Bombay High Court held that even if the assessee has failed to maintain a separate account it was entitled to reverse proportionate Cenvat Credit. The option of paying an amount equal to 10% of the value of exempted goods could not have been enforced on the assessee.
ITAT Delhi held that deduction under section 54 of the Income Tax Act is allowable based on handing over of possession and not based on payment of consideration. Date of handing over of possession of new property is relevant for deduction u/s. 54.
ITAT Bangalore held that TDS are not applicable as EPFO have not provided rent free accommodation to employees, as employees are paying license fees as per Rules of Govt. of India.
ITAT Ahmedabad held that the expenses incurred to remove impediments or encumbrances in way of transfer of capital asset has to be allowed as deduction under the head ‘cost of improvement’ while computing taxable amount of capital gain.
ITAT Jaipur held that disallowance u/s 40(a)(ia) of the Income Tax Act for non-deduction of TDS unjustified merely on the allegation that certificate of accountant furnished is not in accordance with Rule 31ACB as such disallowance will lead to double taxation which is against the spirit of law.
CESTAT Chennai held that as per Section 73A(2) of the Finance Act, 1994 monies collected as a tax, even if wrongly done, has to be deposited to Government.
CESTAT Ahmedabad held that merely because by an agreement a right is confirmed on the party to the sale of goods or service undertaken was not ipso-facto bringing the agreement within the ambit of the franchisee.
CESTAT Ahmedabad held that reversal of proportionate credit towards exempted goods along with interest already made, the demand of 10% /6%/5% of the value of exempted goods shall not be sustainable
ITAT Mumbai held that change of opinion is not permissible under the garb of reopening of assessment under section 147/148 of the Income Tax Act.
ITAT Bangalore held that payments received towards interconnectivity utility charges from Indian customers / end users cannot be considered as Royalty to be brought to tax in India under section 9(1)(vi) of the Income Tax Act and also as per DTAA.
