Month: April 2007

Delhi H.C : Whether the alleged increase in liability due to foreign exchange fluctuation as per the exchange rate prevailing on the last day of the financial year is merely notional and cannot be allowed as a deduction ?

High Court Of Delhi CIT vs. Woodward Governor India (P)Ltd. & Ors. Section 37(1), 43A Vikramajit Sen & Dr. S. Muralidhar, JJ. IT Appeal Nos. 52 of 2002, 271 of 2004, 49 of 2005 & 159 of 2006; ITA Nos. 19 of 1996, 2 of 2001, 278 of 2002, 276 of 2003, 6, 304 of 2004, …

Delhi H.C : whether the assessee who is entitled to exemption under s. 10(22) of the IT Act, 1961, can claim the benefit thereof for the purpose of income deemed to be chargeable to tax under s. 68 of the Act. ?

High Court Of Delhi Director Of Income Tax vs. Raunaq Education Foundation Section 10(22) Asst. Year 1987-88, 1998-99 Madan B. Lokur & V.B. Gupta, JJ. IT Appeal No. 1318 of 2006 30th April, 2007 Counsel Appeared Ms. P.L. Bansal, for the Appellant : Anoop Sharma with Manu Giri, for the Respondent JUDGMENT MADAN B. LOKUR, J. …

Delhi H.C : The assessee did not respond but a letter was received by the AO from M/s Khanna & Co. claiming to be the chartered accountant of Ms. Devina Mehra in which it was stated that she had given a loan to the assessee on behalf of M/s First Global Finance (P) Ltd

High Court Of Delhi Bharti Telecom Finance Ltd. vs. ACIT Madan B. Lokur & V.B. Gupta, JJ. IT Appeal No. 931 of 2006 30th April, 2007 Counsel Appeared : Y.K. Kapur, for the Appellant : Mrs. P.L. Bansal, for the Respondent JUDGMENT Madan B. Lokur, J. : The assessee is aggrieved by an order dt. 27th …

Rajasthan H.C : the loan was taken from his brother for immediate business need and that he was under bona fide belief that the acceptance of cash deposit below Rs. 20,000 does not contravene s. 269SS of the IT Act

High Court Of Rajasthan : Jaipur Bench CIT vs. Raj Kumar Sharma Section 260A, 271D, 273B R. Lodha & R.S. Chauhan, JJ. D.B. IT Appeal No. 118 of 2006 30th April, 2007 Counsel Appeared : Ms. Parinitoo Jain, for the Appellant : P. K. Kasliwal, for the Respondent JUDGMENT By the court : We heard Ms. …

Himachal Pradesh H.C : The Tribunal, while upholding penalty imposed under s. 271(1)(a) of the IT Act, 1961, for each of the asst. yrs. 1983-84 and 1984-85, was right in law in giving the finding that there was no reasonable and sufficient cause for not filing the return in time

High Court Of Himachal Pradesh Janeshwar Lal Rajeshwar Lal vs. CIT Section 271(1)(a), 273B Asst. Year 1983-84, 1984-85 Deepak Gupta & Surinder Singh, JJ. IT Ref. No. 12 of 1994 27th April, 2007 Counsel Appeared : K.D. Sood, for the Applicant : Ms. Vandana Kuthiala, for the Respondent JUDGMENT Deepak Gupta, J. : The aforesaid reference …

Delhi H.C : The funds in the Narela Revolving Fund did not belong to the assessee and, therefore, the interest earned by investing the surplus funds in banks also did not belong to the assessee

High Court Of Delhi CIT vs. Delhi State Industrial Development Section 4 Asst. Year 1991-92 Madan B. Lokur & V.B. Gupta, JJ. ITA No. 359 of 2002 27th April, 2007 Counsel Appeared : R.D. Jolly, for the Appellant : Ms. Anusuya Salwan, for the Respondent ORDER By the court : The Revenue is aggrieved by an …

Bombay H.C : Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the assessee is an industrial company to which provisions of s. 104 of the IT Act do not apply ?

High Court Of Bombay CIT vs. Jamnalal And Sons Section 80M, 256(2) J.P. Devadhar & B.P. Dharmadhikari, JJ. IT Appln. Nos. 1, 9 and 24 of 1997 26th April, 2007 Counsel Appeared : A.S. Jaiswal, for the Applicant : C.J. Thakkar, for the Respondent JUDGMENT J.P. Devadhar, J. : Heard Mr. A.S. Jaiswal, learned counsel for …

Delhi H.C : Assessee has claimed preoperative expenses of Rs. 41,24,841 in the computation of total income in respect of the expenses occurred on new factory and has also claimed capital issue expenses of Rs. 2,63,588

High Court Of New Delhi CIT vs. Relaxo Footwears Ltd. Section 37(1) Asst. Year 1995-96 Madan B. Lokur & V.B. Gupta , JJ., ITA No. 387 of 2007 25th April, 2007 Counsel Appeared : Ms. Rashmi Chopra, for the Applicant JUDGMENT V.B. Gupta, J. : This is an appeal under s. 260A of the IT Act, …

Delhi H.C : A search and seizure operation under s. 132 of the Act was conducted at the residence of Karta of the assessee HUF Sh. Sandeep Kumar. Certain documents/loose papers were seized during the course of search

High Court Of Delhi Sandeep Kumar (HUF) vs. CIT Section 68, 158BB Block period 1st April, 1986 to 29th Aug., 1996 Madan B. Lokur & V.B. Gupta, JJ. IT Appeal No. 380 of 2007 25th April, 2007 Counsel Appeared P.N. Monga with Manu Monga, for the Appellant : R.D. Jolly, for the Respondent JUDGMENT V.B. Gupta, …
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