ITAT Judgments - Page 384

No business profit on conversion of stock into asset – ITAT

ACIT vs. Bright Star Investment (ITAT Mumbai) - Where the assessee had converted stock-in-trade into investments at their book value and later sold them and offered to tax the difference between the indexed book value and the sale proceeds as capital gains and the AO took the view that the difference between the book value and the FMV on ...

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Posted Under: Income Tax |

No tax on sale of TDR – ITAT Bombay

ITO vs. Lotia Co.op Hsg. Soc. (ITAT Mumbai) - Where the assessee was a co.op society and it and its members entered into a development agreement with a builder pursuant to which Tranferable Development Rights (TDR) entitled to be received under the Development Control Regulations was assigned to the developer for the repairs and redevelop...

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Posted Under: Income Tax |

No tax on undertaking transfer- ITAT Bombay

Avaya Global Connect vs. ACIT (ITAT Mumbai 'A' Bench)

Avaya Global Connect vs. ACIT (ITAT Mumbai) - Where the assessee transferred its undertaking under a scheme of demerger which provided that neither the assessee nor its shareholders would receive any consideration from the transferee company as the value of the liabilities taken over were more than the value of the assets taken over and t...

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Even prior to the amendment to S.43(5) w.e.f 1.4.2006, dealings in futures & options and other derivatives cannot be treated speculative transaction

R. B. K. Securities vs. ITO (ITAT Mumbai)

R. B. K. Securities vs. ITO (ITAT Mumbai) -Even prior to the amendment to s. 43(5) by the Finance Act 2005 w.e.f 1.4.2006, dealings in Futures & Options and other derivatives products cannot be treated as speculative transactions as they are special kind of transactions, not involving purchase and sale of shares and consequently the loss ...

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Block Assessment without Satisfaction Is Void

Manoj Aggarwal vs. DCIT - (1) Even in the case of an assessee not maintaining books of account and to whom s. 68 does not apply, addition in respect of unexplained entries in the bank book can be made; (2) Where the assessee was not provided copies of the seized documents and the delay in filing the block return was on that count, interes...

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Posted Under: Income Tax |

Rogini Garment Special Bench is No Longer Good Law

Jashan Textile Mills vs. DCIT - In ACIT vs. Rogini Garments 108 ITD 49, the Chennai Special Bench of the ITAT held that in view of s. 80-IA (9), relief under s. 80-IA had to be deducted from the profits and gains before computing relief u/s 80-HHC. M/s SCM Creations was an intervener in that case and a common judgement was passed. ...

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Posted Under: Income Tax |

Coca Cola India (P) Ltd. Versus Deputy Commissioner of Income Tax (ITAT Pune)

Coca Cola India (P) Ltd. Vs Deputy Commissioner of Income Tax (ITAT Pune)

Service charges (assessee's appeal) (i) whether the services rendered benefited group companies. (ii) whether the expenses were incurred to take care of the TCCC brand image. (iii) whether rendering services to the bottlers could be a ground for making disallowance....

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Block assessment passed after period of limitation U/s. 158BE of the Act is bad in law

Nandlal M. Gandhi Vs. Assistant Commissioner of Income-tax (ITAT Mumbai 'E' Bench third member)

Nandlal M. Gandhi Vs. ACIT (ITAT Mumbai)- In this appeal, the assessee has challenged the order of Block Assessment passed by the Assessing Officer by contending that the impugned order was barred by the period of limitation prescribed under section 158BE of the Income-tax Act, 1961 and therefore, the said order was bad in law. ...

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Filing of appeals by Income-tax Department – Measures for reducing litigations

5 (15/05/2008)

The CBDT, as a measure to reduce litigation, revised the monetary limits for filing appeals by the Department before Income Tax Appellate Tribunals, High Courts and Supreme Court. Accordingly, appeals would henceforth be filed in the ITAT only if the tax effect exceeded Rs.2,00,000, in the high court only if the tax effect exceeded Rs.4,0...

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DCIT Vs. Honeywell International (India) Pvt. Ltd. (ITAT Delhi)

DCIT Vs M/s Honeywell International (India) Pvt. Ltd. (ITAT New Delhi 'C' Bench)

The CIT (A) in a well-reasoned and well-discussed order has not committed any error in coming to a conclusion that the assessee was entitled to claim deduction on account of foreign exchange fluctuation loss. (Para 15)...

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