1. The COMMISSIONER OF INCOME TAX Vs. IFCI LIMITED [Delhi High Court] - In the appeal preferred by the assessee, the only issue that emerged for   consideration before the tribunal pertained to confirmation of penalty in  respect of investments written off. The said claim was disallowed by the  Assessing Officer. In course of assessment proceedings, the Assessing  Officer initiated a penalty proceeding under Section 271(1)(c) of the Act.  The amount of investment written off was disallowed by the Assessing  Officer and the same was affirmed up to the level of the tribunal.

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2. The Commissioner of Income Tax Mumbai ..Appellant. Vs. STS Chemicals Ltd. [Bombay High Court] - “Whether on the facts and in the circumstances of the case and in  law, the ITAT was  justified in holding that the non-compete fee received by the assessee of Rs.80,11,853/ is a  capital receipt not liable to tax.”

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3. The Commissioner of Income Tax13 Vs. M/s. J. Gala Builders [ Bombay High Court] - The following substantial question of law would  arise in the present  appeal:
“ Whether on the facts and circumstance of the case and in law, the  ITAT was right in estimating the on money earned by the assessee at Rs.5 lacs only without appreciating the fact that the partner of the assessee firm admitted Rs.1 crore during the course of survey u/s. 133 A on 18.11.2002 to cover up the discrepancy in his accounts;”

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What's New 

a. Sebi Proposes Uniform fee for Portfolio Services (Click for detail)

b. Karnataka opposes changes in SEZ policy through DTC (Click for detail)

c. Bidding era for auditors to end (Click for detail)

d. Interest income received by Rural Electrification Corp. (REC) on Bonds issued by Madhya Pradesh Government in lieu of outstanding loan and interest thereon from Madhya Pradesh State Electricity Board is income from Long Term Finance for the purpose of deduction u/s 36(1)(viii) (Click for detail)

e. When an assessee-company exploits its property to earn income in form of rent, rental income received by assessee is chargeable to tax under head “income from house property” and not under head “profits and gains of business” (Click for detail)

 

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"Voice of CA"

CA. Sanjay Kumar Agarwal, Founder - Voice of CA
Member  Central Council - ICAI
Former Chairman - NIRC
Mob : 9811080342, agarwal.s.ca@gmail.com 
   
   
CA. Kapil Goel, Moderator-Direct Taxes
Mob:9910272806, kapilnkgoelandco@gmail.com
 
CA. Sidharth Jain, Co-Moderator
sidhjasso@yahoo.com 
  
CA. Mukesh K Bansal, Co-Moderator-FEMA
Mob:9540022533, mukbansal80@gmail.com