Students , Direct Tax : Recent Case Laws
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students zone,CA Students
CA Adarsh Agrawal


[ Scorecard :2922 ]

CIT vs.Saurashtra Cement Ltd 2010 (SC)

 
If Supplier fails to supply within stipulated time as per agreement which provides for Liquidated damages without proof of actual loss in this case & liquidated damages recvd by assessee will b CAPITAL RECEIPT because it was not recd in course of Profit earning process








CA Adarsh Agrawal


[ Scorecard :2922 ]

CIT vs.Udupi Builders Pvt Ltd 2009 (Kar.)

 
Company established Hotel industry based on subsidy ANNOUNCED byStateGovt to encourage tourism. bt Subsidy was RECEIVED AFTER COMPLETION OF PROJECT&commncemnt of business.
Purpose of subsidy is imp &not the time of receipt(may b recvd even after10yrs).Hence it is CAPITAL RECEIPT

CA Adarsh Agrawal


[ Scorecard :2922 ]

CIT vs.Kisan Sahkari Chinni Mills Ltd 2010(All.)

 

Subsidy/grant recvd for recoupment of Capital Employed or repayment of Loan from FI for setting up/expansion of new sugar factory in not in course of trade.So,it is a CAPITAL RECEIPT NOT CHARGEABLE to TAX.
Same decision was of CIT vs. Ponni Sugar & Chemicals Ltd 2008(SC)


CA Adarsh Agrawal


[ Scorecard :2922 ]

Chandra Ranganathan v. CIT2010(SC)

 
The SC held that amount recvd by employees retiring frm RBI opting for Optional Early Retirement Scheme are eligible for exemption u/s10(10C)

CA Adarsh Agrawal


[ Scorecard :2922 ]

CIT vs Walfort Share & Stock Brokers Pvt Ltd 2010 (SC)

 
Sec10(35),14A,94(7)
Company purchasd cum-dividend units ofMF &then dividend declared.Company entitled2recv dividend&claimed exemptn u/s10(35)
Thereafter company sold all Units(ex-dividend)at LOSS within3days&set off entire STCL.
Deptt contended assessee incurred exp2earn tax free dividend ¬ allowed as per14A.
SC held that its DIVIDEND STRIPPING ¬ covered by sec14A. Loss to the extend of Div Income wil b ignored

CA Adarsh Agrawal


[ Scorecard :2922 ]

CIT v.Hindustan Zinc Ltd 2010(Raj.)

 

Assessee incurred exp for alteration of dam(constructed by State Govt)to ensure sharing of water(required in large quantity)with S.Govt. without hving right or ownership in dam/water.Its an OPERATIONAL exp &REVENUE in nature


CA Adarsh Agrawal


[ Scorecard :2922 ]

CIT v.Hindustan Zinc Ltd 2010(Raj.)

 

Assessee incurred exp for alteration of dam(constructed by State Govt)to ensure sharing of water(required in large quantity)with S.Govt. without hving right or ownership in dam/water.Its an OPERATIONAL exp &REVENUE in nature


CA Adarsh Agrawal


[ Scorecard :2922 ]

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 :2922 ]

CIT v. Asian Hotels Ltd 2010(Del.)

Notional Interest on intt free deposit given by tenant to landlord is NOT assessable either as PGBP or IHP

CA Adarsh Agrawal


[ Scorecard :2922 ]

CIT v. Smt.A.Sivakami & Another 2010

Assessee is eligible to claim depreciation on the busses not registered in her name but she is beneficial owner. Owner is a person who is entitled to receive income from property in his own right. Owner need not necessarily b lawful owner entitled to pass on the title of property to another

CA Adarsh Agrawal


[ Scorecard :2922 ]

CIT v. Smt.A.Sivakami & Another 2010

Assessee is eligible to claim depreciation on the busses not registered in her name but she is beneficial owner. Owner is a person who is entitled to receive income from property in his own right. Owner need not necessarily b lawful owner entitled to pass on the title of property to another

CA Adarsh Agrawal


[ Scorecard :2922 ]

CIT v. Sundaram Clayton Ltd 2010 (Mad.)

Exp on purchase of software component has to be treated as REVENUE exp. Also,upgradation of computer config is not a change of enduring nature & hence its REVENUE exp

CA Adarsh Agrawal


[ Scorecard :2922 ]

Dr.Aswath N.Rao v. ACIT 2010 (Karn.)

Exp incurred for purchase of 2nd hand medical equipment for use as spare parts for existing equipment is a REVENUE expenditure

CA Adarsh Agrawal


[ Scorecard :2922 ]

CIT v. Neelavathi & Others2010(Karn.)

Payment to Police & Gundas to keep away from Cinema Theatre run by assessee amounts to bribe/illegal payment.Hence deduction is NOT ALLOWABLE.


CA Adarsh Agrawal


[ Scorecard :2922 ]

CIT v. Sagar Talkies 2010(Karn.)

Assessee replaced the old sound system with a new Dolby stereo system. Since there was no change in seating capacity, the expenditure on such change of sound system could not be considered as capital expenditure

Harish Makkar


[ Scorecard :54 ]

thanks Adarsh for giving the  information about  direct tax.

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