LAW Judgements

Displaying 1 - 10 of 38

The transfer of shares of an Indian company by a holding Company to another holding Company results in disallowance of brought forward losses

 28 January 2016

The transfer of shares of an Indian company by a holding Co (Yum Asia) to another holding Co (Yum Singapore) results in change of “beneficial ownership” of shares and results in disallowance of b/fd losses even though the ultimate beneficial owner re

Posted in LAW |    0 comments |   2377 hits

ITAT Power to grant stay beyond 365 days

 21 January 2016

Even in case of substituted third proviso to Section 254(2A) of the Act which restricts the power of the ITAT to grant stay beyond 365 days “even if the delay in disposing of the appeal is not attributable to the assessee” has been struck down in Pep

Posted in LAW |    0 comments |   2353 hits

Whether transfer of shares under a family agreement are for a determinable "consideration" or "voluntary", whether the shares are received under a "gift" and benefit of cost and holding period be claimed by transferee?

 17 June 2014

The Respondent is an investment company in which individual members of the Bilakhia family held equal interest. The family members executed a deed of family arrangement with an objective to consolidate and equalize values of the assets held by each o

Posted in LAW |    0 comments |   2945 hits

Whether AO is entitled to levy penalty under section. 271(1)(c)/ 271(1B) on issues other than the specific issues mentioned in assessment order?

 16 June 2014

The following questions of law have been raised by the Revenue in the appeal.(i) Whether the ITAT erred in law in interpreting the language and provisions of Section 271(1)(c) which only talks of initiation of penalty in “course of any proceedings” a

Posted in LAW |    0 comments |   3525 hits

Whether assessee can be denied TDS credit on basis of form 26AS mismatch without fault of assessee?

 07 June 2014

Petitioner was a civil contractor deriving by executing civil contracts in various Government Departments. For the AY 2010-11, the petitioner received certain payments from the Government Departments and a total sum of Rs.3,14,766/- was deducted as T

Posted in LAW 2 comments |   3822 hits

Whether proceeds from sale of scrap constitutes turnover for Section 80HHC of Income Tax Act, 1961?

 13 May 2014

Section 80 HHC has been enacted in the Income Tax Act, 1961 to encourage exports for the purpose of earning foreign exchange. The exporter gets certain deduction from the income, which is derived from the profits from export of goods, while computing

Posted in LAW |    0 comments |   3202 hits

Whether Winding up petition can be filed under Companies Act for recovery of outstanding debts?

 12 May 2014

The petitioners M/S Nakshatra Steel Sales & Services Ltd. And M/S Leo Ispat Ltd.supplied various iron and steel products tothe respondent companyM/S Radlay Metal Products Pvt. Ltd as per agreed specifications andraised bills for the materials supplie

Posted in LAW |    0 comments |   3984 hits

Does not maintaining separate books with frequent transactions mean that gains from shares has to be accessed as business profits instead of as STCG?

 02 May 2014

The assesse who was engaged in the business of dealing in the auto spare pails andinvestment in bonds, mutual funds and other securities had claimed Rs. 31,13,006.51/- as LTCG and Rs. 26,82,115.35/- as STCG. The LTCG claim was permissible by AO but S

Posted in LAW |    0 comments |   2555 hits

Law explaining formation of AOP & taxability of off-shore supply & services

 01 May 2014

The petitioner - Linde had formed a consortium with Samsung through MOU for jointly submitting a bid to secure a tender floated by OPAL to execute a project on turnkey basis. The proposal was accepted by OPAL. The consortium entered into an agreement

Posted in LAW |    0 comments |   2877 hits

Whether notices can be issued for TDS default u/s 205 & Sec. 40(a)(i) disallowance if no income arises to the recipient?

 30 April 2014

Two writ petitions were filed under Art. 226 of the Constitution of India, challenging the jurisdiction of the first respondent to (i) reopen the assessment by issue of a notice under section 148 of the Income Tax Act, 1961 (“the Act”) and (ii) to tr

Posted in LAW |    0 comments |   3243 hits

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