Tag Archives: In favour of Revenue

Madras H.C : No part of the consideration for sate was received by the appellant and same was directly paid to the Bank by the purchaser in discharge of the mortgage amount and therefore no capital gains arises in the hands of the appellant

High Court Of Madras D. Zeenath vs. ITO Section 48 Asst. Year 1995-1996 Vineet Kothari....Read More

S.C : The Tribunal came to the conclusion that prior to the insertion of the expression “suo motu” with effect from 1 April 2008 in Section 142(2C), the assessing officer had no jurisdiction to extend time for the submission of the report of an auditor appointed under sub section (2A)

Supreme Court Of India CIT vs. Ram Kishan Dass Section 142(2A), 142(2C) Dr. Dhananjaya Y.....Read More

Madras H.C : Whether the Income Tax Law is a-political, a-religious in character, whether the character and attributes of the recipient of an income determines the taxability or the character of the receipt of income

High Court Of Madras Union Of India (Rep. By The Secretary Ministry Of Finance) And....Read More

S.C : The respondent-assesse (Bank) was entitled to claim deduction under Section 35-D

Supreme Court Of India Pr.CIT vs. Yes Bank Ltd. Section 260A, 35D Asst. Year 2007-2008....Read More

Madras H.C : Whether the expenditure claimed by the Assessee is to be treated as Revenue Expenditure or Capital Expenditure

High Court Of Madras Hanon Automotive Systems India Private Limited (Previously Known As M/S.Visteon Automotive....Read More

Madras H.C : Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is right in law in confirming the assessment of Rs.58,60,105/- as income of the appellant, invoking Section 41(1) of the Income Tax Act?

High Court Of Madras West Asia Exports & Imports (P) Ltd. vs. Assistant Commissioner Of....Read More

Madras H.C : Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in law in not appreciating that the market value of the library materials that were available as on 01.04.1981 has to be estimated and thereafter indexation as provided u/s. 48 had to be allowed on such market value, while computing the capital gains on sale of library containing antique materials ?

High Court Of Madras Vallikannu Nagarajan And Sivagami Roja Muthiah vs. The DCIT Section 48....Read More

S.C : Share Capital/Premium is credited in the books of account of the Assessee company, the onus of proof is on the assessee to establish by cogent and reliable evidence of the identity of the investor companies, the creditworthiness of the investors, and genuineness of the transaction, to the satisfaction of the Assessing Officer

Supreme Court Of India Pr.CIT (Central) vs. NRA Iron &Steel Pvt. Ltd. Section 68 Uday....Read More

S.C : The Revenue arises out of the income tax proceedings initiated against the respondent(assessee) on the basis of a search operation which was carried out by the Income Tax Department in assessee’s premises

Supreme Court Of India CIT vs. Rashtradoot (HUF) Section 260A Asst. Year 1987-88 to 1996-97....Read More

Bombay H.C : The redemption fine of Rs. 75,00,000/- is allowable as business expenditure under Section 37

High Court Of Bombay Pr.CIT vs. Sushil Gupta Section 69C, 271(1)(c) Asst. Year 1988-89 Akil....Read More