CIT vs ECE Industries Ltd.
Long term capital gains-Slump sale as a going concern-A.Y. 1999-2000, 2000-01.
The assessee sold it's Lamp Division under a slump sale. The resulting gains were long term capital gains. S. 50(2), was [LexDoc Id : 410200]
CIT vs Oswal Agro Mills Ltd. and Oswal Chemicals and Fertilizers Ltd.
Depreciation: Non use of an asset in a block-Depreciation on: Assets of closed unit, Passive user of assets-AY 1998-1999. One unit of assessee completely halted its production from AY 1997-1998. The passive user cannot be extended to absurd limits. However, [LexDoc Id : 406081]
DIT vs LG Cable Ltd.
Income deemed to accrue in India-Offshore supply of equipment vs Business Connection-AY 2002-2003. The assessee was incorporated in South Korea. It was given two contracts by an Indian Company. One contract was for: Onshore execution o [LexDoc Id : 404773]
HC (Delhi)
2010
Mahesh G. Shetty, G.P. Shetty, Dinesh G. Shetty and Nagalakshmi Shetty vs CIT
Expenditure on exempt income-Applicability of Proviso to S.14A-AY 1995-1996. The assessee borrowed funds and invested these in firm, in which he was a partner. The Proviso to S. 14A was inserted w.e.f. 11-05-2001. [LexDoc Id : 404663]
Lotus Trans Travels (P) Ltd. vs CIT
Income derived from hotel/tour operator-Interest earned in Indian Currency-The assessee was a tour operator. It received certain amount in advance in foriegn currency. These were kept in FDR's for short terms. The interst the [LexDoc Id : 401569]
HC (Delhi)
2010
CIT vs Interra Software India (P) Ltd.
Export of computer software-Onsite development of: Computer Software-The profits derived from on site development of computer software outside India, would be
entitled to deduction under s.10A.
S.10A of the Income [LexDoc Id : 401351]
CIT vs Aero Club
Scope of: Best judgement asstt.-No arbitrary additions-AY-1994-1995, 1998-1999.
The A.O. while framing an asstt. u/s 144 cannot make an arbitrary asstt. He had to base his case on rational basis. The G.P. [LexDoc Id : 401102]
