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Technical proprietary information and pre-qualification rights obtained by assessee cannot be treated as goodwill and assessee is entitled to depreciation on these two items of intangible assets

Case Name : Assistant Commissioner of Income-tax v. Best & Crompton Engg. Projects Ltd. (ITAT Chennai)
Appeal Number : IT Appeal Nos. 1675 to 1678 (MAD.) of 2008
Date of Judgement/Order : 20/04/2011
Related Assessment Year : 2002-03 to 2005-06
Courts : All ITAT (14953) ITAT Chennai (858)
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Futures and Options are speculative transactions u/s 43(5). Section 43(5)(d) is not retrospective

Case Name : CIT Vs. Bharat R. Ruia (Bombay High Court)
Appeal Number : Income Tax Appeal No. 1539 of 2010
Date of Judgement/Order : 18/04/2011
Related Assessment Year :
Courts : All High Courts (13956) Bombay High Court (1882)
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Payment to US companies for ‘developing tooling’ and ‘validating new process for manufacture’ of wheels is taxable as fees for included services

Case Name : Wheels India Ltd. Vs. ACIT (ITAT Chennai)
Appeal Number : I.T.A No. 1793/Mds/2006
Date of Judgement/Order : 19/04/2011
Related Assessment Year : 2005- 06
Courts : All ITAT (14953) ITAT Chennai (858)
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Income from share transactions of the partners cannot be assessed as those of the firm acting as broker of Partners

Case Name : Pannalal Kejriwal Vs CIT (Calcutta High Court)
Appeal Number : I.T.A. No. 780 of 2004
Date of Judgement/Order : 19/04/2011
Related Assessment Year :
Courts : All High Courts (13956) Calcutta High Court (844)
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TDS — Matter remitted to AO to decide whether the payments made to the parent company on account of reimbursement of expenses

Case Name : Addl. CIT Vs India Index Services and Products Ltd. (ITAT Mumbai)
Appeal Number : ITA No. 1950/Mum/2010
Date of Judgement/Order : 18/12/2009
Related Assessment Year : 2006- 2007
Courts : All ITAT (14953) ITAT Mumbai (3584)
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Cash credit — Benefit of peak credit cannot be given to the assessee in the absence of any cash withdrawals and redeposit of the same

Case Name : ITO Vs Murlidharan G Pillai (ITAT Ahmedabad)
Appeal Number : ITA No. 2258/Ahd/2010
Date of Judgement/Order : 16/12/2010
Related Assessment Year : 2007- 2008
Courts : All ITAT (14953) ITAT Ahmedabad (1127)
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Mere admission of Appeal by High Court sufficient to cancel penalty U/s. 271(1)(c) of the Income Tax Act, 1961

Case Name : Nayan Builders & Developers Pvt Ltd Vs. ITO (ITAT Mumbai)
Appeal Number : ITA No. 2379/Mum/2009
Date of Judgement/Order : 18/03/2011
Related Assessment Year : 1997- 98
Courts : All ITAT (14953) ITAT Mumbai (3584)
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Hire charges paid for Millers and Rollers-Tax deductible under section 194-I

Case Name : The Commissioner Of Income Tax-I Vs D. Rathinam (Madras High Court)
Appeal Number : Tax Case (Appeal) No. 1282 of 2010
Date of Judgement/Order : 01/02/2011
Related Assessment Year :
Courts : All High Courts (13956) Madras High Court (1763)
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Reassessment — Full and true disclosure of all material facts by the assessee renders the reopening of assessment after expiry of four years not sustainable

Case Name : Jayant Agro Chemicals Ltd Vs ITO and Others (Bombay High Court)
Appeal Number : Writ Petition No. 118 of 2011
Date of Judgement/Order : 14/03/2011
Related Assessment Year :
Courts : All High Courts (13956) Bombay High Court (1882)
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Business expenditure — Entitlement provided to assessee for deduction of lease rentals on windmills used for purpose of business

Case Name : Addl. CIT Vs Weizmann Ltd. (ITAT Mumbai)
Appeal Number : ITA No. 4603/Mum/2008
Date of Judgement/Order : 07/03/2011
Related Assessment Year : 2004-2005
Courts : All ITAT (14953) ITAT Mumbai (3584)
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