CA Deepak Aggarwal - Page 39

Consideration bifurcated for negative covenants in share purchase agreement is not chargeable to tax

CIT Vs Smt. Usha Saboo & Others (Punjab & Haryana High Court)

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. ...

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Delay in appeal filing not maintainable without sufficient reasons of delay: HC

CIT Vs M/s Golden Corporation Services (Calcutta High Court)

Calcutta High Court held In the case of CIT vs. M/s Golden Corporation Services that it appears from the grounds of the appeal that appellant did not pursue the matter seriously. There is no allegation or any proof of the fact that the appellant was prevented by any cause far less sufficient ...

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Burden of proof on assessee to prove creditworthiness & genuineness of creditors: HC

CIT Vs Mihir Kanti Hazra (Calcutta High Court)

Calcutta High Court held In the case of CIT vs. Mihir Kanti Hazra that it is well settled that creditworthiness of the alleged creditors and the source of the source are relevant enquiries. In the case of CIT Vs Precision Finance Pvt. Ltd. reported in (1994) 208 ITR 465...

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Amount paid to authorized dealer for protection from foreign exchange rate fluctuation is revenue expenditure

CIT Vs M/s Britannia Industries Ltd. (Calcutta High Court)

Calcutta High Court held In the case of CIT vs. M/s Britannia Industries Ltd. that bank charges claimed by the assessee are not relatable to the fixed assets. Bank charges are payable in consideration of the risk undertaken by the bank. ...

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AO not empowered to refer matter to DVO without rejecting books of accounts: HC

CIT Vs M/s Freedom Board & Paper Mills (Punjab & Haryana High Court)

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....

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Gratuity provision for employees who already retired is an ascertained liability – HC

CIT Vs M/s Kamarhatty Company Ltd. (Calcutta High Court)

Calcutta High Court held In the case of CIT vs. M/s Kamarhatty Company Ltd. that the views expressed by the tribunal are as per law. Assessee has made the gratuity provision in respect of employees who have already retired. ...

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Deletion of addition based on previous year judgment without recording findings of the issue not allowed

CIT Vs Williamson Magor & Co. Ltd. (Calcutta High Court)

CIT vs. Williamson Magor & Co. Ltd. (Calcutta High Court) The question no.(h) which related to deletion of disallowance of interest on account of borrowed capital is delivered by ITAT based on own previous year judgment but no finding was arrived indicating that the borrowed capital was not utilized for the purpose of earning exempt incom...

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Matter not raised before tribunal cannot be raised before High Court

M/s Maken Cement Industries Vs CIT (Punjab & Haryana High Court)

Punjab & Haryana High Court held In the case of M/s Maken Cement Industries vs. CIT that it is settled principle that the substantial question of law would only be based on the documents which were before the authorities below and also which were subject matter of consideration before the Tribunal. ...

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Non submission of available proof by the party will be treated as proof against him: HC

Late Sushil Modi Vs CIT (Calcutta High Court)

Calcutta High Court held In the case of Late Sushil Modi vs.CIT that the contention of the assessee that he need not prove his case and the assessing officer is bound to find corroboration by making independent enquiry is neither based on law nor is supported by reason. ...

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Manufacturing of Route Marker entitled for deduction u/s 80IC as it’s covered in definition of manufacture – HC

CIT Vs Ms Megha Dadoo (Himachal Pradesh High Courts at shimla)

High Court held In the case of CIT vs. Ms Megha Dadoo that the product (Route Marker) produced by the assessee was commercially different from its raw material and also a commercially different product known in the market. ...

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