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Showing 1 to 15 of 64963 Records

    2014 (4) TMI 636 - GUJARAT HIGH COURT

    Commissioner of Income Tax-I Versus Niraj Kumbhat

    Deletion of penalty u/s 271(1)(c) of the Act – Search u/s 132(4) of the Act - Undisclosed income – Held that:- Revenue contended that the assessee has not specified in its statement, the manner in which such income has been derived – the objection of ......

    2014 (4) TMI 635 - BOMBAY HIGH COURT

    Commissioner of Income Tax-4, Mumbai Versus ICICI Web Trade Ltd.

    Excessive and unreasonable expenditure - Treatment of income from operations – Brokerage income – Held that:- Certain customers have been introduced to the assessee through the ICICI Bank Ltd. and that is how there is increase in brokerage income - T ......

    2014 (4) TMI 634 - KERALA HIGH COURT

    The Commissioner of Income Tax Versus M/s. Koottummal Groups

    Applicability of section 40A(3) of the Act – Relationship of Agency present or not - Whether the Tribunal was justified in accepting the contention that there existed an agency between the assessee and M/s. Reliance Communication to justify its concl ......

    2014 (4) TMI 633 - GUJARAT HIGH COURT

    Commissioner of Income Tax –II Versus Leo Formulations Pvt. Ltd.

    Rejection of book results – Restriction of extra consumption of raw materials – To what extent the additions were necessary - Held that:- The AO as well as the appellate authorities held that the book results did not reflect the correct position - CI ......

    2014 (4) TMI 632 - MADRAS HIGH COURT

    M/s. Goldmine Investments Versus The Deputy Commissioner of Income Tax

    Application for seeking review – Error apparent on the face of record - Incorrect method of computation of profits adopted - Held that:- Though the assessee has not preferred any appeal as against the order dated 15.10.2004, the revenue has preferred ......

    2014 (4) TMI 631 - ITAT HYDERABAD

    The Deputy CIT Central Circle-4, Hyderabad Versus Sri Ramprasad Agarwal And Others

    Estimation of profit - Estimated unaccounted turnover of unaccounted receipts – Held that:- The CIT(A) worked out the turnover on the basis unaccounted electricity charges worked out at Rs. 13,98,08,035 and estimated the profit on it at 2.76% - Accor ......

    2014 (4) TMI 630 - ITAT HYDERABAD

    Dy. Commissioner of Income-tax Versus Sri Grosu Murali Krishna, Nellore.

    Addition made towards unexplained opening balance – Held that:- The decision in Smt. Surapu Indira Devi Vs. ACIT [2014 (3) TMI 679 - ITAT HYDERABAD] followed – The finding given by the CIT(A) is justified as there is no seized material to disturb the ......

    2014 (4) TMI 629 - ITAT MUMBAI

    Aker Powergas Systems Pvt. Ltd. Versus The DCIT-10(1), Mumbai

    Reasonableness of the sum offered - Addition of notional income on security deposit – Computation of house property u/s 23(1)(a) of the Act - Whether the rental income offered by the assessee @ Rs. 11 lakhs per month is reasonable or not – Whether th ......

    2014 (4) TMI 628 - ITAT MUMBAI

    The ACIT, Central Circle-20, Mumbai Versus M/s. Universal Medicare Pvt. Ltd., (Successor to Banner Pharmacaps India Pvt. Ltd,)

    Deletion of penalty u/s 271(1)(c) of the Act – Bonafide for claiming deductions proved - Held that:- A fraud/defalcation has been committed by one of the employees of the assessee which came to the notice of the assessee in 2005 - the return of incom ......

    2014 (4) TMI 627 - ITAT MUMBAI

    Hamid Indrapurwala Versus The Income Tax Officer, Mumbai

    Bar of limitation - Validity of the penalty order passed u/s 271B of the Act – Held that:- The penalty proceedings have been initiated on 06.10.2003 and also again on 09.02.2004 - But the penalty order has been passed only after 03.03.2006 – the pena ......

    2014 (4) TMI 626 - ITAT MUMBAI

    Intergold (India) Pvt. Ltd. Versus DCIT 8(2), Mumbai

    Nature of loss – Speculation Loss or not – Forward exchange contracts – Held that:- The decision in CIT vs. Badridas Gauridu (P) Ltd vs. CIT [2003 (1) TMI 61 - BOMBAY High Court] followed – In order to hedge against losses, the assessee had booked fo ......

    2014 (4) TMI 625 - ITAT MUMBAI

    The ACIT, Circle-9(3), Mumbai Versus M/s. Sun Transtamp Pvt. Ltd.

    Eligibility for deduction u/s 80IB(2) of the Act – Process amounts to manufacture or not u/s 80IB(2)(iii) of the Act – Held that:- The decision in ACIT Vs National Lamination Industries [2007 (6) TMI 230 - ITAT AHMEDABAD] followed – There cannot be t ......

    2014 (4) TMI 624 - ITAT MUMBAI

    M/s. Riddhi Siddhi Comm. Co. Ltd. Versus ITO-Wd. 3 (3) (1), Mumbai

    Validity of passing of effect order – Petition pending u/s 154 of the Act not decided – Held that:- The proceedings under section 154 of the Act have nothing to do with the action of the AO in giving effect to the order of the Tribunal - the appeal o ......

    2014 (4) TMI 623 - ITAT AHMEDABAD

    20 Microns Limited C/o NC Vaishnav & Co. Versus DCIT, Ci rcle-4, Baroda

    Disallowance of product development expenses – Capital or revenue expenses – Depreciation on product development expenses – Held that:- The expenses has been outsourced as assessee did not have any skill/specialized personal - As per Section 35AB, wh ......

    2014 (4) TMI 622 - ITAT DELHI

    Dy Commissioner of Income Tax Circle 14(1), New Delhi Versus Panasonic AVC Networks India Co Ltd

    Deletion of arms length price (ALP) adjustment – Margins used for adjustment - Whether the CIT(A) has erred in using the margins of the assessee after allowing for adjustment for capacity utilization – Held that:- CIT(A) rightly held that in case a ......

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