SINHGAD TECHNICAL EDUCATION SOCIETY VS.DY. CIT & ANR.(BOM)185……5TH JANUARY,2018
Recovery-Stay-Maintainability of writ vis-à-vis fraudulent withdrawal from attached bank account-No order was passed by court on earlier occasion and only the petition was adjourned at the instance of the parties-All that happened was that the counsel for the Revenue had after hearing the assessee ‘s counsel stated that he would instruct his officers not to withdraw the amount of Rs. 9.27 crores which is likely to come into the assessee during pendency of the petition i.e. withdrawal of amount from attached bank account disentitled it to any relief.- Sinhgad Technical Education Society vs.Dy. CIT & Anr.(BOM)185……5th January,2018
THYROCARE TECHNOLOGIES LTD. VS. ITO & ANR.(BOM)193……………11TH SEPTEMBER,2017
Appeal ( Tribunal)- Duty Of Tribunal –Reasoned Order-Tribunal having decided two appeals of Revenue by a single para without discussion of law and facts. Without indicating as to how the order of CIT(A) was not sustainable and how the Co-Ordinate Bench decision decision was inapplicable , order of tribunal is vitiated and cannot be sustained.- Thyrocare Technologies Ltd. Vs. ITO & Anr.(Bom)193
TRIBUNAL ORDERS
CANARA HOUSING DEVELOPMENT COMPANY VS. JT. CIT(BANG ‘B’)153……….12TH MAY,2017
ASSESSMENT-SCOPE ON REMAND-Specific directions-Tribunal having remanded the matter to the AO with specific directions to examine the parties to the agreement in question , the order passed by the AO without taking any step to examine the parties is contrary to the direction of the tribunal and therefore, it is not sustainable on this ground alone.- Canara Housing development company vs.jt.CIT (Bang ‘B’)153
BUSINESS EXPENDITURE-ALLOWABLITY-payment of damages for failure to deliver properly within stipulated time- damages paid by the assessed- developer in terms of arbitration award for its failure to construct/deliver the specified property within the time frame as stipulated in the joint development agreement being a payment for default of business obligation is allowable as deduction-Liability to pay the compensation crystallized when the assessed accepted its failure to perform its part under the agreement and thus determination of compensation after the balance sheet date has to be taken into account in view of the principle of prudence and conservation as provided under AS-4.-Canara Housing Development company vs.jt.CIT(Bang ‘B’)153