CASE LAW DETAILS Decided by: HIGH COURT OF DELHI In The case of: CIT v Insilco Limited APPeal No. : ITA NO. 873/2008 & 1156/2008 Decided on: FEBRUARY 27, 2009 SUMMARY OF CASE LAW The provision for a liability is amenable to a deduction if there is an element of certaintly that it shall be [...]

SUMMARY OF CASE LAW The gift transactions involving the unrelated NRI persons as donors are always a matter of dispute between revenue and the assessee; the aspects of identity of the donor, creditworthiness of the donor and the genuineness of the transaction become relevant simply because as to why or what reason an unrelated person [...]

SUMMARY OF CASE LAW The provisions of section 143(2) are clear regarding the issuance of notice for both types of scrutinies independently and limit has also been prescribed for issuance of notice under section 143(2) for both types of scrutiny proceedings; hence, notice issued under section 143(2)(i) cannot by itself extend the time for the [...]

Leading theatre chain Pyramid Saimira will move court on Monday against the Income-Tax department’s decision to attach the company’s over Rs 240 crore bank accounts for alleged non-payment of tax. “We will file a case against the Income-Tax department at the Madras High Court on Monday,” a company source told PTI. On Friday, the tax [...]

J. M. Baxi vs. DDIT (ITAT Mumbai Special Bench) Where the assessee suo motu filed returns as “agent” of a non-resident but no assessment was made and after the expiry of two years from the end of the assessment year a notice under section 148 of the Act seeking to assess the income and the [...]

CASE LAW DETAILS Decided by: ITAT, SPECIAL BENCH `L’ MUMBAI In The case of: J. M. Baxi & Co. v. DDIT (Int’l Taxation) Appeal No.: ITA No. 2965 to 2968/M/06 Decided on: March 5, 2009 SUMMARY OF CASE LAW The option is with the Income-tax Authorities and not with the non-resident or his agent to [...]

SUMMARY OF CASE LAW The municipality being talked about in both sections, i.e. section 2(14)(iii)(a) as well as section 2(14)(iii)(b) of IT Act, is one and the same, i.e., one and only one municipality; therefore, if the Central Government specifies, by notification in the official Gazette, any area as an area falling outside the local [...]

SUMMARY OF CASE LAW The unabsorbed depreciation for the assessment years 1993-94 to 1995-96 pertains to the period ended before 1-4-2001 and the same could not be set off against the income of the assessment year for 2003-04 as per section 10A(6). CASE LAW DETAILS Decided by: ITAT, `F’ BENCH, NEW DLEHI In The case [...]

SUMMARY OF CASE LAW The assessee is entitled to claim only the deductions as enumerated under section 24 in computation of its income assessable under section 22. CASE LAW DETAILS Decided by: ITAT, AHMEDABAD BENCH `D’, AHMEDABAD In The case of: J. B. Patel & Co. v. DCIT Decided on: February 29, 2008 RELEVANT EXTRACTS: [...]

The Council in its 281st meeting held from 3rd to 5th October, 2008 decided that an internal auditor of an assessee, whether working with the organization or an independently practicing Chartered Accountant being an individual chartered accountants or a firm of chartered accountants, could not be appointed as his tax auditor. The said decision came [...]