"24 March 2013" Archive

Appeal not maintainable if complaint filed for dishonour of cheque was not authentic –SC

Vijay Vs Laxman & Anr. (Supreme Court of India)

Thus, we are of the view that although the cheque might have been duly obtained from its lawful owner i.e. the respondent-accused, it was used for unlawful reason as it appears to have been submitted for encashment on a date when it was not meant to be presented as in that event the respondent would have had no reason to ask for a loan fr...

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CBDT Instruction fixing monetary limits on filing of IT appeal is retrospective

The Commissioner of Income-tax Vs Sureshchandra Durgaprasad Khatod (HUF) (Gujarat High Court)

Karnataka High Court in CIT v. Ranka & Ranka [2012] 206 Taxman 322 wherein the Division Bench has considered Instruction No.3 and the National Litigation, Policy, had held as under: (i) Instruction No.3/11 is also applicable to the pending appeals. (ii) As the tax effect in the instant case is less than Rs.10 lakhs, the appeal stands dism...

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S. 269SS not violated if Assessee borrows in cash from Relatives to meet urgent needs

Commissioner of Income Tax- I Vs. Smt.M.Yesodha (Madras High Court)

In our considered view, in the light of the relationship between the assessee and her father-in-law, the Tribunal has rightly held that the genuineness of the transaction is not disputed, in which, the amount has been paid by the father-in-law for purchase of property and the source had also been disclosed during the assessment proceeding...

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Validity of Reopening based on retrospective amendment?

Ester Industries Ltd. Vs Union of India And Ors. (Delhi High Court)

The original assessment was made on 30-11-2006 under section 143(3). The Finance Act, 2008 inserted clause (h) of Explanation 1 to section 115JB retrospectively from 1-4-2001. The effect of this clause was to increase the book profit by the amount of deferred tax and the provision therefor. It is not in dispute that one of the reasons to ...

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S. 263 Revisionary power cannot be exercised on a debatable issue

Commissioner Of Income Tax Vs. M/S Dlf Ltd. (Delhi High Court)

In the present case, it was repeatedly emphasized that the assessee's dividend income was confined to what it received from investment made in a sister concern, and that only one dividend warrant was received. These facts, in the opinion of this court, were material, and had been given weightage by the Tribunal in its impugned order. Ther...

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Notional foreign exchange gains or losses is to be taken into account in computation of income

M/s. Mettler Toledo India Private Limited Vs. Income tax Officer (ITAT Mumbai)

As regards the year of allowability, the claim has to be allowed on the basis of restatement of the liability on the balance-sheet date as held by the hon'ble Supreme Court in the case of Woodward Governor India (P.) Ltd. (supra). Thus the claim of the assessee is allowable. In case there is gain in a year and the assessee has not offere...

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Depreciation not allowable on assets never been put to use

M/s. SUPERFIL PRODUCTS LTD Vs The Asst. Commissioner of Income Tax (ITAT Chennai)

The machinery which was purchased by the assessee in the course of expansion of new Project was installed in the year 1996-97 relevant to the Asst. Year 1997-98. There is nothing on record to suggest that the assessee had put the machinery to use during the Asst. Year 1998-99. It appears that the assessee had claimed 100% depreciation as ...

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Interest paid on business loan cannot be netted against interest on fixed deposits

Kakinada SEZ Pvt. Ltd. Vs Asst. Commissioner of Income-tax (ITAT Hyderabad)

In view of decision of the ITAT in assessee's own case for earlier year, respectfully following the same, it was held that interest income earned during the year by assessee, from the fixed deposits made out of borrowed funds was rightly taxed by Assessing Officer under the head 'income from other sources'. The ITAT in their decision for ...

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No disallowance U/s. 43B for Interest payable on deep discount bond

The D. C. I. T. Vs. Gujarat Road & Infrastructure Co. Ltd. (ITAT Ahmedabad)

In the instant case, the interest is payable in respect of amounts deposited by financial institutions with the assessee by subscribing to the bonds issued by the assessee. The interest is payable in respect of certain deposits received by the assessee and not in respect of any loans, advances or borrowings made by the assessee. For the s...

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ROC may ask company to make good the default in filing from No. 8

Royal Bank of Scotland N.V. (RBS) Vs Caohe Technologies (P.)Ltd. (Mumbai, Company Law Board)

In the instant case, the respondent-company failed to file Form No. 8 with the concerned RoC. Therefore, the RoC, is directed to exercise his powers under section 234(1) by calling information with regard to filing of Form No. 8 and direct the respondent-company to make good the default in non-filing of e-form No. 8 under section 125. In ...

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