Month: November 2013

Bombay H.C : Whether the existence of a potentially taxable income or an expenditure (capital or revenue) that impacts computation of taxable income is a sine qua non for the invocation of jurisdiction under Chapter X

High Court Of Bombay Vodafone India Services (P.) Ltd. vs. Union Of India Section : 92CA Mohit S. Shah, Cj.  And M.S. Sanklecha, J. Writ Petition No. 1877 Of 2013 November  29, 2013 JUDGMENT Mohit S. Shah, CJ. – At the request of learned counsel for both the sides, the writ petition was taken up for final …

Delhi H.C : The ITAT was correct in law in deleting the addition u/s 68 of the Income Tax Act, 1961 holding the same to be camouflage transactions / accommodation entries

High Court Of Delhi CIT – II vs. MAF Academy (P.) Ltd. Assessment Year : 2002-03 Section : 68 Sanjiv Khanna And Sanjeev Sachdeva, JJ. IT Appeal No. 341 Of 2012 November  28, 2013 JUDGMENT Sanjeev Sachdeva, J. – This is an appeal under Section 260A(1) of the Income Tax Act, 1 961 (for short “the Act”) …

Bombay H.C : Reassessment notice was bad in law where it was based upon allowance of excessive deduction under section 80-IB but facts revealed that claim for deduction under section 80-IB was allowed in original assessment after consideration

High Court Of Bombay Lalitha Chem Industries (P.) Ltd. Vs. DCIT – 9 (2) Assessment Year : 2006-07 Section : 80-IB, 147 Mohit S. Shah, Cj. M. S. Sanklecha, J. Writ Petition (L) No. 2741 Of 2013 November 27, 2013 JUDGMENT M. S. Sanklecha, J. – Rule returnable forthwith. At the request of learned Counsel for the …

Gujarat H.C : The Assessing Officer can pass a rectification order modifying the original assessment order carried into appeal and having already merged with the order of the Commissioner of Income Tax (Appeals) while giving effect to the order passed by Commissioner of Income Tax (Appeals)

High Court Of Gujarat Gujarat State Seeds Corporation Ltd. Vs. ITO (OSD) Section 154 Assessment Year : 1983-84 K.S. Jhaveri And K.J. Thaker, JJ. Tax Appeal No. 1105 Of 2006 November 27, 2014 JUDGMENT K.S. Jhaveri, J. – Being aggrieved and dissatisfied with the impugned order dated 13.01.2006 passed by the Income Tax Appellate Tribunal, Ahmedabad …

S.C : Where amount retained under section 132 exceeds amounts required to meet liability under section 132B(1)(i), revenue is liable to pay simple interest at rate of fifteen per cent on expiry of six months from date of order passed under section 132(5) to date of regular assessment or re-assessment, as the case may be

Supreme Court Of India Chironjilal Sharma (HUF) VS. Union Of India Section : 132B, 244 R.M. Lodha, Madan B. Lokur And Kurian Joseph, Jj. Civil Appeal No. 10601 Of 2013 November 26, 2013 JUDGMENT R.M. Lodha, J. – Leave granted. 2. The brief facts necessary for consideration of the issue raised in the appeal are these: …

Delhi H.C : Where assessee sold a property and within three years from sale completed new construction on a plot earlier purchased after demolishing existing structure thereon, assessee was entitled to exemption under section 54F

High Court Of Delhi CIT-V VS. Ashok Kumar Ralhan Section : 54F Sanjiv Khanna And Sanjeev Sachdeva, Jj. IT Appeal No. 505 Of 2013 November 22, 2013 JUDGMENT Sanjiv Khanna, J. –This appeal by the Revenue under section 260A of the Income-tax Act, 1961 (“the Act”, for short), deserves dismissal at the admission stage itself. 2. …

Delhi H.C : Management and advisory fee received by assessee engaged in dealing in shares, investments, loan, finance and related activities, is business income of assessee, irrespective of fact as to whether assessee has not substantiated sum incurred to earn same

High Court Of Delhi CIT, Delhi –VIII VS. Ashok Mittal Assessment Year : 2000-01 Section : 28(i), 56 Sanjiv Khanna And Sanjeev Sachdeva, Jj. It Appeal No. 27 Of 2013 November  21, 2013 ORDER Sanjiv Khanna, J. – This appeal by the Revenue under Section 260A of the Income Tax Act, 1961 (Act, for short) relates to assessment …

Delhi H.C : Solitary transaction of purchase and sale of shares in which assessee incurred loss due to fall in value of share, did not constitute assessee’s business and loss could be set off against assessee’s profit from other businesses

High Court Of Delhi CIT VS. Orient Instrument (P.) Ltd. Assessment Year : 1991-92 Section : 73 S. Ravindra Bhat And Najmi Waziri, Jj. It Appeal No. 112 Of 2000 November 20, 2013 JUDGMENT 1. The following substantial question of law was framed at the time of admission of this appeal : “Whether the Tribunal was …

Karnataka H.C : The appellate authorities were correct in allowing depreciation in respect of a grounded aircraft which had not been used by the assessee and had been admitted in the audit report and not specifically adverted to in the course of orders

High Court Of Karnataka CIT vs. Mcdowell And Co. Ltd. Assessment Year : 1998-99 Section : 74 N. Kumar And Mrs. Rathnakala, JJ. IT Appeal No. 338 Of 2007 November 19, 2013 JUDGMENT N. Kumar, J. -In this appeal, the appellant has raised the following substantial questions of law : “1. Whether the appellate authorities were …
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