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Tax claim allowed as evidence of estimated expenditure duly led by assessee. SC
Nov. 02, 2015
Assessee was land developer. ITO disallowed its claim. On appeal Tribunal & HC disallowed assessee's claim. On appeal SC held, appellant had led evidence before Income-tax authorities with regard to estimated expenditure & no exception was taken to same in regard to quantum, though permissibility of such deduction was questioned by them relying upon provisions of Sec.10(2) of I.T. Act. Hence, HC has wrogly concluded regarding disallowance of sum....
Repayment of loan by person giving security is allowed as a business expense ...
Dec. 24, 2015
'E' took secured loan, where assessee's director gave security. E defaulted. So, assessee had to pay back the loan. Assessee claimed the repayment as deduction u/s 37. AO disallowed deduct'n on ground that payment was not in connection with business of assessee. On appeal,CIT(A), ITAT, HC allowed the deduction. HC held, it can't be construed that there was no 'commercial expediency' in payment. Appellate rightly held, exp. falls within Sec. 37.-0...
AO had no reason to believe, income escaped assessm't, thus disallowance made,HC
Dec. 09, 2015
Petition challenged notice u/s 148 of I.T. Act, purporting to reopen assessm't & notice u/s 142(1) questioning disallowance to be made u/s 40(a)(ia) of I.T. Act of amt. of Rs. 49.40 cr. for non-deduction of TDS u/s 194H. HC held, as per Jagran Prakashan Ltd. v. Dy. CIT (TDS) [2012] 345 ITR 288, AO had no reason to believe, income escaped assessm't on ground, there is disallowance liable to be made u/s 40(a)(ia) for non-deduct'n of TDS u...
On proving his innocence, accused was acquitted of offences under FERA & FEMA...
Nov. 05, 2015
In search & seizure, enforcement officer seized Rs 4 lacks. Show cause notice & summons were issued to accused. Trial Court acquitted him on basis of oral & testamentary evidence. On appeal HC upheld Trial court decision stating that accused has proved his innocence by way of marking documents. His confession was obtained by coercion. Therefore acquitted for offence u/s 9(1)(b) & 9(1)(d) & Sec 56(1)(i) of FERA Act & sub-Se...
Statute has authority to direct creat'n of special reserves apart from manage...
Nov. 25, 2015
Assessee is NBFC. It leased commercial infrastructure construct'n machinery etc. Assessee filed return declaring loss under normal proviso. & book profit. AO made adjustment which were treated by assessee as Debt Redempt'n Reserve. On Q. wh. reserve created u/s 45-IC of RBI Act, 1934, is liability or reserve? HC held, Generally reserves are created at discret'n of managem't, but in certain cases statute can direct creat'n of special reserves.
As tenancy belonged to individual partners, asseessee can't be taxed on rent.
Nov. 03, 2015
Assessee ran business of rental premises. AO after survey found an agreement indicating surrender of tenancy by assessee-firm in favour of builder. AO taxed rent. On appeal CIT(A) & ITAT deleted tax on ground that tenancy of rental premises belonged to individual partners & not to assessee. Also, it was tripartite agreement & rent was normal allowable business expenditure of Assessee's firm. On appeal HC upheld both CIT(A) & ITAT findings.-000286
Loss be deducted in computing profits u/s 10 I.T.Act as it is business loss,SC
Nov. 02, 2015
Appellant ran business as money lending, dealing in shares & bullion. Misappropriation of huge funds for satisfaction of personal debts was made by 'C', who held power of attorney. Suit filed for recovery before HC was allowed, part amount was recovered. Tribunal held, loss suffered was not trading loss. On appeal HC upheld it. On appeal SC set it aside holding, loss sustained to be deducted in computing profits u/s 10(1) as was business loss.-01...
Evasion of summons is independent offence u/s 56 & 40 of FERA, SC.
Nov. 06, 2015
HC rejected appeal against framing of composite charge u/s 219 of CrPC. On appeal SC held, after adjudicating officer chose to drop proceedings against appellant, does not absolve appellant of criminal liability incurred by him by virtue of operation of Sec.40 & 56. Offence u/s 56 & 40 is independent offence. Exonerating accused, who successfully evades process of law would be destructive of law & order, apart from being against publi...
Interest from deposits of Co-operative Bank held, arising from its business. SC
Nov. 02, 2015
Assessee bank received interest on deposits. It was assessed as 'income from other sources'. On Ref. HC held interest from investments was no part of Bank's business profits exempt from taxation. On appeal SC held, Under bye-laws, object of bank, to carry on general business of banking. HC was erroneous in treating interest derived from deposits as not arising from business of bank. Thus, not falling within income exempted under notification.-010488

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