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Income Tax - Case Laws


2015 (10) TMI 461 - ITAT BANGALORE

Dy. Commissioner of Income Tax, Circle 11 (1) , Bangalore. Versus. M/s. Amba Research India Pvt. Ltd.,

Transfer Pricing Issues - whether CIT(A) erred in holding that foreign exchange loss / gain to be operating in nature without ascertaining the nexus between the forex gain/loss with the business activity of the assessee and without appreciating that .....

2015 (10) TMI 460 - BOMBAY HIGH COURT


Cost of the abandoned film written off - revenue v/s capital expenditure - Tribunal held as revenue expenditure - Held that - Tribunal by the impugned order has followed the decision of this Court in CIT Vs. Rajesh Khanna, (2011 (9) TMI 979 - BOMBAY .....

2015 (10) TMI 410 - ITAT MUMBAI

Gemplus Jewellery (I) Ltd Versus DCIT-8 (1) , Mumbai

Interest income and entitlement of benefit u/s. 10A - Held that - It is clear from the finding of CIT(A) that the AO was directed to consider the netting of expenses in view of the decisions of Hon ble Supreme Court in the case of ACG Associated Caps.....

2015 (10) TMI 409 - ITAT AHMEDABAD

ITO, Ward-2 (1) , Surat. Versus M/s. Shree M.D. Industries and Vica-Versa

Addition u/s.68 - unexplained partners capital - Held that - We are of the view that the proceedings qua the addition of ₹ 1.985 crores is difficult to resolve conclusively unless the outcome of the Settlement Commission proceeding are ascertai.....

2015 (10) TMI 408 - ITAT DELHI

M/s Hubert Ebner (I) (P) Ltd. C/o M/s RRA Taxinda Versus ITO Ward-12 (4) , New Delhi

Disallowance under the provisions of Section 40A(2) (b) - payment made to Mr. M. H. Pandey on account of legal and Professional charges - Held that - As Mr. M. H. Pandey himself is the director of the assessee company, thus Section 40A(2)(b) of the A.....

2015 (10) TMI 407 - ITAT AHMEDABAD

Income Tax Officer, Ward-2, Navsari Versus Gandevi Taluka Khedut Sahakari Sangh Ltd.

Addition in respect of Administrative & managerial expenses related to non-agricultural activities - CIT(A) deleted the addition - Held that - As decided in assessee s own case for A.Y. 2007-08 on the similar issues CIT(A) has stated that separat.....

2015 (10) TMI 406 - SUPREME COURT

Castleton Investment Ltd. Versus Director of Income Tax, (International Taxation-I) , Mumbai

Applicability of Section 115JB in respect of foreign company which does not have any Permanent Establishment (PE) in India - Held that - A circular dated 02.09.2015 issued by the Central Board of Direct Taxes, Ministry of Finance, Government of India.....

2015 (10) TMI 405 - SUPREME COURT

S. Palaniappan Versus Income Tax Officer, Chennai

Compensation received on voluntary retirement under the Early Retirement Option - deduction under Section 10(10C) for terminal benefits along with relief under Section 89(1) of the Income Tax Act for the ERO components and gratuity - HC denied exempt.....


The Commissioner of Income Tax Versus The Karnal Cooperative Sugar Mills Ltd.

Annual subscription for education fund disallowed - Held that - The assessee had been following mercantile system of accounting and therefore, the expenses claimed on account of annual subscription for education fund relating to the assessment years .....

2015 (10) TMI 403 - DELHI HIGH COURT

Commissioner of Income Tax-III Versus M/s Socomec HPL Pvt. Ltd.

Business promotion expenses - ITAT restricted disallowance - Held that - Assessee had stated that the expenses were incurred through debit card and credit card towards fuel, hotel bills and some instances for which supporting bills could not be produ.....


Commissioner of Income Tax-I, Ludhiana Versus Shri Naveen Bhatia

Reckoning the period for long term capital gains - calculated from the date of purchase of convertible debentures or actual date of allotment of shares on conversion from debentures - Held that - A plain reading of Section 47(x) would indicate that t.....


The Commissioner of Income Tax, Faridabad Versus Naresh Jindal

Addition on account of advance against order - nexus between sending of money as against sale was not established and no service was rendered by the foreign buyer/receiver of the money and that too without deduction of tax at source as required under.....

2015 (10) TMI 400 - DELHI HIGH COURT

Commissioner of Income Tax Versus M/s Supreme Motors Ltd.

Nature of Sum receive from TELCO - whether taxable under the head income from business and not under the head income from house property ? - Assessee was engaged in the business of procuring Mercedes trucks from TELCO on behalf of its customers - Hel.....


Commissioner of Income Tax, Haldwani, Nainital Versus M/s All Saints College Society Nainital, M/s Sherwood Diocesan College Society Nainital

Review application - Withdrawal of the certificate given under section 12-A - - Held that - We are inclined to hold, and accordingly hold, that the review applications are maintainable to correct the errors apparent on the face of record. BR BR Altho.....


Vijay Aggarwal Versus Commissioner of Income Tax, Central Gurgaon and another

Entitlement to deduction under Section 24(b) and 80C - Held that - A plain reading of the provision shows that an assessee is entitled to deduction on the amount of any interest payable on the capital borrowed for the purposes of acquiring, construct.....


Commissioner of Income Tax-II, Kanpur Versus M/s J.K. Synthetics Ltd. Kamla Tower

MAT - Book profit - whether the Assessing Officer while assessing a Company for income-tax under Section 115J of the Income Tax Act could question the correctness of the profit and loss account prepared by the assessee-company and certified by the st.....

2015 (10) TMI 396 - ITAT DELHI

DCIT, Circle-2 (1) , New Delhi Versus AVL Technical Centre Pvt. Ltd. and Others

Rejection of the Appellant s TP documentation, comparable companies and analysis thereof - not considering and appreciating the business model of the Appellant and its AEs and classified it as a technical service provider - assessee i.e. AVLTC is a s.....

2015 (10) TMI 395 - ITAT BANGALORE

The Chitradurga City Multi Purpose Co-Op Society Versus Income-tax Officer, Ward 1, Chitradurga

Revision u/s 263 - As per the CIT, AO had failed to examine the claim for deduction u/s.80P(2)(a)(i) - Held that - In so far as construing the meaning of the words carrying on the business of banking by providing credit facilities to its members, is .....

2015 (10) TMI 394 - ITAT DELHI

DCIT, Circle-3 (1) , New Delhi Versus Cement Corporation of India Ltd

Quarry Development Expenses - revenue v/s capital expenditure - Held that - In the instant case, details of expenditure clearly shows that the expenses have not resulted in creation of any assets nor have they resulted in any enduring benefit to the .....

2015 (10) TMI 393 - ITAT BANGALORE

Hind High Vaccum Company (P) Ltd. Versus The Assistant Commissioner of Income Tax, Circle 11 (4) , Bengaluru

Disallowance of expenses incurred in earning tax-free income invoking provisions of section 14A - Held that - For the purpose of deciding the disallowance under section 14A r.w. Rule 8D(2)(ii), those details will be very material. We are of the view .....

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