Punjab & Haryana High court held in CIT vs Shri Dinesh Verma that exemption u/s 54B could be claimed for short term & Long term assets because there was no such provision u/s 54B which denies exemption for short term assets.
Punjab & Haryana High Court in CIT Vs M/s Mahesh Munjal HUF held that if the assesse had paid advance tax in his individual capacity after considering his estimated share in his firm’s income without any anticipation that the firm’s income on which he was paying advance tax was false then interest u/s 215 could not be levied.
Punjab & Haryana High Court held in CIT Vs DSM Anti Infectives India ltd that the benchmark comparable which was used to compare with the comparable company that should be considered only of that year of which TP case was involved.
Punjab & Haryana High Court held In the case of CIT vs. M/s DSM Anti Infectives India Ltd. that the filter used by the TPO while selecting comparable is to select companies who are using Penicillin-G as raw material irrespective of the extent of usage of the same.
Punjab & Haryana High Court in the case of The Jalandhar Iron and Steel Merchants Association(Regd), Jalandhar vs State of Punjab has held that the State Government did not have power to legislate Rule 21(8) of Punjab VAT Rules, 2005 before 01.04.2014 so as to restrict ITC on stock of iron and steel goods as existing on the date of reduction of tax on such goods.
Calcutta High Court held In the case of The CIT vs. M/s Carrier Air-Conditioning and Refrigeration that provision for warranty based on personal experience and past trends is an allowable expenditure. The division bench judgment in the case of Commissioner of Income Tax v. Majestic Auto Ltd.
Punjab & Haryana High Court held In the case of CIT vs. Smt. Usha Saboo that although the agreement did not bifurcate the consideration towards the various covenants in the agreement, the assessee was entitled to bifurcate the same and apportion a part thereof towards the negative covenants.
CIT was entrusted with powers under section 12 AA to look into the activities of the trust to satisfy himself regarding the charitable nature of activities. Under Section 12A, the provisions of Sections 11 & 12 shall not apply in relation to the income of any trust
Punjab & Haryana High Court held In the case of CIT vs. Sri Guru Gorakh Nath Charitable Educational Society that power of the Commissioner to look into the objects of the Society and the genuineness of the same cannot be doubted when the basis is of non-supply of information.
Punjab & Haryana High Court held In the case of CIT vs. M/s Freedom Board & Paper Mills that it is not open to the AO to refer the case to DVO without rejecting books of accounts on the basis of rejection of the books of account on some legal or justified basis.
