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Case Law
ACIT -vs.- M/s Punjab State Coop & Marketing Fed. Ltd. / M/s Punjab State Coop & Marketing Fed. Ltd. -vs.- ACIT (Chandigarh (Tribunal))30 September 2011
No disallowance u/s 14A shall be made in absence of nexus between investment in tax-free securities & borrowed funds. Sec. 14A disallowance cannot exceed exempt income more...
CIT -vs.- M/s Khemchand Motilal Jain, Tobacco Products(P) Ltd. (MP)23 August 2011
The payment of ransom to secure the release of a kidnapped person is not an offense. The payment of ransom is not prohibited by law. Accordingly, the Explanation of to sec. 37 (1) is not applicable and the ransom is deductible as business expenditure more...
Cairn U.K. Holdings Ltd. (AAR - New Delhi)01 August 2011
The proviso to section 112 shall not be applicable in case of long term Capital Gains arising to non-resident on sale of equity shares. more...
Honda Siel Power Products Ltd. -vs.- Dy. CIT (SC)29 July 2011
Sec. 14A bars reassessment but not original assessment on the basis of the retrospective amendment. more...
M/s.Sahney Kirkwood Private Limited -vs.- Addl CIT (Bombay)29 July 2011
In the absence of any cogent evidence to show that the transaction was not genuine, the amounts received by an intermediary cannot be assessed in the hands of the assessee more...
LS Cable Limited (AAR - New Delhi)26 July 2011
Even if a PE is involved in carrying on some incidental activities such as clearance from the port and transportation, it cannot be said that the PE is in connection with the offshore supplies more...
ACIT -vs.- Star Cruise India Travel Services Pvt Ltd (ITAT - Mumbai)22 July 2011
The business operations carried out outside India and inside India must have such a relationship as to contribute to business operations as a whole. The income which can be subjected to tax in India can never exceed the income attributable to operations carried out in India. more...
Hyundai Heavy Industries Ltd. -vs.- UOI & Others (Uttarakhand)21 July 2011
To avoid likelihood of bias, Jurisdictional Commissioner should not be nominated as a member of the DRP more...
Anjuman-e-Khyrkhah-e- Aam -vs.- Dy.DIT (ITAT - Chennai)18 July 2011
If a charitable trust, carrying on charitable activities alone, applied funds for acquiring buildings and similar assets, such amounts also should be considered as amounts applied for charitable purposes. Even if one or two assets are applied for other purposes, it shall be classified under charitable trust only because it is quite natural that the assessee may explore new sources of income to support charitable activities. more...
CIT -vs.- Cosmo Films Limited (Delhi)18 July 2011
Once it is established that the ownership of the said equipment is that of the assessee, then it is clear that the assessee would be entitled to claim depreciation on assets acquired through a 'sale and lease back' transaction. more...
