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2015 (7) TMI 956 - BOMBAY HIGH COURT

Commissioner of Income Tax-6 Versus ICICI Prudential Insurance Co. Ltd.

Appeal admitted on following questions - br br Whether on the facts and in the circumstances of the case and in law, the Tribunal is correct in interpreting that on account of legislation by incorporation , only the unamended Insurance Act 1938 and t.....


2015 (7) TMI 955 - KERALA HIGH COURT

THE COMMISSIONER OF INCOME TAX (TDS) , COCHIN. Versus MR. THOMAS MUTHOOT, MUTHOOT HOUSE, KOZHENCHERRY

Penalty levied under Sec.271C - Non deduction of TDS on interest paid thus violation of Section 194A - Whether in the light of the specific exemption provided in section 194A (3)(iv) to such income credited or paid by a firm to a partner of the firm,.....


2015 (7) TMI 954 - KARNATAKA HIGH COURT

The Commissioner of Income Tax, The Director of Income Tax Versus Sri Gururaja Seva Samithi

Claim of registration under Section 12A - whether Tribunal erred in allowing the appeal by ignoring the clauses found in the Memorandum of Association, which permitted the assessee to utilize the funds for religious purposes and carry on commercial a.....


2015 (7) TMI 953 - KARNATAKA HIGH COURT

The Commissioner of Income Tax, The Deputy Commissioner of Income-Tax Versus M/s United Racing & Blood Stock Breeders Pvt. Ltd.

Reopening of assessment - reopening based on information that two Horses Tuscan and Brave Act were purchased at ₹ 1,38,729/- and ₹ 10,09,641/- was actually ₹ 5,32,784/- and ₹ 2,16,96,697/- respectively as detected by Directora.....


2015 (7) TMI 952 - DELHI HIGH COURT

Commissioner of Income Tax-9 Versus Verdhman Properties Ltd.

Penalty under Section 271(1) - ITAT deleted penalty - Held that - AO initiated penalty proceedings in respect of the addition made and confirmed it. The CIT (Appeals) was of the opinion that in the given circumstances of the case since the appellant .....


2015 (7) TMI 951 - GUJARAT HIGH COURT

THE COMMISSIONER OF INCOME TAXAHMEDABAD Versus PREMKUMAR B. RATHI

Unexplained purchases - ITAT directing the estimate of addition as made by the CIT(A) be further reduced to 10 of the alleged purchases - Held that - It is non speaking and non reasoned order and as such no reasons have assigned while restricting the.....


2015 (7) TMI 950 - ITAT KOLKATA

Deputy Commissioner of Income Tax, Circle-9, Kolkata Versus M/s. Varshana Investment Pvt. Limited, Kolkata

Disallowance of claim of depreciation on (i) Residential house property at 10, Mistry Manor, 62A, Napean Sea Road, Mumbai and (ii) Premises at C-6, Corianthian, 17 Off Arthur Bunder Road, Colaba, Mumbai - CIT(A) allowed claim - Held that - D.R. even .....


2015 (7) TMI 949 - ITAT AHMEDABAD

Adani Power Ltd, Ahmedabad Versus ACIT, Range-1, Ahmedabad

Chargeability of interest income - claimed to be capital receipt by the assessee and set off against the project development expenditure - Held that - Ratio of the finding of in the case of Indian Oil Panipat Power Consortium Ltd. vs. ITO, (2009 (2) .....


2015 (7) TMI 948 - ITAT BANGALORE

M/s. Sigma Aldrich Chemicals Pvt. Ltd., Bangalore and others Versus Addl. CIT, Range-12, Bangalore and others

Disallowance of Short-landing i.e. short receipt of goods - AO held that the assessee had unnecessarily claimed this amount in the books of account, but that the assessee should have recovered this amount from its principal companies which supplied t.....


2015 (7) TMI 947 - ITAT LUCKNOW

M/s Rajasthan Liquors Pvt. Ltd., Kanpur Versus ACIT-6, Kanpur

Rectification of mistake - indirect expenses debited to the profit and loss account by the assessee - Held that - Assessing Officer has asked the assessee to furnish complete details and the assessee could not furnish the same. Similar was the positi.....


2015 (7) TMI 946 - ITAT BANGALORE

Income tax Officer, Ward 1, Bagalkot Versus Shree Siddeshwar Souhardha Sahakari Niyamit, Bagalkot

Deduction u/s.80P(2)(a)(i) - interest earned on the FDs placed by with banks - Held that - In view of the judgement of in the case of CIT v. Tumkur Merchants Souharda Credit Cooperative Ltd. 2015 (2) TMI 995 - KARNATAKA HIGH COURT it has been clearly.....


2015 (7) TMI 945 - ITAT LUCKNOW

DCIT Range V, Lucknow and others Versus M/s District Cooperative Bank Ltd., Barabanki and others

Validity of assessment order under section 144 - Held that - Assessee could not substantiate the incorrectness in the action of the Assessing Officer for passing the assessment order under section 144 of the Act. We, however, have carefully perused t.....


2015 (7) TMI 944 - ITAT LUCKNOW

M/s Hari Om Steels (P) Ltd., Kanpur and others Versus ACIT 6, Kanpur and others

Addition on confiscation of stocks of scrap Rail and scrap Cast Iron by the District Authorities against the dues of KESCO - Held that - CIT (A) decided the issue against the assessee by holding that there is no dispute regarding the value of confisc.....


2015 (7) TMI 943 - ITAT BANGALORE

Shri Muniraj (HUF) Versus The Income-tax Officer Ward-7 (3) , Bangalore

Addition u/s 68 - Production of cash book - Verification by AO - Onus to prove - Held that - assessee had indeed produced a cash book before the AO. - Once assessee produced a cash book, the onus was on the assessee to prove the entries therein. If i.....


2015 (7) TMI 942 - ITAT MUMBAI

M/s. Alfabeta Chemisalts Pvt. Ltd. Versus The ITO 3 (1) (1) ,

Validity of Reopeing of assessment - Income assessed under wrong head - Held that - Though it is the contention of the assessee that in the past the interest income on inter corporate deposits has been assessed as business income on the ground that t.....


2015 (7) TMI 941 - ITAT CHANDIGARH

PEC University of Technology Versus The ACIT (TDS) TDS-Circle, Chandigarh

TDS from salary u/s 192 - Disallowance of deduction u/s 80C - short deduction of tax at source from payment of the salary - Interest u/s 201(1 A) - CIT(A) allowed claim for subsequent assessment years - Held that - CIT(Appeals) in subsequent assessme.....


2015 (7) TMI 940 - ITAT DELHI

ASSTT. COMMISSIONER OF INCOME TAX, CIRCLE-27 (1) , DELHI Versus M/s RADIAL INTERNATIONAL

Penalty u/s 271 - Furnishing of inaccurate particulars of income of assessee - Held that - CIT(A) has rightly held that the disclosures made by the assessee in this regard were bona fide and were not false or fanciful. We find that Ld. CIT(A) further.....


2015 (7) TMI 939 - ITAT KOLKATA

Deputy Commissioner of Income Tax And Others Versus M/s Shivam India Ltd And Others

Disallowance of depreciation on electrical installation - The assessee had claimed depreciation 15 on the electrical installations and further additional depreciation of 10 - Assessing Officer held that the electrical equipment was eligible for depre.....


2015 (7) TMI 938 - ITAT LUCKNOW

M/s Shri Shakti Credits Limited, Kanpur Versus C.I.T. -II, Kanpur

Revision u/s 263 by CIT(A) - regarding service tax issue - Held that - This is by now settled position of law that if there is lack of enquiry by the Assessing Officer or if there is lack of application of mind by the Assessing Officer, the assessmen.....


2015 (7) TMI 937 - ITAT HYDERABAD

Shri Krishnam Raju Penmetsa, Hyderabad Versus Income Tax Officer, Ward 3 (1) , Hyderabad

Revision u/s 263 by CIT(A) - sources for the deposits found in the SB Account with Axis Bank have not been examined and enquired into, as in the absence of details for sources for deposits in the SB Account, the Assessing Officer ought to have added .....


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