| Shifting from rented to owned premise is extension of business, interest exp. attracts disallowance under sec. 36(1)(iii) IT : Disallowance u/s 36(1)(iii)(proviso) applicable to extension of existing business and not to setting up altogether different or new business |
| Different approach for similar transaction could not be taken for TP analysis IT/ILT : Transfer Pricing - Where similar transactions with associated enterprises for subsequent years have been accepted by TPO without any ALP adjustment, he should adopt TP analysis conducted by assessee for relevant ass... |
| Redemption of preference shares, between companies under same management, is not a sham transaction IT : Redemption of preference shares is "transfer" even if both issuer and subscriber companies are under same management as they are both distinct juridical entities |
| NHAI can blacklist delinquent bidders in addition to forfeiting their EMDs CL : The very authority to enter into contracts conferred under section 3 of the NHA Act, by necessary implication, confers the authority not to enter into a contract in appropriate cases (blacklist) |
| Winding up petition not barred merely because proceedings instituted by creditor before DRT CL : Winding up petition would not be barred merely because of proceedings instituted by creditor before DRT |
| Application for oppression and mismanagement maintainable by member who has paid all calls CL : Only a member can apply under section 399 provided all calls and other sums due on shares held have been paid |
| Levy of Stamp Duty on Power of Attorney given to unrelated person is constitutionally valid - Supreme Court IT : Levy of Stamp Duty at the rate of 2% of value of property transferred by power of attorney is constitutionally valid as held by SC |
| IT Inspector not authorized to take statement in survey, if taken it wouldn't have any evidentiary value IT : Statement recorded by Income-tax Inspector during survey has no evidentiary value and not comparable to evidence gathered during invalid search |
| Trust enjoyed exemption for 50 years, if exemption withdrawn in a year, stay of demand can be granted IT : When against an assessee, which is a public charitable trust availing tax exemption since 50 years, an assessment order is passed and an appeal is pending before Commissioner (Appeals) before whom serious issues are rai... |
| VRS is open ended and without any restrictions IT : All conditions of section 10(10C) read with rule 2BA are not to be read into section 35DDA and therefore, eligibility for deduction under section 35DDA is to be left open-ended without restrictions |
| Change of address is reasonable cause for non-compliance with sec. 143(2) notice, penalty for same not to be levied IT : Change of address can be a reasonable cause under section 273B for non-compliance of notice under section 143(2) by assessee, and, therefore, penalty under section 271(1)(b) cannot be imposed |
| Unaccounted sale, and not profit on unaccounted sale, is unexplained investment under sec. 69 IT : It is amount of unaccounted sale and not only profit on unaccounted sale, that is to be added under section 69 as unexplained investment |
| SLP dismissed without reasoning, 'Doctrine of Merger' not applied to HC ruling and can be reviewed independently ST : When a special leave petition is dismissed without giving any reason, there is no merger of judgment of High Court with order of Supreme Court and judgment of High Court can be reviewed |
| Leasing of self-constructed telecom towers are liable to VAT nonetheless the control thereof is not transferred VAT: Where assessee erected and constructed tower sites and leased out same to various telecom operators and in terms of agreement maintenance and overall control of towers and equipments was with assessee, it was liable to ... |
| Requirement to pay due taxes, as required in appeal to CIT(A), does not apply when appeal is filed to ITAT IT : Provisions of section 249(4) relating to filing of appeal before Commissioner (Appeals) could not be read into section 253(1)(b) which relates to filing of appeal before Tribunal |
