1.      CIT Vs Mohindra Fasteners LTD- Section 68- Share application money

      It has been held by the Hon’ble Delhi High Court that no addition under section 68 of the Act can be made to the income of the assessee company on the basis of facts recorded at the time of search. For making addition under section 68 of the money received on account of share application money the burden is on department to bring out material on record to show that the allotees from money was received were bogus.

      (Click here for Judgment)

  

2.     COMMISSIONER OF INCOME TAX Vs.   SURYA VINAYAK INDS. LTD- Sectrion 40A(3)- Payments by Cheques

      It has been held that when the payments were made via banking channels the provisions of section 40A(3) can not be invoked, they comes into play only when the payments were made by cash.

      (Click here for Judgment)

   

3.     CIT VS Anant Jain- Del High Court- section 10(5B)- Deduction of tax paid by Emploer

      Their lordship of Delhi High Court has held that for the purpose of section 10(5B) a person can acquire the status of technician by under going special experience. It is not necessary that he must posses the requisite qualification for the status of technician.

      (Click here for Judgment)

  

4.     COMMISSIONER OF INCOME TAX Vs.  MONITOR INDIA LTD.-Condonation of delay by High Court for filing appeal under section260A- Hongo decisions distinguish

      Hon’ble High Court of Delhi has held that for the purpose of condoning delay for filing appeal under section260A the High court has power if there was sufficient cause with the plaintiff. While holding so the High Court has distinguished the case of Hongo Supreme_Court.

      (Click here for Judgment)

  

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"Voice of CA"

CA. Kapil Goel, Moderator-Direct Taxes, Mob:9910272806, cakapilgoel@gmail.com

CA. Sidharth Jain, Co-Moderator, Mob: 9810418700, sidhjasso@yahoo.com

CA. Mukesh K Bansal, Co-Moderator-FEMA, mkak@rediffmail.com