1.    COMMISSIONER OF INCOME TAX  Vs. M/S. SILTECH ENGINEERING [HIGH COURT OF DELHI] 

The Revenue is aggrieved by the orders of the ITAT and the Commissioner  of Income Tax (Appeals) whereby the addition of Rs. 25,00,000/- made by  the Assessing Officer  under Section 144 of Act, 1961 has been deleted.

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2.   COMMISSIONER OF INCOME TAX Vs. BHARAT ALUMINIUM  COMPANY LTD [HIGH COURT OF DELHI] 

The respondent-assessee has set up a power plant in the premises of NTPC for its own captive consumption. Since the expenditure for creating some facilities such as coal handling, water treatment etc. was very substantial, respondent-assessee decided to use  NTPC facilities for these purposes. Rs. 22.62 crores was paid by the respondent-assessee  to the NTPC for this and capitalized in its books, on which depreciation was claimed.  The Assessing Officer observed that since the effective ownership and control belonged    to NTPC, depreciation could not be allowed to the respondent-assessee.

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3.   COMMISSIONER OF INCOME TAX  Vs.M/S. SHYAM TEX INTERNATIONAL LTD. [HIGH COURT OF DELHI] 

Ms. Sonia Mathur, learned counsel for Revenue submitted that the ITAT had failed to appreciate that the respondent-assessee had furnished inaccurate particulars of income with deliberate intent to reduce its statutory liability. According to her, the respondent-assessee had not made sufficient disclosure to justify deletion of penalty of Rs. 16,10,000/- under Section 271(1)(c) of Act, 1961.

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What's New 

a.  In-bound Cross Border Money Transfer Service-Exclusivity Arrangements  (Click for detail)

b.  Portion of urban land which is not buildable cannot be regarded as “an urban land” within meaning of section 2(ea) of Wealth-tax Act and cannot be included in computing taxable wealth of assessee  (Click for detail)

c.  Where all activities carried out by Board of trustees are in accordance with objects of trust and, according to byelaws provided for that purpose; conditions for granting registration u/s 12A of Income-tax Act are satisfied and assessee-trust is entitled to get registration as applied for  (Click for detail)

d.  Trees standing on agricultural land are part of agricultural land and therefore, compensation paid thereon would not suffer TDS in case land on which they are standing are treated as agricultural land  (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