Month: October 2009

Delhi H.C : Whether the Tribunal was correct in law in holding that the assessee is neither a financial company nor a credit institution in terms of s. 2(5B) of the Interest-tax Act, 1974 and as such was not a taxable entity for the purpose of the Interest-tax Act, 1974 ?

High Court Of Delhi CIT vs. Motor And General Finance Ltd. Section 2(5A), 2(5B), 4, Asst. Year 1995-96 to 1999-2000 A.K. Sikri & Siddharth Mridul, JJ. IT Appeal Nos. 254, 255, 261 and 282 of 2008 30th October, 2009 Counsel Appeared : Sanjeev Sabharwal, for the Appellant : O.S. Bajpai with B.K. Singh, for the Respondent …

Delhi H.C : the appellant is not an ‘industrial undertaking’ and, therefore, not entitled to deduction under s. 35D of the Act. Still dissatisfied, present appeal is preferred under s. 260A

High Court Of Delhi Ansal Housing & Construction Ltd. vs. CIT Section 35D Asst. Year 1998-99 A.K. Sikri & Valmiki J. Mehta, JJ. IT Appeal Nos. 1261, 1278, 1287 & 1402 of 2008 30th October, 2009 Counsel Appeared : Ajay Vohra with Ms. Kavita Jha & Sriram Krishna, for the Appellant : Subhash Bansal, for the …

Kerala H.C : Writ appeal is filed against the judgment of the learned Single Judge who upheld the suo motu orders issued by the CIT directing revision of appellant’s income-tax assessment for the year 199293 to determine taxable income

High Court Of Kerala Panchaman Traders vs. CIT & Anr. Section 263 Asst. Year 1992-93 C.N. Ramachandran Nair & V.K. Mohanan, JJ. Writ Appeal No. 1223 of 2006 30th October, 2009 Counsel Appeared : P. Balakrishnan, for the Appellant: P.K.R. Menon & Jose Joseph, for the Respondent JUDGMENT C.N. Ramachandran Nair, J. : Writ appeal is …

Delhi H.C : Whether the Tribunal was correct in law in deleting the addition of interest income from FDRs amounting to Rs. 6,85,624 under the head “Income from other sources” by treating it as business income ?

High Court Of Delhi CIT vs. Mereena Creations Section 28(i), 56, 80HHC Asst. Year 2001-02 A.K. Sikri & Siddharth Mridul, JJ. IT Appeal No. 650 of 2006 30th October, 2009 Counsel Appeared : Ms. Suruchi Aggarwal with Anish Kumar, for the Appellant : Pankaj Jain with R.K. Chauhan, for the Respondent JUDGMENT A.K. SIKRI, J. : …

Karnataka H.C : Rectification entries were passed subsequently and the goods were taxed during the asst. yr. 199798 in the hands of M/s Rajesh Industries which is contrary to the facts of the case; since the assessee and M/s Rajesh Industries did not file revised returns subsequent to rectification of account entries and consequently recorded a perverse finding

High Court Of Karnataka CIT & Anr. vs. Pranam Metals Section 271(1)(c) Asst. Year 1997-98 V.G. Sabhahit & S.N. Satyanarayana, JJ. IT Appeal No. 1000 of 2006 29th October, 2009 Counsel Appeared : M.V. Seshachala, for the Appellants : None, for the Respondent JUDGMENT V.G. Sabhahit, J. : This appeal by the Revenue is filed being …

Karnataka H.C : There were no irregularities pointed out by the AO in order to reject the books of account and estimate the gross profit based on the previous years despite the fact that in the survey it was found that the assessee did not maintain stock books, no separate books indicating the raw materials and finished goods, discrepancies found in cash book, etc., and on oath the assessee had undisclosed income of Rs. 10,94,000 which he came forward to offer for tax and consequently recorded a perverse finding

High Court Of Karnataka CIT & ANR. vs. Swastik India Asst. Year 2000-01 V.G. Sabhahit & S.N. Satyanarayana, JJ. IT Appeal No. 3073 of 2005 29th October, 2009 Counsel Appeared : M.V. Sheshachala, for the Appellants : Kamath & Kamath, for the Respondent JUDGMENT V.G. Sabhahit, J. : This appeal by the Revenue is filed being …

Karnataka H.C : Whether the payment made in cash in excess of Rs. 20,000 contrary to s. 40A towards the purchase of lottery tickets from M/s Mysore Sales International Ltd. is entitled for exemption under r. 6DD(b) of the IT Rules, 1962 ?

High Court Of Karnataka ITO & ANR. vs. K.N. Pramod Section 40A(3), IT Rule 6DD Asst. Year 2005-06 V.G. Sabhahit & S.N. Satyanarayana, JJ. IT Appeal No. 5 of 2007 29th October, 2009 Counsel Appeared : M.V. Seshachala, for the Appellants : Anant N. Bhat & N.P. Vivek Mehta, for the Respondent JUDGMENT V.G. Sabhahit, J. …

Delhi H.C : the money paid for annual maintenance contract (AMC) for ten years warranted, which was included in the invoice at the time of purchase of equipment should be included as sale price of the said equipment

High Court Of Delhi CIT vs. D.D. Industries Ltd. Section 43(1) A.K. Sikri & Siddharth Mridul, JJ. IT Appeal No. 1389 of 2008 29th October, 2009 Counsel Appeared : Sanjeev Sabharwal, for the Appellant : P. N. Monga with Manu Monga, for the Respondent JUDGMENT By the court : The Income-tax Appellate Tribunal (hereinafter referred to …

Kerala H.C : the Tribunal justified in cancelling the disallowance of excess over 5 per cent discount given by the assessee to its managing director towards sales commission

High Court Of Kerala CIT vs. Eastern Condiments (P) Ltd. Section 37(1) Asst. Year 2001-02 to 2004-05 C.N. Ramachandran Nair & V.K. Mohanan, JJ. IT Appeal Nos. 103, 132, 196 & 272 of 2009 28th October, 2009 Counsel appeared : P.K.R. Menon & Jose Joseph, for the Appellant : P. Balakrishnan, for the Respondent JUDGMENT C.N. …

Himachal Pradesh H.C : Whether, the absence of the proviso to section 13 of the Interest-tax Act, 1974 corresponding to Explanation 3 to section 271(1)(c) of the Income-tax Act, 1961, could render the case ineligible for penalty under section 13 of the Interest-tax Act even on the differential amount of tax sought to be evaded i.e., the difference of tax sought to be evaded on chargeable interest assessed by the Assessing Officer and chargeable interest returned by the assessee

High Court Of Himachal Pradesh CIT vs. H.P. State Co-Operative Bank Assessment Year : 1992-93 Section : 13,271(1)(C) Deepak Gupta And V.K. Ahuja, JJ. IT Appeal No. 33 Of 2006 October 28, 2009 JUDGMENT Deepak Gupta, J. – This appeal has been admitted on the following question of law : “1. Whether, the absence of the …
Malcare WordPress Security