Vasundhra Rastogi

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Provision made for liability in terms of proposed recommendation of 6th Pay Commission was to be allowed as deduction

Gujarat Energy Transmission Corpn. Ltd Vs ACIT (ITAT Ahmedabad) - In case of Gujarat Energy Transmission Corpn. Ltd vs. ACIT, assessee-company the company has provided certain sum towards employees cost for arrears payable upto 31st March, 2008 . It debited said sum in respect of 6 th Pay Commission arrears...

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Lease cannot be termed as sale if ownership rights not extinguished

Teletube Electronics Ltd Vs Commissioner Of Income Tax (Delhi High Court) - The Delhi High Court in case of Teletube Electronics Ltd Vs CIT held that there has to be an extinguishment of ownership rights in order that a Lease transaction can be said to be a 'sale'. The leasehold right is only for a period of ten years and at the end of that period the leased facilities reve...

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Exemption u/s 10 (23C) (vi) available only to approved educational institutions in existence

Ram Piyari Devi Charitable Trust Vs Director General Of Income Tax (Delhi High Court) - In case of Ram Piyari Devi Charitable Trust Vs. Director General Of Income Tax, Delhi High Court held that in order to claim exemption u/s 10 (23C) (vi) , there should be existence of educational institution and approval of prescribed authority....

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Installation of plant and machinery in building would amount to use of building to claim depreciation u/s 32

Stitchwell Qualitex (RF) Vs Income Tax Officer (Delhi High Court) - The Delhi High Court has held in case of Stitchwell Qualitex (RF) Vs. ITO that Installation of plant and machinery in building would amount to use of the building and therefore assessee is eligible to claim for depreciation u/s 32 on said building ....

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Section 147 can be invoked only if AO has reason to believe that taxable income has escaped assessment

Oriental Insurance Company Vs CIT (Delhi High Court) - In case of Oriental Insurance Company vs. CIT, Delhi High Court held that AO could not assume jurisdiction to reopen assessment u/s 147, until his reasons of belief have a ‘direct nexus’ and a ‘live link’ with the opinion formed by him, that Taxable Income of Assessee has escaped assessment....

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Recent Posts in "Vasundhra Rastogi"

Provision made for liability in terms of proposed recommendation of 6th Pay Commission was to be allowed as deduction

Gujarat Energy Transmission Corpn. Ltd Vs ACIT (ITAT Ahmedabad)

In case of Gujarat Energy Transmission Corpn. Ltd vs. ACIT, assessee-company the company has provided certain sum towards employees cost for arrears payable upto 31st March, 2008 . It debited said sum in respect of 6 th Pay Commission arrears...

Read More

Lease cannot be termed as sale if ownership rights not extinguished

Teletube Electronics Ltd Vs Commissioner Of Income Tax (Delhi High Court)

The Delhi High Court in case of Teletube Electronics Ltd Vs CIT held that there has to be an extinguishment of ownership rights in order that a Lease transaction can be said to be a 'sale'. The leasehold right is only for a period of ten years and at the end of that period the leased facilities revert to the owner....

Read More

Exemption u/s 10 (23C) (vi) available only to approved educational institutions in existence

Ram Piyari Devi Charitable Trust Vs Director General Of Income Tax (Delhi High Court)

In case of Ram Piyari Devi Charitable Trust Vs. Director General Of Income Tax, Delhi High Court held that in order to claim exemption u/s 10 (23C) (vi) , there should be existence of educational institution and approval of prescribed authority....

Read More

Installation of plant and machinery in building would amount to use of building to claim depreciation u/s 32

Stitchwell Qualitex (RF) Vs Income Tax Officer (Delhi High Court)

The Delhi High Court has held in case of Stitchwell Qualitex (RF) Vs. ITO that Installation of plant and machinery in building would amount to use of the building and therefore assessee is eligible to claim for depreciation u/s 32 on said building ....

Read More

Section 147 can be invoked only if AO has reason to believe that taxable income has escaped assessment

Oriental Insurance Company Vs CIT (Delhi High Court)

In case of Oriental Insurance Company vs. CIT, Delhi High Court held that AO could not assume jurisdiction to reopen assessment u/s 147, until his reasons of belief have a ‘direct nexus’ and a ‘live link’ with the opinion formed by him, that Taxable Income of Assessee has escaped assessment....

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Sec.292BB- Service of Notice- Objection raised prior to completion of reassessment is valid

Commissioner Of Income Tax Vs Chetan Gupta (Delhi High Court)

In case of CIT Vs. Chetan Gupta, Delhi High Court held that where objection to effect, that notice for reassessment was not served on his last known address of assessee, was taken prior to completion of reassessment...

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In absence of incriminating material found during search, reference to DVO is invalid

Commissioner Of Income Tax Vs Anil Arora (Delhi High Court)

Delhi High Court in case of Commissioner Of Income Tax Vs. Anil Arora held that reference to DVO for valuation of a property itself was invalid ,when AO’s conclusion/reasoning was not based on any material discovered or seized during the search operations. ...

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Amount received by a prospective employee as compensation for denial of employment is capital receipt

Commissioner Of Income Tax Vs Pritam Das Narang (Delhi High Court)

Delhi High Court in case of CIT vs Pritam Das Narang held that Amount received by a prospective employee ‘as compensation for denial of employment,’ is a capital receipt . In case of assessee , where there was no commencement of employment...

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In absence of intention to deal in land on regular basis, income earned from sale of land is taxable as capital gain

CIT Vs Edward Keventer (Successors) Private Limited (Delhi High Court)

Delhi High Court in case of CIT Vs. Edward Keventer (Successors) Private Limited held that factors like intention of the assessee in purchasing the property, duration of time property was kept by assessee, lack of any transactions of sale or purchase of property throughout relevant period of time...

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S. 254 Tribunal can consider the plea not raised before CIT (A)

Fast Booking (I) Pvt. Ltd. Vs DCIT (Delhi High Court)

Delhi High Court has held In the case of Fast Booking (I) Pvt. Ltd. Vs. DCIT that Under Section 254 Tribunal has inherent power to entertain alternative plea of which was not urged before CIT(A). High Court Directed the Tribunal to consider the Plea of the Assessee that in case he is denied benefit ...

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