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Allowability of depreciation on Assets forming part of Block of Assets if the same was not used during the year

Case Name : CIT Vs Oswal Agro Mills Ltd (Delhi High Court)
Appeal Number : ITA No. 161 of 2006 and others
Date of Judgement/Order : 24/12/2010
Related Assessment Year :
Courts : All High Courts (13956) Delhi High Court (3377)
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Sale price of shares cannot be apportioned towards transfer of controlling interest, where there is no express written understanding

Case Name : Asstt. Commissioner of Income-tax, Circle-7 Vs M/s. R.K.B.K Fiscal Services Ltd (ITAT Kolkata)
Appeal Number : I.T.A. No. 770/KOL/2010
Date of Judgement/Order : 03/02/2011
Related Assessment Year : 2006- 07
Courts : All ITAT (14953) ITAT Kolkata (1035)
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ALP of slump sale to be determined using valuation report, failing which IT WDV can be considered as a reasonable method

Case Name : Intel Asia Electronics Inc. Vs ADIT (ITAT Bangalore) (ITA No. 131 of 2010)
Appeal Number : 21/01/2011
Date of Judgement/Order : 2004-05
Related Assessment Year :
Courts : All ITAT (14953) ITAT Bangalore (1081)
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Bad debts allowed to share broker for amount not recovered from the client towards purchase of shares

Case Name : Dy. CIT Vs. Shri Shreyas S. Morakhia (ITAT Mumbai)
Appeal Number : (ITA No. 3374 / Mum / 2004)
Date of Judgement/Order :
Related Assessment Year :
Courts : All ITAT (14953) ITAT Mumbai (3584)
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Payment for use of transponder capacity for up-linking /downlinking data would not constitute royalty

Case Name : Asia Satellite Telecommunication Co. Ltd. Vs. Director of Income tax (Delhi High Court)
Appeal Number : Tax case ( Appeal Nos) ITA No. 131/134 of 2003
Date of Judgement/Order : 31/01/2011
Related Assessment Year :
Courts : All High Courts (13956) Delhi High Court (3377)
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Tax Residency Certificate should be regarded as sufficient evidence for beneficial owner

Case Name : Assistant Director of Income-tax Vs. M/s. Universal International Music BV (ITAT Mumbai)
Appeal Number : (ITA No. 6063/M/2004, 9034/M/2004, ITA 2304/M/2006 & ITA 5064/M/2006)
Date of Judgement/Order : 31/01/2011
Related Assessment Year :
Courts : All ITAT (14953) ITAT Mumbai (3584)
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Liaison Office (LO) involved merely in purchasing activity is not a Permanent Establishment (PE)

Case Name : ADIT (IT) Vs Fabrikant & Sons Ltd. (ITAT Mumbai)
Appeal Number : ITA No. 4657/MUM/2007
Date of Judgement/Order : 28/01/2011
Related Assessment Year :
Courts : All ITAT (14953) ITAT Mumbai (3584)
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MAT credit to be first adjusted and then TDS and prepaid taxes should be set off against the total tax liability and the assessee is not entitled to interest under s 244A against the MAT credit

Case Name : CIT Vs M/s Sami Labs Limited (Karnataka High Court)
Appeal Number : ITA No. 231 of 2009
Date of Judgement/Order : 14/02/2011
Related Assessment Year :
Courts : All High Courts (13956) Karnataka High Court (635)
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Section 195- If payment has no element of income chargeable to tax in India then TDS not deductible

Case Name : GE India Technology Cen. (P) Ltd. Vs. CIT (Supreme Court of India)
Appeal Number : Civil Appeal Nos. 7541-7542 of 2010
Date of Judgement/Order : 09/09/2010
Related Assessment Year :
Courts : Supreme Court of India (2373)
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Expenditure incurred in foreign exchange is to be reduced from the total turnover while computing the deduction under s 10A

Case Name : Navayuga Info tech Private Limited Vs DCIT (ITAT Hyderabad)
Appeal Number : ITA No. 1087 to 1092/Hyd/09
Date of Judgement/Order : 11/02/2011
Related Assessment Year :
Courts : All ITAT (14953) ITAT Hyderabad (630)
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