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HC - Assessee’s claim of bad-debts on account of write-off of inter-corporate deposits (‘ICDs’) receivable allowed.
The Commissioner Income Tax Vs. Pudumjee Pulp & Paper Mills Ltd.
(2015) TaxCorp(LJ) 8468 (HC-BOMBAY)
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S. 36(1)(vii)/ 36(2): The principal part of the Inter-corporate Debt (ICD) can be claimed as a bad debt if the interest thereon has been offered to tax in some year
CIT vs. Pudumjee Pulp & Paper Mills Ltd
(2015) TaxCorp(LJ) 8450 (HC-BOMBAY) · Section 36(1)(vii), 36(2)
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HC - "Political sensitivity" irrelevant in tax litigation
Jagati Publications Ltd. Vs. The president, Income Tax Appellate Tribunal
(2015) TaxCorp(LJ) 8436 (HC-BOMBAY)
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HC - No subsequent event could put life into the Assessing Officer's reason to believe that income chargeable to tax has escaped assessment when the reasons as originally recorded are still born. Retrospective amendment allowing addition of provision made for diminution of value of assets cannot impact reopening of notice, which was not on account of diminution in the value of the assets but on the ground that they were ascertained liabilities.
Godrej Industries Ltd. vs. Dy. CIT
(2015) TaxCorp(LJ) 8364 (HC-BOMBAY)
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S. 271(1)(c): The rigors of penalty provisions cannot be diluted only because a small number of cases are picked up for scrutiny. No penalty can be levied unless if assessee's conduct is "dishonest, malafide and amounting concealment of facts". The AO must render the "conclusive finding" that there was "active concealment" or "deliberate furnishing of inaccurate particulars"
CIT vs. Dalmia Dyechem Industries
(2015) TaxCorp(LJ) 8352 (HC-BOMBAY) · Section 271(1)(c)
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S. 244A: Interest on income-tax refund received by a non-resident is not effectively connected with the PE (Permanent Establishment) either on asset test or activity test. Accordingly such interest cannot be assessed as business profits but has to be assessed as "interest" under Article 11/ 12
DIT vs. Credit Agricole Indosuez
(2015) TaxCorp(LJ) 8351 (HC-BOMBAY) · Section 244A
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Strictures passed regarding the "casual and callous" and "frivolous" manner in which senior officers of the dept authorize filing of appeals. Strictures also passed against counsel for acting as a "mouthpiece" of the Dept in persisting with unmeritorious appeals. CBDT directed to take appropriate action
DIT vs. Credit Agricole Indosuez
(2015) TaxCorp(LJ) 8350 (HC-BOMBAY)
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S. 28(va)/ 115JA: non-compete consideration received prior to insertion of s. 28(va) is not taxable. Amount credited to reserves without a corresponding debit to the P&L A/c cannot be added to the "book profits"
CIT vs. Bisleri Sales Ltd
(2015) TaxCorp(LJ) 8349 (HC-BOMBAY) · Sections 28(va), 115JA
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Reliance on statements of third party without giving the assessee the right of cross-examination results in breach of principles of natural justice
R. W. Promotions P. Ltd vs. ACIT
(2015) TaxCorp(LJ) 7246 (HC-BOMBAY)
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HC - No penal consequences to a non-resident assessee due to deductor’s default in depositing TDS.
Zulfikar Jeewanjee Moriswala & Anr. vs. DCIT & Ors.
(2015) TaxCorp(LJ) 7166 (HC-BOMBAY)
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HC - Revenue to return amount adjusted against refund with interest where stay granted by CIT is operational.
Hindustan Unilever Limited vs DCIT
(2015) TaxCorp(LJ) 7149 (HC-BOMBAY) · Section 220
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HC - Since income from letting out of property of educational institution was used for educational purposes only, same not taxable.
Director of Income-tax ( Exemptions), Mumbai v. Shri Vile Parle Kelavani Mandal
(2015) TaxCorp(LJ) 6971 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=61057&Category=Judgment&CategoryType=Zip
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HC - Since criteria of minimum area of 1 acre required under section 80-IB(10)(a) had been met (commercial space in housing project), sec. 80-IB relief available to assessee.
Commissioner of Income-tax-III, Thane v. Suresh L. Wadhwa (HUF)
(2015) TaxCorp(LJ) 6943 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=60977&Category=Judgment&CategoryType=Zip
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HC - Compensation received against surrender of tenancy right in premises is taxable as ‘capital gains’ and not income from other sources
CIT. Vs. Kewal Silk Mills
(2015) TaxCorp(LJ) 6920 (HC-BOMBAY)
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HC - Assessee-society was providing credit mainly to its members and its transactions with non-members were insignificant. Deduction u/s 80P cannot be denied to society merely due to receipt of small portion of revenue from non-members
Quepem Urban Co-operative Credit Society Ltd. v. Assistant Commissioner of Income-tax, Circle-1, Margoa
(2015) TaxCorp(LJ) 6909 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=61322&Category=Judgment&CategoryType=Zip
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HC - Interest paid on partners' capital which was utilized for construction of property from which rental income was earned was allowable.
Commissioner of Income-tax-12, Mumbai v. Sane & Doshi Enterprises
(2015) TaxCorp(LJ) 6908 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=60958&Category=Judgment&CategoryType=Zip
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HC - RTI Act - Disclosure of income-tax returns of a politician on the ground that it is necessary for “purity of elections” and “probity in public life” is not possible as it is not in “public interest”
Shailesh Gandhi vs. CIC & Ajit Pawar
(2015) TaxCorp(LJ) 6890 (HC-BOMBAY)
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HC - Exemption is available to assessee on income from sale of agriculture land for AY 2009-10, as land is situated beyond 8 kms from municipality and cannot be held as capital asset u/s 2(14).
CIT. vs. Nitish Rameshchandra Chordia
(2015) TaxCorp(LJ) 6877 (HC-BOMBAY)
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HC - Since membership card was not transferred in the year of demutualization of exchange, disallowance of depreciation to broker is not correct.
Commissioner of Income-tax-4, Mumbai v. Tata Securities Ltd.
(2015) TaxCorp(LJ) 6809 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=61235&Category=Judgment&CategoryType=Zip
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HC - No reassessment to disallow excess expenditure (labor charges) on basis of material obtained during subsequent assessment year, as the details were made available during assessment and re-opening of assessment would amount to mere change of opinion.
Commissioner of Income-tax-15 v. Srusti Diam
(2015) TaxCorp(LJ) 6771 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=60644&Category=Judgment&CategoryType=Zip
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