Income Tax

M/s.Blackstone Asia Advisors vs Asst. DIT (Interntional Taxation)(ITAT)

Whether CIT(A) has erred in law and on facts in upholding the action of the AO in not granting the benefit of indexed cost of acquisition as provided under second proviso to section 48 of the Act while computing long term capital gains/loss in respect of shares sold during the year by Foreign Institutional Investor. Held Yes


DCIT vs Kalpana J. Jayakar (ITAT)

Whether mere inclusion of land in industrial zone without any infrastructure development thereupon or without establishing and proving that land was put into use for non-agricultural purposes does not and cannot convert agricultural land into non-agricultural land.Held Yes.
Whether therefore, it could be said that land sold by assessee was an agricultural land and, as such, any gain arising from sale thereof was exempted from tax. Held Yes.

JITO Administrative Foundation Trust vs. DIT (Exemption) (ITAT)

S. 2(15) - Coaching and preparing students to appear at some specified examination upon taking specified sum would not fall within charitable purpose as specified in section 2(15).

Sri S Narasaraju vs Dy.CIT (Bangalore ITAT)

Section 144, 142(1) - Whether where the notice of section 142(1) is issued by the AO during the course of assessment proceedings there is no need for issuance of any notice of section 144(1) in the light of second proviso to section 144-Held Yes

However since the AO has not supported his estimation of income with proper documentary evidence the matter requires fresh consideration in the interest of justice.