Month: January 2008

Delhi H.C : the expression “Dy. Director” who is admittedly competent to issue a warrant of authorization includes an Addl. Director, in terms of the Notification No. SO 3862 dt. 6th Nov., 1979 issued by the CBDT

High Court Of Delhi Sunil Dua vs. CIT Section 132(1), 158BB, Block period 1st April, 1987 to 16th Jan., 1998 Madan B. Lokur & S.L. Bhayana, JJ. IT Appeal No. 1429 of 2006 30th January, 2008 Counsel Appeared : Ram Avtar Bansal, for the Appellant : R.D. Jolly, for the Respondent ORDER By the Court : …

Karnataka H.C : Whether, on the facts and in the circumstances of the case the interest earned by the assessee before the commencement of the business from the funds mobilised through share capital, borrowings in the form of debentures on private placement, short-term borrowings from the banks for working capital needs and also intercorporate loan from various companies which were kept invested in bill discounting, structured financing on the basis of letter of credit and advanced as loan to various parties, is chargeable to tax under the head ‘Income from other sources’ or under the head ‘Income from business’

High Court Of Karnataka CIT & ANR. vs. Jindal Vijayanagar Steel Ltd. Section 28(i), 56 Asst. Year 1995-96 Deepak Verma & K. L. Manjunath, JJ. IT Appeal No. 150 of 2003 30th January, 2008 Counsel Appeared : M.V. Seshachala, for the Appellants : Ashok Kulkarni for K. R. Prasad, for the Respondent JUDGMENT K.L. Manjunath, J. …

Kerala H.C : The Tribunal has cancelled the intimation issued under s. 143(1)(a) including the demand of additional tax under s. 143(1A) of the IT Act

High Court Of Kerala CIT vs. Mayflower Hotels (P) Ltd. Section 43B, 143(1)(a), 143(1A) C.N. Ramachandran Nair & T.R. Ramachandran Nair, JJ. IT Appeal No. 128 of 2001 30th January, 2008 Counsel Appeared : P.K.R. Menon & George K. George, for the Appellant : T.M. Sreedharan, for the Respondent JUDGMENT C.N. Ramachandran Nair, J. : The …

Rajasthan H.C : Whether in the facts and circumstances, when the books of account maintained by the assessee were rejected under s. 145 and the assessment was made by the AO to the best of his judgment, the Tribunal was justified in interfering with computation of income made by the AO to the best of judgment by deleting all additions merely on the basis that the exact material in support of the assessment was not brought on record by the AO ?

High Court Of Rajasthan CIT vs. Dr. A.P. Bahal Section 144, 145 Asst. Year 1994-95 N.P. Gupta & Deo Narayan Thanvi, JJ. IT Appeal No. 71 of 2004 30th January, 2008 Counsel Appeared : K.K. Bissa, for the Appellant : Ramit Mehta, for the Respondent ORDER By the court : This is Revenueâ€™s appeal against the …

Punjab & Haryana H.C : Whether on the facts and in the circumstances of the case, the Tribunal was right in applying the decision of the Punjab & Haryana High Court in Cineramas vs. CIT 1977 CTR (P&H) 145 : (1977) 110 ITR 762 (P&H) while confirming the disallowance of Rs. 50,000 payable to M/s Duestsche Strahil Metail of Berlin for non performance of the contract ?

High Court Of Punjab & Haryana (Full Bench) Jamna Auto Industries vs. CIT Section 37(1) Asst. Year 1975-76 Vijender Jain, C.J.; Rajive Bhalla & Ajay Kumar Mittal, JJ. IT Ref. No. 56 of 1987 30th January, 2008 Counsel Appeared : Pankaj Jain & Deepak Parakul Khurana, for the Assessee : Yogesh Putney, for the Revenue JUDGMENT …

S.C : A search and seizure was conducted by the respondents in the premises of the appellants pursuant to warrants of authorization dt. 3rd Aug., 2005

Supreme Court Of India K.C.C. Software Ltd. & Ors. vs. Director Of Income Tax (Investigation) & Ors. Section 132(1)(iii), 132B Dr. Arijit Pasayat & S.H. Kapadia, JJ. Civil Appeal No. 769 of 2008 29th January, 2008 JUDGMENT Dr. ARIJIT PASAYAT, J. : Leave granted. Challenge in this appeal is to the order passed by a Division …

Madhya Pradesh H.C : Whether the learned Member, Tribunal was right and justified in proceeding ex parte against the appellant despite the prayer of the appellant’s counsel to adjourn the case for a short while

High Court Of Madhya Pradesh Babulal Jain vs. ITO & Anr. Section 254(1), ITAT Rule 24 Asst. Years 1999-2000 R.S. Garg & S.C. Sharma, JJ. MAIT No. 181 of 2007 28th January, 2008 Counsel Appeared : Sanjay Mishra, for the Assessee : Sanjay Lal, for the Revenue ORDER By the court : The appeal is admitted …

Karnataka H.C : the amount of Rs. 8,06,147 incurred by the assessee for replacing the old mono-sound system with a new stereo system viz., Dolby system should be treated as a revenue expenditure and not as a capital expenditure as held by the AO and confirmed by the appellate CIT

High Court Of Karnataka CIT & Anr. vs. Sagar Talkies Section 37(1) Asst. Year 1996-97 K.L. Manjunath & A.S. Bopanna, JJ. IT Appeal No. 457 of 2004 25th January, 2008 Counsel Appeared : K.V. Aravind, for the Appellants : Kumar for King & Patridge, for the Respondent JUDGMENT K.L. Manjunath, J. : This appeal is by …

Delhi H.C : Whether the assessee is entitled to reduce the interest paid by it on a loan taken by it from the Bank of Rajasthan, by adjusting the interest received by it on fixed deposits which were pledged with the Bank of Rajasthan for obtaining the loan

High Court Of Delhi CIT vs. Pawan Kumar Jain Section 80HHC, Expln. (BAA) Asst. Year 2001-02 Madan B. Lokur & V.B. Gupta, JJ. IT Appeal No. 888 of 2007 25th January, 2008 Counsel Appeared : Ms. P.L. Bansal, for the Appellant : Dr. Rakesh Gupta, for the Respondent JUDGMENT Madan B. Lokur, J. : The Revenue …

Punjab & Haryana H.C : the jurisdiction to make assessment in respect of matters arising at Bombay had not been conferred or transferred to Delhi by reference to territory or persons or classes of persons or incomes or classes of income or cases or classes of cases as contemplated by s. 120

High Court Of Punjab & Haryana CIT vs. H.F.C.L. Infotel Ltd. Section 261A, 269 Asst. Year 1998-99 Satish Kumar Mittal & Rakesh Kumar Garg, JJ. IT Appeal No. 473 of 2006 24th January, 2008 Counsel appeared : Sanjeev Bansal, for the Appellant JUDGMENT Satish Kumar Mittal, J. : The Department has filed this appeal against the …