Month: July 2007

Bombay H.C : Whether on the facts and in the circumstances, the Tribunal was justified in setting aside the impugned cash credit of Rs. 7 lacs in respect of loans from Shri Y.J. Choksi Group and disallowance of interest of Rs. 3,96,964 thereon Whether on the facts and in the circumstances of the case, the Tribunal ought to have deleted the impugned additions by way of cash credit and disallowance of interest in view of gross violation of the principles of natural justice and directions given by the CIT(A) in his order dt. 30th March, 2001 ?

High Court Of Bombay Kalpesh K. Shah vs. Assistant Commissioner Of Income Tax Section 68 Asst. Year 1997-98 F.I. Rebello & J.P. Devadhar, JJ. IT Appeal No. 483 of 2007 31st July, 2007 Counsel Appeared : S.N. Vidatia i/b Amarendra Mishra, for the Appellant : A.D. Kango, for the Respondent JUDGMENT J.P. Devadhar, J. : Heard. …

S.C : An amount representing rediscounting interest paid on promissory note/bill did not accrue or arise to the assessee bank by reason of diversion of such discount through overriding title in favour of Industrial Development Bank of India (IDBI) and hence did not form part of chargeable interest under s. 2(7)

Supreme Court Of India CIT vs. Canara Bank Section INT 2(7), INT 5 Asst. Year 1979-80 to 1985-86 S.H. Kapadia & B. Sudershan Reddy, JJ. Civil Appeal Nos. 6724 to 6729 of 2003 30th July, 2007 Counsel Appeared : Mohan Parasaran with Ms. Alka Sharma, Raghavendra Rao, Kailash Pandey & B.V. Balaram Das, for the Appellant …

Bombay H.C : Does the third proviso to s. 254(2A) of IT Act, have the effect of denuding the Tribunal of its incidental power to grant interim reliefs ?

High Court Of Bombay Narang Overseas (P) Ltd. vs. Income Tax Appellate Tribunal & Ors. Section 254(2A) F.I. Rebello & J.P. Devadhar, JJ. Writ Petn. No. 1454 of 2007 30th July, 2007 Counsel Appeared : S.E. Dastoor with Niraj Seth, for the Petitioner : B.M. Chatterjee, for the Respondents JUDGMENT F.I. REBELLO ,J. : Rule. Considering …

S. C : Whether for the purpose of computing the period of limitation envisaged under sub-s. (2) of s. 263 of the IT Act, 1961 (for short “the Act”), the date of order of assessment or that of the reassessment

Supreme Court Of India CIT vs. Alagendran Finance Ltd. Section 263 Asst. Year 1994-95 to 1996-97 S.B. Sinha & H. S. Bedi, JJ. Civil Appeal No. 3301 of 2007 27th July, 2007 Counsel Appeared : Rajiv Dutta, for the Revenue : Anil Diwan, for the Assessee JUDGMENT S.B. SINHA, J : Leave granted. 2. Whether for …

Punjab & Haryana H.C : the assessee is justified in claiming deduction under s. 80HHC of the IT Act, 1961, of such profits as determined by the AO and that there is no infirmity in the order of the learned CIT(A) in directing to allow such deduction, with regard to the amount of addition of Rs. 2,50,000 made in the trading account while finalising the assessment for the asst. yr. 1989-90

High Court Of Punjab & Haryana CIT vs. Bawa Skin Company Section 80HHC M.M. Kumar & Ajay Kumar Mittal, JJ. IT Ref. No. 115 of 1998 26th July, 2007 Counsel Appeared : Sanjiv Bansal, for the Revenue JUDGMENT Ajay Kumar Mittal, J. : This reference under s. 256(1) of the IT Act, 1961 (for short “the …

S.C : he CCE(A) vide order dt. 28th Dec., 1998 asked the appellant to deposit the entire amount of duty and penalty within four weeks from the date of the order. Finance (No.2) Act, 1998, came out with scheme known as “Kar Vivad Samadhan Scheme, 1998” (for short, ‘KVSS’). The said scheme provided for settling the tax arrear by paying 50 per cent of the disputed tax arrear

Supreme Court Of India Swan Mills Ltd. vs. Union Of India & Ors. Finance (No. 2) Act, 1998, s. 95(i)(c) Dr. Arijit Pasayat & D.K. Jain, JJ. Civil Appeal No. 3281 of 2007 26th July, 2007 JUDGMENT Dr. ARIJIT PASAYAT, J. : Leave granted. Challenge in this appeal is to the order passed by a Division …

Madras H.C : No penalty under s. 271(1)(c) is impermissible as nothing was concealed from the Department, when the assessee had filed revised returns admitting an additional income of Rs. 22,65,900 only after the survey under s. 133A

High Court Of Madras CIT vs. CAFCO Syndicate Shipping Co. Section 260A, 271(1)(c) Asst. Year 2002-03 K. Raviraja Pandian & P.P.S. Janarthana Raja, JJ. Tax Case (Appeal) No. 942 of 2007 23rd July, 2007 Counsel Appeared : J. Naresh Kumar, for the Appellant JUDGMENT K. RAVIRAJA PANDIAN, j. : The judgment of the Court was delivered …
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