CIT v. Rajasthan and Gujarati Charitable Foundation

  Section 11   Direct Taxes

Depreciation allowable in assets cost of which has already been allowed as application of income. Amendment in section 11(6) restricting depreciation in such came is prospective in nature…

ITO v. Smt. Saroj Devi Agarwal

  Section 54F   Direct Taxes

Merely because construction of new house was started prior to transfer of original asset, deduction under section 54F cannot be denied, if the construction was completed within three years of transfer.…

Dy. CIT (LTU) v. Bosch Ltd.

  Section 37(1)   Direct Taxes

Once the payment of interest on delayed payment to MSME was regarded as a penal in nature, then the said expenditure was otherwise not allowable under section 37(1).…

Palmshore Hotels (P) Ltd. v. CIT (A)

  Section 14   Direct Taxes

Where as per agreement entered between assessee and A, assessee had decided to give the hotel along with its furnishings and equipments on license basis and that the licence that had been…

ACIT v. Santosh Kumar Garg

  Section 50C   Direct Taxes

Where assessee had transferred share holdings of a company and according to revenue it was merely the mode or the vehicle to transfer the land, then it was not just to make addition by invoking…

Humayun Suleman Merchant v. Chief CIT

  Section 54F   Direct Taxes

Where assessee sold certain property and utilized a part of the consideration towards purchase of new house, however, failed to deposit unutilized consideration in specified accounts before due…

Off-Shore India Ltd. v. Dy. CIT

  Section 271B r/w Section 44AB   Direct Taxes

Where assessee was under bona fide belief that provisions of section 44AB were not applicable to it, in view of Guidance Note issued by ICAI, being a reasonable cause, no penalty under section…

DCIT v. Aksh Optifibre Ltd.

  Section 14A   Direct Taxes

Where assessee had not earned any tax-free income, then, corresponding expenditure also could not be worked out for disallowance…

Shri Ramesh Salecha HUF v. ITO

  Section 143(2)   Direct Taxes

It is mandatory requirement for initiation of assessment proceedings to issue and serve notice under section 143(2) and in absence of issue of notice under section 143(2) assessment made under…

Stovekraft India v. CIT

  Section 80-IC   Direct Taxes

Those units which have commenced production after 7-1-2003 and carried out ‘substantial expansion’ prior to 1-4-2012 would be entitled to benefit of deduction under section 80-IC at different…

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