Judgements by Hetvi Sheth

Whether gains on the sale of equity shares and Compulsorily Convertible Debentures are exempt from income tax in India by virtue of DTAA with Mauritius? And whether gains arising on the sale of CCDs are interest within the meaning of Section 2(28A) of the Income Tax Act, 1961 and taxable under Article 11 of India-Mauritius DTAA?

Hetvi Sheth 09 August 2014 at 10:41

Zaheer Mauritius - Petitioner Versus - Director of Income Tax - Respondent

Posted in Income Tax | 4199 Views

Whether benefit of section 80V would be available to the Assessee if the borrowings were taken for the purpose of payment of tax? And whether disallowance under rule 6D should be computed with reference to the total expenditure incurred by an employee or other persons during the entire year and not with reference to each trip separately?

Hetvi Sheth 07 August 2014 at 11:22

In AY 1985-86, the Assessee had paid interest on deposits and claimed deduction under section 80V of the I.T. Act 1961 as the said deposits were primarily obtained for the payment of taxes under the I.T. Act. The Assessing Officer rejected the claim

Posted in Income Tax | 3859 Views

Whether interest paid on borrowings will be disallowed u/s 14A if assessee’s own funds and non-interest bearing funds exceeds investment in tax-free securities?

Hetvi Sheth 02 August 2014 at 10:41

The Respondent-assessee is a bank. In the given case, the Bombay High Court has to decide whether the Tribunal was correct in holding that the investment in tax free securities/investments are represented by assessee's own funds in the shape of share

Posted in Others | 2895 Views

Whether disallowance can be made u/s 14A of the Income Tax Act if no expenditure is incurred in relation to the exempt income?

Hetvi Sheth 01 August 2014 at 11:36

Appellantis a NBFC in thebusiness of investments in shares and securities, money lending and finance. 10 companies merged with the assessee company w.e.f. 1.4.2007. The assessee filed its original return declaring loss of Rs.1,90,84,382/- on 30.9.200

Posted in Income Tax | 5928 Views

Whether bonus paid to employees of contractors performing regular/essential work be termed as basic wages as defined under the Employees Provident Fund and Miscellaneous Provisions Act, 1952 for the purpose of determination of Provident Fund?

Hetvi Sheth 31 July 2014 at 15:33

The petitioner alleged that a team of Enforcement Officers visited the establishment of the respondent and found that the respondent-establishment failed to extend Provident Fund benefits to transport contractors’ workers; failed to pay Provident Fun

Posted in Others | 2405 Views

Whether retracted statement can form the basis of reopening of assessment under section 147 of Income Tax Act and whether Protective assessment without substantive assessment is permissible?

Hetvi Sheth 30 July 2014 at 12:22

The assessee company is a non-banking finance company engaged in the business of consultancy, investments, finance and trading in shares.During the course of a survey conducted by investigation wing of the department on Shri Subodh Gupta, CA in 2003,

Posted in Income Tax | 4785 Views

Whether Inland Haulage Charges derived as income from operation of ships are taxable as business profits in India in accordance to Article 8 of India-Belgium DTAA?

Hetvi Sheth 29 July 2014 at 11:42

The Respondent assessee is a company incorporated in Belgium and a tax resident of Belgium engaged in business of operation of ships in international traffic. The Assessee collected Inland HaulageCharges from it’s customers in respect of transportati

Posted in Others | 2392 Views

Whether Section 43 B covers employees’ contribution to Provident Fund and whether the deduction is allowable if it is paid before due date for filing the Return of Income?

Hetvi Sheth 28 July 2014 at 11:59

The Assessee Company is engaged in the business of manufacturing basic chemicals and chemical intermediates and is a Government of India enterprise.The present Appeal is a case of disallowance of payment of employees' contribution to the P.F. amounti

Posted in Income Tax | 4465 Views

Whether loss on account of depreciation in value of securities held as stock is notional and allowable as deduction?

Hetvi Sheth 25 July 2014 at 11:18

Commissioner of Income Tax – Versus – HDFC Bank Ltd.

Posted in Others | 1 comments | 1171 Views

Whether fees received for “foreign exchange deal matching system services” constitutes “royalty” under Article 13 of India-UK DTAA & Section. 9(1)(vi) of Income Tax Act, 1961?

Hetvi Sheth 24 July 2014 at 11:35

The assessee company is a tax resident of United Kingdom incorporated under the laws of England. The assessee is engaged in the business of providing “foreign exchange deal matching system” which enables foreign exchange authorized dealers to effect

Posted in Income Tax | 1 comments | 2740 Views