Three Important Judgements On S. 153A/ 153C, s. 194LA TDS And S. 80-IA

ACIT vs. Inlay Marketing Pvt. Ltd (ITAT Delhi)

S. 153A/ 153C: Entire law on recording of satisfaction by the AO and limitation period explained

(i) It must not be lost sight of that s. 153C of the Act and 158BD of the Act are draconian in nature when accounts of the person or entity other than the person searched are reopened automatically and revenue gets authority to assessee or reassess assessment of six assessment years preceding previous year in […]

Bruhat Bangalore Mahanagar Palike vs. ITO (ITAT Bangalore)

The term "any sum" in s. 194LA TDS does not cover a case where there is no monetary consideration but Development Right’s Certificate (DRC) are issued
The issue that arises for consideration is as to whether provisions of s.194LA of the Act are applicable to a case where (a) there was no compulsory acquisition; (b) there was no payment of any monetary consideration. (i) The process of surrender of land for public purpose by owners of land and issue of CDRs […]

Empire Pumps Pvt. Ltd vs. ACIT (Gujarat High Court)

S. 80HHA/ 80-IA: Interest earned on fixed deposits placed out of business compulsion is "derived" from the undertaking

Income earned from fixed deposit placed for business purpose cannot be treated as income from other source but must be seen as part of the assessee’s business income. In the present case also the assessee was compelled to park a part of its funds in fixed deposits under the insistence of the financial institutions and […]