HIGH COURT OF DELHI Sanjay Sawhney v. Principal Commissioner of Income-tax VIPIN SANGHI AND SANJEEV NARULA, JJ. IT APPEAL NO. 834 OF 2019 MAY 18, 2020 S. Krishnan, Adv. for the Appellant. Zoheb Hossain for the Respondent. JUDGMENT Sanjeev Narula, J. – The present appeal under section 260A of the Income Tax Act, 1961 (‘the Act’) is directed against the… Read More »
60% Depreciation allowed on Set Top Boxes : ITAT we have no hesitation to hold that the transaction in the present case is that of a loan/Finance. After going through the various terms of the deed, we find that the only role of the lessor in the present arrangement is to finance the transaction of… Read More »
Amount collected for Building Development Fund from students is capital receipt,not taxable : ITAT sample copies of the receipts issued from which it was evident that the contributions to ‘Development Fund’ were not collected on monthly basis along with tuition fees for the month but the students paid contributions to Development Fund at their own… Read More »
Interest Exp disallowed if Sales to sister concern and amount not realized : HC However, in the instant case, the Assessing Authority, by an order dated 31-3-2000 has held that the assessee mainly supplies its finished products to its sister concern namely M/s. Canara Wood and Plywood Pvt. Ltd. Mangalore, which is engaged in the… Read More »
No Dis allowance u/s 40(a) of Surcharge on sales tax and turnover tax as it is not a ‘fee or charge’ : HC HIGH COURT OF KERALA Kerala State Beverages (Manufacturing and Marketing) Corporation Ltd. v. Assistant Commissioner of Income Tax C. K. ABDUL REHIM AND T.V. ANILKUMAR, JJ. IT APPEAL NOS. 135, 146 & 313 OF… Read More »
SLP dismissed due to Low Tax Effect : SC SUPREME COURT OF INDIA Principal Commissioner of Income-tax – 1 v. Amantha Healthcare Ltd. ROHINTON FALI NARIMAN AND S. RAVINDRA BHAT, JJ. SPECIAL LEAVE PETITION (CIVIL) DIARY NO. 37344/2019 NOVEMBER 22, 2019 Ms. Anita Sahni, Zoheb Hossain, Ms. Vishakha Advs. and Mrs. Anil Katiyar, AOR for the Petitioner. ORDER 1. Delay condoned. 2. The special… Read More »
Fresh Reassessment notice issued after removing technical defects is valid : HC The respondents are not precluded from invoking section 148 of the Income-tax Act, 1961 for the 2nd time as the issue as to whether income had escaped assessment or not was decided by the Commissioner of Income-tax (Appeals) on merits. It was pointed… Read More »
No reassessment if amount assessed in Block assessment u/s 158BC and regular Assessment u/s 143 : HC In the present case, the assessing officer in the course of regular assessment had in fact asked for information in relation to this very amount of Rs. 10.33 Crores. This information was duly furnished by the petitioners. Only… Read More »
No Reassessment if Assessee did not receive Loan but its sister concern received loan Thus, it is evident that in the facts of the said case: (i) the petitioner company had obtained a loan from a company in which it had shareholding not less than 10 per cent of the voting power. While the loan… Read More »
No additions u/s 68 on basis of search on third party, if AO has not conducted any independent enquiry : ITAT IN THE ITAT KOLKATA BENCH ‘B’ Modern Malleables Ltd. v. Deputy Commissioner of Income Tax P.M. JAGTAP, VICE PRESIDENT AND A.T. VARKEY, JUDICIAL MEMBER IT APPEAL NO. 2548 (KOL.) OF 2019 [ASSESSMENT YEAR 2013-14] MARCH… Read More »