Month: March 2016

Bombay H.C : Where assessee raised funds by way of FCCBs and AO made detailed enquiries about genuineness and creditworthiness of actual subscribers to such FCCBs in terms of section 68, mere fact that AO did not make any reference to said issue in assessment order, would not entitle Commissioner to pass a revisional order

High Court Of Bombay CIT vs. Reliance Communication Ltd. Section 68, 263 S.C. Dharmadhikari And G.S. Kulkarni, JJ. IT Appeal No. 1816 Of 2013 March  28, 2016 ORDER 1. This is an appeal by the Revenue questioning the order of the Tribunal dated 5th February, 2013. 2. The respondent-assessee was in appeal before the Tribunal in Income Tax …

Karnataka H.C : The Tribunal was right in law deleting the addition of Rs. 81,40,232 on account of cessation of liability under Section 41(1) being outstanding liability towards M/s. Durga Traders as claimed by the assessee when the assessee failed to prove the existence of the creditor and that the credit had insisted for the payment at pay point of time or initiated any legal action against the assessee, although the entry has been appearing in the books of the assessee for past 7 to 8 years and assessing authority rightly invoked provisions of sections 41(1) as all the conditions are fulfilled in the case of assessee

High Court Of Karnataka CIT, Bangalore vs. Alvares & Thomas Section 41(1) Assessment year 2010-11 Jayant Patel And Mrs. B.V. Nagarathna, JJ. IT Appeal No. 658 Of 2015 March 24, 2016 JUDGMENT Jayant Patel, J. – The appellant-Revenue has preferred the present appeal by raising the following substantial question of law: “Whether under the facts and …

Madras H.C : The assessee is entitled to deduction under Section 80IA without setting off the losses/unabsorbed depreciation pertaining to the windmill, which were set off in the earlier year against other business income of the assessee following the decision of the jurisdictional High Court in the case of M/s. Velayudhaswamy Spinning Mills (340 ITR 477), when the same is pending appeal before the Supreme Court in SLP. Civil No. 1136 of 2011

High Court Of Madras CIT, Coimbatore vs. Best Corporation Ltd. Section 80-IA Assessment Year 2011-12 Ramasubramanian And M. Duraiswamy, JJ.  V. Ramasubramanian Tca No. 167 Of 2016 & Cmp No. 2523 Of 2016 March  23, 2016 JUDGMENT V. Ramasubramanian, J. – The Revenue has come up with the above appeal raising the following substantial questions of law …

Karnataka H.C : The assessee is entitled for deduction under section 10B of the Act by following its earlier order passed in the case of the assessee even when the assessee has not fulfilled the conditions set out in the said provision and the orders relied upon by the Tribunal has not reached finality

High Court Of Karnataka CIT, Bangalore vs. Himatsingka Seide Ltd. Section 14A, 36(1)(iii) Assessment Year 2007-08 Jayant Patel And B.V. Nagarathna, JJ. IT Appeal Nos. 228 & 229 Of 2015 April 5, 2016 JUDGMENT Jayant Patel, J. – The appellant-Revenue has preferred the present appeals by raising the following substantial questions of law: “1. Whether, on …
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