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HC - Loss on writing off slow moving items (on basis of deterioration of various materials including raw-materials) in P&L account is allowable
Commissioner of Income-tax-1, Mumbai v. Indian Rare Earths Ltd.
(2015) TaxCorp(LJ) 6765 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=60946&Category=Judgment&CategoryType=Zip
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HC - Waiver of loan in one time settlement was not taxable as revenue receipts as loan was raised to purchase capital asset
Commissioner of Income-tax-8 v. Santogen Silk Mills Ltd.
(2015) TaxCorp(LJ) 6749 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=60791&Category=Judgment&CategoryType=Zip
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HC - Where issue of ownership of seized jewellery was a matter which was pending for final adjudication, jewellery can be released after furnishing bank guarantee.
M.N. Navale (Bigger HUF) v. Somnath M. Wajale, Deputy Commissioner of Income-tax, Central Circle -2 (2), Pune
(2015) TaxCorp(LJ) 6736 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=61188&Category=Judgment&CategoryType=Zip
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HC - Interest received by assessee on R.B.I. securities after sale of same, as R.B.I. did not record change of ownership, such interest belonged to purchaser and not chargeable u/s 4 in assessee's hands
ICICI Securities Ltd. v. Assistant Commissioner of Income-tax-3(2), Mumbai
(2015) TaxCorp(LJ) 6650 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=57837&Category=Judgment&CategoryType=Zip
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HC - Receipts on account of sale of pig iron, vessels, engineering products, materials and coke breeze, having no nexus with exports, hit by clause (baa) of the explanation to Section 80HHC, thus reduction of the same warranted from eligible profits.
Sesa Goa Ltd. vs. CIT
(2015) TaxCorp(LJ) 6645 (HC-BOMBAY) · Section. 80HHC
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HC - Losses of units eligible for Sec 80-IA benefit can be set off against income from other sources and such losses can be notionally carried forward u/s 80-IA(5) and set off against profits in subsequent years
CIT. vs. Hercules Hoists Limited
(2015) TaxCorp(LJ) 6609 (HC-BOMBAY) · Section. 80IA(5)
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HC - Writ to be admitted against petition by FIIs and FPIs against IT department orders issued imposing MAT liability for previous assessment years
Aberdeen Global Emerging Markets Infrastructure Equity Fund Vs.
(2015) TaxCorp(LJ) 6597 (HC-BOMBAY)
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HC - Since all details pertaining to Sec 10A deduction was very well with AO, to revisit this deduction u/s 147 and based on a different opinion is clearly impermissible in law
Capegemini India Pvt Ltd vs. ACIT
(2015) TaxCorp(LJ) 6577 (HC-BOMBAY) · Section. 10A
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HC - Settlement Commission’s order u/s 245D(2C) allowing assessee’s settlement application is to be quashed as it was passed without considering objections of Revenue by some modicum of reasons.
CIt vs Sai Prasad
(2015) TaxCorp(LJ) 6548 (HC-BOMBAY)
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HC - Meaning of expression "rent" and "fees for technical services" explained in the context of transmission & wheeling charges paid by electricity company. No TDS u/s 194-I/ 194-J.
CIT (TDS) vs. Maharashtra State Electricity Distribution Co. Ltd.
(2015) TaxCorp(LJ) 6487 (HC-BOMBAY) · Sections. 194-I, 194-J
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HC - Payment for transmission or wheeling charges is neither rent (u/s 194I) nor fees for technical service (u/s 194J), therefore TDS is not applicable.
CIT. vs. Maharashtra State Electricity
(2015) TaxCorp(LJ) 6486 (HC-BOMBAY) · Section. 194I
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HC - Income from Customer Freight Station (‘CFS’) is eligible for deduction u/s 80-IA(4)
CIT. vs. Continental Warehousing Corporation and Anr.
(2015) TaxCorp(LJ) 6476 (HC-BOMBAY) · Section. 153A, 80IA
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HC - As Provision for doubtful debts represented advances towards sister concern and not trade debts, therefore not covered by clause (c) of the explanation to Section 115JA(2).
The Commissioner of Income Tax Versus M/s. Salgaonkar Mining Industries Pvt Ltd
(2015) TaxCorp(LJ) 6470 (HC-BOMBAY) · http://www.taxcorp.in/FileOpenDT.aspx?ID=61045&Category=Judgment&CategoryType=Zip
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HC - The amounts paid by the agents to utilise the amount arose out of the shipping business cannot be brought to tax as sought to be done as there is no profit element in the pro rata costs paid by the agents of the assessee to the assessee .
Director of Income Tax (IT) -I Versus AP. Moller Maersk A/S. C/o. Maersk Line India Pvt. Ltd.
(2015) TaxCorp(LJ) 6469 (HC-BOMBAY) · http://www.taxcorp.in/FileOpenDT.aspx?ID=61069&Category=Judgment&CategoryType=Zip
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HC - Reimbursement from agents received by Maersk (a Danish shipping co.) from its Indian agents for Maersk Net Communication system is not FTS but shipping profits, not taxable in India
DIT. Vs. A.P. Moller Maersk
(2015) TaxCorp(LJ) 6463 (HC-BOMBAY)
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HC - Advertisement-revenue earned by assessee (a Mauritian based company) through its Indian agents (including one of its Indian Group entity) is not taxable in India
DIT. Vs. B4U International Holdings Limited
(2015) TaxCorp(LJ) 6462 (HC-BOMBAY)
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HC - No s. 14A and Rule 8D disallowance can be made for shares held as stock-in-trade
CIT vs. India Advantage Securities Ltd
(2015) TaxCorp(LJ) 6451 (HC-BOMBAY) · Section 14A
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HC - HC chides Revenue for filing appeal as the issues raised therein did not raise any substantial question of law and that issue was covered in assessee’s favour by earlier year’s ITAT order.
CIT. vs. Aventis Pharma
(2015) TaxCorp(LJ) 6432 (HC-BOMBAY)
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HC - The RBI had formulated one Optional Early Retirement Scheme and the amounts paid under this scheme, were eligible for exemption u/s 10(10C).
Commissioner of Income Tax - III, Pune Versus Shri Ramesh Dattatraya Kulkarni, Late Uma Pramod Deshpande, Shri Shirish Madhav Upadhye
(2015) TaxCorp(LJ) 6431 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=61003&Category=Judgment&CategoryType=Zip
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HC - ITAT’s practice of routinely consolidating appeals is “most unfortunate, disturbing and dangerous” and leads to “pile-up” of cases. Such “elementary mistakes” should not be committed in future. ITAT is expected not to sign judgments and decisions unless they are checked thoroughly after transcription. It may be a boring task but it has to be performed by none other than the decision makers
DIT vs. M/s. Societe Generale
(2015) TaxCorp(LJ) 6406 (HC-BOMBAY)
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