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HC - On dissolution of firm, land held by firm for construction business distributed to partners as co-owners and as capital assets, profit on sale of said plots would be treated as capital gain instead of business
Arvind Shamji Chheda v. Commissioner of Income-tax, Mumbai City X
(2015) TaxCorp(LJ) 5010 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=58113&Category=Judgment&CategoryType=Zip
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HC - Revenue will not initiate any recovery proceedings till the disposal of the appeal filed by the petitioner with the Commissioner (Appeals).
Disha Construction v. Ms. Devireddy Swapna
(2015) TaxCorp(LJ) 4966 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=59050&Category=Judgment&CategoryType=Zip
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HC - Ex-parte order by TRO holding sale of asset as void is not valid pending application to lift attachment of asset and also it was passed without giving assessee any personal hearing, matter was to be remanded back on principle of natural justice
Shailesh J. Shah v. Tax Recovery Officer
(2014) TaxCorp(LJ) 4926 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=59026&Category=Judgment&CategoryType=Zip
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HC - Premature redemption premium can neither be treated as capital expenditure nor can it be spread over the period for which the debentures were issued as the contract between assessee and debenture holders came to an end
CIT vs Grindwell Norton Ltd.
(2014) TaxCorp(LJ) 4876 (HC-BOMBAY)
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HC - Delay should not be condoned only because the Revenue or the Government Department will be affected. Delay occurred essentially because the officers in the Department have not been vigilant and careful. Delay condoned only on Revenue assurance that Departmental affairs improving.
CIT vs Goldgerg Finance Pvt. Ltd.
(2014) TaxCorp(LJ) 4875 (HC-BOMBAY)
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HC - Inquiry was not carried forward by AO u/s 68 with a view to discharge the initial or basic onus to find out genuineness of transaction in shares; addition deleted
Commissioner of Income Tax-13 Versus Mr. Shyam R. Pawar
(2014) TaxCorp(LJ) 4868 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=58976&Category=Judgment&CategoryType=Zip
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HC - Retrospective amendment to be considered for revision u/s 264 as Commissioner is not only entitled but is duty bound to correct the assessment in revision u/s 264
Kalpesh M. Nagda Versus The Commissioner of Income Tax-24 And Another
(2014) TaxCorp(LJ) 4867 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=58978&Category=Judgment&CategoryType=Zip
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HC - Loss incurred on the sale of shares of a wholly owned subsidiary was a business loss because the investment made in the latter was not a business asset but to separately house the integral part of the business activity
The Commissioner of Income Tax-10 Versus M/s. Colgate Palmolive (India) Ltd.
(2014) TaxCorp(LJ) 4843 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=58944&Category=Judgment&CategoryType=Zip
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HC - Warning to Department against filing appeal on covered matters. This would result in frustrating the entrepreneurs and defeating the purpose of setting up new industries and particularly in backward areas.
CIT. Vs. Kirloskar Oil Engines Ltd.
(2014) TaxCorp(LJ) 4818 (HC-BOMBAY)
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HC - If the Tribunal accepts that a mistake has crept in the order, interests of justice is served if the entire order is recalled (suo moto by the ITAT) & appeal re-heard. Appeals should not be disposed off in “light hearted” and “casual manner”
State Bank of India vs. DCIT
(2014) TaxCorp(LJ) 4817 (HC-BOMBAY) · Section 254(2)
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HC - Transfer Fees received by Co-operative Housing Society from incoming & outgoing members (even in excess of limits) is exempt on the ground of mutuality
CIT vs. Darbhanga Mansion CHS Ltd
(2014) TaxCorp(LJ) 4815 (HC-BOMBAY)
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HC - Gains on sale of TDR received as additional FSI as per the D. C. Regulations has no cost of acquisition and is not chargeable to capital gains
CIT vs Sambhaji Nagar Coop. Hsg. Society Ltd.
(2014) TaxCorp(LJ) 4795 (HC-BOMBAY)
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S. 45/ 48: Gains on sale of TDR received as additional FSI as per the D. C. Regulations has no cost of acquisition and is not chargeable to capital gains
CIT vs. Sambhaji Nagar Coop. Hsg. Society Ltd
(2014) TaxCorp(LJ) 4792 (HC-BOMBAY) · Section 45, 48
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Article 19(1)(g): Levy of service-tax on Advocates is constitutional
P. C. Joshi vs. UOI
(2014) TaxCorp(LJ) 4791 (HC-BOMBAY)
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HC - No Municipal / BMC Permission Required For use of Part of Premises for Professional Practice
The Municipal Corporation for Greater Mumbai V/s. Dr. (Mrs.) Rekha S. Naik & Anr.
(2014) TaxCorp(LJ) 4753 (HC-BOMBAY)
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S. 41(1): Payment of Net Present Value of sales-tax deferral loan does not constitute a taxable "benefit"
CIT vs. Sulzer India Limited
(2014) TaxCorp(LJ) 4672 (HC-BOMBAY) · Section 41(1)
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HC – Tribunal President does have power to constitute a Special Bench but at what point and how this power to be exercised is a debatable question
M/s. Jagati Publications Ltd. Versus The President, Income Tax Appellate Tribunal Through Registrar And Others
(2014) TaxCorp(LJ) 4656 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=58668&Category=Judgment&CategoryType=Zip
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HC – Principles to determine ALV of property; How to determine reasonable/fair rent
Commissioner of Income-tax-12 v. Tip Top Typography
(2014) TaxCorp(LJ) 4646 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=57858&Category=Judgment&CategoryType=Zip
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HC - Letting out fully furnished office premises and furniture assessable under income from other sources
Dudhsagar Investments Pvt. Ltd. Versus The Asst. Commissioner of income-tax
(2014) TaxCorp(LJ) 4638 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=57944&Category=Judgment&CategoryType=Zip
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HC - Issue of shares at premium by Indian entity to holding company does not give rise to any income from international transaction
VODAFONE INDIA SERVICES PVT LTD Vs UoI
(2014) TaxCorp(LJ) 4637 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=4202&Category=Landmark&CategoryType=Zip
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