1.  Commissioner of Income Tax  V/s Moni Kumar Subba [Delhi High Court]

“Whether the I.T.A.T. was correct in law in holding that notional interest on the interest free security deposits is not rent liable to be included in the income from house property under the Income Tax Act, 1961?” Held that the matter be placed before Hon‟ble the Chief Justice for constituting Full Bench to consider these aspects touching the interpretation that needs to be given to Section 23(1 (a) of the Income Tax Act.  

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2.   CIT V/s M/s. Vikas Polymers [Delhi High Court] 

“Whether on the facts and in the circumstances of the case, the ITAT was correct both on facts and in law for holding that the provisions of Section 263 of the I.T. Act have not been rightly invoked in this case for the assessment year 1982-83?” The question is answered in favour of the assessee and against the revenue. 

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3.   Director of Income Tax (Exemption) V/s. PRADAN Property Holding Trust [Delhi High Court] 

The issue in this appeal relates to the grant of registration to the respondent-assessee under Section 12AA of the Income Tax Act, 1961 The respondent-Trust applied for exemption under Section 12AA of the Act by making an application before the Director of Income Tax (Exemption)/the appellant herein. The application of the respondent was, however, rejected by the appellant vide orders dated 30th July, 2001. The respondent preferred an appeal against this order of the appellant by carrying the matter to the Income Tax Appellate Tribunal. The Tribunal reversed the order of the appellant. Held that the Tribunal has rightly given direction to the appellant to grant the registration to the respondent under Section 12AA of the Act.

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What's New 

a.  FM calls for concrete steps to recover Rs 38K cr tax arrears  (Click for detail)

b.  DTC lightens evasion penalties  (Click for detail)

c.  Exemption Limit for Wealth Tax to Go Up to Rs 1 Crore  (Click for detail)

d. Submission of Hard  Copy of Documents Necessary for Online Registration of Service Tax  (Click for detail)

e.  Time limit for filing ITR-V for assessment year 2009-10 extended  (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