Posts by rpaadminuser

The Hon’ble Karnataka HC extends Sec 80IB(10) deduction to assessee-builder undertaking housing project approved by Bangalore Development Authority (‘BDA’); Denial of deduction on ground of non-production of project completion certificate not justified when there is no provision for issuance of same under BDA Act or under any other Karnataka State Municipal Act; Not proper in…

The Hon’ble Karnataka HC has held that for the purposes of sec. 10(23C)(iiiab), wherein exemption is available to Educational institutes substantially financed by government, the terms wholly or substantially financed by the Government contemplated in section 10(23C)(iiiab) of the Act would include finances and value of infrastructure given to the Institution during the previous AYs…

The Hon’ble Karnataka HC has confirmed addition holding that interest received on tax refund u/s 244A taxable in year of receipt, notwithstanding pendency of appeal; Rejects assessee’s argument that interest income an unascertained liability & not taxable since Revenue’s appeal against ITAT’s order granting refund was pending before HC; Holds that once assessee receives income…

The Hon’ble Madras HC has allowed payment towards Cast reusage cast iron moulds as revenue expense. The Court held as under : 6. The question that is posed before this Court is as to whether in the nature of manufacturing process carried out by the assessee, where the shell life of the cast iron ingot…

The Hon’ble Madras HC has confirmed the levy of penalty u/s 271(1)(c) in a case where the assessee made wrong computation of Book Profit. In respect of reduction in Book profit under MAT u/s 115JB on account of loss or depreciation whichever is less, the assessee made computational error. The said error was discovered in…

The Hon’ble Gujarat High Court in a case decided on 09.07.2014 has held that the Appellate Tribunal has power to extend the stay beyond 365 days, if the delay is not at all attributable to the assessee. The Hon’ble Court agreed with the view of Hon’ble Bombay HC in the case of Navrang Overseas Pvt.…

The Hon’ble Delhi HC in the case of Narinder Kr. Budhiraja Vs. CIT decided on 01.07.2014 has laid down an important proposition that Oral statement before Tax Authorities in response to summons u/s 131 have full evidentiary value. The Court held as under : “The statement made by the assessee on 18.11.2005 in pursuance of…

The Hon’ble HP HC in the case of Palam Gas Service Vs. CIT in ITA No. 9/2014 dated 25.06.2014 has held that provisions of 40(a)(ia) are applicable to amounts paid during the year as well as to amounts payable as at the close of the year. The Hon’ble High Court held as under : “Lastly,…

HC allows assessee’s writ, quashes AO’s order u/s 201(1)/(1A) holding assessee as being in default for violating TDS provisions, being passed in breach of natural justice principles; Allows appeal remedy to assessee u/s 246A against AO’s order, since it was  passed without giving due opportunity to assessee to substantiate its defense; Observing that assessee was  saddled with…

The Hon’ble Calcutta High Court on S. 50C has held : If the stamp duty valuation is higher than the consideration received, the AO must refer the valuation to the DVO even if there is no request by the assessee No inference can be made that the assessee has accepted the price fixed by the…