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2015 (8) TMI 55 - GUJARAT HIGH COURT

Commissioner of Income Tax –III Versus M/s. I.P. Patel And Co.

Gains out of cancellation of contracts - whether were income from export business and eligible for deduction u/s. 80HHC? - Held that - Tribunal right in holding that the Gains out of cancellation of contracts were income from export business and elig.....


2015 (8) TMI 54 - GUJARAT HIGH COURT

The Commissioner of Income Tax-III Versus Veer Gems

Exchange rate difference to exports made in earlier years - Whether was profit of business within the meaning of Section 80HHC of the Act? - Held that - Tribunal was justified in holding that the exchange rate difference to exports made in earlier ye.....


2015 (8) TMI 53 - DELHI HIGH COURT

PR. Commissioner of Income Tax, Delhi-2 Versus Citi Financial Consumer Finance India Pvt. Ltd.

Power of the AO to pass the Order - CIT(A) held that the Assessment Order dated 21st January, 2010 for AY 1998-99 had attained finality and thus, the AO had no jurisdiction to pass another Assessment Order for the same Assessment Year confirmed by IT.....


2015 (8) TMI 52 - BOMBAY HIGH COURT

Hinduja Global Solutions Ltd. Versus Union of India, Through The Secretary And Others

Disallowance made on account of claim for deduction under Section 10A - Held that - This very issue was covered in favour of the Petitioner by the decision of the Tribunal for A.Y. 2005-2006 in the Petitioner s own case. The departmental representati.....


2015 (8) TMI 51 - MADRAS HIGH COURT

M/s Bharaneedhars Refineries Pvt Ltd Versus The Deputy Commissioner of Income Tax, The Commissioner of Income Tax (Appeals) -18

Provisional attachment orders passed under Section 281B - Held that - A mere reading of the proviso clearly shows that the submission made by the learned counsel for the petitioners does not carry any merit. Indeed, the proviso says that the period o.....


2015 (8) TMI 50 - ITAT AHMEDABAD

Suraj Stainless Ltd., Ahmedabad Versus The Assistant Commissioner of Income Tax (OSD) , Circle-8, Ahmedabad

Disallowance u/s.40(a)(ia) - assessee had neither deducted TDS nor paid the TDS in the current year - Held that - As before the lower authorities it was claimed that the expenditure were in the nature of reimbursement for the goods that were exported.....


2015 (8) TMI 49 - ITAT HYDERABAD

M/s Café D Lake Pvt. Ltd., Hyderabad Versus Asst. Commissioner of Income-tax, Circle – 1 (2) , Hyderabad

Validity of initiation of proceeding u/s 147 - Held that - From the reasons recorded, it is very much clear that AO was not having in his possession any fresh tangible material which could demonstrate escapement of income. Only on revisiting/reviewin.....


2015 (8) TMI 48 - ITAT HYDERABAD

M/s. Moldtek Technologies Ltd., Hyderabad Versus Dy. DIT (International Taxation) -I, Hyderabad

Non deduction of TDS on payments made in the nature of royalty - orders passed by the A.O. under section 201(1) and 201(1A) treating the assessee as is in default - whether there was transfer of any rights including the granting of a license in respe.....


2015 (8) TMI 47 - ITAT HYDERABAD

Shri G. Anand Hyderabad and others Versus Wealth Tax Officer Ward 6 (2) Hyderabad and others

Assessment of value of land - Revenue Authorities assessed the value of the land as on valuation date - AO held the assessee to be liable to penalty u/s 18(1)(c) as the assessee was entitled under the ULCA to make an application for regularisation of.....


2015 (8) TMI 46 - ITAT HYDERABAD

ACIT Central Circle 3 (2) Hyderabad Versus N.S.L.R. Prasad Raju Hyderabad and others

Reopening of assessment - addition u/s 68 - whether assessment on the company which is liquidated and struck off by the Registrar of Companies is invalid - Held that - AO has invoked the provisions of section 147 and served the notice on a company wh.....


2015 (8) TMI 45 - ITAT HYDERABAD

Income-tax Officer, Ward – 1, Hyderabad Versus Sri Venkateswara Cold Storage, Hyderabad

Claim of deduction u/s 35AD - CIT(A) allowed claim - Held that - There cannot be any doubt with regard to assessee s claim that the cold storage has started operating during the relevant FY, irrespective of the fact whether it is in February 10 or Ma.....


2015 (8) TMI 44 - ITAT HYDERABAD

M/s Nadella Estates Ltd., Hyderabad Versus Income-tax Officer, Ward – 16 (2) , Hyderabad

Unexplained cash credit u/s 68 - addition representing share application money - Held that - Solely on the basis of denial by some commission agents it cannot be concluded that share applicants were not having any agricultural income. More so, when A.....


2015 (8) TMI 43 - ITAT HYDERABAD

The Deputy Commissioner of Income Tax, Circle-17 (2) Hyderabad Versus M/s. Zavata India Pvt. Ltd., Hyderabad

Transfer pricing adjustment - section of comparable - Held that - As far as Accentia Technologies Ltd., is concerned, the DRP did not direct to exclude the comparable but directed the AO to verify whether there is any extraordinary event which had an.....


2015 (8) TMI 42 - ITAT DELHI

Asstt. Commissioner of Income Tax, Circle 1 (1) , New Delhi and others Versus A&A Earthmovers Pvt. Ltd., New Delhi and others

Addition u/s 2(22)(e) as deemed dividend - CIT(A) deleted the addition - Held that - As per provisions of section 2(22)(e) of the Act, the liability of tax can be fastened only on the shareholder of the payer company. In the present case, the AO coul.....


2015 (8) TMI 41 - ITAT HYDERABAD

State Bank of Hyderabad Versus The Deputy Commissioner of Income Tax Circle-3 (2) , Hyderabad

Disallowance u/s. 14A - Held that - As rightly pointed out before the AO, as well as before us interest arrived at by the AO in the consequential order is pertaining to the banking operations which cannot be disallowed u/s. 14A. Infact in the assessm.....


2015 (8) TMI 40 - ITAT CHENNAI

M/s. Redington (India) Ltd. Versus The Addl. Commissioner of Income-Tax

Adjustment of corporate guarantee provided to Associate Enterprises - Held that - By following the order of the Delhi bench of this Tribunal in Bharti Airtel Ltd (2014 (3) TMI 495 - ITAT DELHI) and the order of this Tribunal in the assessee s own cas.....


2015 (8) TMI 39 - ITAT HYDERABAD

Dy. Director of Income-Tax (Exemption) -III, Hyderabad Versus The Gideons International In India, Hyderabad

Eligibility for exemption under S.11 denied - excess salary paid to Shri Navneet Chabra,Executive Director as during the year - CIT(A) allowed claim - Held that - As can be seen from the material placed on record, total salary paid in the initial yea.....


2015 (8) TMI 38 - ITAT DELHI

ACIT, Circle 9 (1) , New Delhi Versus M/s Sunair Hotels Ltd., New Delhi

Disallowance being 30 deduction for repair u/s 24 on rental income - CIT(A) held it as service charges and not rental income - CIT(A)deleting the addition considered by the AO as income from other sources instead of rental income - Held that - CIT(A).....


2015 (8) TMI 37 - ITAT DELHI

Deputy Commissioner of Income Tax, Circle 2 (1) , New Delhi Versus M/s Auto Ignition Ltd., New Delhi

Disallowance of the deduction claimed u/s 80IC - CIT(A) allowed claim - Held that - CIT(A) who has deleted the entire addition made by the Assessing Officer on the ground that the predecessor CIT(A) had on merits found out for assessment year 2008-09.....


2015 (8) TMI 36 - ITAT CHENNAI

Assistant Commissioner of Income Tax Company Circle- I (2) , Chennai Versus M/s. Bimetal Bearings Ltd.

Disallowance under section 14A - CIT(A) restricted addition to 2 as against 10 disallowed by the Assessing Officer - Held that - CIT(Appeals) restricted disallowance under section 14A to 2 relying on the decision of the co-ordinate Bench of this Trib.....


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