1.              SAMTEL INDIA LTD. (Delhi HC)

           The claim of the assessee for loss suffered on foreign exchange forward contract  will be allowed as a revenue loss if the loss is in respect of import of capital goods & it will be in the capital field and if it is in respect of import of raw materials then it will be in the revenue field. 

            (Click here for Judgement)  

2.                OCL India Ltd. (Delhi HC) 

            Once revenue has not challenged a CIT-A order on a subject matter, same cannot be disturbed by invoking section 154 seeking to rectify appeal effect order originally passed (On part of AO). 

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3.                 Urmila Bawa (Delhi HC) 

            In this case, DHC has affirmed ITAT order which has emphasized and pointed that in case Deptt Valuation report do not consider material facts relating to a property, an assessee can rebut /dislodge the same by placing its own valuer's report, which in turn if accurate as compared to DVO report can be relied by appellate authorities.     

            (Click here for Judgement)  

4.               Sri Chamundeshwari Sugar Ltd. (Karnataka HC) If a machinery is actually put to use but later on it becomes defective & non-functional then it can not be said that the machinery was not used for the purpose of business & claim of depreciation will be allowed in such a case. 

            (Click here for Analysis) 

            (Click here for Judgement)

NOTE  :Last date for  submission of hard copy of declaration of MEF for the year 2009-2010 to The Director, PD Directorate, ICAI, New Delhi - 110002 is 30-06-2009.