| Month-Year |
Reported |
Title |
Abstract |
| Apr - 2013 |
(2013) 151 TTJ 616 (Hyd.) [BCAJ] |
My Home Power Ltd. vs. Dy.CIT |
Sections 2(24) read with sections 4 and 28(i) of the Income Tax Act, 1961 Amount realised on sale of carbon credits is a Capital Receipt and it cannot be taxed as a Revenue Receipt. |
| Apr - 2013 |
(2012) 54 SOT 450 (Mumbai) [BCAJ] |
Suresh Industries (P.) Ltd. vs. Asst.CIT |
Sections 32 read with section 72 of the Income Tax Act, 1961 Brought forward unabsorbed depreciation is allowed to be set off against long term capital gains. |
| Mar - 2013 |
2013-TIOL-39-ITAT-MAD [BCAJ] |
C Basker vs. ACIT |
S/s. 50C, 271(1)(c) The mere fact that the AO had invoked section 50C(2) and adopted guideline value for computing capital gains ignoring what was disclosed by the assessee ipso facto cannot be the sole basis for imposing penalty. |
| Mar - 2013 |
2013-TIOL-146-ITAT-MUM [BCAJ] |
ITO vs. Dharti Enterprises |
S/s. 40(a)(ia), 80IB(10), In case of an undertaking qualifying for deduction u/s. 80IB(10), amount disallowed u/s. 40(a)(ia) is allowable as deduction u/s. 80IB(10). |
| Mar - 2013 |
(2013) 81 DTR 173 (Hyd) [BCAJ] |
My Home Power Ltd. vs. DCIT |
Amount received on transfer of carbon credits is a capital receipt |
| Mar - 2013 |
2013-TIOL-141-ITAT-DEL [BCAJ] |
ACIT vs. Dexterity Developers |
S/s. 139(1), 139(5), 142(1), 143(2), 145 Even in cash method of accounting, every receipt is not income but the receipt which is in the nature of income is liable to be assessed as income. Even in the case of an assessee following cash system of accounting, return of income can be revised and the amount received and offered as income can be eliminated to give effect to the decision of the High Court, rendered after the end of the financial year, holding that the said amount is not taxable. |
| Feb - 2013 |
(2011) 132 ITD 604(Mum.) [BCAJ] |
Momaya Investments (P) Ltd. vs. ITO |
Section 73 - Not applicable if the principal business of the company is banking or granting of Loans and Advances - The business of Banking need not be necessarily mentioned in the Memorandum of Association of the company - But the actual nature of the business is to be looked at. |
| Feb - 2013 |
(2011) 133 ITD 77 (Mum) [BCAJ] |
RBS equities India Ltd. vs. Deputy Commissioner of Income Tax |
Section 271(1)(c) Explanation 7 - AO charged penalty for Concealment in computation of Arms Length Price (ALP). The assessee RBS equities India Ltd. had computed ALP as per Transactional Net Margin Method (TNMM) which resulted in reduced tax liability of Rs.2,13,25,474 and AO was of the view that the same should have been calculated as per Comparable Uncontrolled Price Method (CUP). |
| Feb - 2013 |
(2012) 150 TTJ 444 (Mum.) [BCAJ] |
Kishore H.Galaiya vs. ITO |
Section 54 of the Income-tax Act 1961 Amount exceeding capital gains arising from sale of old residential house having been paid by assessee to a builder within three years for construction of new residential house, assessee was entitled to exemption u/s.54 notwithstanding that assessee obtained possession after three years and also failed to deposit capital gains in the capital gains account scheme before due date of fling return of income u/s.139 (1) for relevant year. |
| Feb - 2013 |
(2012) 150 TTJ 581 (Mum.) [BCAJ] |
Dy.CIT vs. Ranjit Vithaldas |
Section 54 of the Income Tax Act 1961 If other conditions as regards time-limit, etc. are fulfilled, then exemption u/s. 54 is allowable where capital gains arising from sale of two residential houses are invested in a single residential house. |
