BALI TRADING (P) LTD. PRINCIPAL CIT & ANR. (MAD) 215………….4TH SEPTEMBER,2017
REVISION-UNDER S.264-Rejection by CIT-Principal CIT finding that assessee had claimed expenditure on repairs of plant and machinery, telephone expenses, salary and depreciation, was justified in rejecting assessee ‘s revision petition under s. 264 for the relief that business income was returned on account of keying error and should be considered as income from house property.-Bali Trading (P) Ltd. Vs. Principal CIT & Anr. (Mad) 215
CIT VS. MAHAVIR INDUCTOMELT (P) LTD. (GUJ)209………….13TH JANUARY,2018
BUSINESS EXPENDITURE –CAPITAL OR REVENUE EXPENDITURE- Premium paid for leasehold land- premium paid for acquiring plot on lease for 10 years is allowable as revenue expenditure. – CIT Vs. Mahavir Inductomelt (P) Ltd.(Guj)209
DIVIDEND-DEEMED DIVIDEND UNDER S. 2(22)(e)- Assessee company not a shareholder in lending company –Assessee company not being a shareholder in lending company , merely because director of assessee company is shareholder in lending company will not make loan received by assessee company as deemed dividend under s. 2(22)(e).CIT Vs. Mahavir Inductomelt (P) Ltd. (Guj) 209
NATIONAL TRAVEL SERVICES VS. CIT (SC) 201…………………….18TH JANUARY,2018
-Registered is person who is the beneficial owner of the shares-He need not necessarily be a member of the company on its register-Matter referred to Larger Bench.-National Travel Services vs. CIT (SC) 201
TRIBUNAL ORDERS
SIDHA STHAN SHRI KAPALESHWAR MAHADEV SANYAS ASHRAM TRUST VS. CIT(EXEMPTIONS) (JP)202…………28TH SEPTEMBER,2017
CHARITABLE TRUST-REGISTRATION UNDER S.12AA- Relevant consideration- CIT (Exemption) having not recorded any adverse finding about the objects or the genuineness of the activities of the assessee-trust , he was not justified in refusing registration under s. 12AA solely on the ground of absence of dissolution clause in the trust deed when there exists a clause in the trust deed whereby neither the trust nor any member of trust is empowered to sell any part of the property of the trust-However, since there is no specific finding of the CIT (Exemption)as to whether assessee-trust is an irrevocable trust or not, and whether it is registered with the Devsthan Vibhag and the consequences on its dissolution, the matter is set aside to CIT (Exemptions) for reconsideration.- Sidha Sthan Shri Kapaleshwar Mahdev Sanyas Ashram Trust vs. CIT (Exemption)(JP)202
ORACLE INDIA (P) LTD. VS ASSTT. CIT (DEL ‘1-1’)188…………………. 31ST AUGUST,2017
REASSESSMENT-VALIDITY- Absence of notice under s. 143(2)- Assessee having filled the return in response to notice under s. 148 on 28th April,2011 Notice under s. 143(2) ought to have been issued on or before 30th Sept.2012 in view of the provision to s.143(2) and therefore impugned notice under s. 143(2) issued by the AO on 17th dec. 2012 was barred by limitation and consequently, the reassessement framed on the basis of said notice is void ab initio.- Oracle India (P) Ltd. Vs. Asstt. CIT (Del ‘1-1) 188