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2015 (9) TMI 55 - SUPREME COURT OF INDIA

BLESSING CONSTRUCTION Versus INCOME TAX OFFICER

Additions u/s 68 - unsecured loans - unexplained cash credit - proof of source of source or origin of the cash credits Held that - Revenue authorities as well as the Tribunal found the entire transaction not genuine. There was sufficient evidence on .....


2015 (9) TMI 54 - SUPREME COURT OF INDIA

N. Tarika Property Invest. (P.) Ltd. Versus Commissioner of Income-tax

Share application money - Addition u/s 68 - Held that - The assessee has not been able to establish the identity, creditworthiness of the share applicants and the genuineness of the transaction - The surrounding circumstances and inquiries made by th.....


2015 (9) TMI 25 - JHARKHAND HIGH COURT

Commissioner of Income Tax (Central) Versus M/s. Jever Jewellers

Undisclosed stock of gold & diamond jewellery - Whether ITAT was right in deleting the addition without considering that the assessee has not disclosed the aforesaid addition before the Settlement Commission as provided under section 245D(4) - IT.....


2015 (9) TMI 24 - DELHI HIGH COURT

CIT Versus Arvinder Singh, Elegant Travels Pvt. Ltd.

Condonation of delay - Held that - The Court is not satisfied with the reasons offered for the extraordinary delay of 1271 days in filing ITA No. 453 of 2012 and the delay of 1876 days in filing ITA No. 464 of 2012. Accordingly CM Nos. 13614/2010 in .....


2015 (9) TMI 23 - BOMBAY HIGH COURT

The Commissioner of Income Tax Versus M/s. Chowgule And Company Ltd.

Entitlement to claim benefit u/s 10B - 10 years exemption by amendment to sub-section (3) of section 10B with effect from 1/4/1994 or benefit of 8 years exemption under amendment by the Finance Act, 1988, with effect from 1/4/1989, particularly, when.....


2015 (9) TMI 22 - DELHI HIGH COURT

Commissioner of Income Tax-06 Versus Metso Minerals (India) Pvt Ltd

Disallowance 50 u/s 40A(2)(a) read with Section 37(1) - AO held that the payment made to the MM Mumbai ₹ 500 per hour was excessive and unreasonable - ITAT concluded that the payment to MM Mumbai at the said rate could not be said to be excessi.....


2015 (9) TMI 21 - MADRAS HIGH COURT

D. Ramya Versus The Commissioner of Income Tax And Others

Release the jewellery as seized - Petitioner has confined his argument to the limited extent of directing the Competent Authority to consider and dispose of the representation of the Petitioner dated 18.11.2013, expeditiously - Held that - Considerin.....


2015 (9) TMI 20 - ITAT DELHI

Maruti Suzuki India Ltd. Versus Addl. CIT, Range-6, New Delhi

Disallowance made u/s 43B - certain items of excise duty - amount deposited by the assessee in PLA - Held that - Under the Inclusive method , the figures of purchase, sale and inventories are required to be taken with the element of tax or duty etc. .....


2015 (9) TMI 19 - ITAT JAIPUR

Gillette India Ltd. Versus Asstt. Commissioner of Income Tax, Circle-2, Alwar.

Transfer pricing adjustment - Whether the AE has received intra group services ? - What are the economic and commercial benefits derived by the recipient of intra group services ? - Whether a comparable independent enterprise would have paid for the .....


2015 (9) TMI 18 - ITAT JAIPUR

Mohan Lal Khandelwal Versus Assistant Commissioner of Income Tax, Central Circle-1, Jaipur.

Addition u/s 69B - unaccounted investment in property - CIT(A) deleted addition accepting addition evidence - Held that - hatever evidence narrated by the Assessing Officer and CIT(A) shows that the assessee had purchased plot No. 168 Shyampuri Kalwa.....


2015 (9) TMI 17 - ITAT JAIPUR

The ACIT, Circle- 6, Jaipur Versus M/s. Modern Threads (India) Ltd.

Penalty u/s 271(1)(c) - whether change of accounting system which resulted valuation of stock at a lower side do not show deliberate intention of the assessee of furnishing inaccurate particulars/ concealment of facts - CIT(A) deleted addition - Held.....


2015 (9) TMI 16 - ITAT MUMBAI

IMG Media Limited Versus Dy. Director of Income Tax (International Taxation) -3 (1) , Mumbai

Nature of payment received - royalty or Fee for Technical services (FTS) - DRP/AO held that the amount received by the assessee from Board of Control of Cricket in India (BCCI) is assessable to tax as Fee for technical services and alternatively as R.....


2015 (9) TMI 15 - ITAT JAIPUR

The DCIT, Circle- 2, Jaipur Versus M/s. Sand Dune Construction (P) Ltd. and Vica-Versa

Rejection of books of accounts - trading addition - CIT(A) deleted addition - Held that - It emerges from the record that the AO failed to conduct any further enquiry as to rejection of books of account of the assessee. The rejection of books of acco.....


2015 (9) TMI 14 - ITAT JAIPUR

Shri Shankar Lal Khandelwal Versus The Asstt. Commissioner of Income-tax, Circle-1, Jaipur. And Vica-Versa

Trading addition - net profit rate of 12 applied by the AO for determining the income from property business - Held that - The assessee had shown gross profit rate before interest and depreciation 20.61 which has not been objected by ld. D/R and clai.....


2015 (9) TMI 13 - ITAT PANAJI

ACIT, Circle-2 (1) , Panaji Versus M/s Goan Heritage Leisure House (P) Ltd.

Income from hotels - income from business or house property - Held that - The inference drawn by the Assessing Officer that the assessee intended to let out the hotels on rent and earn rental therefrom is not justified. Our this view also finds suppo.....


2015 (9) TMI 12 - ITAT JAIPUR

Shri Mahendra Singh Versus The DCIT, Circle- 2, Jaipur

Disallowance of the claim u/s 24(a) against the rental income - Held that - The total receipts are shared by 4 owners of this property as mentioned above in their respective shares indicate in the supplement agreement. It is a fact that other co-owne.....


2015 (9) TMI 11 - ITAT CHENNAI

Deputy Director of Income Tax (Exemptions) -II, Chennai Versus M/s The Chennai Custom House Agents Association

Claim of exemption under section 11 denied - income from non-members - CIT(A) has allowed the claim of principles of mutuality to the extent of income received from the members - Held that - Prior to the amendment ie upto 31.03.2009, all the objects .....


2015 (9) TMI 10 - ITAT CHENNAI

Madras Orthopaedic Society Versus The Director of Income Tax (Exemptions)

Registration under section 12AA denied - non charitable activities - Held that - The facts in the present case are almost similar to that of the facts in The Chartered Accountants Study Circle which was formed for the benefit of professionals as well.....


2015 (9) TMI 9 - ITAT BANGALORE

M/s. Kawasaki Microelectronics Versus Dy. Director of Income Tax, (International Taxation) Circle 1 (1) , Bangalore

Disallowance of depreciation by invoking the provisions of section 40(a)(i) in respect of the payments made for purchase of software and capitalized by the assessee - Held that - Once the assessee has capitalized the payment in question though the as.....


2015 (9) TMI 8 - ITAT CHENNAI

The Deputy Commissioner of Income-tax, Company Circle-I (1) , Chennai Versus M/s. Aishwarya & Co. P. Ltd.,

Loss on account of futures and options set off against the business profit - CIT(A) allowed claim - Held that - Both trading of shares and derivative transactions are not coming under the purview of Section 43(5) of the Act which provides definition .....


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