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CIT v. Chandni Buchar 2010(P&H)
A.O. added in TI of assessee,the difference between purchase price DISCLOSED in SALE DEED&purchase price adopted for paying STAMP DUTY.High Court decided that 50C is a deeming provision for bringing the difference to capital gain tax.Valuation for STAMP duty calculation wud not ipso facto substitute of actual sale consideratn.Here,assessee proved the consideration of sale deed with original bank statement.Hence this addition is deleted. |
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CIT v.Kiran Enterprises 2010(HP)
C.Govt.Scheme Freight Subsidy recvd is not a profit derived from business & not operational profit.So,it cant b treated as profit derived from business for purpose of 80-IA |
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Liberty India v.CIT2009(SC)
DEPB Scheme benefit &Duty Drawback are not profit derived from eligible business/industrial undertaking u/s80-IB. So,it cant b treated as profit derived from business undertaking for purpose of 80-IB |
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CIT v. Nestor Pharmaceuticals Ltd.2010
(Imp CaseLaw of Sec80IB)
Fact:
*Trial Run production in March1998
*Commercial Production started in April1998
*Sale of 1unit water cooler & A.C. in March98 to get regn under Excise Act & Sales Tax Act
Case:
Period of exemption from & upto which AY?
Decision:
Since company had sold in March98,so it had crossed the stage of trial prodctn & final saleable had mfrd & sold. With this sale, marketable quality was established. Thus, the condition of 80IB were fulfilled in March98 & hence 5yrs will b from AY98-99 |
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N.J.Jose & Co Pvt Ltd v. ACIT 2010 (Ker)
Assessee claimed exemption u/s 54E /54EC.
Computatn of Book Profit u/s115J / 115JB doesn't provide for any deductn of 54E /54EC.So,Captial Gain shud b included in BookProfit for levy of MAT.
It shud b noted that LTCG exempt u/s10(38) is included for BookProfit u/s115JB |
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CIT v. Laxmi Pd.& Sons 2009 (All)
AOP cant b constituted by inheritance under will bcoz its forced association.Volutary Association is necessary for AOP u/s2(31) |
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CIT v.George & M.Syed Alavi 2009 (Ker)
The accounts,seized from persons,were mutually complementary &were proof of their joint investments in slaughter tapping &sharing of profit on sale of Latex&Timber.
It is justified to tax in the hands of AOP bcoz Status of AOP need not to b proved through written agreement. |
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Subha & Prabha Builders P Ltd v. ITO 2009 (Karn)
Income Tax Authorities hv power u/s131 to impound &retain books etc for Max 15days.Extension can b granted by prior approval of higher authorities but not for indefinite period.EXTENSION can only ONE TIME & can be in DAYS, & not in Months or years |
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Lodhi Property Co Ltd 2010 v. Under Secretary,(ITA-II), Department of Revenue 2010 (Del)
IMP CASE
Assessee, to file ITR of Loss, reachd at room of Central Revenue Bldng whr his return was2b accepted bcoz he was sent frm1room to another.
So,ITR not accepted.
Next day,ITR along wid letter of circumstnces delivered2office of DCIT.
CBDT,by non-speaking order rejected the request of assessee2condone delay u/s119.
HC Decision:Its genuine hardship on assessee so 1day delay has 2b condoned byCBDT u/s119(2)(b) ANY OTHER RELIEF UNDER THE ACT |
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CIT v.Tony Electronics Ltd 2010 (Del)
Once appeal against order passed by AO is preferred & is decided by appellate authority(AA), the order of AO, MERGES with order of AA. After merger,ORIGINAL ORDER CEASES to EXIST &ORDER of AA PREVAILS.Thus,4yrs for Sec154(7) has 2b counted FROM ORDER OF APPELLATE AUTHORITY |
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Aventis Pharma Ltd v.ACIT 2010 (Bom.)
Power u/s147 to re-open an assessment is conditional on formation of REASON TO BELIEVE that taxable income has escaped assessment.
Existence of TANGIBLE MATERIAL is ESSENTIAL to safegaurd against arbitrary excercise of this power.
Mere change of opinion is not sufficient |
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nice one...thanks for sharing |
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