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HC jurisdiction u/s 66 is merely advisory in appeal held SC.
Nov. 14, 2015
ITO held two entries in account books of assessee fictitious,& in computing their income disallowed assessees claim in respect of amounts. AAC held that transactions in cotton were not genuine & directed amount be excluded in computing assessees total income. On appeal Tribunal reversed AAC order. HC upheld it. On appeal SC held, jurisdiction of HC u/s 66 is merely advisory. HC does not sit in appeal over judgment of income-tax authorities.-010…
AO order of withdrawl of benefit of investment allowance held incorrect by HC.
Nov. 02, 2015
Assessee was granted benefit of investment allowance u/s 32A. Under a scheme industrial units held by assessee were transferred to other companies. AO passed order u/s 32A(5) withdrawing benefit of investment allowance. On appeal CIT(A) allowed it. However, ITAT disallowed holding that scheme of arrangement did not result in 'transfer' u/s 32A(5). On appeal HC upheld ITAT decision holding that there was transfer within meaning of Section 32A(5). -0…
No explanation for delay in amending petition, could'nt be condoned, held HC.
Nov. 04, 2015
Writ petition filed by trustees.They expired during proceedings. New trustees took over. They filed application for amendment in petition. Delay took place due to which condonation of delay was sought on ground that AOR informed them that records were not available. HC held, comparing with other entries in register, found that rule in writ petition was not discharged for default. Delay of 32 years was unexplained, thus can't be condoned.
Section 66, 67(o) Finance Act held ultra vires to contitution, SC
Apr. 08, 2016
On writ HC held, Sec. 66, 67(o) of Finance Act, 1994 & other provisions related to Kalyana Mandapams & Mandap-Keepers to be intra vires of Constitution of India. On writ SC held, it has been a well established judicial principle that so long as legislation is in substance, on matter assigned to legislature enacting that statute, it must be held valid in its entirety even though it may trench upon matters beyond its competence.
Lifting of corporate veil by AO held in breach of principles of natural justice
Dec. 08, 2015
Tax dues were pending upon assessee, director of ltd Co. AO issued notice u/s 179 to recover outstanding dues. Assessee objected, as he was director of public ltd. Co. AO held that if conditions were satisfied for lifting of corporate veil, he could take public Ltd. Co. as pvt. ltd. Co. On writ, HC held, AO order based on lifting of corporate veil even if it is, would be in breach of principles of natural justice & hence, can't be sustained.&nb…
There is Difference between accounting income & taxable income held SC.
Nov. 06, 2015
Appellant NPO in USA granted tax exempt. as edu. institute there. It has branch office in India. CBDT rejected its application u/s10(23C). On writ HC upheld order of CBDT. On appeal SC Held, diff. between accounting income & taxable income. u/s 10, it is accounting income. It is open to prescribed authority, if it deems fit, to stipulate that certain percentage of accounting income would be utilized for impartation of education in India.
AO computed higher indirect cost that reduced benefits u/s 80HHC deleted by HC.
Nov. 04, 2015
Assessee-Co. traded & exported. It was entitled for deduction u/s 80HHC. AO computed higher indirect cost attributable to turnover by taking total indirect cost in ratio of export turnover & total turnover which reduced income benefit u/s 80HHC. CIT & ITAT allowed it. On appeal HC disallowed it holding that ITAT's decision allowed deduction in previous year. Thus, assessee held entitled to benefit of Rs.50 lacs & not Rs.30 lakhs u/s 80HHC(3)(b).-01…
Deduct'n calim u/s 80-IB(10) on housing project allowed to assessee, HC
Dec. 08, 2015
Assessee-HUF claimed deduct'n u/s 80-IB(10) on housing project. AO disallowed it. On appeal, CIT(A) allowed it holding that assessee need not own property to claim deduct'n u/s 80-IB(10) & car park area would not be held as private area. On appeal, Tribunal upheld it. On appeal HC upheld it too as in proviso. no justification in including car park in definit'n of built-up area of residential unit for purpose of determining maximum built-u…
As Internat'nl transact'ns consistent with ALP, thus no TP adjustments, ITAT
Dec. 11, 2015
Assessee, subsidiary of foreign Co. mfd. & traded fluid power hydraulic equipm't. It imported raw materials & exported finished goods. TPO held, separate benchmarking required to be undertaken for manufacturing as well as trading segment. Thus, an adjustment was computed by applying external TNMM. On appeal ITAT held, international transactions entered into were consistent with ALP & no transfer pricing adjustment was required to be mad…
Assessee-Bank held liable to pay interest u/s 201(1A) as failed to deduct TDS.
Dec. 09, 2015
Assessee-bank failed to deduct TDS on deposits made by (HPSEB). AO held assessee to be in default & determined liability u/s 201(1) & 201(1A). On appeal, CIT(A) upheld it. On appeal ITAT held, assessee-bank was required to deduct tax. Since assessee has later on deducted tax at 1% which was also approved by Income-tax authorities, there can't be any default for deduct'n of tax on part of bank & assessee liable to pay interest u/s 201(1A…

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Here is business page of Ankur, with all his work

About Portfolio

My dear ,

My dear ,

Do you want to subscribe ? I would give you a free coupon to help you start calling.

Ok , no issues, if you have a question then you can try the search feature at quaremon.

Hi Thakurani,I want to deposit in my accountThanks,

Hi Thakurani,
I want to deposit in my account
Thanks,