Tag: 349 ITR

Chhattisgarh H.C : Tribunal was justified in allowing deduction under sections 80HH and 80-I of the Act by considering the gross income from the two units of the appellants, namely, flour mill unit, Itarsi and solvent extraction plant, Khandwa, in violation of section 80AB

High Court Of Chhattisgarh CIT VS. Itarsi Oils & Flours Mills Ltd. Section : 80AB, 80HH, 80-I Abhay Manohar Sapre And G. Minhajuddin, JJ. IT Appeal No. 39 Of 2003 October 31, 2012 JUDGMENT Abhay Manohar Sapre, J. – This is an appeal filed by the Revenue under section 260A of the Income-tax Act, 1961, against …

Bombay H.C : Insertion of clauses (iiid) and (iiie) to section 28 and insertion of third and fourth provisos to section 80HHC could be given effect from date of amendment only and not in respect of earlier assessment years in cases of assessees whose export turnover was above Rs. 10 crore

High Court Of Bombay Vijaya Silk House (Bangalore) Ltd. VS. Union Of India Section : 28(I), 80HHC S.J. Vazifdar And M.S. Sanklecha, JJ. Writ Petition Nos. 2446,2522, 2541, 2544 & 2587 Of 2010, 443 To 445, 537, 628, 761 & 1240 Of 2011 1629 Of 2012 August 16, 2012 ORDER 1.Writ Petition No.1629 of 2012 is, …

S.C : Where cash flow statements submitted by assessee were not supported by document matter to be remitted to Commissioner (Appeals) giving opportunity to assessee to produce relevant document

Supreme Court Of India M.K. Shanmugam VS. CIT Section : 68 S.H. Kapadia, Cji And A.K. Patnaik, J. Civil Appeal Nos. 6902-6903 Of 2012 September 24, 2012 ORDER 1.Heard learned counsel on both sides. 2.Leave granted. 3. Having gone through the impugned judgement of the High Court in CIT v. M.K. Shanmugam 203 Taxman 136 / …

S.C : Difference between loan amount, due and payable by assessee was on account of non inclusion of interest amount in loan amount by bank, no concealment was to be alleged against assessee for imposition of penalty under section 271(1)(c)

Supreme Court Of India Northland Dev. & Hotel Corporation VS. CIT, Agra Section : 271(1)(C) S.H. Kapadia, Cj. And Madan B. Lokur, J. Civil Appeal No. 2134 Of 2007 September 18, 2012 ORDER Heard learned counsel on both sides. The civil appeal is allowed with no order as to costs. ORDER Heard learned counsel on both …

S.C : Where assessee claimed that it had spent certain welfare expenses towards providing education to its employees’ children, for applying section 40A(9) to such payment, there should be clear bifurcation between payments made by the assessee to schools and society promoted by it and payments made to schools other than those promoted by it

Supreme Court Of India Sandur Manganese & Iron Ores Ltd. VS. CIT Assessment Years : 1985-86, 1986-87, 1989-90 To 1992-93 Section : 40A(9) S.H. Kapadia, Cji. And Madan B. Lokur, J. Civil Appeal Nos. 4666-4675 Of 2005 S.L.P. (C) No. 16478 Of 2011 September 18, 2012 ORDER Civil Appeal Nos. 4666-4675 of 2005: 1. Heard learned …

S.C : Assessee in course of its business promoted a company which was declared sick by BIFR and advances/loans made to that company became irrecoverable, assessee was eligible to claim such irrecoverable amount as bad debt

Supreme Court Of India Kerala State Industrial Dev. Corpn. Ltd. VS. CIT Assessment Year : 1988-89 Section : 36(1)(Vii) S.H. Kapadia, Cji. And Madan B. Lokur, J. Civil Appeal No. 3554 Of 2007 September 18, 2012 ORDER 1. Heard learned counsel on both sides. 2. The civil appeal is allowed. 3. No order as to costs. …

S.C : AO not justified in rectifying assessment on ground that claim of deduction under section 80-IA had been allowed inadvertently before setting off of earlier years losses from profits and gains of industrial undertaking

Supreme Court Of India Dinosaur Steels Ltd. VS. JCIT Assessment Year : 1997-98 Section : 80-IA, 154 S.H. Kapadia, Cji And Madan B. Lokur, J. Civil Appeal No. 2135 Of 2007 September 13, 2012 ORDER 1. This civil appeal is filed by the assessee. It pertains to assessment year 1997-98. 2. Assessee is an industrial undertaking. …
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