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Judgments and Orders

Cash assistance is to be taxed under the head Income from Business

 16 December 2011

The ground raised by the assessee is that the Commissioner of Income Tax(Appeals) has erred in confirming that cash assistance is taxable in the hands of the assessee. It is the case of the assessee that the Commissioner of Income Tax(Appeals) himsel..

Posted in Taxation |   1696 hits

Sec 234D of Income Tax Act for charging interest on excess refund is applicable only from AY 2004-05

 16 December 2011

In brief, the factual background giving rise to the impugned dispute can be summarized as follows. By a letter dated 18.12.2006, it was pointed out by the assessee that a refund of Rs 6,78,32,796/- was received by it on 1.4.2006 in consequence of the..

Posted in Taxation |   3427 hits

As per the Supreme Court order NPA of a Company defaulting in repayment of loan can be assigned for the debt

 15 December 2011

A. The grievance relatable to IFCI Ltd. (appointed as the operating agency by BIFR vide order dated 08.08.2005 with a mandate to prepare a scheme for revival of the „Company‟) that it being one of the five secured creditors of the „Company‟, IFCI Ltd..

Posted in Corporate Law |   4122 hits

As per Rule 19 of AT Rule 1963 Tribunal can treat the appeal as un-admitted appellant can recall on sufficient cause been shown

 15 December 2011

This case was listed for hearing before the Tribunal on 08-12-2011 and for this assessee was informed. Today i.e. on 08-12-2011 when the case was called on board, none appeared on behalf of the assessee nor any request for adjournment has been filed ..

Posted in Taxation |   1534 hits

Expenditure incurred in acquisition of intangible asset is to be treated as revenue expenditure

 15 December 2011

On the facts and circumstances of the case, the learned CIT(A) ought not have deleted the addition of Rs. 4,49,95,728 representing expenses for acquisition of rights The learned CIT(A) ought to have appreciate the fact that the provisions of sec. 32..

Posted in Taxation |   1725 hits

Once informed that service is withdrew than expenses incurred on that service after giving information will not be re-inversed

 14 December 2011

Total amount claimed as per plaint is `18,38,112/- and pre-suit interest @12% per annum was claimed at `14,15,346/-. Decree prayed for as per the plaint is in sum of `32,53,458/-...

Posted in Civil Law |   2728 hits

On submission of proof establishing identity and creditworthiness of shareholder share application money cannot be in disputes for assessment

 14 December 2011

. That having regard to the facts and circumstances of the case, ld. CIT(A) has erred in law and on facts in confirming the action of the ld.AO in making addition of ` 15,00,000/- being share application money received during the year holding the sam..

Posted in Taxation |   1944 hits

Record of ACR officer disclose only in a case involve public interest

 14 December 2011

It is the petitioner’s case that upon complaints of corruption against Ms. Jyoti Balasundaram, Member, CESTAT, the President of the CESTAT - a former Chief Justice of a High Court, made some adverse entries in the Annual Confidential Report (ACR) of ..

Posted in Civil Law |   2301 hits

It is the duty of the AO to carefully verify the statement given by the Assessee against any claim made by the AO

 13 December 2011

The brief facts of the case are that search and seizure operations u/s 132(1) of the Income –Tax Act, 1961 (hereinafter referred to as the Act) were conducted at the residence and business premises of the various members of Maheswari Brothers Group o..

Posted in Taxation |   1678 hits

Security deposited against leased property refundable on completion of tenure cannot be consider as Capital Gain

 13 December 2011

The brief facts of this issue are that while doing the scrutiny assessment after analyzing the various clauses in indenture of conveyance dated 27th April, 1991 and the indenture lease dated 28.12.1995 and the explanation given by assessee at the req..

Posted in Taxation |   1986 hits

Non discloser house property income means evasion of Municipal Tax and may cause penalty on the Landlord

 13 December 2011

The dispute began when the Municipal Corporation of Delhi proposed to enhance, with effect from 01.04.1999, the rateable value from the existing rateable value of `11,400/- to `1,50,000/- on account of letting of the ground floor. It be highlighted t..

Posted in Property Law |   2836 hits

Interest on Interest free loan given related to business cannot be disallowed expenditure

 13 December 2011

. Brief ly stated facts of the case are that the assessee derives income from Hiring of Cranes to ONGC and other oi l refineries, management services to group companies, dividends and interest from investments and income from sale of investment and T..

Posted in Taxation |   1549 hits

Case pending in a lower court cannot be forwarded to another court till the decision taken by the lower court

 13 December 2011

Learned counsel for the petitioner has confined his prayer for a direction to the Court below to decide the matter pending before it within a fixed time frame. Upon going through the record it appears that the matter is pending before the Court below..

Posted in Civil Law |   2250 hits

Share Application money forfeited for non payment of call cannot be considered as income in the year of forfeiture

 13 December 2011

) (A) That on the facts and circumstances of the case, the ld. CIT(A)-XII, has grossly erred in confirming the brought forward “SHARE APPLCIATION FORFEITURE ACCOUNT” as unclaimed credit and thus, confirming addition for ` 25,00,000/- to the declared ..

Posted in Taxation |   4933 hits

Taxes paid by the employer is treated as perquisites included in the salary and cannot be consider monetary payment to employee

 11 December 2011

On facts and circumstances of the case, whether the learned CIT(A) has erred in allowing exemption u/s 10(10CC), where the facts clearly establish that the tax paid by the company M/s Transocean Offshore Deepwater Drilling Inc. for assessment year 20..

Posted in Taxation |   1831 hits

Recommendation of Maharashtra State Backward Class Commission should be consider before giving preference any person as OBC

 11 December 2011

On 18.01.1997, the Additional District Deputy Collector, Mumbai Suburban District, Mumbai issued a Caste Certificate to the appellant herein certifying that she belongs to Hindu Shimpi Caste which is recognized as Other Backward Class (Sr. No. 153) u..

Posted in Civil Law |   5800 hits

Property belong to the HUF should be distributed between the Coparcener equally

 10 December 2011

Suit CS(OS) No. 985/2002 has been filed by Shri Rajender Shanker against his brother Shri Devendra Shanker seeking partition of the estate of their father late Shri Damodar Dass Mathur alleged to be comprising of house No.104, Jor Bagh, New Delhi, in..

Posted in Property Law |   6453 hits

Sec 363 of IPC cannot be compared with Sec 364A of IPC both have different provision

 09 December 2011

The prosecution case, in short, is that in the afternoon of 17.03.2000, which was a Bakrid day, a minor boy named Vicky Prasad Rajak (PW-2) was found missing. Mahendra Prasad Rajak (PW-3)-father of the boy (the Complainant) reported the matter in the..

Posted in Criminal Law |   3920 hits

Submitting false certificate may caused the termination of vacancy

 09 December 2011

The petitioner, a Head Constable at the Central Reserve Police Force (CRPF), has challenged the order of dismissal dated 2nd May, 1997 passed by the Inspector General, CRPF, on the charge that he had submitted a false certificate of his date of birth..

Posted in Civil Law |   2902 hits

In the absence of government sanction complaint cannot be proceed but the compensation must be justifiable

 09 December 2011

The appellant, Hardeep Singh was engaged in running a coaching centre, called “Deepika Classes” where students were given tuition to prepare them for entrance tests for different professional courses. On June 8, 1992, it was reported to the Collector..

Posted in Criminal Law |   2297 hits







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