| Corporate Laws |
| COMPANIES ACT, 1956 |
| SC/HC |
 | [2012] 18 taxmann.com 40 (DELHI)
CL : Oppression and mismanagement : Bald denial of siphoning off funds without any explanation with regard to withdrawal of funds constituted an admission of siphoning off funds Read More
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| [2012] 18 taxmann.com 8 (KAR.)
CL : In absence of material to show that goods supplied by petitioner company to respondent company had been returned, respondent was to be ordered to be wound up for non-payment of dues Read More
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| Direct Tax Laws |
| ITAT |
| [2012] 18 taxmann.com 36 (MUM. - ITAT)
IT : Where assessee-management consultant was organising conferences and sponsorship money was paid to it after conceptualisation of conferences, it could not be said that assessee had undertaken to organize said conference at instance of sponsors and, hence, provisions of section 194C(2) could not be invoked Read More
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| [2012] 18 taxmann.com 33 (INDORE - ITAT)
IT : Section 54F exemption not available where builder not even allotted plot within 3 years - Where assessee sold his agricultural land and deposited part of consideration with a builder for purchase of a plot on which no construction activity could be started within a period of 3 years because no plot was ever handed over to him, benefit of section 54F was not available to assessee
- The main thrust of the section 54F is construction of a residential house; the Legislation in its wisdom has specifically provided the period of three years, it cannot be enlarged to indefinite period Read More
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| [2012] 18 taxmann.com 22 (PUNE - ITAT)
IT/ILT : Section 195(1) does not envisage deduction of tax at both instances, i.e., at time of credit of income to account of payee as well as at time of payment thereof Read More
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| [2012] 18 taxmann.com 20 (DELHI - ITAT)
IT : Where under Portfolio Management Scheme, there was frequent trading of huge quantity of shares to maximize profit, profits arising from sale/purchase of shares would be business profit Read More
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| [2012] 18 taxmann.com 32 (BANG. - ITAT)
IT/ILT : Transfer Pricing : Transfer pricing provision has not provided for any cut off date up-to which only the information available in public domain has to be taken into consideration by the TPO, while making the transfer pricing adjustments and arriving at arm's length price - By providing a specified date in section 92F(iv) obligation is cast upon assessee to keep and maintain documents for that period; but, it does not restrict TPO from making enquiries thereafter for determining correct ALP Read More
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| [2012] 18 taxmann.com 31 (MUM. - ITAT)
IT : Where a housing society & developer entered into a development agreement whereunder old building was demolished and new multi-storeyed building was built, compensation paid to assessee-member in addition to allotment of flat & displacement compensation was a capital receipt - A capital receipt in principle is outside the scope of income chargeable to tax and a receipt cannot be taxed as income unless it is in the nature of revenue receipt or is brought within the ambit of income by way of a specific provision in the Act
No matter how wide be the scope of income under section 2(24) it cannot obliterate the distinction between capital receipt and revenue receipt Read More
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| [2012] 18 taxmann.com 24 (DELHI - ITAT)
IT : AO's power to rectify intimation under section 143(1)(a) in purported exercise of power under section 154 Read More
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| [2012] 18 taxmann.com 16 (MUM. - ITAT)(TM)
IT : Decision of Third Member of Tribunal is not a final order as contemplated by section 254(1) and, therefore, an application under section 254(2) would not lie against his decision Read More
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| [2012] 18 taxmann.com 4 (DELHI - ITAT)
IT : Tax paid by employer on salary income of employee is exempt under section 10(10CC) Read More
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| SC/HC |
| [2012] 18 taxmann.com 34 (DELHI)
IT : No interest could be charged under section 234B where assessee had no liability to pay advance tax in view of fact that his entire income was subject to deduction of tax at source Read More
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| [2012] 18 taxmann.com 29 (DELHI)
IT : When jurisdictional preconditions are missing, assessee can question reopening of assessment in appellate proceedings also Read More
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| [2012] 18 taxmann.com 28 (MAD.)
IT : On failure of assessee to prove that expenditure incurred on foreign travel of wife of Chairman was for business purpose, its claim for deduction in respect of said expenses was to be rejected Read More
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| [2012] 18 taxmann.com 21 (DELHI)
IT : Proviso to section 201(1) is to be applied only to negate possibility of imposition of penalty under section 221 and it would not absolve an assessee from being considered as an assessee in default Read More
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| [2012] 18 taxmann.com 26 (KAR.)
IT : Where revenue get authorisation for searching assessee's premises on 9-11-1995, block assessment order passed on 31-12-1996 i.e., after expiry of period of one year as prescribed by section 158BE, was barred by limitation Read More
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| [2012] 18 taxmann.com 25 (MAD.)
IT : For claiming deduction under section 80-IB, audit report in Form 10CCB can be filed before assessment is completed, if same has not been filed along with return of income Read More
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| [2012] 18 taxmann.com 19 (MAD.)
IT : In name of rectification, Settlement Commission cannot review its own order Read More
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| [2012] 18 taxmann.com 18 (JHAR.)
IT : Merely because identity of creditor is disclosed burden of assessee to explain money in his hands would not stand discharged if AO is satisfied that donor has no creditworthiness Read More
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| [2012] 18 taxmann.com 23 (MAD.)
IT : Issue relating to applicability of section 2(22)(e) - Matter remanded to Commissioner for disposal afresh Read More
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| [2012] 18 taxmann.com 12 (DELHI)
IT : Where AO while processing return under section 143(1)(a), allowed assessee's claim of deduction under section 80-IA, reassessment could for disallowing aforesaid claim on ground that income had not been derived from industrial undertaking was justified Read More
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| [2012] 18 taxmann.com 11 (DELHI)
IT : Expenditure incurred on public taxis/metered taxis would not come within purview of section 37(3A), read with sub-section (3B) and Explanation thereto Read More
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| [2012] 18 taxmann.com 10 (KAR.)
IT : Fumigation charges, disinfestations charges and supervisory charges would be eligible for exemption under section 10(29) Read More
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| [2012] 18 taxmann.com 5 (PAT.)
IT : In case of lack of co-operation on part of assessee, Assessing Officer can drop block assessment proceedings and pass an order of best judgment assessment under section 144 Read More
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| [2012] 18 taxmann.com 9 (DELHI)
IT : Where assessee failed to prove genuineness of transactions relating to share application money received by it, amount so received was rightly added to its taxable income as cash credits Read More
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| [2012] 18 taxmann.com 3 (AP)
IT : In case of share transactions magnitude, frequency and ratio of sales to purchases on total holdings were relevant factors to decide, whether assessee had not purchased shares as an investment, but with intention to trade in such scrips Read More
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| Service Tax/GST |
| CESTAT |
| [2012] 18 taxmann.com 42 (NEW DELHI - CESTAT)
ST : Prior to 18-4-2006, no service tax could be demanded for receiving service from foreign service provider Read More
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| [2012] 18 taxmann.com 39 (NEW DELHI - CESTAT)
ST : Where service recipient who was paying service tax on behalf of assessee, service provider, stopped paying service tax and on being informed of same, assessee paid service tax along with interest, no penalty could be imposed on assessee Read More
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| [2012] 18 taxmann.com 27 (NEW DELHI - CESTAT)
ST : Where there was nothing in SCN to indicate that receipts of assessee were in relation to any of functions envisaged by law to be performed using immovable property, demand raised under 'Mandap keeper's service' was not sustainable Read More
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| [2012] 18 taxmann.com 17 (MUM. - CESTAT)
ST : Activity of transportation of coal from one place within mining area to another place and unload it there would be covered under 'Cargo handling service' Read More
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| SC/HC |
| [2012] 18 taxmann.com 43 (KAR.)
ST : Prior to introduction of sub-section (3) to section 73, mere payment of service tax and interest prior to issue of show-cause notice by itself was not a ground to waive levy of penalty Read More
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| [2012] 18 taxmann.com 41 (KER.)
ST : When service tax is levied on municipality, there was no violation of article 289 of constitution of India Read More
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| [2012] 18 taxmann.com 35 (BOM.)
ST : Cenvat Credit : Procedural irregularity in not registering units with LTU authorities can be rectified to extend benefit of LTU scheme Read More
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| [2012] 18 taxmann.com 7 (DELHI)
ST : Where it was found that two corrigendums were issued to assessee calling upon and asking why penalty under section 78 should not be imposed, Tribunal was not justified in setting aside penalty under section 78 on ground that there was no proposition in show-cause notice for penalty under section 78 Read More
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