1.      BHC in the case of M/s. Warkem: regarding commission to its agent for sales effected directly in the area where said commission agent was appointed.

       (Click here for Analysis)

       (Click here for Full Judgment)

2.      BHC in the case of M/s. Tainwala Trading and Investment Co. Ltd.: has affirmed ITAT order which allowed loss on account of conversion of naked convertible warrants (held as stock in trade) as business loss, which occurred due to non opting of conversion of warrants into shares, applying SC ruling in Sutlej Cotton case 116 ITR 1.

      (Click here for Full Judgment)

3.      BHC in the case of Smt. Jyoti Hitesh Jakhaaria : has affirmed ITAT order on genuineness of sale of jewellery receipts by holding that “In the instant case we find that the sale had been confirmed in so far as the assessee is concerned by M/s. Galaxy Exports evidenced in the form of Bank documents. Once that is the case considering what we have set out in the judgment in Inder V. Nankani (supra) the question of law in so far as the assessee is concerned would not arise and consequently appeal is dismissed.”

      Further refer Delhi ITAT 5 member Special Bench ruling in Manoj Aggarwal case 113 ITD 377.

      (Click here for Full Judgment)

(click here) for the Membership Form for becoming the Associate Member of ‘Voice of CA’.

"Voice of CA" 

CA. Kapil Goel, Moderator-Direct Taxes, Mob: 9910272806, cakapilgoel@gmail.com

CA. Sidharth Jain, Co-Moderator, Mob: 9810418700, sidhjasso@yahoo.com

CA. Monika Aggarwal, Co-Moderator, aca.monika@yahoo.cin

CA. Mohit Bansal, Co-Moderator, Mob: 9810550050, mohitbansalca@gmail.com

CA. Mukesh K Bansal, Co-Moderator-FEMA, mkak@rediffmail.com

Thanks for your valuable time