Judgements by Hetvi Sheth

Whether rent received from mobile company for use of terrace to install antenna is taxable as "Income from house property" or "Other sources" u/s 22?

Hetvi Sheth 20 January 2015 at 11:14

The assessee, an individual, had received sums aggregating to Rs. 2,91,723 from Bharati Airtel Limited and Idea Cellular Limited, towards renting out its terrace for the use by these companies as places where as, mobile communication service provider

Posted in Others | 3 comments | 2549 Views

ITAT comments on level of professionalism by Chartered Accountants as "pathetic"

Hetvi Sheth 17 January 2015 at 11:01

One common issue in all the assessment years is the challenge to the correctness of ALP adjustment made to the billing for contract manufacturing by the assessee, to its associated enterprises based abroad. The question is whether CPM, with entrepren

Posted in Others | 2255 Views

Whether the consideration u/s 50C should be determined on the basis of circle-rate prevailing on the date of execution of sale deed or date of execution of the sale deed?

Hetvi Sheth 16 January 2015 at 11:15

During the previous year relevant to the Assessment Year 2005-06, the assessee company had sold a plot of land as per sale-deed dated 16.09.2004. The sale price on which capital gain hasbeen worked out was taken at Rs.2,57,76,000/- (Rs.2,62,08,000 le

Posted in Others | 2223 Views

Whether transfer fees received by Cooperative Housing Society from incoming & outgoing members (even in excess of limits) is exempt on ground of mutuality?

Hetvi Sheth 24 December 2014 at 12:19

Assessee, a Co-operative Housing Society received a sum of Rs.39,68,000/- on account of transfer of flat and garage and credited it to 'general amenities fund' as well as 'repair fund'. This receipt of Rs.39,68,000/- has been claimed as exempted from

Posted in Others | 2797 Views

Whether gains on sale of Transferable Development Rights received as additional FSI as per the D.C. Regulations has cost of acquisition and chargeable to capital gains?

Hetvi Sheth 23 December 2014 at 10:58

Controversy existed between Cooperative Housing Societies and Income Tax department regarding taxability of the amounts that societies receive from developer as compensation to repair buildings in form of corpus, rent and larger area. With the promul

Posted in Others | 2972 Views

Whether levy of service-tax on Advocates is Constitutional – Article 19(1)(g)

Hetvi Sheth 22 December 2014 at 11:40

The Petitioner is an Indian citizen and a practicing Advocate. He claims to be affected by the levy of Service Tax on Advocates. It is the case of the Petitioner that section 65(105) (zzzzm) of the Finance Act, 1994 as inserted by the Finance Act 200

Posted in Service Tax | 2511 Views

Whether refund of Self-Assessment Tax is entitled to interest u/s 244A?

Hetvi Sheth 01 December 2014 at 12:38

The petitioner filed its return of Income declaring a total income of Rs.13.12 crores. The tax payable on the declared income was Rs.6.79 crores which was paid by way of advance tax and credit for TDS. However as there was still a shortage of tax pay

Posted in Others | 3398 Views

Whether interest expenditure attributable to a taxable business can be disallowed u/s. 14A/ Rule 8D and whether expenditure on creating assets which do not belong to the assessee is revenue expenditure?

Hetvi Sheth 25 November 2014 at 10:43

Questions of law raised were(1) Whether the Tribunal erred in law in deleting the addition made on account of disallowance u/s 14A read with Rule 8D, without appreciating the language and provision of these Sections, more so when the expenditure was

Posted in Others | 2591 Views

Whether mere execution of a development agreement results in a "transfer" u/s 2(47((v)/(vi) if the approval of the municality is delayed and the developer has not started work?

Hetvi Sheth 24 November 2014 at 11:49

Assessee entered into MOU on 05-08-1994 with M/s Radiant Builder for development of property. Subsequently, the assessee entered into another MOU with M/s Murali realtors on 26.12.1995 & 17.5.1996 and a Deed of confirmation was also executed on 13.11

Posted in Others | 2355 Views

Whether purchases can be treated as bogus solely on the ground that suppliers are not traceable if the assessee has paid by a/c payee cheques and produced the income-tax and sales-tax documents and bank statements of the suppliers?

Hetvi Sheth 20 November 2014 at 10:21

Assessee is a proprietor of M/s Gururaj Metals in the business of supply of Ferrous and non-ferrous metals to SSIs. AO disallowed certain purchases on the ground that suppliers are not traceable. The assessee furnished ledger copy of purchases, signe

Posted in Others | 3061 Views