1.     COMMISSIONER OF INCOME TAX Vs. M/S. NOBLE RESOURCES  & TRADING PVT. LTD. [HIGH COURT OF DELHI] 

The learned counsel for the revenue submitted that ITAT was not justified in  concluding that the reassessment proceeding initiated by the Assessing  Officer was illegal. She further submitted that the issue of mere change of  opinion did not arise in the present case as the Assessing Officer in the first  instance had not applied his mind and taken a conscious decision on the  issue that had arisen for consideration during the reassessment proceedings. 

(Click here for judgment) 

  

2.     COMMISSIONER OF INCOME TAX Vs. M/s. VISHAL HOLDING & CAPITAL (P) LTD. [HIGH COURT OF DELHI] 

The learned counsel for the Revenue submitted that ITAT had erred in law in deleting the addition of Rs 49,33,500/- by holding that the assessee had discharged the onus of proof especially when the genuineness of the transaction, identity and creditworthiness of the parties had not been established. 

(Click here for judgment) 

  

3.     COMMISSIONER OF INCOME TAX Vs. GREEN TECH TOWER BUILDERS PVT. LTD. [HIGH COURT OF DELHI]  

The learned counsel for the Revenue submitted that ITAT had erred in law in deleting the  addition of rupees twenty five lacs made by the Assessing Officer on   account of  unexplained share application money under Section 68 of Act, 1961. She further  submitted that ITAT had deleted the said addition even though the primary onus had not  been discharged by the respondent-assessee. 

(Click here for judgment) 

    

What's New 

a.  CIT v. Speedways Rubber (P) Ltd. (2010) 35 (I) ITCL 485 (P&H-HC) - A good case for share application money received in cash, so far the case favouring revenue was reported in Bhalotia Engineering Works ltd. (2005) 275 ITR 399 (Jharkhand)  (Click for judgment) 

b.  FOREIGN CONTRIBUTION (REGULATION) ACT, 2010  (Click for detail)

c.  Give GST a chance  (Click for detail)

d.   Govt may open $1 bn overseas core-loan window  (Click for detail) 

e.  RBI-Prudential Guidelines on Restructuring of Advances by Banks  (Click for detail) 

f.  Income-tax : Actual user of land around the clock or around the year is not relevant for deciding claim for exemption under section 11(1A)  (Click for detail)

g.   Portfolio Managers - Regulation of Fees and Charges  (Click for detail)

   

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Thanks for your valuable time 

"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