Skip to main content

Some recent judgments in Taxation & Company Matters

1.     Commissioner of Income-tax vs. Deepak Agarwal

        Where assessee P.A. Jose vs. Assistant Commissioner of Income-tax, Circle-1, Kottayamssee was not engaged in business of investment in shares, interest bearing funds invested in shares of related company to extend financial support, could not be said to be utilization for business purposes, and proportionate interest was liable to be disallowed.

         Held: Interest on funds invested in related companies to be disallowed if it doesn't serve any business purpose -IT


2.      Commissioner of Income-tax-IV vs. Sambhav Media Ltd.

       Computation for loss suffered by a party to contract is to be allowed, if not claimed twice

       Held: Writing off a debt is enough to claim deduction; assessee not required to prove if debt has actually gone bad -IT
3.    P.A. Jose vs. Assistant Commissioner of Income-tax, Circle-1, Kottayam
      Expenditure incurred for interior decoration on leased premises, for purpose of setting up a new business is capital in nature

        Held: Sum incurred on interior decoration in a leasehold premises for a newly set-up business is a capital exp. -IT


4.     Symantec Software Solutions (P.) Ltd. vs. Assistant Commissioner of Income-tax

      Typographical mistakes in order of Tribunal are liable to be rectified on an application made by assessee

     Held: Clerical mistakes in order of Tribunal rectifiable under section 254 -IT/ILT


5.   Deputy Commissioner of Income-tax - 3(2), Mumbai vs. Kotak Mahindra Investment Ltd.

    Where derivatives were held as stock-in-trade, rules applicable to valuation of stock-in-trade were to be applied and assessee's claim for mark-to-market loss was to be allowed

       Held: Mark-to-market loss allowed as derivatives were held by assessee as stock-in-trade -IT


6.   Meenadevi N. Gupta vs. Assistant Commissioner of Income-tax, Circle -5, Surat

    Where transaction of shares of a listed company was done through Demat account as per recognized Stock Exchange quoted price, same cannot be held as non-genuine

    Held: Dealing in shares through Dmat account is a sacred route, additions under sec. 68 deleted -IT


7.  Ramshree Steels (P.) Ltd. vs. Income-tax Officer, Ward 6(2), Kanpur 

      Losses in speculation business cannot be set off against other business profits but business losses can be set off against profits in speculation 

     Held: Normal business losses can be set-off against profits of speculative as well as non-speculative business -IT

Comments

Post a Comment

Most viewed this month

The recovery of vehicles by the financier not an offence - SC

Special Leave Petition (Crl.) No. 8907  of 2009 Anup Sarmah (Petitioner) Vs Bhola Nath Sharma & Ors.(Respondents) The petitioner submitted that  respondents-financer had forcibly taken away the vehicle financed by them and  illegally deprived the petitioner from its lawful possession  and  thus,  committed  a crime. The complaint filed by the petitioner had been  entertained  by  the Judicial Magistrate (Ist Class), Gauhati (Assam) in Complaint Case  No.  608 of 2009, even directing the interim custody of the vehicle (Maruti  Zen)  be given to the petitioner vide order dated  17.3.2009.  The respondent on approaching the Guwahati High  Court against this order, the hon'ble court squashed the criminal  proceedings  pending   before  the  learned Magistrate. After hearing both sides, the Hon'ble Supreme Court decided on 30th...
7 comments
Read more

Flat owner without legal title has consumer rights

In a significant judgment, the South Mumbai Consumer Forum has held that a flat owner legally occupying the flat would be a consumer, even if his title to the flat might be in dispute before a competent court. Thurlow owned a flat in a co-operative society. Appuswami was residing with him. In 1976, Appuswami got married in the same flat, and his wife started residing in the same flat. They had three children, born and brought up in the same flat. After Thurlow expired in 2004, Appuswami approached the High Court for inheritance to Thurlow's estate but expired while the matter was pending. His wife and children were brought on record. Subsequently, the society intervened, contending Appuswami did not have any right to the flat and it should be handed over to the Society. The Appuswami family continued to reside in the flat, and even pay the society's outgoings and maintenance charges. Later, the society stopped collecting maintenance charges from all members, as it earned...
Post a Comment
Read more

NCLT - Mere admission of receipt of money does not qualify as a financial debt

Cause Title : Meghna Devang Juthani Vs Ambe Securities Private Limited, National Company Law Tribunal, Mumbai, CP (IB) No. 974/MB-VI/2020 Date of Judgment/Order : 18.12.2023 Corum : Hon’ble Shri K. R. Saji Kumar, Member (Judicial) Hon’ble Shri Sanjiv Dutt, Member (Technical) Citied:  Carnoustie Management India Pvt. Ltd. Vs. CBS International Projects Private Limited, NCLT Swiss Ribbons Pvt. Ltd. & Anr vs. Union of India & Ors. (2019) Sanjay Kewalramani vs Sunil Parmanand Kewalramani & Ors. (2018) Pawan Kumar vs. Utsav Securities Pvt Ltd 2021 Background Application was filed under section 7 of the Insolvency and Bankruptcy Code, 2016 alleging loan of Rs, 1.70 cr is due. The Applicate identified herself as the widow and heir of the lender but could not produce any documents proving financial contract between her Late husband and the CD but claimed that the CD has accepted that money was received from her husband. The applicant subs...
Post a Comment
Read more