Month: June 2011

Madras H.C : the Income-tax Appellate Tribunal was right in quashing the block assessment made on the assessee on the ground that the assessment has not been made on the basis of materials found in the search

High Court Of Madras CIT vs. Soora Subramaniam Huf (Individual) Block Assessment : 1986-87 To 1995-96 Section : 158BB Mrs. Chitra Venkataraman And P.P.S. Janarthana Raja, JJ. Tax Case (Appeal) No. 289 Of 2005 June 29, 2011 JUDGMENT Mrs. Chitra Venkataraman, J. -The Revenue has come up on appeal as against the order of the Income-tax …

Madras H.C : The assessee-society was exempt under section 5(1)(i) of the Wealth-tax Act in respect of its assets consisting of the land and buildings comprised in the kalyana mandapam owned by it

High Court Of Madras Director of Income-tax (Exemptions) vs. Samyuktha Gowda Saraswatha Sabha Assessment Years : 1986-87 To 1988-89 & 1990-91 Section : 5(1)(I) P. P. S. Janarthana Raja And Mrs. Chitra Venkataraman, JJ. T.C.(A) Nos. 109 To 112 Of 2005 June 28, 2011 JUDGMENT Mrs. Chitra Venkataraman, J. – The following substantial question of law …

Madras H.C : Where relevant assessment order has not been specifically referred to by sanctioning authority in his sanction to prosecute assessee under section 35B, same would be a case of mechanical signing of order on part of sanctioning authority which will vitiate order of sanction

High Court Of Madras J. Jayalalitha vs. Assistant Commissioner of Wealth-tax Assessment Year 1993-94 Section : 27A P.R. Shivakumar, J. CRL. R.C. No. 924 Of 2010 June 27, 2011 JUDGMENT P.R. Shivakumar, J. – This criminal revision case has been preferred under section 397 read with section 401 of the Code of Criminal Procedure, 1973, by …

Gujarat H.C : Where charge created by assessee in favour of financial institution by equitable mortgage of immovable property in question was for valuable consideration and without notice of proceedings for recovery of income-tax dues against assessee, such mortgage was saved by proviso to section 281

High Court Of Gujarat Tax Recovery Officer vs. Industrial Finance Corporation of India Assessment Years : 1996-97, 1998-99 To 2001-02 Section : 281 S.J. Mukhopadhaya, Cj. And K.M. Thaker, J. Special Civil Appeal Nos. 3786 And 6961 Of 2010 June 22, 2011 JUDGMENT S.J. Mukhopadhaya, CJ. – The first writ petition-Special Civil Application No. 3786 of …

Bombay H.C : Under section 145A of the Income-tax Act, 1961 the excise duty element cannot be added to the value of unsold sugar lying in stock on the last day of the accounting year

High Court Of Bombay CIT-III, Pune vs. Loknete Balasaheb Desai S.S.K. Ltd. Assessment Year 2001-02 Section : 145A J.P. Devadhar And Smt. R.P. Sondurbaldota, JJ. IT Appeal No. 4297 Of 2009 June 22, 2011 JUDGMENT J.P. Devadhar, J. – Heard. Admit on the following question of law :- “Whether on the facts and in the circumstances …

Calcutta H.C : the Income-tax Appellate Tribunal was justified in law in upholding the order of the Deputy CIT(A), Indore, directing to allow interest on interest, when the law points for grant of simple interest onl

High Court Of Calcutta Haralal Harendralal Roy Estates Ltd. vs. Union of India Assessment Years : 1978-79 To 1979-80 Section : 244 Bhaskar Bhattacharya And Sambuddha Chakrabarti, JJ. G.A. No. 1329 Of 2011 A.P.O.T. No. 203 Of 2011 June 17, 2011 JUDGMENT Bhaskar Bhattacharya, J. – This appeal is at the instance of a writ petitioner …

Calcutta H.C : the provisions relating to payment of advance tax are applicable in a case where the book profit is deemed to be the total income under section 115JB

High Court Of Calcutta Emami Ltd. vs. CIT, Central-I, Kolkata Assessment Year : 2001-02 Section : 234B, 234C, 207, 208, 211 Bhaskar Bhattacharya And Sambuddha Chakrabarti, JJ. IT Appeal No. 199 Of 2006 June 17, 2011 JUDGMENT Bhaskar Bhattacharya, J. – This appeal under section 260A of the Income-tax Act, 1961 is at the instance of …

Bomabay H.C : on sale of an asset, the written down value of the block of assets is to be reduced by the amount at which the asset is actually sold, whereas, in the case of sale of scrap, the value of the scrap, meaning thereby, the fair market value of the scrap and not the price at which the scrap is sold should be reduced from the written down value of the block of assets.

High Court Of Bombay CIT vs. Cable Corporation of India Ltd. Section : 43(6) J.P. Devadhar And Smt. R.P. Sondurbaldota, JJ. IT Appeal No. 728 Of 2011 June  16, 2011 JUDGMENT   1. The appeal is admitted on the following question of law : “Whether on the facts and in the circumstances of the case and …

Calcutta H.C : Principal business of assessee being grant of loans and advances, assessee came within exceptions to Explanation under section 73 and, hence, business loss of assessee could not be treated as speculation loss

High Court Of Calcutta PCBL Industrial Ltd. vs. CIT Assessment Year : 1997-98 Section : 73 Bhaskar Bhattacharya And Sambuddha Chakrabarti, JJ. IT Appeal No. 428 Of 2004 June 16, 2011 JUDGMENT Bhaskar Bhattacharya, J. – This appeal is at the instance of the assessee and is directed against an order dated 6th August, 2003, passed …

Calcutta H.C : the same was part of chargeable interest being ‘discount on promissory notes and bills of exchange drawn or made in India’ and whether its such finding was wholly unreasonable and/or otherwise perverse

High Court Of Calcutta National Insurance Co.Ltd. vs. CIT-II, Kolkata Assessment Year : 1992-93 Section : 2(5), 5, 6 Bhaskar Bhattacharya And Sambuddha Chakrabarti, JJ. IT Appeal No. 215 Of 2004 June 16, 2011 JUDGMENT Bhaskar Bhattacharya, J. – This appeal under section 260A of the Income-tax Act, 1961 read with section 21 of the Interest …
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