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IV. Direct Tax Case laws:
1. M/s York Exports (P) Ltd. Vs. CIT, Writ Petition (Civil) No. 646/1997, Date of Decision: 14.08.2013, Delhi High Court
Section: 80HHC of the Income Tax Act, 1961
Decision: In favor of the assessee
The assessee
is eligible to claim the deduction u/s 80HHC on account of profits
derived from exports even if the sale proceeds in convertible foreign
exchange are not remitted within a period of six months from the end of
the previous year as the circumstances were beyond the control of the
assessee and the relief is not denied merely on account of late filing
of application. Accordingly, the Hon’ble High Court allowed the writ and
quashed the orders of the Revenue.
(Please click here for judgment)
2. G.S. Engineering & Construction Corporation Vs. DDIT
Circle 1(2) Intl. Taxation, Writ Petition (Civil) No. 6966/2007, Date of
Decision: 22.08.2013, Delhi High Court
Where the
“reason to believe” as required for assessment u/s 153A do not show why
and for what reasons income chargeable to tax had escaped assessment
then whether the assessment u/s 153A can be proceeded?
Held - No
In the present
case, the Hon’ble High Court observed that the “reason recorded” by the
department for opening of assessment u/s 147 were inchoate & appear
to be mere surmise and do not show why and for what reasons income
chargeable to tax had escaped assessment. Therefore, the reassessment
notice issued u/s 148 read with section 147 of the Act, for the
assessment year 2002-03 was set aside.
(Please click here for judgment)
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