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COURT:
CORAM:
SECTION(S):
GENRE:
CATCH WORDS:
COUNSEL:
DATE: (Date of pronouncement)
DATE: July 1, 2008 (Date of publication)
AY:
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CITATION:

In accordance with Instruction No.96 dated 21st August, 1969 issued by the CBDT where the income determined is substantially higher than the returned income, that is, twice the latter amount or more, then the collection of tax in dispute had to be held in abeyance till the decision on the appeal is taken

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COURT:
CORAM:
SECTION(S):
GENRE:
CATCH WORDS:
COUNSEL:
DATE: (Date of pronouncement)
DATE: July 1, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

Where the assessee was assessed at Delhi but a notice u/s 148 was issued by the AO in Ghaziabad and the assessee had protested the usurpation of jurisdiction from the beginning

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COURT:
CORAM:
SECTION(S):
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COUNSEL:
DATE: (Date of pronouncement)
DATE: June 28, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

Where the assesee was a captive company rendering software development services to its parent company and was entitled to receive actual cost + 5% and it was agreed that the Transactional Net Margin Method (“TNMM”) was the appropriate method for determining arms’ length price.

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COURT:
CORAM:
SECTION(S):
GENRE:
CATCH WORDS:
COUNSEL:
DATE: (Date of pronouncement)
DATE: June 28, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

The issue of notice under s. 143 (2) I. T. Act within the time limit is mandatory for block assessment proceedings. If notice u/s 143 (2) is issued beyond the time limit, the block assessment order passed u/s 158BC is not valid.

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COURT:
CORAM:
SECTION(S):
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COUNSEL:
DATE: (Date of pronouncement)
DATE: June 10, 2008 (Date of publication)
AY:
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CITATION:

The process of pasteurisation of milk does not amount to manufacture / processing for purposes of sections 80-I and 80-HHA as while pastuerised milk is improved in quality, it is not a commercially different product as compared to raw milk.

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COURT:
CORAM:
SECTION(S):
GENRE:
CATCH WORDS:
COUNSEL:
DATE: (Date of pronouncement)
DATE: June 10, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

It is not mandatory for an asseessee to claim depreciation prior to the insertion of Explanation 5 to s. 32. Vahid Paper Converter vs. ITO 100 TTJ 532 (Ahd) (SB) distinguished.

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COURT:
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SECTION(S):
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COUNSEL:
DATE: (Date of pronouncement)
DATE: May 21, 2008 (Date of publication)
AY:
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CITATION:

The amount of share application money received by a Company from alleged bogus shareholders cannot be regarded as undisclosed income under S. 68 of I. T. Act for the simple reason that if the names of the alleged bogus shareholders are given to the AO, then the Department is free to proceed to re-open their individual assessments in accordance with law.

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COURT:
CORAM:
SECTION(S):
GENRE:
CATCH WORDS:
COUNSEL:
DATE: (Date of pronouncement)
DATE: May 21, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

In a case where it is alleged that persons contributing share application moneys are bogus, it is quite obvious that is very difficult for the assessee-company to show the creditworthiness of strangers. If the Revenue has any doubt with regard to their ability to make the investment, their returns may be re-opened by the department.

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COURT:
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COUNSEL:
DATE: (Date of pronouncement)
DATE: May 19, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

Once the assessee has moved the rectification application within four years from the date of the appeal order, the Tribunal cannot reject that application on the ground that four years have lapsed, which includes the period of pendency of the application before the Tribunal.The Tribunal is bound to decide the application on merits and cannot dismiss the same on the ground of limitation.

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COURT:
CORAM:
SECTION(S):
GENRE:
CATCH WORDS:
COUNSEL:
DATE: (Date of pronouncement)
DATE: May 19, 2008 (Date of publication)
AY:
FILE: Click here to view full post with file download link
CITATION:

It is an established principle of law that in a third party auction, the purchaser’s interest in the auctioned property continues to be protected notwithstanding that the underlying decree is subsequently set aside or otherwise.

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