1.  DIRECTOR OF INCOME TAX Vs. RAGHUVANSHI CHARITABLE TRUST [HIGH COURT OF DELHI] 

The question of law raised in the present appeal inter se are “Whether the Income Tax Appellate Tribunal was correct in law in allowing the assessee to carry forward deficit of the current year and to set off the same against the income of subsequent years? “The question of law is answered in favour of the assessee. 

(Click here for judgment) 

   

2.  CIT-IV Vs. M/S. DWARKADHISH INVESTMENT (P) LTD. [HIGH COURT OF DELHI] 

AO made an addition of Rs. 35,50,000/- with the aid of Section 68 of Act, 1961 on account of unexplained cash credits appearing in the books of the assessee. However, in appeal, the Commissioner of Income Tax (Appeals) deleted the addition on the ground that the assessee had proved the existence of the shareholders and the genuineness of the transaction. Held we are of the view that the present appeals amount to relitigation. 

(Click here for judgment) 

   

3.  The CIT, Delhi-IV Vs. M/s GAUTAM MOTORS [HIGH COURT OF DELHI] 

The Assessing Officer while making the assessment disallowed various expenditures  claimed by the assessee and also made certain additions. The assessee filed an appeal  before the Commissioner of Income Tax (Appeals) which was partly allowed. Not fully  satisfied with the decision of the CIT(A), the assessee approached the Income Tax  Appellate Tribunal. The Department also filed cross-appeal against the order of the  CIT(A) challenging the additions which were deleted by the CIT(A). Both these appeals  are decided by the Tribunal vide its impugned order dated 29th June, 2005. As mentioned  above, the Department now feels aggrieved by the order of the ITAT whereby various   additions made by the Assessing Officer are deleted by the ITAT. We answer the  questions formulated above in favour of the Revenue.

(Click here for judgment)

   

What's New 

a.  Supreme Court Upholds the Department of Custom's Order of Duty Demand of worth Rs. 40 Crore Against M/S Pernod Ricard India Pvt. Ltd.  (Click for detail)

b.  Service Tax Notification  No. 48/2010-Amends monetary limits for adjudication under Service Tax  (Click for detail)

c.  SC Relief for Cos on Profit Deductibility  (Click for detail) 

d.  Finmin plans to tax goods sold in SEZs  (Click for detail)

e.  GST rollout possible next fiscal, says govt  (Click for detail)  

f.    Deposit of ESI by Computerised Challan  (Click for detail)

g.  Depreciation is allowable on cost of Bombay Stock Exchange membership card under section 32(1)(ii) of Income-tax Act  (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
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CA. Sidharth Jain, Co-Moderator
sidhjasso@yahoo.com 
  
CA. Mukesh K Bansal, Co-Moderator-FEMA
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