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Agreeko Energy Rental Vs DCIT (ITAT Pune)
Pune ITAT: Original cost of Goodwill shall be WDV for depreciation for AY 2012-13 Read More ...
BIMLAKUMARI LAJPATRAJ HURRA Versus INCOME TAX OFFICER (Gujarat High Court)
Gujarat High Court : Reassessment under the old scheme - Reopening under section 148 - return processed under Section 143(1) - reasons stated that Capital Gain not disclosed by the assessee - Petitioner had filed objections and pointed out that capital gains were disclosed - objections rejected - Petitioner filed a writ stating reopening was invalid as the entire… Read More ...
The Jt. Commissioner of Income Tax(OSD), Circle-5, Pune vs M/s. Runwal Realtors Pvt. Ltd (ITAT Pune)
ITAT Pune: Amount waived off by Investors i.e. Holders of Floating Rate Notes (FRNs) issued by Assessee Company to raise funds through External Commercial Borrowings (ECB), resulting into redemption of FRNs at a discounted rate below face value, is not taxable as income u/s 28(i), 28(iv) or under section 41(1) of Income Tax Act, 1961. Read More ...
ACIT vs. M/s. Jila Sahakari Kendriya Bank (DCCB) (ITAT Indore)
ITAT Indore: Facts: (i)The assessee had claimed a total deduction of Rs. 10,00,00,000/- u/s 36(1)(viia) under two captions, namely : a)Provision for Non-Performing Assets - Rs. 5 crores; and b)Provision for standard assets – Rs. 5 crores. (ii) The Ld. AO after analysing section 36(1)(viia) of the income tax framed a view that: “Provision for NPA” is… Read More ...
Chennai Port Authority v. NFAC
MADRAS HIGH COURT: S. 144B : Faceless Assessment-Natural justice-Hearing though video conference-Voluminous documents-Department has agreed to provide physical hearing at Chennai-Faceless converted to interface-Assessment order was set aside-Petitioner was directed to appear before Assessing Officer at Chennai. [S. 11, 260A, Art. 226] The petitioner has filed the return claiming the depreciation, which was disallowed by the Assessing Officer… Read More ...
Ajay Parasmal Kothari v. ITO
Mumbai Tribunal : S. 4 : Charge of income-tax-Re development of building-Monthly rental compensation received from the builder for rent of alternative accommodation-Not utilised for paying alternative accommodation-Capital receipt-Not taxable as income from other sources-Delay of 1566 days in filing the appeal is condoned. [S. 56, 254(1)] The Tribunal condoned the delay of 1566 days in filing of… Read More ...
B.S. Hari v. UOI
Supreme Court: S. 254(1) : Appellate Tribunal-Duties- Numbering of paragraphs in all orders-The Supreme Court urges the High Court and Tribunals to follow a uniform format for all its orders. The Hon’ble Supreme Court referring to the case of Shakuntala Shukla v. State of Uttar Pradesh LL 2021 SC 422 and State Bank of India v. Ajay… Read More ...
PCIT-2, Kolkata Vs Balmer Lawrie and Company Limited (Calcutta High Court)
Calcutta High Court : PCIT-2, Kolkata Vs Balmer Lawrie and Company Limited(Calcutta High Court) Date-13th April, 2023 Sub-whether prior period expenditure can be claimed as an expenditure in the year in which the liability crystallises and whether diminution in the value of investment is eligible for deduction while computing book profit u/s 115JB of the Act? The Division bench… Read More ...
SPL Labs India Pvt ltd Vs ITO,Circle 6 Bangalore (Supreme Court)
Supreme Court : SPL Labs India Pvt ltd Vs ITO,Circle 6 Banglore(Supreme Court) Date-19th April, 2023 Sub-whether in every case where tribunal determines Arms’ length Price (ALP), the same shall attain finality and high court is precluded from considering the determination of ALP once determined by tribunal , in terms of Section 260A of Income-tax Act,1961 The Supreme… Read More ...
M/s Suneja Towers Private Limited & Anr Vs Anita Merchant (Supreme Court)
Supreme Court of India : M/s Suneja Towers Private Limited & Anr Vs Anita Merchant(Supreme Court) Date-18th April, 2023 Sub-Whether payment made to builder for purchase of flats which is arbitrarily cancelled can lead to refund with compound interest? The Supreme Court in this case was dealing a situation where the Respondent had booked 3 flats in the year 1989… Read More ...