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Assessee's revision of debts case held not to be case of writing off of bad d...
Oct. 29, 2015
Assessee manufactured & sold safety relief valves. During finalization of account discrepancy on account of levy of surcharge of Rs. 1.68 cr. was noticed by it. It was rectified by issue of credit notes. AO disallowed claim of assessee u/s 36(2). On appeal, CIT(A) & ITAT allowed assesse's claim holding that if there was no real income for purpose of tax, no tax could be imposed on hypothetical income. On appeal HC upheld the order of ITAT.
AO cannot pass order suo motu u/s 154, once same passed by superior authority.
Nov. 03, 2015
Assessee showed property purchsed in urbanized village in income assessment. AO made additions & charged interest. A.O. suo motu passed order u/s 154, where he clarified charging of interest u/s 234B & 234C. On appeal CIT(A) & ITAT disallowed it. On appeal HC while upholding ITAT decision & relying on decision Addl. CIT v.India Tin Industries (P.) Ltd. held that AO cannot pass order suo motu u/s 154, once same passed by superior authority.-000289
Dep. claimed by assessee on tech. know-how & DMF allowed by ITAT.
Dec. 08, 2015
Assessee-co. mfd. & sold active pharma. ingredients & its intermediates. In return it declared loss u/s 115JB. In assessm't. AO noticing assessee's internat'nl transact'n referred it to TPO for determining its ALP. AO in assessment determined loss in book of a/c as shown by assessee. CIT(A) u/s 263 disallowed dep. on technical know-how & DMF. On appeal ITAT set aside CIT( A) decision & restored AO's holding, jurisdict'n u/s 263 not justified.
FDI policy & FEMA permit FDI in townships only through equity investments hel...
Nov. 06, 2015
Plaintiff filed Suit against defendant for recovery of dues under Guarantee executed in his favor due to liability arising under OPCDs. HC held, transaction documents establish that transaction of routing FDI through newly interposed Vinca was colourable device & was structured to enable FMO to secure repayment of its FDI amount, contrary to FDI policy & statutory FEMA Regulations. Thus, bank guarantee issued by Vinca is also unenforceable.
Amount invested by assessee in bonds, entitled it to benefits u/s 54E, HC.
Nov. 02, 2015
As income had accrued to assessee-company u/h of Long-term capital gain on transfer of asset in respect of its two units, it was taxed by AO. On appeal tribunal upheld it. On appeal HC held, as assessee had made relevant disclosure in return for relevant assessment year when enhanced compensation was received transfer took place. Amount invested by assessee in bonds, which entitled it to certain benefits u/s 54E. Notice u/s 148 quashed.-010549
RBI empowered u/s 35A to issue guidelines for asset classification as NPA.
Nov. 04, 2015
Petition filed to declare Guidelines issued by RBI unconstitutional by which Petitioner's Firm account had been classified as NPA. HC held, u/s 35A of Banking Regulation Act, RBI is empowered to issue directions from time to time. Even if source of power is not mentioned in document that by itself will not render document bereft of legal force. There is no doubt that power exists, with RBI to issue, such like, guidelines for asset classification.
Assessee allowed registration u/s12A(1) & u/s12AA as charitable society.
Nov. 02, 2015
Assessee filed application u/s12A(1) for registration u/s12AA, as charitable society. Commissioner rejected it, as filed 18 years after establishment & requisite audited accounts not filed. On appeal, ITAT found, society was held to be exempted u/s 10(23C)(iiiad) & allowed registration. On appeal HC upheld Tribunal decision as delivered on merits of activities of society holding that activities of society were of general public utility u/s 2(15)....
Selling in brand name held no bar to claim benefit by manufacturing activity.
Nov. 03, 2015
Assessee manufactured electronic goods & claimed deduction u/s 80-IC. AO disallowed it, as only brand name of parent company was traded & manufacturing activities were inadequate. Thus, LCD monitor claimed to be manufactured by assessee was not covered under Schedule XIV. On appeal ITAT & HC allowed deduction holding that selling product in brand name was no bar to claim benefit on account of manufacturing activity of assembling components. -000297
Reduct'n in net profit rate by CIT(A) held justified as per facts of case,ITAT
Dec. 08, 2015
Assessee-company executed work contracts of civil construct'n, labor supply & shares trade. AO rejected books of a/c of assessee on ground of non product'n of complete vouchers & thumb impression of all payers were not in register.Thus, calculated net profit at 8% of gross contract receipt . CIT(A) reduced it to 4%. On appeal HC held, definitely there would be lower profit in case of assessee. Hence, CIT(A) rightly estimated net profit ra...

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