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Mesne profits (amount received from a person in wrongful possession of property) is a capital receipt and not chargeable to tax either as income or as "book profits" u/s 115JB. As the department has implicitly accepted Narang Overseas vs. ACIT 100 ITD (Mum) (SB), it cannot file an appeal on the issue in the case of other assessees
CIT vs. Goodwill Theatres Pvt. Ltd
(2016) TaxCorp(LJ) 10604 (HC-BOMBAY)
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S. 68: The assessee is bound to be provided with the material used against him apart from being permitted to cross examine the deponents. The denial of such opportunity goes to root of the matter and strikes at the very foundation of the assessment order and renders it vulnerable
H. R. Mehta vs. ACIT
(2016) TaxCorp(LJ) 10577 (HC-BOMBAY) · Section 68
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Severe strictures passed at the attitude of the Government in creating “hurdles and obstacles in the smooth working and functioning of all the tribunals and courts” and the fact that the “State has yet to adopt a culture of respect and regard for the judiciary”. Directions given that issue of allotment of residential quarters to Tribunal Members should not be kept a “closely guarded secret” but made public
Sales Tax Tribunal Bar Association vs. The State of Maharashtra
(2016) TaxCorp(LJ) 10572 (HC-BOMBAY)
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S. 148 notice issued to, and reassessment order passed on, a non-existing entity is without jurisdiction. A writ petition can be entertained despite the presence of alternate remedy
Jitendra Chandralal Navlani vs. UOI
(2016) TaxCorp(LJ) 10475 (HC-BOMBAY) · Section 148
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S. 10(38)/ 69: Fact that a small amount invested in "penny" stocks gave rise to huge capital gains in a short period does not mean that the transaction is "bogus" if the documentation and evidences cannot be faulted
CIT vs. Mukesh Ratilal Marolia
(2016) TaxCorp(LJ) 10338 (HC-BOMBAY) · Sections 10(38), 69
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Reluctance of AOs to comply with binding Court judgements leads to negative reactions amongst business entities doing business in India and hurts National pride and image. Hereafter non-compliance with orders would visit officials with individual penalties, including forfeiture of salaries
Larsen & Toubro Limited vs. UOI
(2016) TaxCorp(LJ) 10272 (HC-BOMBAY)
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Inability of the assessee, an Advocate, to reconcile the professional receipts with the TDS certificates and to give a detailed party-wise breakup of fees receipts does not mean that the difference can be assessed as undisclosed income
CIT. vs. S. Ganesh
(2016) TaxCorp(LJ) 10223 (HC-BOMBAY)
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HC - Expenses incurred after closure of unit arising out of statutory compulsion are allowable u/s 37(1).
Commissioner of Income Tax-7 Versus M/s. Nicholas Piramal (India) Ltd.
(2016) TaxCorp(LJ) 10205 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=65285&Category=Judgment&CategoryType=Zip
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Transfer Pricing: High Court irked at fact that Dept is unaware of which of its matters are admitted/ dismissed. Chief CIT directed to streamline the procedure for filing appeal before the High Court. Adjustment can be made only for transactions attributable to the International taxation
CIT vs. TCL India Holdings Pvt. Ltd
(2016) TaxCorp(LJ) 10197 (HC-BOMBAY)
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S. 147: If the assessee responds to the S. 142(1)/ 143(2) notices, it means that he has submitted to the AO's jurisdiction and is estopped for filing a Writ Petition to challenge the same. The fact that the jurisdiction is challenged while participating in the proceedings is irrelevant
Amaya Infrastructure Pvt. Ltd vs. ITO
(2016) TaxCorp(LJ) 10146 (HC-BOMBAY) · Sections 142(1), 143(2), 147
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HC - Tribunal's order passed without dealing with its co-ordinate bench ruling makes the order a nonspeaking order and in breach of principles of natural justice.
DSP Investment Private Limited vs. ACIT
(2016) TaxCorp(LJ) 10131 (HC-BOMBAY) · Section. 14A
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Fundamental principles of accrual of income under mercantile system of accounting explained in the context of waiver of income recoverable from person facing financial difficulties
CIT. vs. Neon Solutions Pvt. Ltd.
(2016) TaxCorp(LJ) 10130 (HC-BOMBAY)
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Failure by ITAT to grant an adjournment requested due to bereavement results in breach of principles of natural justice
Zuari Global Ltd. vs. Pr. CIT
(2016) TaxCorp(LJ) 10128 (HC-BOMBAY)
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S. 14A/ Rule 8D: Non-consideration by the ITAT of a judgement of the co-ordinate Bench makes the order a non-speaking one and breaches the principles of natural justice
DSP Investment Pvt. Ltd vs. ACIT
(2016) TaxCorp(LJ) 10127 (HC-BOMBAY) · Section 14A
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Mere non-introduction of interest-bearing funds is not sufficient to conclude that gains from sale of shares are not business income
Pine Tree Finserve Pvt. Ltd vs. CIT
(2016) TaxCorp(LJ) 10126 (HC-BOMBAY)
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HC - Since conduct of petitioner not being forthcoming, this is not a fit case to exercise extraordinary writ jurisdiction in foreign asset reassesment case.
Soignee R. Kothari vs. DCIT
(2016) TaxCorp(LJ) 10119 (HC-BOMBAY)
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HC - Letting out premises by trust to educational institute for rent is in consonance with object of “advancement of education”. First proviso to Sec. 2(15) is inapplicable.
DIT(Exemptions) vs. Lala Lajpatrai Memorial Trust
(2016) TaxCorp(LJ) 10114 (HC-BOMBAY) · Section. 2(15)
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S. 147: Though assessee claims that she is a non-resident & that onus is on the revenue to show that the money in the HSBC Geneva account is taxable in India, the non-cooperation with the Revenue by signing the consent waiver form shows that she has something to hide and makes it an unfit case for exercise of writ jurisdiction
Soignee R. Kothari vs. DCIT
(2016) TaxCorp(LJ) 10112 (HC-BOMBAY) · Section 147
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S. 45/ 48: Deferred consideration dependent on a contingency does not accrue unless the contingency has occurred and is not liable to capital gains tax in year of transfer
CIT vs. Hemal Raju Shete
(2016) TaxCorp(LJ) 10101 (HC-BOMBAY) · Sections 45, 48
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HC - Contributions received by assessee-association cannot be chargeable to tax merely because assessee invested surplus amount in mutual funds.
CIT. vs. Air Cargo Agents Association of India
(2016) TaxCorp(LJ) 10097 (HC-BOMBAY)
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