Mumbai ITAT held In the case of ITO vs. Ms. Khalil M. Bharwani that the whole transaction of purchase and sale of shares giving rise to long term capital gain has been duly explained step by step and supported by adequate and reliable evidence.
Kolkata ITAT held In the case of Sri Manoj Murarka vs. ACIT that the AO had travelled beyond the jurisdiction vested on him by the order of the CIT u/s 263 by treating the amounts overdrawn by the son and daughter of the assessee thereby bringing the same to tax as deemed dividend.
Delhi High Court held In the case of Raj Dulari Bhasin vs. CIT that merely because the Assessee approached the builder for constructing the flats on the portion apart from the already constructed portion, would not make the transaction an ‘adventure in the nature of trade’.
ITAT Delhi held In the case of Kapoor Singh vs. ACIT that the assessee has not disputed the bank pass book of Shri Sube Singh which was found at his residence during search and seizure operation, neither has he controverted the AO’s finding to the statement of the Bank Manager given in writing that most of the payments have been made by Shri Kapoor Singh and his sons.
The assessee, a Branch of Canara Bank, made interest payment of Rs.201,000,000/- to New Okhla Industrial Development Authority (herewith ‘NOIDA’), a creation of the UP Industrial Area Development Act, 1976, without withholding any tax at source.
The CESTAT Mumbai in the case of Arbes Tools Pvt. Ltd. vs. CCExheld that as per Rule 11(1) of the Cenvat Credit Rules, 2004 read with Notification 23/2004-CE, the amount of credit earned by the manufacturer under Cenvat Credit Rules, 2002, which existed prior to 10.9.2004, can be utilized by them as per transitional rule 11 of the new Cenvat credit rules,2004.
Delhi HC in the case of WHIRLPOOL OF INDIA LTD. held that in the absence of ‘mutual agreement’ or ‘arrangement’ or ‘action in concert’ for the allocation or apportionment of or contribution to the cost or expenses incurred by the Assessee in connection with benefit, service or facility provided to the AE , there cannot be an international transaction.
When the admissibility of Cenvat credit is not disputed on legal grounds viz eligibility and duty payment document, then credit cannot be denied merely on technical lapses.
It is held that merely because assessee has not reverse credit attributable to provision of exempted services would not disentitle it to claim credit which is otherwise available in respect of input services used in provision of taxable services.
Delhi High Court held In the case of Honey Enterprises. vs. CIT that the Assessee has sought to club the two expenses, that is, the cost of acquisition of distribution rights of films and the cost of prints for the purposes of charging the same against realizations from those films and for carrying forward the excess to the next year for the purposes of Rule 9B of the Rules.
