Others Judgements

Whether costs can be awarded when the action of CIT in canceling registration u/s 12AA(3) is illegal and whether such action of CIT is considered as discharge of duty or malafide?

Hetvi Sheth 25 August 2014 at 12:11

The assessee is a trust registered u/s 12A of the IT Act, 1961, engaged in providing medical facility/aid. CIT noted that the assessee trust was carrying on Medical Profession, in the form of a Multi-speciality Hospital, on commercial basis wherein f

Posted in Others | 2 comments | 2563 Views

Whether reopening of assessment u/s 147 amounts to an impermissible review if “reasons to believe” are not based on new “tangible materials”?

Hetvi Sheth 20 August 2014 at 12:12

The respondent AO re-opened the assessment by notice u/s 147 after sending a notice of scrutiny and questionnaire. The petitioner responded to notice requesting reasons for reopening the assessment be furnished. The Revenue acceded to the petitioner’

Posted in Others | 2616 Views

Whether interest paid on a loan taken to avoid premature encashment of fixed deposit is deductible u/s 57(iii) against interest earned on fixed deposit?

Hetvi Sheth 19 August 2014 at 10:43

The assessee had made a fixed deposit of Rs 1,00,00,000 with ICICI Bank and earned interest of Rs 11,77,574 on these deposits. The assessee claimed a deduction of Rs4,36,705 on account of interest paid on loan of Rs 75,00,000 taken, on the securityof

Posted in Others | 2555 Views

Whether Writ petition challenging lack of jurisdiction to issue notice u/s 148 on the ground that it is based on change of opinion & preconditions of S.147 are not satisfied is maintainable?

Hetvi Sheth 18 August 2014 at 11:50

The assessee engaged in the business of share trading and regular purchase and sale of shares filed a Writ Petition challenging notice issued u/s 148 to reopen assessment. The department that the Writ Petition is not maintainable to challenge the not

Posted in Others | 1 comments | 2872 Views

Whether interest paid on borrowings will be disallowed u/s 14A if assessee’s own funds and non-interest bearing funds exceeds investment in tax-free securities?

Hetvi Sheth 02 August 2014 at 10:41

The Respondent-assessee is a bank. In the given case, the Bombay High Court has to decide whether the Tribunal was correct in holding that the investment in tax free securities/investments are represented by assessee's own funds in the shape of share

Posted in Others | 2901 Views

Whether bonus paid to employees of contractors performing regular/essential work be termed as basic wages as defined under the Employees Provident Fund and Miscellaneous Provisions Act, 1952 for the purpose of determination of Provident Fund?

Hetvi Sheth 31 July 2014 at 15:33

The petitioner alleged that a team of Enforcement Officers visited the establishment of the respondent and found that the respondent-establishment failed to extend Provident Fund benefits to transport contractors’ workers; failed to pay Provident Fun

Posted in Others | 2412 Views

Whether Inland Haulage Charges derived as income from operation of ships are taxable as business profits in India in accordance to Article 8 of India-Belgium DTAA?

Hetvi Sheth 29 July 2014 at 11:42

The Respondent assessee is a company incorporated in Belgium and a tax resident of Belgium engaged in business of operation of ships in international traffic. The Assessee collected Inland HaulageCharges from it’s customers in respect of transportati

Posted in Others | 2405 Views

Whether loss on account of depreciation in value of securities held as stock is notional and allowable as deduction?

Hetvi Sheth 25 July 2014 at 11:18

Commissioner of Income Tax – Versus – HDFC Bank Ltd.

Posted in Others | 1 comments | 1179 Views

Physical Meetings cannot be substituted by postal ballots

Guest 12 July 2014 at 13:30

The issue raised before the Bombay High Court was that whether a resolution for approval of a Scheme of Amalgamation can be passed under Section 110 of the Companies Act, 2013 and SEBI Circular dated May 21, 2013, by a majority of the equity sharehol

Posted in Others | 1035 Views

Whether expenditure on education of director is personal expenditure and allowable as deduction under section 37(1)?

Hetvi Sheth 11 July 2014 at 12:14

The appellant had paid fees to a Management & Research institute on behalf of one of its director as training fees of director and had also paid salary to the director. Both were disallowed by the Assessing Officer during scrutiny. Aggrieved, the app

Posted in Others | 3 comments | 1473 Views