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2015 (12) TMI 1861
Seeking stay against the balance outstanding demand - assessee has already paid 50% of the total demand - AO has already granted stay against recovery after payment of 50% of total demand but stay granted by the AO is only till the disposal of the appeal or 29/02/2016 - assessee s grievance is that if the assessee s appeal is not disposed of by 29/02/2016, then there is an apprehension for taking a coercive action by AO for recovery of balance of 50% - HELD THAT:- Since assessee has already paid 50% of total demand and AO himself has stayed re....... + More
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2015 (12) TMI 1860
Appointment of Local Commissioners - It is argued that the defendants are manufacturing counterfeit products by blatantly using the trademark and the logo of the plaintiffs - Rule 9 CPC - HELD THAT:- The books of account to be signed by the Local Commissioners will pertain to the stock of goods with the defendants bearing the trademark PUMA and the Form Strip Logo of the plaintiffs and also with respect to any other infringing materials with the defendants. The books of account would be those as pertain to the financial figures with respect to....... + More
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2015 (12) TMI 1859
Seeking grant of Bail - dishonest misappropriation of deposits of the gullible investors - there would be around 1600 complainants/victims, all of whom have been cited as witnesses and they were duped of approximately ₹ 20 crores - offence under Sections 420/120B IPC - HELD THAT:- Though nature of accusation and the severity of punishment in case of conviction as well as reasonable apprehension of tampering with the witnesses or apprehension of threat to the complainant are some of the important considerations while granting or refusing ....... + More
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2015 (12) TMI 1858
Deduction u/s 54F - capital gain declared on sale of two residential houses - assessee sold two residential flats and one shop located at Pune - As per AO assessee should not own more than one residential house, other than the new asset, on the date of transfer of original asset - Date of sale of shop - HELD THAT:- As assessee had sold the residential flat on 31.7.2007 and thereafter sold the shop on 01-02-2008, while the tax authorities have presumed the residential units have been sold after the sale of shop. Since the factual aspects relati....... + More
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2015 (12) TMI 1857
Oppression and mismanagement - allotment of shares - appointment of two directors and alleged removal of managing director at the board meetings - Whether the Board resolution passed on 27.10.2004 duly appointing two new directors is legal and valid? - HELD THAT:- The petitioner was present in the Board meeting dated 27.10.2004 and he is party to the decisions including appointment of two directors on the Board of the R1 Company, therefore the petitioner is acquiesced to all the decisions taken in the Board meetings, Admittedly the company is ....... + More
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2015 (12) TMI 1856
Deemed University - Judicial Review - amenability test based on the source of power - expression any person or authority used in Article 226 of the Constitution - HELD THAT:- It is clear from reading of the ratio decidendi of judgment in ZEE TELEFILMS LTD ANR VERSUS UOI. ORS [ 2005 (2) TMI 773 - SUPREME COURT] that firstly, it is held therein that the BCCI discharges public duties and secondly, an aggrieved party can, for this reason, seek a public law remedy against the BCCI under Article 226 of the Constitution of India. Firstly, respondent ....... + More
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2015 (12) TMI 1855
Validity of detention order - no copy has been served upon petitioner - HELD THAT:- Petitioner submits that he does not wish to press the present writ petition and he would seek appropriate remedy as available to him in accordance with law at the appropriate stage. In view of the stand taken by learned counsel, present writ petition and all pending applications are dismissed as not pressed.
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2015 (12) TMI 1854
Reopening of assessment u/s 147 - as argued no reasons were recorded for reopening before the date of issue of notice u/s.148 - HELD THAT:- From the notesheet, we found that the first entry pertains to issue of notice u/s.148 dated 6-3-2009 and the last entry is dated 16-12-2009. However, we do not find any entry in notesheet recording the reasons for reopening, after the date of issue of notice on 6-3-2009 u/s.148, it means reasons for reopening was not recorded after issue of notice u/s.148 dated 6-3-2009. Since note sheet recording entries ....... + More
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2015 (12) TMI 1853
Execution of will in favour of the Plaintiff in respect of the property in suit or not - relief of permanent injunction - HELD THAT:- In MAHAVIR SINGH VERSUS NARESH CHANDRA [ 2000 (11) TMI 1238 - SUPREME COURT] , explaining the scope of revision in the matters of acceptance of additional evidence by the lower appellate court interpreting expression or for any other substantial cause in Rule 27 of Order XLI, this Court has held that It is only in the circumstances when the appellate court requires such evidence to pronounce the judgment the nec....... + More
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2015 (12) TMI 1852
Treatment of carbon credit receipts - revenue or capital receipts - HELD THAT:- As decided in M/S. ARUN TEXTILES PRIVATE LIMITED VERSUS ASST. COMMISSIONER OF INCOME TAX, COMPANY CIRCLE, TIRUPUR [ 2014 (9) TMI 922 - ITAT CHENNAI] we are inclined to hold that the receipt from sale of carbon credits has to be considered as capital receipt and accordingly, it is not taxable. Thus, there is no question of considering the same for deduction u/s.80IA. Deduction u/s.80IA - Whether depreciation of earlier years, which have been absorbed, cannot be noti....... + More
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2015 (12) TMI 1851
Deduction u/s 80-IA in respect of windmills - AO rejected the claim of the assessees on the ground that the Department has filed a Special Leave Petition against the judgment of Madras High Court in Velayudhaswamy Spinning Mills (P) Ltd[ 2010 (3) TMI 860 - MADRAS HIGH COURT] - HELD THAT:- This Tribunal is of the considered opinion that mere pendency of Special Leave Petition before the Apex Court cannot be a reason to take a different view. The judgment of Madras High Court is binding on all the authorities in the State of Tamil Nadu and Union....... + More
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2015 (12) TMI 1850
Unexplained expenditure under section 69C relating to the purchase of goods - addition based on name of the two suppliers figured in the list of suspicious dealers in the website of sales Tax department - eligible proof that the assessee has indulged in the bogus purchases - CIT(A) deleted the additions - HELD THAT:- When the AO himself has not doubted the purchase and sale transaction and all the expenditure has been duly accounted in the books of account, then it can not be said to be a case of unexplained expenditure. It is not the case of ....... + More
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2015 (12) TMI 1849
Computation of deductio u/s 10A - Assessee incurred sales commission in foreign currency during the previous year relevant to the assessment year 2006-07 - AO excluded it from the export turnover, however, not reduced from the total turnover - CIT(A) by following the decision of ITO vs Sak Soft Ltd [ 2009 (3) TMI 243 - ITAT MADRAS-D] observed that for the purpose of applying the formula u/s 10A, the sales commission expenses which was incurred in foreign currency for providing technical services outside India are to be excluded both from expor....... + More
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2015 (12) TMI 1848
Validity of subsequent settlement made in favour of the Temple Managing Committee - the disputed land was earlier settled in the name of Shri Jagannath Mahaprabhu Bije Puri, Marfat Siddha Brundaban Ramanuj Das. Whether the suit lands can vest in the Respondent Math in the light of the provisions of the Shri Jagannath Temple Act, 1955? - HELD THAT:- In the instant case, there is a clear conflict between the proviso of Section 2(oo) of the OEA Act, 1951 and Sections 5 and 33 of the Temple Act, 1955. It is also clear that both the above statutory....... + More
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2015 (12) TMI 1847
MAT Computation u/s 115JB - Deduction on account of prior period expenditure from net profit shown in Profit Loss Account for the purpose of computing book profit u/s 115JB - HELD THAT:- Only in cases where a particular item of income or expenditure is required to be disclosed in the Profit Loss Account but was disclosed in the notes to accounts, then such item of income or expenditure will be treated as part of Profit Loss Account for the purposes of computing profit u/s 115JB. Assessee has not brought on record anything to show as to how thi....... + More
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2015 (12) TMI 1846
TDS u/s 194J - Disallowing the expenses on account of violation of the provisions of TDS - payment from the party/ organizers for the artistes - assessee submitted that she is acting as a co-ordinator between artists and the organizer for arranging musical programmes - HELD THAT:- The assessee receives the payments from the organizers after TDS and make over the negotiated amount without TDS since the appellant is representing and acting for and on behalf of the organizers. All the artistes are very famous, widely acclaimed and have themselves....... + More
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2015 (12) TMI 1845
Seeking restoration of name of Company in the register of companies maintained by the Registrar of Companies - Section 560(6) of the Companies Act, 1956 - HELD THAT:- The notice in respect of action under Section 560 was not sent to the registered office of the company. Consequently, the condition precedent for the initiation of proceedings to strike off the name of petitioner from the Register maintained by the respondent was not satisfied - Looking to the fact that the petitioner is stated to be a running company; and that it has filed this ....... + More
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2015 (12) TMI 1844
Non admission of addiontioal evidence - CIT(A) has passed the appellate order without considering the application u/s. 250(4) read with Rule 46A of the Income Tax Rules filed by the assessee - HELD THAT:- CIT(A) has not considered the application moved by the assessee for leading additional evidence u/r. 46A of the Rules. In order to meet the ends of justice, we are of the considered view that the order passed by learned CIT(A) without deciding the application for leading additional evidence moved by the assessee is not sustainable in the eyes....... + More
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2015 (12) TMI 1843
Dismissal of appeal for non-prosecution - HELD THAT:- During the course of hearing today, nobody was present on behalf of the assessee neither any adjournment was sought. The notice of hearing was sent to the assessee through Registered Post on 05.11.2015, which has not yet been returned back by the Postal Authority. We find that on earlier occasion, when the case was listed the matter was adjourned at the request of the assessee. It, therefore, appears that the assessee is not interested to prosecute the matter. The law aids those who are vig....... + More
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2015 (12) TMI 1842
TP Adjustment - disallowance of the corporate service charges - HELD THAT:- It is seen from the DRP s order for A Y 2010-11 that observing that the facts of the matter are similar to those for A. Y. 2009-10, the DRP followed the same findings and decisions therein. In that view of the matter, we follow the decision of the co-ordinate bench in the assessee s own case for A. Y. 2009-10 [ 2015 (9) TMI 286 - ITAT MUMBAI] and accordingly, in the interest of equity and justice, remit this matter of the computation of the ALP of the international tra....... + More
