Judgements and Orders, Supreme Court and High courts of India

Whether assessee is entitled to claim depreciation on fixed assets taken over under a Scheme of Amalgamation on original cost of fixed assets or WDV?

Hetvi Sheth 26 August 2014 at 10:02

The Assessee, an Indian Company, was a subsidiary of May and Baker Ltd., a U.K. Company which had an industrial undertaking in India. Under a Scheme of Amalgamation, the said industrial undertaking of the U..K. Company was hived off to the Assessee C

Posted in Community & General | 2590 Views

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 Community & General | 2 comments | 2584 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 Community & General | 2633 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 Community & General | 2564 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 Community & General | 1 comments | 2886 Views

Whether gains on the sale of equity shares and Compulsorily Convertible Debentures are exempt from income tax in India by virtue of DTAA with Mauritius? And whether gains arising on the sale of CCDs are interest within the meaning of Section 2(28A) of the Income Tax Act, 1961 and taxable under Article 11 of India-Mauritius DTAA?

Hetvi Sheth 09 August 2014 at 10:41

Zaheer Mauritius - Petitioner Versus - Director of Income Tax - Respondent

Posted in Income Tax | 4247 Views

Whether benefit of section 80V would be available to the Assessee if the borrowings were taken for the purpose of payment of tax? And whether disallowance under rule 6D should be computed with reference to the total expenditure incurred by an employee or other persons during the entire year and not with reference to each trip separately?

Hetvi Sheth 07 August 2014 at 11:22

In AY 1985-86, the Assessee had paid interest on deposits and claimed deduction under section 80V of the I.T. Act 1961 as the said deposits were primarily obtained for the payment of taxes under the I.T. Act. The Assessing Officer rejected the claim

Posted in Income Tax | 3890 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 Community & General | 2916 Views

Whether disallowance can be made u/s 14A of the Income Tax Act if no expenditure is incurred in relation to the exempt income?

Hetvi Sheth 01 August 2014 at 11:36

Appellantis a NBFC in thebusiness of investments in shares and securities, money lending and finance. 10 companies merged with the assessee company w.e.f. 1.4.2007. The assessee filed its original return declaring loss of Rs.1,90,84,382/- on 30.9.200

Posted in Income Tax | 5952 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 Community & General | 2433 Views