Friday, June 27, 2014

[aaykarbhavan] Two Important Judgements And Three Notices



 Dear Subscriber,

 

Smita Conductors Ltd vs. DCIT (ITAT Mumbai)

S. 50/ 112: Though gains on depreciable assets held for more than 3 years have to be treated as STCG u/s 50, the gains have to be taxed at the rate applicable to a LTCG

 

The assessee's stand that s. 50C does not apply to depreciable assets is not acceptable in view ofUnited Marine Academy 130 ITD 113(Mum) (SB). As regards the rate of tax, s. 50, which deems the capital gains as short-term capital gain is only for the purposes of sections 48 and 49 which relate to computation of capital gain. The deeming provisions have to be restricted only to computation of capital gain and for the purpose of other provisions of the Act the capital gain has to be treated as long-term capital gain. Consequently, though for the purpose of computation of capital gain, the flat has to be treated as short-term capital gain u/s 50, for the purpose of applicability of tax rate it has to be treated as long-term capital gain if held for more than three years (ratio of Ace Builders 281 ITR 410(Bom) & Manali Investments 139 TTJ 411(Mum) followed)

 

RW Promotions Pvt. Ltd vs. ACIT (ITAT Mumbai)

S. 254(2): Pendency of an appeal filed in the High Court u/s 260A bars the hearing of a MA filed u/s 254(2) even if the appeal is not admitted

 

The assessee has moved an instant Miscellaneous Application (MA) against the order of the !TAT. At the time of hearing, the AR for the assessee-appellant informed that the assessee has filed an appeal u/s 260A before the Hon'ble Bombay High Court, but is yet to be admitted. Since the appeal has been filed before the Hon'ble Bombay High Court, the judicial propriety does not allow the assessee to seek efficacious remedy simultaneously before two authorities and in particular where the issue is seized by a higher judicial forum, even if pending admission. On this ground, the instant MA is rejected

 

High Court Notice Requesting Details Of Pending Appeals On Deemed Dividend Issue

All members are kindly requested to provide the details of the appeals pending before the Hon'ble Bombay High Court where the issue involved is similar to ACIT vs Bhaumik (P) Ltd (2009) 118 ITD 1 (SB)(Mumbai) or CIT vs Universal Medicare (P) Ltd. (2011) 324 ITR 263 (Bom) as the Bench presided over by Hon'ble Justice Shri S.C. Dharmadikari and Hon'ble Justice Shri B.P Colabawalla is pleased to direct the registry to place all such appeals on board on the Friday the 4th July 2014. The matters would appear on the supplementary board to be published on Thursday, 3rd July, 2014. The details be provided to the staff of the lTAT Bar Association Library by Wednesday, 2nd July, 2014. The appeals pending for admission may be disposed of finally at the stage of admission and appeals which are admitted may be disposed of finally

 

ITAT Notice Inviting Objections For Weeding Out Old Appeal Records

The Assistant Registrar of the ITAT has issued a notice dated 25.06.2014 inviting objections, if any, from the assessees and the department with respect to the weeding out of old records

 

Bombay High Court Tax Bench Schedule For Hearing Tax Matters

IT IS HEREBY notified for the information of the Advocates and the parties appearing in-person that w.e.f. Monday, 23 June 2014, the Division Bench presided over by Hon'ble Shri Justice S.C.Dharmadhikari will take up the matters as under:

 

Regards,

 

Editor,

 

itatonline.org

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Latest

Allahabad Bank vs. ITO (ITAT Agra)

S. 201/ 201(iA): The payer is not liable for TDS default if the Dept does not that the tax could not be recovered from the recipient



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Posted by: "editor@itatonline.org" <itatonline.org@gmail.com>


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