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II. Direct Tax Case laws:
1. S.K. Jain vs CIT (New Delhi & Ors.), W.P.(C) 7551/2012, Judgment delivered on: 12.03.2013, Delhi High Court
Decision: In favour of Assessee.
Section: 132 of Income Tax Act 1961
Case Referred:
1. Sandvik Asia Ltd. v. CIT & Ors. (2002) 280 ITR 643 (SC)
2. Ajay Gupta v. CIT: (2008) 297 ITR 125
Whether
assessee is entitled to interest on the seized cash retained from the
day next following the completion of the assessment till the cash was
actually released to the petitioner?
Held Yes
No
such interest has been provided under section 132B(4) of the Act.
However, it should be paid from the day next following the day on which
the assessment was completed till the amount was actually released to
the petitioner. Thus, interest was directed to be paid @ 12% in respect
of this period.
(Please click here for judgment)
2. Faiz Murtaza Ali vs CIT, ITA No. 613/2012, Judgment delivered on: 20.02.2013, Delhi High Court
Decision: In favour of Assessee
Section: 2(14) of Income Tax Act, 1961
Assessment Year: 2002-03
Case Referred to:
1. H.H. Maharaja Rana Hemant Singhji vs CIT [1976] 103 ITR 61 (SC)
2. Himatlal C. Valia Vs CIT (2001) 248 ITR 262 (Guj.)
Whether
movable items like paintings, sculptures, work of art etc. could be
considered to be personal effects under definition of capital assets U/s
2(14) in A.Y. 2002-2003.
Held Yes,
Amendment
to section 2(14) has been brought about by the Finance Act, 2007 w.e.f.
1.4.2008 which alters the clause pertaining to personal effects and
same would not apply in the relevant year as it has prospective
operation with effect from 01.04.2008.
(Please click here for judgment)
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