Tag Archives: In favour of Revenue

Karnataka H.C : The Distributable Surplus paid by the Respondent Assessee M/s. CHAMUNDI WINERY AND DISTILLERY to DIAGEO INDIA PRIVATE LIMITED in pursuance of the Agreement dated 30/10/2007 between these two parties was not ‘application of income’, but an ‘allowable expenditure’ in the hands of the Respondent Assessee under Section 37 of the Ac

High Court Of Karnataka Pr. CIT & Ors. vs. Chamundi Winery And Distillery & Ors.....Read More

Madras H.C : The Settlement Application filed by the petitioner was not allowed to be proceeded with and treated as invalid under Section 245D(2C)

High Court Of Madras Abdul Rahim vs. Income Tax Settlement Commission Section 245D(2C) Asst. Year....Read More

Bombay H.C : The assessee integrated both and this is a systematic activity or trading of shares with business motive. Thus, this is a trading activity and, therefore, he treated the short term capital gain offered by the assessee as business income.

High Court Of Bombay Ramilaben D. Jain vs. ACIT S. C. Dharmadhikari & B. P.....Read More

S.C : An assessee who sets up a new industry of a kind mentioned in sub-section (2) of Section 80-IC of the Act and starts availing exemption of 100 per cent tax under subsection (3) of Section 80-IC (which is admissible for five years) can start claiming the exemption at the same rate of 100% beyond the period of five years on the ground that the assessee has now carried out substantial expansion in its manufacturing unit

Supreme Court Of India CIT vs. Classic Binding Industries A. K. Sikri & Ashok Bhushan,....Read More

Bombay H.C : Assessee claimed short term capital gains on sale and purchase of shares as well as speculation income from trading of shares

High Court of Bombay Ramilaben D. Jain vs. ACIT C. Dharmadhikari & B. P. Colabawalla,....Read More

Rajasthan H.C : the learned ITAT has erred in law in confirming the order of CIT(A) in considering the division of the huge chunk of 10-11 bigha agricultural land into smaller portions of agricultural land for easy viability and sale as income from business and profession instead of income under the head capital gains, even when the appellant had inherited the land from his forefathers and had no intention or a previous track record of being into the business of purchase and sale of properties

High Court Of Rajasthan Mahaveer Yadav vs. ITO Section 28 Mohammad Rafiq & Goverdhan Bardhar,....Read More

Delhi H.C : the appellant and other joint account holders had an over draft facility and the amounts withdrawn were for construction of a building belonging to the three joint account holders and the surplus money, when not required, was re-deposited.

High Court Of Delhi Late Sh. Dinesh Kumar Jain Vs. Pr.CIT Section 260A, 69A Sanjiv....Read More

Allahabad H.C : the assessment proceedings under Section 153-A of the Act have not yet been finalised

High Court Of Allahabad Rich Udyog Network Ltd. & Ors. vs. Director Of Income Tax....Read More

Karnataka H.C : The condition under section 47(xiii)(b) should be satisfied only at the time of succession and not at any time thereafter

High Court Of Karnataka CIT & Anr. Vs. Prakash Electric Company & Anr. Section 47(xiii)(b),....Read More

Allahabad H.C : Entitlement of the assessee for deduction 80P of the Act is not relevant for charging addition Tax u/s 143(1A)

High Court Of Allahabad Fatehpur Kshetriya Gramin Bank vs. Additional Commissioner Income Tax Section :....Read More