Some case laws

2011-TIOL-313-ITAT-MUM

Trigyn Technologies Ltd Vs DCIT, Mumbai (Dated: January 28, 2011)

Income tax – Section 36(1)(iii) – Whether when the survival of the subsidiary is vital for the assessee's business, AO can even then disallow the interest paid on borrowed funds advanced to the subsidiary on interest-free basis - Assessee's appeal allowed: MUMBAI ITAT;

2011-TIOL-312-ITAT-MUM

Mrs Nandita Khosla Vs ITO, Mumbai (Dated: May 13, 2011)

Income tax – Sections 50C, 154 – Whether where the assessee objects to stamp duty valuation, the AO is required to call for the report of DVO, and even if the valuation report is received after the assessment, the value determined may be rectified u/s 154 of the Act – Whether the value adopted by DVO is to be considered as correct as the valuation done by approved valuer is based on carpet area instead of super built up area - Assessee's appeal partly allowed: MUMBAI ITAT;