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HC - CBDT’s order rejecting assessee’s (an IT Park developer) application for issuance of notification u/s 80IA(4)(iii) for availing deduction is set aside since assessee had complied with all the conditions prescribed by the Scheme and also obtained certificate from competent authority.
Techniplex vs. Central Board of Direct Taxes
(2015) TaxCorp(LJ) 6147 (HC-BOMBAY) · Section. 80IA(4)(iii)
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HC - Reopening (even of s. 143(1) assessment) on the ground that a specific aspect requires verification is not permissible
Nivi Trading Limited vs. UOI
(2015) TaxCorp(LJ) 6142 (HC-BOMBAY) · Section 147
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HC - Compensation/damages received for breach of oral agreement to transfer immovable property is not in the nature of relinquishment for 'specific performance' claim, therefore not liable for capital-gains tax
M/s. Sterling construction & Investments Vs. Assistant Commissioner of Income Tax
(2015) TaxCorp(LJ) 6135 (HC-BOMBAY)
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HC - Manufacture and sale of sweetmeats & farsan by charitable trust not being integral / incidental to main charitable activity, assessee liable to taxation as "business"
Commissioner of sales tax vs Paramhans Shri Ganeshji Pandit Memorial Trust
(2015) TaxCorp(LJ) 6134 (HC-BOMBAY)
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HC - Exemption u/s 11 to an educational trust in respect of “Management Development Programme and consultancy charges” is available even though assessee did not maintain separate books of account for said programme.
DIT vs Vile Parle Kelavani Mandal
(2015) TaxCorp(LJ) 6131 (HC-BOMBAY) · Section. 11
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HC - Reassessment solely on basis of ground already raised in assessment is invalid without having any tangible material.
Commissioner of Income-tax-II v. Jet Speed Audio (P.) Ltd.
(2015) TaxCorp(LJ) 6123 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=60439&Category=Judgment&CategoryType=Zip
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HC - In computing the income of charitable institutions exempt u/s 11, income exempt u/s 10 has to be excluded. The requirement in s. 11 with regard to application of income for charitable purposes does not apply to income exempt u/s 10
DIT (E) vs. M/s. Jasubhai Foundation
(2015) TaxCorp(LJ) 6078 (HC-BOMBAY) · Sections 10, 11
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HC - Late filing of Form 10 audit report which is required u/s 12A(1)(b) for claiming Sec 11 exemption, do not disentitle assessee from claiming Sec 11 benefits. A technical plea cannot take away benefit accruing to the assessee under the law.
CIT vs. Mumbai Metropolitan Regional Iron & Steel Market Committee
(2015) TaxCorp(LJ) 6075 (HC-BOMBAY) · Section. 11
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HC - The notice u/s 148 should not be in a standard format but indicate why s. 147 has been resorted to. The term "failure to disclose material facts" has a specific legal connotation. The non-disclosure has to be of a "material fact" to attract s. 147
Tata Business Support Services Ltd vs. DCIT
(2015) TaxCorp(LJ) 6073 (HC-BOMBAY) · Sections 147, 148
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HC - Assessee society (running hospital) is not existing for philanthropic purposes because of huge increase in fixed assets, which resulted in generation of more income, also concessional treatment figures indicate that assessee spent meagre amount on the weaker section of the society. Therefore, not entitle for exemption u/s 10(23C)
Yash Society Vs. Chief Commissioner of Income Tax and Ors.
(2015) TaxCorp(LJ) 6053 (HC-BOMBAY) · Section. 10(23C)
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HC - Stay application can not be rejected on ground that issues raised in appeal and stay have already been dealt with in assessment order.
Mumbai Metropolitan Region Development Authority v. Deputy Director of Income-tax (Exemption-1) (1)
(2015) TaxCorp(LJ) 5964 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=58682&Category=Judgment&CategoryType=Zip
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HC - If the recorded reasons show contradiction and inconsistency it means necessary satisfaction in terms of the statutory provision has not been recorded at all. The Court cannot be called upon to indulge in guess work or speculate as to which reason has enabled the AO to act in terms of s. 147
Plus Paper Food Pac Ltd vs. ITO
(2015) TaxCorp(LJ) 5961 (HC-BOMBAY) · Section 147, 148
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HC - Regional Director is not only entitled to but is duty bound to bring to the attention of the Court any provision in the scheme of amalgamation which may contravene/circumvent the provisions of any law including the law pertaining to Income Tax. Reliance on MCA Circular dated January 15, 2014 is rejected since Income Tax Authorities did not raise any objection within 15 days of notice.
Casby Logistics Pvt. Ltd.
(2015) TaxCorp(LJ) 5934 (HC-BOMBAY)
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HC - Assessee not entitled to depreciation on part of share issue expenses, capitalized to plant and machinery and factory equipment covered by S.35D.
International Computers Indian Manufacture Limited vs. CIT
(2015) TaxCorp(LJ) 5907 (HC-BOMBAY) · Section 35D
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HC - In applying the ‘extrapolation’ principle of Eusafali 90 ITR 271 (SC), the AO is entitled to make an estimation based on guesswork. However, the estimate must not be arbitrary and should be based on material
Prakash K. Kankariya vs. JCIT
(2015) TaxCorp(LJ) 5892 (HC-BOMBAY)
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HC - Revision u/s.263 - Merger with appellate order - Clause (c) of the Explanation to Sec 263(1) has no application because the matters which have been considered and decided in the Appeal by the first appellate authority are being made subject matter of the revisional authority's order.
CIT vs. K. Sera Sera Productions Limited
(2015) TaxCorp(LJ) 5866 (HC-BOMBAY) · Section 263
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HC - Assessee may not be successful in substantiating their claim, but that by itself does not mean penalty follows. For withholding imposition of penalty whether the particulars of income or furnishing of inappropriate particulars of income is an element present and with regard thereto any explanation is offered or not or if offered whether the same is false or an offer of such explanation which the assessee is unable to substantiate and it is lacking in bona fides that the penalty can be imposed.
CIT vs. Ram & Co
(2015) TaxCorp(LJ) 5850 (HC-BOMBAY)
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HC - Tribunal was right in upholding the decision of the CIT(A) on the issue of set off of profit on sale of depreciable assets of 1.13 crores against long term capital gain which arose to the assessee on indexation method and also allowing brought forward long term capital gain against the said profit on sale of depreciable assets.
Commissioner of Income Tax-5 Versus M/s. India Securities Ltd.
(2015) TaxCorp(LJ) 5836 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=60672&Category=Judgment&CategoryType=Zip
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HC - Amounts received by the assessee on account of letting out of its property is income taxable under the head "income from house property". Thus, no occasion to apply Section 11A (4) would not arise.
Director of Income Tax, (Exemption) Versus Fellowship of Physically Handicapped
(2015) TaxCorp(LJ) 5832 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=60673&Category=Judgment&CategoryType=Zip
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HC - Supply of fodder to cattle and animals is not only a good religious trust but it is also a good charitable trust. Entitlement to exemption under Section 11.
Director of Income Tax (Exemption) Versus Bombay Panjrapole Trust
(2015) TaxCorp(LJ) 5830 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=60675&Category=Judgment&CategoryType=Zip
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