Sunday, July 10, 2011

CASE LAWS

Applications for the posts of Director/DS/Under Secretary in the CBDT;

2011-TIOL-400-HC-AHM-IT

Manharbhai Muljibhai Kakadia Vs UoI (Dated: May 4, 2011)

Income tax – Sections 119(2)(a), 234A, 234B, 234C, Circular dated 23.5.1996 and 26.06.2006 – Whether the assessee is entitled to waiver of interest u/s 234B & 234C relying on the circular dated 23.05.2006 in which waiver is given on account of non-adjustment of seized cash by the department against the tax liability though at the time of making of application of waiver such circular was superseded by circular dated 26.06.2006 in which no such waiver was permitted. - Assessee's appeal dismissed : GUJARAT HIGH COURT;

2011-TIOL-391-ITAT-AHM + venture story

ITO, Ahmedabad Vs Gujarat Information Technology Fund (Dated: May 27, 2011)

Income Tax - Section 10(23FB) - SEBI Regulations - 8, 12, 30 - Whether an assessee, which is registered as trust and fulfills all the requirements of section 10(23FB) and also satisfies the pre and post condition of SEBI Regulations 8 and 12 and has not received any notice under regulation 30 can be termed as venture capital fund - Whether conditions specified in SEBI regulation and section 10(23FB) are pari-materia and hence compliance of one establishes the compliance of other. - Revenue's appeal dismissed : AHMEDABAD ITAT;

2011-TIOL-390-ITAT-MUM

M/s Gujrat Organics Ltd Vs ACIT, Mumbai (Dated: February 9, 2011)

Income tax – Sections 14A, 145A - Capital or Revenue Expenditure – Whether, if assessee fails to include excise element in the value of closing stock, it calls for disallowance - Whether the disallowance is rightly made u/s 14A by applying rule 8D prior to the amendment – Whether the expenses incurred on repair and maintenance of assets which results in no new asset are revenue expenditure. - Assessee's appeal partly allowed : MUMBAI ITAT;

2011-TIOL-389-ITAT-MUM

ACIT, Mumbai Vs M/s JPS Associates (Dated: February 25, 2011)

Income Tax - Section14 - Whether income earned from letting of office premises is taxable under the head "income from house property' - Whether higher charges received on account of exploitation of computers and office premises are taxable under the head business income on the basis of principle of consistency - Revenue's appeal dismissed : MUMBAI ITAT;

2011-TIOL-388-ITAT-MUM

M/s P A Chacko Muthalaly Vs ACIT, Mumbai (Dated: March 4, 2011)

Income Tax - Sections 80(O), 80RRA, 80RRA(2)(ii) - Whether, to avail Sec 80RRA benefits, it is necessary for the assessee to undertake a foreign travel - Whether assessee is eligible for benefits even if the technical services provided by the assessee are not approved by the Govt. - Assessee's appeal dismissed : MUMBAI ITAT;

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