Judiciary’s Popular Posts


Exercise of revisional jurisdiction u/s 263 for adjustment of FBT in book profit

Rashtriya Chemicals & Fertilizers Limited Vs. CIT (ITAT Mumbai)

Rashtriya Chemicals & Fertilizers Limited Vs. CIT (ITAT Mumbai) Taxes borne by the assessee on non-monetary perquisites provided to employees forms part of Employee Benefit cost and akin to Fringe Benefit Tax since they are certainly not below the line items since the same are expressively disallowed u/s 40(a)(v) and the same do not c...

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Assessee cannot be asked to comply with a provision not in force at relevant time

CIT Vs. NGC Networks (India) Pvt. Ltd (Bombay High Court)

A party cannot be called upon to perform an impossible Act i.e. to comply with a provision not in force at the relevant time but introduced later by retrospective amendment. S. 40(a)(i) dis allowance can be made only if the royalty falls under Explanation 2 to s. 9(1)(vi) but not if it falls under Explanation 6 to s. 9(1)(vi)...

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Provisions of Deemed Dividend not applicable to Capital Subsidy/Grant

Shri Vinod Kumar Mittal Vs ITO (ITAT Jaipur)

झrovision of S. 2(22)(e) along with its Explanations – 2 as stood at the relevant point of time, shall only mean that the expression accumulated profits shall only include all the profits of the company up to the date of distribution which are normal revenue profits...

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No Service Tax on Sale of Books and Materials to Franchise

M/s Jet king Info train Ltd Vs. CC Delhi-I (CESTAT Delhi)

Notification No. 12/2003 provides for exemption of Service Tax for so much of the value of all taxable services, as it is equal to the value of goods and materials sold by the service provider to the recipient of service from the Service Tax leviable therein under Section 66 of the Act, subject to the condition that there is documentary p...

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No TDS on payment for goods manufactured as per specification on principal-to-principal basis

DCIT Vs. P.Z. Cussons India (P) Ltd. (ITAT Mumbai)

Though manufacturers were obliged to manufacture products as per specifications and standards provided by the assessee however, contractual obligations were entered into on principal-to-principal basis and related agreements were purchase and sale contracts simpliciter, which did not require any deduction of tax under section 194C....

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Depreciation on Motor Car cannot be disallowed partly on Personal use assumption

ACIT Vs. Claridges Hotels Pvt. Ltd. (ITAT Delhi)

When motor vehicles are in the gross block of the company and used for business it cannot ipso facto lead to an inference that the depreciation has to be partly disallowed on the assumption that these are partly used for personal use: Claridges Hotels case....

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ICAI not bound to take disciplinary action against its member merely because of receipt of reminder from SFIO

Vijay Kumar Gupta Vs Director (Discipline), Institute Of Chartered Accountants Of India (ICAI) And Anr. (Delhi High Court)

Petitioner is a Chartered Accountant against whom information within the meaning of Rule 7 of the Chartered Accountants (Procedure of Investigation of Professional and other Misconduct and Conduct of Cases) Rules, 2007 was provided by Serious Fraud Investigation Office...

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Assessee cannot adopt valuation of DVO after adopting stamp value

Narendra Singh Vs. Asst CIT & Vice-Versa (ITAT Jaipur)

When assessee himself had adopted value of land as per Stamp Duty Authority for computation of long-term capital gain, then he could not claim adoption of the value of land as estimated by DVO, as he filed return of income and paid taxes, also there was no scope of reduction....

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CIT not to examine books while granting of registration U/s. 12A

Vidyadayani Shiksha Samiti Vs. CIT (Exemptions) (ITAT Delhi)

Vidyadayani Shiksha Samiti Vs. CIT (Exemptions) (ITAT Delhi) Coming to the powers of the Commissioner as to whether while granting registration under section 12A he is required to examine the books of account etc. or he is only to satisfy himself regarding the objects of the trust and genuineness of the activities of the trust, […]...

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Mere furnishing of confirmations & PAN not sufficient to prove creditworthiness of creditors

Mayuri Infrastructure (P) Ltd. Vs ITO (ITAT pune)

Mayuri Infrastructure (P) Ltd. Vs ITO (ITAT pune) Mere furnishing of confirmations and PAN are not sufficient to prove the creditworthiness of the creditors. The assessee has to prove financial capacity of the creditors. The assessee was required to furnish evidence that would show financial worth of the creditors, such as bank statements...

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