Month: October 2018

Karnataka H.C : The statute allows exclusion of such expenditure expressly only from the Export Turnover by way of specific definition of export turnover defined in the Act, while there is no specific provision in Section 10A warranting exclusion of the above expenses from the Total Turnover

High Court Of Karnataka Pr.CIT And Anr. vs. M/S Sasken Communication Technologies Ltd. Section 10A, 10A(1), 10A(2), 10A(3), 10A(4), 10A(6), 10B, 56, 80HHC, 80HHE, 260-A and Section 2(18) of Customs Act, 1962 Asst. Year 2005-06 Dinesh Maheshwari, CJ. & S.G. Pandit, J. I.T.A. Nos.44-45 OF 2016 31st October, 2018 Counsel Appeared: E.I. Sanmathi, Adv. for the …

Madras H.C : The reopening of assessment u/s.147 beyond four years is valid when there is no failure on the part of the assessee to disclose fully and truly all the material facts

High Court Of Madras Tractors And Farm Equipment Limited vs. Assistant Commissioner Of Income Tax Section 143(2), 147, 148, 80HHC Asst. Year 1997-98 T.S. Sivagnanam & Bhavani Subbaroyan, JJ. T.C.(A).No. 1548 of 2008 31st October, 2018 Counsel Appeared: Vikram Vijaya Raghavan, Subbaraya Aiyar Padmanabha,Ramamani for the Appellant.: S. Premalatha, M.Swaminathan for the Respondent T.S. SIVAGNANAM, J. …

Madras H.C : The loss incurred from the transactions relating to the mutual fund units as a ‘capital loss’ based on the treatment given in the books of account as against the claim of ‘revenue loss’ even tough nomenclature in the books of account would not be decisive factor/test to ascertain the intention of the assessee

High Court Of Madras Calibre Financial Services Limited vs. ITO Section 143(3) Asst. Year 2001-02 T.S.Sivagnanam & V.Bhavani Subbaroyan, JJ. Tax Case Appeal Nos.1868 and 1869 of 2008 31st October, 2018 Counsel Appeared: A.S. Sriraman, J. Balachander for the Petitioner.: R. Hemalatha for the Respondent. T.S. SIVAGNANAM, J. 1. These appeals filed by the Assessee under …

Bombay H.C : A bare look at the relevant clauses of the agreement would denote that nothing was left to be done and the properties could be conveyed and transferred on the date of the agreement itself

High Court Of Bombay Pr.CIT vs. Talwalkars Fitness Club Section 269H Asst. Year 2011-2012 S. C. Dharmadhikari & B. P. Colabawalla, JJ. Income Tax Appeal No. 589 OP 2016 29th October, 2018 Counsel Appeared: Abhay Ahuja a/w P. A. Narayanan, Sangeeta Yadav for the Appellant.: Ashok Jayawant Patil for the Respondent PC. 1. By this Appeal, …

Gujarat H.C : Return was accepted without scrutiny under Section 143(1)

High Court Of Gujarat Purviben Snehalbhai Panchhigar vs. Assistant Commissioner Of Income Tax Section 147, 148 Asst. Year 2013-2014 Akil Kureshi & Umesh Trivedi, JJ. R/Special Civil Application No. 16725 of 2018 29th October, 2018 Counsel Appeared: Shakeel A Qureshi for the Petitioner. AKIL KURESHI, J. The petitioner has challenged a notice of re-opening of assessment …

Kerala H.C : The Tribunal erred in finding no adventure in the nature of trade when there were purchases made of properties steadily over a period and a transaction of sale carried out in the subject assessment year leading to a clear presumption of ’adventure in the nature of trade’ as contemplated under Section 2(13) of the Income Tax Act, 1961

High Court Of Kerala Pr.CIT vs. John Poomkudy Section 143(3) Asst. Year 2008-09 K.Vinod Chandran & Ashok Menon, JJ. I.T.A.No.113 of 2016 29th October, 2018 Counsel Appeared: P.K.R. Menon, Senior Counsel, GOI(Taxes), Jose Joseph, Standing Counsel for GOI (Taxes) for the Petitioner.: Navin R Nath, Geetha Job (OZHUKAYIL), Tom Jose for the Respondent. VINOD CHANDRAN, J. …

Madras H.C : Exchange fluctuation, provision written back, should be treated as income derived out of business for computation of deduction under Section 80HHC, esp cially when these were not treated as part of the total turnover

High Court Of Madras CIT vs. TTK Lig Ltd. T.S. Sivagnanam & V.Bhavani Subbaroyan, JJ. Section 41(1), 80HHC Asst. Year 2001-02 T.C.(A)Nos.1115 & 1116 of 2008 25th October, 2018 Counsel Appeared: M.Swaminathan, V.Pushpa for the Petitioner.: R.Vijayaraghavan, V.Vikram for the Respondent. T.S. SIVAGNANAM, J. 1. These Appeals filed by the Revenue under Section 260A of the …

Bombay H.C : Did not the Appellate Tribunal err in law in upholding the proceedings initiated against the Appellant under Section 147

High Court Of Bombay S. Rajalakshmi vs. ITO Section 139(1), 147, 148 Asst. Year 2007-08 S.C. Dharmadhikari & B.P.Colabawalla, JJ. Income Tax Appeal (IT) No. 2517 OF 2018 25th October, 2018 Counsel Appeared: S. Ganesh, Sr. Adv., Nishant Thakkar, Jasmin Amalsadvala I/b PDS Legal for the Petitioner.: Suresh Kumar for the Respondent. B. P. COLABAWALLA J. …

Punjab & Haryana H.C : Whether the IT AT has erred in passing the impugned order after going beyond the jurisdiction and is to that extent bad in law

High Court Of Punjab & Haryana CIT (Exemptions) vs. Baba Amarnath Educational Society Section 254(1) Ajay Kumar Mittal, & Avneesh Jhingan, JJ. ITA No.232 of 2016 25th October, 2018 Counsel Appeared: Denesh Goyal, Sr. Standing Counsel for the Petitioner.: Pankaj Jain, Sr. Adv., Sachin Bhardwaj, Adv. for the Respondent. AVNEESH JHINGAN, J.: The revenue has filed …
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