Thursday, December 15, 2011

OTHERS


  • The Delhi High Court in Maxopp Investments Ltd. vs. CIT deciding on 21 appeals has held that No S. 14A or Rule 8D Dis allowance can be made without showing how assessee's calculation is wrong and only real expenditure can be disallowed
  • The Mumbai High Court in CIT vs. Manuja J. Shah has held that Indexed cost of gifted assets has to be determined with reference to previous owner for the purposes of computing capital gains
  • The Delhi High Court in CIT vs. Manish Build well Pvt. Ltd. has held that if the CIT (A) acts on an application under Rule 46A for admission of additional evidence, then the requirement of giving the AO an opportunity as per Rule 46A(3) is mandatory..
  • The Mumbai High Court in CIT vs. The Stock and Bond Trading Company has held that Penalty/ Fine for violation of procedural law is not hit by Explanation to s. 37(1) and the same is allowable as deduction.

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