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Income Tax Case Laws


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Showing 1 to 15 of 66551 Records

    2014 (7) TMI 965 - ALLAHABAD HIGH COURT

    The Commissioner of Income Tax Versus M/s. ECC. Project Pvt. Ltd.

    Cancellation of penalty u/s 271B – No assessment proceedings pending –Failure to record satisfaction by AO - Held that:- The satisfaction as to the assessee having concealed the particulars of his income or furnished inaccurate particulars of such in ......

    2014 (7) TMI 964 - BOMBAY HIGH COURT

    Commissioner of Income Tax-4 Versus M/s. Harit Exports Ltd.

    Nature of transaction – STCG in investment and not trading – Held that:- The assessee has held 4 scrips for a period of more than 6 months during the year and 5 scrips have been held for 3 to 5 months, while the remaining have been sold within a peri ......

    2014 (7) TMI 963 - ITAT LUCKNOW

    M/s. Alliance Nirmaan Limited Versus Addl. CIT., 253, Bareilly

    Application of section 145(3) – Correctness and completeness of accounts – Held that:- CIT(A) rightly was of the view that as per the observation of the AO in the assessment order, it is noted that no specific defect was detected by the AO in the boo ......

    2014 (7) TMI 962 - ITAT KOLKATA

    ITO, Ward-8(3), Kolkata Versus Purbanchal Power Co. Ltd.

    Creditworthiness of amalgamating companies - Investment in shares of amalgamating companies – Held that:- From the above provisions of section 394A of the Companies Act, 1956, it is clear the If the revenue wants to object to the proposed scheme of a ......

    2014 (7) TMI 961 - ITAT KOLKATA

    Income-tax Officer Versus Shri Uma Shankar Goenka

    Business income treated as STCG and LTCG – Share transactions – Held that:- The assessee is maintaining two separate port folios, one in respect of trading and other in respect of investments - the assessee has paid STT but in respect to short term c ......

    2014 (7) TMI 960 - ITAT LUCKNOW

    M/s. Model Exims Versus Dy. CIT. -1, Jajmau, Kanpur

    Validity of reopening of assessment u/s 147 - Reason to believe – Held that:- The assessee relied upon various judgments, but, none of the judgments cited is rendering any help to the assessee - the issue on merit is admittedly covered against the as ......

    2014 (7) TMI 959 - ITAT KOLKATA

    ACIT., Circle-35, Kolkata Versus M/s. Magnum Export, Kolkata

    Reopening of assessment u/s 147 – Power to review by AO – Held that:- The AO reached the belief that there was escapement of income, on the basis of return filed by the assessee, after he accepted the return under section 143(1) without scrutiny, and ......

    2014 (7) TMI 958 - ITAT HYDERABAD

    M/s. Handum Industries Ltd. Versus ACIT, Circle 8(1), Hyderabad

    Penalty u/s 271(1)(c) – Claim of interest – Inaccurate particulars furnished – Held that:- Interest amounts disallowed relate to borrowals from the bank towards working capital requirements of the assessee - assessee has explained the various difficu ......

    2014 (7) TMI 957 - ITAT MUMBAI

    ITO-24(1) (3), Mumbai Versus Bharat Omprakash Thanvi

    Commission expenses – Onus to prove - Held that:- The onus to establish the expenditure as incurred for the purposes of business/profession is squarely on the assessee – Relying upon Lachminarayan Madan Lal vs. CIT [1972 (9) TMI 4 - SUPREME Court] - ......

    2014 (7) TMI 956 - ITAT MUMBAI

    M/s. Cascade Holdings Pvt. Ltd. Versus ACIT, CC-31, Mumbai

    Interest expenses – Computation of book profits u/s 115JB - Held that:- Whether the interest liabilities constitutes ascertained one or not is also linked to the issue of rejection of books of accounts as the books of account is the basis for computa ......

    2014 (7) TMI 955 - ITAT MUMBAI

    Shri DK. Patel & Company Versus ITO-22(1) (1), Mumbai

    Repair expenses disallowed – Amount paid to society as compensation – Held that:- Assessee has not claimed the expenditure during the AY under consideration and the mere fact that the payment has been made during the AY under consideration cannot be ......

    2014 (7) TMI 954 - ITAT MUMBAI

    Sunil T. Doshi M/s. Natvarlal Vepari & Co. Versus Addl. CIT, Range 24(2), Mumbai

    Unexplained expenditures - additions u/s 69C - unproved liabilities – books maintained on mercantile basis - Admission of additional ground – Addition made on cash found at premises – Held that:- It has nowhere explained the basis of the payment in s ......

    2014 (7) TMI 953 - ITAT MUMBAI

    Patel Plastics Corporation Versus ACIT –Central Circle-24, Mumbai

    Reopening of assessment u/s 148 – Addition of STCG made – Power of review - Held that:- The legislature has not conferred power on the AO to review its own order - the power u/s 147 cannot be used to review the order when nothing new had happened and ......

    2014 (7) TMI 952 - ITAT DELHI

    Mr. Harmail Singh Versus Income Tax Officer

    Penalty u/s 271(1)(c) – Held that:- Assessee rightly contended that if an assessee offers an explanation, which is not found to be false, he can save himself - from penalty even if he were not able to substantiate his case as long as the explanation ......

    2014 (7) TMI 951 - ITAT DELHI

    Toshiba India Pvt. Ltd. Versus DCIT, Circle-16(1), New Delhi.

    Admission of additional ground - Provision for Warranty – Held that:- The Tribunal has the jurisdiction to examine a question of law which arises from the facts as found by the authorities below and having a bearing on tax liability of the assessee n ......

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