Sunday, July 3, 2011

Recent case laws

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2011-TIOL-363-ITAT-DEL + ca story

M/s Siel Ltd Vs DCIT, New Delhi (Dated: May 20, 2011)

Income Tax - Sections 37, 43B, CBDT Circular 601 of 1990 - Whether when assessee makes a claim u/s 43B, a CA's certificate in place of original tax challan is sufficient to prove that payment was deposited - Whether payment of excise duty on behalf of a going concern of which the assessee has undertaken the liabilities is revenue expense. - Assessee's appeal disallowed : DELHI ITAT;

2011-TIOL-362-ITAT-MUM

LIC Housing Finance Ltd Vs DCIT, Mumbai (Dated: April 29, 2011)

Income tax – Sections 10(33), 10(15), 14A, 143(1), 147, 148, Rule 8D – Whether where all the facts regarding the amount written off for non-convertible debentures are considered by the AO in the original assessment, reassessment proceedings cannot be initiated by issuing notice u/s 148 merely on change of opinion – Whether disallowance cannot be made u/s 14A by applying rule 8D for the period prior to A.Y. 2008-09. - Assessee's appeal allowed : MUMBAI ITAT;

2011-TIOL-361-ITAT-MAD

The Lakshmi Vilas Bank Ltd Vs Addl.CIT, Tiruchirapalli (Dated: May 6, 2011)

Income tax – Sections 36(1)(vii), 263 – Whether where the AO has considered all the points, on the basis of which the CIT initiated proceedings u/s 263, following the decision of the ITAT and High Court in the case of the assessee itself, proceedings initiated u/s 263 are not valid as it is not prejudicial to the interests of the Revenue. - Assessee's appeal allowed : CHENNAI ITAT;

2011-TIOL-360-ITAT-AHM

ACIT, Gandhinagar Vs Gujarat State Energy Generation Ltd (Dated: April 15, 2011)

Income tax – Sections 32, 80IA, 115JB – Whether the assessee which once opted for SLM method of depreciation, can change it to WDV by filing a valid revised return before the assessment is made – Whether the expenses for which the liability has crystallized during the year cannot be treated as prior period expenses – Whether the adjustment can be made in the book profit u/s 115JB for the items which are not mentioned specifically in the explanation to section 115JB – Whether the assessee is entitled to deduction u/s 80IA even when there is no positive income - Assessee's appeal partly allowed: AHMEDABAD ITAT;

2011-TIOL-359-ITAT-AHM

Shantaben Karshanbhai Patel Vs DCIT, Ahmedabad (Dated: December 31, 2010)

Income Tax - Sections 154, 244A(2), 246A - Whether the claim of interest simpliciter is appeallable order before the CIT(A) as per section 246A. - Assessee's appeal dismissed : AHMEDABAD ITAT;


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