USV Ltd. vs JCIT
Business expenditure-Payments to settle disputes affecting assessee’s reputation-
The payment made by the assessee company on the basis of directions of the Company Law Board to settle the ongoing dispute between two groups of fam [LexDoc Id : 315102]
ITAT (Mumbai)
2006
CIT vs Balaji Traders
Penalty: Borrowing in cash-Exigencies of business: Reasonable cause-AY 1993-94. The assessee borrowed certain amount in cash in excess of the limit prescribed under s 269SS. The Tribunal found that cash borrowing was n [LexDoc Id : 309300]
HC (Chennai)
2006
CIT vs Lakshmi Trust Co.
Penalty: Accepting loans in cash-Reasonable cause: Loans from sister concerns-AY 1997-98. The assessee's business required cash purchases. It took loan in cash and repaid in cash from sister concerns. The transactions were genui [LexDoc Id : 308741]
DIT vs Ravva Oil (Singapore) (P) Ltd.
Non resident assessee-Head office expenses: Attributable to business in India-The assessee was a company incorporated in Singapore. Its branch office was in India and the Head office was in Singapore. The Indian Branch did not c [LexDoc Id : 334303]
BPL Ltd. vs Deputy Commissioner of Gift Tax
Validity of reopening of assessment-Belief of deemed gift, Evidence found in search-
AY 1993-94. The reopening of assessment on the basis of belief that the sale of shares by the assessee to another company had resulted in a deemed g [LexDoc Id : 318227]
HC (Karnataka)
2006
Venkata Rama Rao Awas and Ors. vs American Cyanamid Company and Ors.
Rectification of trade mark-Non- use of mark-The Registrar of Trade Marks was directed to remove the trademark 'ARGOLD' from its register because the mark was not in use for a period of five year [LexDoc Id : 317491]
IPAB
2006
CIT and Anr. vs Infosys Technologies Ltd.
Perquisites-Issue of ESOP shares through trusts-AY 1997-98 – 1999-2000. The assessee trust had allotted certain shares at concessional prices to an irrevocable trust created by it. The trust in turn [LexDoc Id : 315449]
Shirishkumar Kulkarni vs CIT
Maintainability of application for Advance Ruling-Withdrawals from Individual Retirement Account-The applicant had been residing and working in USA since December 1993. During the course of his employment, his employer deposited a part of his sala [LexDoc Id : 306991]
AAR
2006
Basu Distributors (P) Ltd. vs ITO
Limitation for fresh assessment-Fresh assessment on remand from tribunal-The tribunal had merely remanded the case to the AO to redecide the disallowance under s.40A(3) of the Income Tax Act 1961, and not set aside the enti [LexDoc Id : 306644]
VLS Finance Ltd., South Asian Enterprises Ltd. vs CIT and Ors.
Limitation for block assessment-Date of completion of search-Block Period 1994-95 – 1998-99. The income tax authorities had commenced search and seizure proceedings on 22 June 1998 and seized selective documents [LexDoc Id : 306151]
