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2015 (8) TMI 110 - ITAT CHENNAI

Prabhu Spinning Mills (P) Ltd. and Sivaraj Spinning Mills (P) Ltd. Versus Deputy Commissioner of Income Tax, Company Circle, Tirupur

Clean development mechanism receipts - revenue v/s capital receipts - Held that - Amount received on sale of carbon credit is capital in nature and therefore we reverse the orders of Commissioner of Income Tax (Appeals) and the Assessing Officer on t.....


2015 (8) TMI 89 - DELHI HIGH COURT

DIRECTOR OF INCOME TAX (EXEMPTION) Versus INDIAN TRADE PROMOTION ORGANISATION, COUNCIL OF SCIENTIFIC and INDUSTRIAL RESEARCH, R.L. KHERA CHARITABLE TRUST, M/s INTERNATIONAL GOUDIYA VEDANTA TRUST, TCI FOUNDATION 10 RAM BAGH AZAD MARKET ROHTAK ROAD NEW DELHI

Interpretation of Section 11(1) clause a of the Income Tax Act, 1961 - whether depreciation allowed on capital assets cannot be treated as application of income under the said clause? - Held that - Kerala High Court in Lissie Medical Institution vs. .....


2015 (8) TMI 88 - BOMBAY HIGH COURT

The Commissioner of Income Tax-9 Versus M/s. Vijayjyot Seats Pvt Ltd

Penalty u/s. 271 (1)(c) - assessee, while computing capital gains, has failed to take into account the value of the property as per stamp duty value, as required u/s. 50C - CIT(A) deleted penalty levy as confirmed by ITAT - Held that - We find that i.....


2015 (8) TMI 87 - BOMBAY HIGH COURT

Commissioner of Income Tax-2, Mumbai Versus M/s. Tata Power Company Ltd.

Calculation of interest under section 244A - Whether, the Tribunal erred in law in holding that the interest portion of the refund arising out of the order giving effect to appellate authority has to be ignored for the purpose of calculating interest.....


2015 (8) TMI 86 - MADRAS HIGH COURT

Commissioner of Income Tax, Chennai Versus Shri T.L. Prasanth

Compensation received for delay in commencement of project - revenue v/s capital receipt - Whether Tribunal was right in holding that the compensation received for delay in commencement of project is a capital receipt? - Held that - Even though this .....


2015 (8) TMI 85 - ITAT CHENNAI

M/s. Coromandel Oils Pvt Ltd And Others Versus Deputy Commissioner of Income Tax Company Circle-I (3) , Chennai

Determination of the value of the land for the purpose of computation of capital gains in the hands of the assessee - Held that - The value of the land has to be taken only as ₹ 10.50 Crores. In case the value shown in the sale agreement as .....


2015 (8) TMI 84 - ITAT MUMBAI

Deputy Commissioner of Income Tax And Others Versus M/s. Hinduja Global Solutions Ltd. And Others

Disallowance made on account of claim of deduction u/s 10A for unit no. II and unit no. III - Held that - The necessary documents were examined by the ld. AO as well as by the ld. DRP and found that the assessee sought for approval of expansion of ol.....


2015 (8) TMI 83 - ITAT AHMEDABAD

M/s. Tirupati Construction Company Versus ACIT, Cent. Cir. 2, Baroda

Disallowance of depreciation - whether CIT(A) ought not to have upheld that the vehicles were not used for running them on hire so that depreciation 40 was not admissible? - Held that - Revenue could not controvert the submission of the assessee that.....


2015 (8) TMI 82 - ITAT MUMBAI

Addl. Commissioner of Income Tax Versus Shri Chandrakant V. Gosalia

Deemed dividend under section 2(22)(e) - Payment for public issue RPL - IPO - HNIR - Held that - The explanation of the assessee that the IPO of M/s RPL was applied by the assessee for and on behalf of M/s Germstar Constructions P Ltd is hard to beli.....


2015 (8) TMI 81 - ITAT JABALPUR

M/s Arjit Construction Versus Asstt. Commissioner of Income-Tax 1 (1) , Jabalpur

Rejection of books result - estimation of NP 5 of gross contractual receipts - in A.Ys. 07-08, 08-09 and 09-10 that the A.O. estimated the N.P at 5 by rejecting the book result without allowing depreciation, interest and salary paid to partners - Hel.....


2015 (8) TMI 80 - ITAT JAIPUR

The ACIT (TDS) , Jaipur Versus M/s Rajasthan Small Industries Corp Ltd Udyog

Liability to deduct tax at source - 1 or 2 u/s 194C - whether payments made by the assessee to M/s. Max Logistics (P) Ltd. treating it as a subcontractor instead of contractor - Held that - The nature should not merely be decided on the basis of book.....


2015 (8) TMI 79 - ITAT MUMBAI

M/s. Ashok Investment Versus Income Tax Officer Ward, 19 (2) (1) , Mumbai

Disallowance u/s 14A - Held that - By applying rule 8D, the AO had disallowed the entire business expenditure on the plea that same was incurred for the earning of exempt income, ignoring the fact that assessee was having taxable business income of &.....


2015 (8) TMI 78 - ITAT GUWAHATI

Dr. Balin Kumar Gogoi Versus Assistant Commissioner of Income-tax, Circle-1, Guwahati

Substantive addition to the income u/s 158BC r.w.s. 158BD - Assessee an individual is a doctor by profession - Allegation that assessee has received substantial amount of consultation fee from the hospital - Protective assessment - Held that - materi.....


2015 (8) TMI 77 - ITAT AMRITSAR

M/s. Nitco Logistics Pvt. Ltd. Versus Joint Commissioner of Income Tax

Addition on account of Dharmarth Receipts - whether the receipt is not by a charitable trust, but by the assessee company, which is doing business and trading? - Held that - Once the receipts are routed as such to a charitable trust by the assessee c.....


2015 (8) TMI 76 - ITAT MUMBAI

The DCIT 1 (1) , Mumbai Versus M/s HDFC Ergo General Insurance Co. Ltd.

Taxability of profit on sale of investment - Held that - After the deletion of rule 5(b) of the first schedule, profit on sale of in vestment in case of general insurance companies cannot be taxed under section 44 of the I.T Act. The case of the asse.....


2015 (8) TMI 75 - ITAT DELHI

SH. PADAM KUMAR MITTAL AND OTHERS Versus INCOME TAX OFFICER, MUZAFFARNAGAR

Capital Gains - Determination of value u/s 50C - Calculation of capital gain by adopting the circle rate of the commercial land - petrol pump was installed on the inherited land - AO ignored the loan taken by the assessee for the business of petrol p.....


2015 (8) TMI 74 - ITAT HYDERABAD

The Income Tax Officer And Others Versus M/s. Srinilaya A.R. Projects And Others

Addition on the basis of statement given by assessee at the time of survey - CIT(A) deleted the addition - Held that - A.O. without giving any reason whatsoever and addition of ₹ 60 lakhs was made by him merely on the basis of statement made by.....


2015 (8) TMI 73 - ITAT HYDERABAD

M/s. S.P.P.S Systems (P) Ltd. Versus Dy. CIT, Circle-3 (2) Hyderabad

Expenditure debited without earning any business income - assessee had earned interest income which was assessable under the head Income from other sources - Held that - The Assessing Officer has erred in rejecting the business loss of the assessee a.....


2015 (8) TMI 72 - ITAT COCHIN

State Forum of Bankers Club (Kerala) Versus the ITO (Tech) , Kochi

Registration u/s 12AA rejected - Held that - The main object of the assessee trust is to bring together all bankers club of the state under one umbrella. The assessee is organizing lecturers and seminars for the benefit of the employees of the banker.....


2015 (8) TMI 71 - ITAT COCHIN

M/s Escapade Resorts (P) Ltd Versus The ACIT, Cir. 1 (1) Kochi

Eligibility for deduction u/s 80IB denied - whether the initial assessment year is the year in which the assessee started functioning its business or the year in which the prescribed authority granted approval u/s 80IA of the Act for the claiming ded.....


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