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Discussion < Students < Direct Tax : Recent Case Laws Part 2
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students zone,CA Students
CA Adarsh Agrawal


[ Scorecard :2927 ]

TRF Ltd v.CIT2010(SC)

 
After1.4.1989,its not necessary for assessee2establish that debt, in fact,has become irrecoverable.Its enough if bad debt is written off as irrecoverable in a/c of assessee.(No need2prove)








CA Adarsh Agrawal


[ Scorecard :2927 ]

CIT v. Samtel Color Ltd 2010 (Del.)

 
Corporate Membership admission fees of club paid by company is fully allowable as REVENUE expenditure.
Employee can be substituted at any point of time.Test of Sec37 is that it should be incurred wholly & exclusively for purpose of business & not towards capital account.

CA Adarsh Agrawal


[ Scorecard :2927 ]

CIT V.DCM Ltd 2010 (Del.)

 
Assessee had 4units of textile business.1UNIT(not whole business)closed down&borrowed money to pay retrenchment compensation to employees.
Such retrenchment compensation&interest on borrowed money wil b treated as REVENUE exp.
but if closure of ENTIRE BUSINESS, then it wud b a CAPITAL exp

CA Adarsh Agrawal


[ Scorecard :2927 ]

CIT v. Mihir Textiles Ltd 2009 (Guj)

 
Money borrowed by issue of debentures is in nature of LOAN &cannot assume as investment.So,exp in nature of commitment charges at the time of issuing such debenture wud b on REVENUE a/c only.Hence allowable as deduction u/s36(1)
Same decision in DCIT v. Core Health Care Ltd2008

CA Adarsh Agrawal


[ Scorecard :2927 ]

Navin Jindal v. ACIT 2010 (SC)

 
For determining whether capital gain on renounciation of right to subscribe for additional shares is short-term or long-term, period of holding wud b from date on which such right to subscribe for additional shares comes into existence(i.e. when company passes resolution)

CA Adarsh Agrawal


[ Scorecard :2927 ]

Hindustan Unilever Ltd v. DCIT 2010 (Bom.)

 
For exemption u/s 54EC, the capital gain shud be INVESTED in longterm specified asset within 6months from date of transfer. If,assessee made payment within 6months,then exemption cannot b denied merely bcoz bond was issued(or date of allotment) after expiry of 6months.

CA Adarsh Agrawal


[ Scorecard :2927 ]

P.P.Menon v. CIT 2010 (Ker.)

 
One Partner take over land & building of firm on its dissolution. He sold L&B in just 3days.The benefit of including period of holding of previous owner u/s2(42A) read with Sec49(1)(iii)(b) can b availed only if dissolution was bfore 1.4.1987. Thus, in this case it will be STCG/STCL.



CA Adarsh Agrawal


[ Scorecard :2927 ]

Lalitaben Hariprasad v. CIT 2010 (Guj)

 
Members in HUF - Father, Mother, 2Sons & that HUF has Residential HP. Father & Mother took 1/2 share each of that RHP & paid 1433000each to sons. High court observed that COA of 1/4th share of HP being proportion to each members u/s 49(1)(i), the COA of HUF will b COA to members. But here, ADDITIONAL SHARE ACQUIRED at the time of partition, therefore 1433000 can b claimed as COA in the hands of each assessee on subsequent sale.

CA Adarsh Agrawal


[ Scorecard :2927 ]

CIT v. Sri Hariram Hotels Pvt LTD 2010(Karn.)

 
Company borrowed loan from its director to purchase land & put up a Hotel Project.But project cudn't get materialized & company sold that land.Company passed resolution to pay interest on that loan & claimed interest paid to directors after sale. Here, Passing resolution for pmt of intt is not relevant since intt starts accruing as soon as loan is taken.Hence intt paid is allowed as exp.

CA Adarsh Agrawal


[ Scorecard :2927 ]

CIT v.GurnamSingh2010(P&H)

 
Assessee claimed exemption u/s54B of AgriculturalLand purchased by him along with his son out of sale proceeds of agricultural land.Son was co-owner.
Revenue objected:land is regd in his son's name.
Decision: No contrary to provision of law&hence assessee is entitled to exemptn u/s54B

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