Some Important Judicial Pronouncements
1. CAPITAL GAINS
In favour of: Assessee
Where fair market value claimed by assessee as on 1st April, 1981 was higher than that estimated by AO, the provisions of 55A should not have been invoked. Provisions of s 55A can be invoked only in case where the valuation report was not submitted by assessee.
Bombay Tribunal
RASHMIKANT BAXI (HUF) VS INCOME TAX OFFICER : (2015) 45 CCH 0091 MumTrib
Decided On: Sep 30, 2015
2. APPEALS
In favour of: Assessee
Where Revenue and assessee had not followed any of the prescribed method envisaged in r 10B of the Income-tax Rules for determining the Arm’s Length Price as provided u/s 92C of the Act, then method of computation adapted by both was erroneous and matter was justified to be remitted so as to compute the ALP as per the provisions of the Act.
Chennai Tribunal
AUTONEUM NITTOKU SOUND PROOF PRODUCTS INDIA P LTD. VS ASSISTANT COMMISSIONER OF INCOME TAX : (2015) 45 CCH 0088 ChenTrib
Decided On: Sep 29, 2015
3. CHARITABLE TRUSTS
In favour of: Assessee
Where profits arising out of the sale of land were utilized for charitable activities of the Trust as per the provisions of s 11, 12 & 13, then benefit u/s 11 could not be denied to the Charitable Trust.
Chennai Tribunal
INCOME TAX OFFICER (OSD) VS MAGUNTA RAGHAVA REDDY CHARITABLE TRUST : (2015) 45 CCH 0090 ChenTrib
Decided On: Sep 29, 2015
Some Important Judicial Pronouncements
At CAKART www.cakart.in you will get everything that you need to be successful in your CA CS CMA exam – India’s best faculty video classes (online or in pen drive) most popular books of best authors (ebooks hard copies) best scanners and all exam related information and notifications.Visit www.cakart.in and chat with our counsellors any time. We are happy to help you make successful in your exams.
.
www.cakart.in.
Click Here to download FREE CA CS CMA Text Books.