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HC - AO reopened assessment only on objection raised by audit party without recording his satisfaction is unjustified.
Commissioner of Income-tax -12 v. DRM Enterprises
(2015) TaxCorp(LJ) 5810 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=59013&Category=Judgment&CategoryType=Zip
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HC - Assessing Officer could not initiate reassessment proceedings after expiry of four years from end of relevant year merely on basis of change of opinion. No denial of set-off losses of amalgamating Co. against book profit of assessee.
Crompton Greaves Ltd. v. Assistant Commissioner of Income-tax, Circle 6(2)
(2015) TaxCorp(LJ) 5769 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=58966&Category=Judgment&CategoryType=Zip
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HC - Expenditure allowable u/s 35D cannot be capitalized to asset for claim of depreciation
International Computers Indian Manufacture vs. CIT
(2015) TaxCorp(LJ) 5743 (HC-BOMBAY) · Sections 32, 35D
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HC - Institution consistently generating surplus, utilizing the surplus to buy assets, spending meager amount on treatment of poor patients is not existing “solely for philanthropic purpose” and “not for the purpose of profits”. Fact that exemption has been allowed in the past does not mean exemption has to be continued
M/s Yash Society vs. CCIT
(2015) TaxCorp(LJ) 5742 (HC-BOMBAY) · Section 10(23C)(via)
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HC - Where authority was satisfied with regard to essential requirements or ingredients of section 10(23C)(via), Revenue couldn’t complain of genuineness of Sec. 10(23C) relief
Director of Income-tax (Exemption) v. Bommanji Dinshaw Petit
(2015) TaxCorp(LJ) 5692 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=58810&Category=Judgment&CategoryType=Zip
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S. 271(1)(c): Law laid down in Zoom Comm 327 ITR 510 (Del) does not apply if claim of assessee is bona fide and not in defiance of the law
CIT vs. M/s S. M. Construction
(2015) TaxCorp(LJ) 5687 (HC-BOMBAY) · Section 271(1)(c)
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HC - On occasions such as marriage the parents and parents-in-law of a bride do normally gift jewelery to the bride. On occasion such as this, it is not possible to expect the bride to ask for evidence of bills/invoices to support the purchase of the jewelery. One has to proceed on the basis that it is genuine. Invocation of Section 69 of the Act is completely unwarranted
Mrs. Komal Wazir Versus The Deputy Commissioner of Income Tax
(2015) TaxCorp(LJ) 5660 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=60574&Category=Judgment&CategoryType=Zip
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HC - Even if contract is awarded to the Joint Venture, the income is assessable only in the hands of the person which has executed the work
CIT vs. M/s SMSL-UANRCL (JV)
(2015) TaxCorp(LJ) 5640 (HC-BOMBAY)
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HC - Jewellery received as gift from father and father-in-law on occasion of marriage, no addition warranted as being from "unexplained source" u/s 69. On occasion of marriage, it is not possible to expect the bride to ask for evidence of bills/invoices to support the purchase of the jewellery
Mrs. Komal Wazir. Vs. The Deputy Commissioner of Income Tax
(2015) TaxCorp(LJ) 5631 (HC-BOMBAY) · Section 69
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HC - Chapter VI-A deductions are not limited to the business profits but are available to the extent of the Gross Total Income
CIT vs. J. B. Boda & Co.P. Ltd
(2015) TaxCorp(LJ) 5597 (HC-BOMBAY)
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HC - Assessee’s failure to substantiate 6 items of capital expenditure on R&D out of total 9 items leads to sec. 35(2AB) disallowance and penalty u/s 271(1)(c)
Clariant Chemicals (India) Ltd. v. Assistant Commissioner of Income-tax, 1(1)
(2015) TaxCorp(LJ) 5544 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=60514&Category=Judgment&CategoryType=Zip
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HC - On modification of development agreement, no "real income" accrues from constructed area.
CIT vs M/s Chemosyn Ltd, Mumbai
(2015) TaxCorp(LJ) 5531 (HC-BOMBAY)
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HC - Since value arrived at by the Registered Valuer of the land was more than its FMV, no jurisdiction was acquired by the authorities to invoke Sec. 55A. However, CIT(A) is empowered to seek reference having powers coterminous with AO
Rallis India Limites Vs. CIT (A)
(2015) TaxCorp(LJ) 5530 (HC-BOMBAY) · Section 55A
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HC - Income arising on sale of assets leading to short term capital gains is not income derived from foreign exchange asset so as to qualify as investment income within the meaning of Section 115E of the Act
CIT vs Sham L. Chellaram
(2015) TaxCorp(LJ) 5529 (HC-BOMBAY) · Section 115E
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HC - Reopening on ground of "oversight, inadvertence or mistake" is not permissible. Power to reopen is not a power to review an assessment order. It expected of the AO that he will apply mind and pass an order. An assessment order is not a mere scrap of paper.
CIT vs. Jet Speed Audio Pvt. Ltd
(2015) TaxCorp(LJ) 5510 (HC-BOMBAY) · Sections 147, 143(3)
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HC - Purchase and subsequent cancellation of the shares belonging to an estranged brother of the person in the management of the company is allowable as revenue expenditure since incurred for carrying on its business smoothly.
The Commissioner of Income Tax-8, Mumbai Versus M/s. Chemosyn Ltd, Mumbai
(2015) TaxCorp(LJ) 5505 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=60480&Category=Judgment&CategoryType=Zip
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HC - Assessee society had not incurred any cost to acquire TDR attach to land owned by it, therefore transfer of the same to a developer for a consideration for construction of a floor space index, would not give rise to any capital gains chargeable to tax.
Commissioner of Income-tax-18 v. Sambhaji Nagar Co-op. Hsg. Society Ltd.
(2015) TaxCorp(LJ) 5504 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=58998&Category=Judgment&CategoryType=Zip
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HC - Assessing Officer has held the interest paid on borrowings is capital in nature and, therefore, not allowable as an expenditure. Consequently, it is submitted that income chargeable to tax has escaped assessment. However, the reasons nowhere indicate any failure on the part of the asssessee to disclose truly and fully material facts necessary for assessment.
Business India v. Joint Commissioner of Income-tax, 12 (1)
(2015) TaxCorp(LJ) 5496 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=58351&Category=Judgment&CategoryType=Zip
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HC - Even though assessment order is silent on a point does not mean 'non-application of mind by AO in view of specific queries made during the assessment proceedings.
CIT vs Fine Jewellery (India) Ltd
(2015) TaxCorp(LJ) 5494 (HC-BOMBAY) · Section 263
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HC - Credited balance amount to capital reserve account was a capital receipt and it could not be a remission or cessation of a trading liability under section 41(1) when assessee made premature payment of deferred sales tax at Net Present Value from such reserve.
Commissioner of Income-tax-8, Mumbai v. Sulzer India Ltd.
(2015) TaxCorp(LJ) 5414 (HC-BOMBAY) · http://taxcorp.in/FileOpenDT.aspx?ID=58784&Category=Judgment&CategoryType=Zip
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