SUMMARY OF CASE LAW Interference of the High Court in findings of fact would be justified only if it appears to it that the conclusions arrived at by the ITAT are palpably perverse. CASE LAW DETAILS Decided by: HIGH COURT OF DELHI, In The case of: CIT v. K. J. Business Centre , Appeal No. : [...]

  SUMMARY OF CASE LAW The assessee may make an imprudent business decision but the same itself does not empower the Revenue to disallow legitimate and bona fide business expenditure.  CASE LAW DETAILS Decided by: ITAT, `D’ BENCH, AHMEDABAD, In The case of: Shivganga Builders Pvt. Ltd. v. ACIT, Appeal No. : ITA NO. 1189/AHD/2004, [...]

NOTICE The following benches will not function during the period 18.05.09 to 22.05.09:- “B-1, G, J, K, L, WT & SMC “ Sd/- ( M. A. Bakshi) Vice-President( M) Dated :- 14.05.2009, Mumbai     

Decided by ITAT Mumbai in the case of Chandrakant H. Shah v. ITO . Appeal No. ITA NO. 3966/MUM/2008 Decided on JANUARY 12, 2008. In a first-of-its-kind judgement, the ITAT Mumbai recently ruled that a recipient of an interest-free loan from a non-relative is not liable to pay tax. The judgement will come as a major [...]

CASE LAW DETAILS Decided by:. ITAT, MUMBAI BENCHES `G’, MUMBAI, In The case of: Memorial Medical Association v CIT, Appeal No. : ITA No. 2957/Mum/2006, Decided on: March 18, 2009 SUMMARY OF CASE LAW The requirement of section 12AA is that the order granting or refusing the registration is to be passed by the CIT [...]

CASE LAW DETAILS Decided by:. ITAT, BENCH `A’ CHENNAI, In The case of: ITO v Medicorp Technologies India Ltd., Appeal No. : ITA No. 2328/Mds/2007, Decided on: January 16, 2009 SUMMARY OF CASE LAW Capability to have a market value, assignability, transferability, diminution in value, are no more the touch stones on which the admissibility [...]

CASE LAW DETAILS Decided by:. ITAT, `D’ BENCH, MUMBAI  In The case of: DSA Engineers (Bombay) v  ITO  Appeal No. : ITA NO. 5354/Mum/2007 Decided on: March 12, 2009 SUMMARY OF CASE LAW When the assessee continues to reflect or record the liabilities as still payable to the creditors and he decides to not to [...]

Profits earned from the sale of jaggery will be taxed as converting sugarcane into a saleable commodity like jaggery or gur is not an agricultural operation, a tax tribunal has ruled. “Profit from the sale of jaggery falls beyond the ken of agriculture income,” the Chennai bench of the Income Tax Appellate Tribunal (ITAT) said, [...]

The provisions relating to appeals to the Income Tax Appellate Tribunal (ITAT) are contained in section 252 to section 255 of the Income-tax Act. Sub-section (2A) of section 254 provides that the ITAT, where it is possible, may decide an appeal within a period of four years from the end of the financial year in [...]

CASE LAW DETAILS Decided by:. ITAT, MUMBAI BENCH `C’ MUMBAI  In The case of: ITO v.  Pushya Properties (P.) Ltd.  Appeal No. : ITA No. 2906/m/08 Decided on: March 6, 2009 SUMMARY OF CASE LAW Section 23(1)(b) gives limited power to the Assessing Officer to examine whether rent received is more than the reasonable rent [...]