GAP International Sourcing India (P) Ltd. vs DCIT
Penalty: Concealment of income-Method of depreciation-The assessee computed book-profits as per accounts prepared under Part II & III of Sch. VI of Company’s Act. The AO took higher income by adopting dif [LexDoc Id : 400699]
ITAT (Delhi)
2010
CIT vs West Bengal Infrastructure Development Finance Corpn. Ltd.
Condonation of delay in appeal-Huge stakes involved-There was delay in filing appeals by department. In view of the huge amount of tax involved, the high court should have decided on merits, though cost [LexDoc Id : 399981]
Aravali Engineers (P) Ltd. vs CIT and Anr.
Set off of speculation loss-Set off against income from house property-The speculation loss could not be set off against income from house property.
S.28, Expln 2, s.73(1) and s.73 (Expln) of the Income tax Act 1961 [LexDoc Id : 403656]
HC (Punjab and Haryana)
2010
CIT vs Delhi Gymkhana Club Ltd.
Doctrine of mutuality-Members’ club - Interest on FDRs, Dividend, Sale of investment, Interest on Govt- securities-Ay-2003-2004. The assessee was a recreation club of members. It was granted exemption from tax due to mutuality. It’s income from interest on FDRs & G [LexDoc Id : 401982]
HC (Delhi)
2010
CIT vs Krishna Maruti Ltd.
Penalty: Concealment of income-Debatable issue- Capital v. Revenue expenditure-The addition to income was made by holding certain expenditure as capital. The issue was
debatable. No penalty could be levied.
S.271(1)(c) of t [LexDoc Id : 401249]
HC (Delhi)
2010
Vodafone Essar Gujarat Ltd., In re
Scheme of demerger: Sanction of court-Agreement in scheme not a concluded contract-The scheme was nothing but a composite agreement between all the above concerned parties to transfer the passive infrastructure assets without conside [LexDoc Id : 400678]
HC (Gujarat)
2010
Pasupati Acrylon Ltd. vs Central Board of Direct Taxes and Ors.
Refund of TDS-Refund of TDS to deductor-AY 2002-2003 and 2003-2004. The interest payable by the petitioner to IDBI did not accrue and so was not liable to TDS. The tax paid by petitioner as [LexDoc Id : 400370]
