Judiciary

Interest subsidy under WBIS 2000 and TUFS is a capital receipt

D.C.I.T Vs M/s. Gloster Jute Mills Ltd. (ITAT Kolkata)

That on the facts and in the circumstances of the case, Ld. CIT(A) has erred in allowing assessees claim of interest subsidy as capital receipt and thereby deleting the addition of Rs.1,50,03,609/- without appreciating the fact that the amount is in the nature of revenue receipt ....

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No Interest on Sales Tax Refund during Pendency of Re-Assessment Proceedings under Orissa Sales Tax Act, 1947

M/s. Bawa Trading Co Vs Sales Tax Officer and others (Orissa High Court,)

The fact in the instant case is that the assessee has submitted its return, which was assessed, but subsequently it was found that there is some suppression in submission of return so far as it relates to gross turn-over of the assessee and as such, reassessment order has been directed to be initiated under the provisions of Section 12(8)...

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Discount on Commerical Papers and Interest on Non-Convertible Debentures are Allowed as Business Expenses

Commissioner of Income tax-I Vs Amar Ujala publication Limited (Delhi High Corut)

All the funds available at that point of time of merger, available with the respondent / assessee were, in the course of the year, deployed in the business of the respondent / assessee. Thus, AO could not have disallowed discount on commercial paper and interest on Non-Convertible Debentures....

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Loss should be recognized immediately if contract cost is likely to exceed revenue

ITO Vs. Shri Vivek Ramrao Parashkar (ITAT Mumbai)

As per AS-7 when the cost of contract is likely to be exceed the contract revenue then the loss incurred on the contract should be recognized as revenue expenditure immediately....

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Payment for Net Communication system developed by principal for smooth functioning of shipping business is not FTS

DIT Vs. A. P. Moller Maersk, (Supreme Court)

In this Case Hon’ble Supreme Court held that Payments made by the agents to the concerned foreign assessee, for using the facility of Net Communication System, developed by the assessee for smooth functioning of its international shipping business cannot be classified as fees for technical services and would not be chargeable as inc...

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Rent cannot be treated as other income for not recording construction expense in books

M/s. Ramairen Properties Pvt. Ltd. Vs Income Tax Officer (ITAT Delhi)

Construction expenses not recorded in books of account, cannot be a ground for assessing rental income under the head income from other sources when conditions of Section 22 of Act for assessing annual value of property have been fulfilled by assessee....

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Lifting of Corporate Veil in case of Public Limited Company by treating the same as Private Limited Company

Ajay Surendra Patel Vs. DCIT (Gujarat High Court)

It appears to the authority that there is a systematic design which rightly necessitated the authority to lift the corporate veil. It is also found by the authority that at the relevant point of time, the company was of one man show and substantially managed and controlled by petitioner and that conclusion is arrived at on the basis of ma...

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ITAT has wide powers to call for records / examine the records and Such powers cannot be curtailed: HC

Principal Commissioner of Income-Tax Vs. Income-Tax Appellate Tribunal & Anr. (Delhi High Court)

Delhi High Court dismisses writ petition filed by Revenue and held that Income Tax Appellate Tribunal being an appellate body has wide powers to call for records/examine the records. Such powers cannot be curtailed and the Revenue cannot refuse to produce the records. The Revenue claims to be aggrieved by the direction of the Income [&hel...

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In absence of any material seized during search, Revenue cannot seek afresh examination of the valuation of the property

Principal Commissioner of Income Tax (Central) Vs. Smt. Anita Rani (Delhi High Court)

Court is of the opinion that there is no infirmity with the ITAT order which essentially held that the valuation by the banker, who provided credit could well be different from the valuation report for the transaction given that the assessee had purchased the property long ago. In other words, the absence of any material […]...

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Entries in books of account are not conclusive of expense nature

CIT Vs M/s. Aditya Birla Nuvo Ltd. (Bombay High Court)

Whether Tribunal was right in holding that the expenditure on acquisition of marketing and technical know­how is revenue in nature as the benefit would accrue over a period of time and treatment in books of account is not relevant...

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