the Additional Commissioner of Income Tax with the approval of the CIT, Delhi-I, New Delhi. By virtue of the said order dated 06.08.2014 the stay application filed by …

Charu Home Products Pvt. Ltd vs. CIT (Delhi High Court) Read More »

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DATE: September 9, 2014 (Date of pronouncement)
DATE: October 6, 2014 (Date of publication)
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A strict procedure has to be followed for service by affixture. If done improperly, the notice and the resultant assessment order are null and void.

(i) As per sub-section (1) of section 282, the notice is to be served on the person named therein either by post or as if it was a summons issued by Court under the Code of Civil Procedure, 1908 (V …

Sanjay Badani vs. DCIT (ITAT Mumbai) Read More »

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DATE: August 18, 2014 (Date of pronouncement)
DATE: October 6, 2014 (Date of publication)
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S. 54F amendment by Finance (No.2) Act, 2014 is prospective & w.e.f. 01.04.2015

The above-said amendment to Section 54F of the Income Tax Act, which will come into effect only from 01.04.2015, makes it very clear that the benefit of Section 54F of the Income Tax Act will be applicable to constructed, one …

CIT vs. V. R. Karpagam (Madras High Court) Read More »

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DATE: February 17, 2014 (Date of pronouncement)
DATE: October 6, 2014 (Date of publication)
AY: 2014-15
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In view of retrospective amendment, s. 234D will apply to assessment orders passed after 01.06.2003

It can also be noted that the Bombay High Court (Commissioner of Income tax v. Indian Oil Corporation Ltd., reported in 2010 TAXMAN 466) has in terms held that the decision of the Tribunal in ITO v. Ekta Promoters (P.) Ltd., reported in (2008) 113 …

CIT vs. Gujarat State Financial Services Ltd (Gujarat High Court) Read More »

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DATE: September 9, 2014 (Date of pronouncement)
DATE: October 6, 2014 (Date of publication)
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An Attitudal change in Judges is required. It is high time for us to change our mind set and see whether this new technology can help us to increase the speed and also we have to take into account the convenience of the parties

In the said judgment, the Supreme Court has reproduced valuable observations of Justice Bhagwati in the case of National Textile Workers’ Union vs. P.R. Ramakrishnan at page 256 as follows: “We cannot allow the dead hand of the past to …

Suvarna Rahul Musale vs. Rahul Prabhakar Musale (Bombay High Court) Read More »

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DATE: September 17, 2014 (Date of pronouncement)
DATE: October 5, 2014 (Date of publication)
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Change of method of accounting to value the stock of its investments / securities at lower of cost or market value is valid.

A premise which can be drawn is that for the purposes of valuation of the closing stock it is permissible for the assessee to value it at the cost or market value, whichever is lower. In-fact, the Hon’ble Supreme Court …

ACIT vs. Bank of Maharashtra (ITAT Pune) Read More »