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Income Tax - Case Laws


2015 (10) TMI 600 - DELHI HIGH COURT

Director of Income Tax (Exemption) Versus All India Personality Enhancement & Cultural Centre For Scholars Aipeccs Society And Vica-Versa

Income from All India Personality Enhancement and Cultural Centre for Scholars AIPECCS Society - whether exigible to tax under the Act? - whether Assessee was not functioning solely for the purposes of education and, therefore, was not eligible for e.....

2015 (10) TMI 599 - ITAT DELHI

New Delhi Television Ltd. Versus ACIT, Delhi, Commissioner of Income-Tax-V

Reopening of assessment - failure on the part of the assessee to disclose all material facts fully and truly for claiming deduction u/s 80HHF of the I.T. Act, on the export claimed to have been made to Star T.V. Hong Kong and other exports made apart.....

2015 (10) TMI 598 - ITAT BANGALORE

The Assistant Commissioner of Income Tax, Circle 1 (1) , Mangalore Versus M/s. South Canara District Central Co-operative Bank Ltd.

Accrual of income - addition made in the case of interest income on non performing assets on account of method of accounting followed by the assessee - assessee has neither followed mercantile nor cash system but followed hybrid system - assessee is .....

2015 (10) TMI 597 - ITAT MUMBAI

ACIT, Mumbai Versus M/s Maharashtra State Electricity Distribution Co. Ltd. And Vica-Versa

Addition made in respect of lower provision for FOCA than authorized by MERC order - CIT(A) deleted the addition accepting additional evidence - Held that - Additional evidences were relevant to the ground of appeals. It was observed by Ld. CIT(A) th.....

2015 (10) TMI 596 - ITAT NAGPUR


Disallowance of interest paid as non-business purpose expenditure - Held that - The partners have withdrawn their capital, which were credited in the firm. There is no bar to withdraw their capital as they have withdrawn their capital out of the tota.....

2015 (10) TMI 595 - ITAT PUNE

Late Shri Padmakar R. Kibe Versus Income Tax Officer, Ward 8 (2) , Pune

Levy of penalty u/s. 271(1)(c) - disallowance of excess cost of acquisition claimed by the assessee, while computing capital gains arising on sale of land - Held that - In the present case, the assessee had furnished the explanation giving reasons fo.....

2015 (10) TMI 594 - ITAT MUMBAI

Mitank Trading Company (P) Ltd. Versus ITO-6 (3) (4) , 524, Mumbai

Denial of benefit of set off of the speculation loss - explanation to section 73 has to be applied on year to year basis and the set off of the loss cannot be allowed in the year in case the conditions laid down in the Explanation are not satisfied, .....

2015 (10) TMI 593 - ITAT AHMEDABAD

Deesa Mercantile Co. Op. Soc. Ltd Versus A.C.I.T.,B.K. Circle, Palanpur

Eligibility of deduction u/s. 80P - Held that - Revenue has not placed any material on record to demonstrate that Assessee is a Co-Op. Bank and is not a Credit Co-op. Society nor has placed any contrary binding decision in its support. Assessee is el.....

2015 (10) TMI 592 - ITAT BANGALORE

Rytha Seva Sahakara Bank Niyamitha Versus Income-tax Officer, Ward 1 (3) , Mysore

Eligibility of claim for deduction u/s.80P(2)(a)(i) - Held that - Interest earned on short-term deposits and SB account balances which were from surplus funds, could be attributable to carrying on the business of banking. However in the case before u.....

2015 (10) TMI 591 - ITAT LUCKNOW

ACIT-5, Kanpur Versus M/s Kanpur Extractions Pvt. Ltd. Kanpur

Claim of deduction of credit balance appearing under the head Settlement Bargain under section 80IB - Held that - In block assessment there was no profit under this head, therefore, reliance of this order cannot be placed in the impugned assessment y.....

2015 (10) TMI 590 - ITAT LUCKNOW

ACIT-1, Kanpur Versus Shri. Harish Kumar Narang

Unexplained cash credit - CIT(A) deleted the addition - Held that - On a careful perusal of the orders of the lower authorities, we find that undisputedly the Inspector s report submitted to the ADIT, Kolkata was not furnished to the assessee, theref.....

2015 (10) TMI 589 - ITAT AHMEDABAD

ITO, Ward-6 (4) , Surat Versus M/s. Yash Creation

Conversion of jumbo rolls into small sizes - whether conversion amounts to manufacture or production, eligible for deduction under sec. 32AB or deduction under sections 80-HH and 80-I? - Held that - Hon ble Supreme Court in M/s India Cine Agencies &a.....

2015 (10) TMI 588 - ITAT JAIPUR

Shri Prem Prakash Gupta Versus ITO, Ward- 2 (3) , Alwar

Disallowance of loss suffered in NCDEX transaction - Held that - It is undisputed that NCDEX terminal was not a recognized stock exchange as per Rule 6DDB r.w.s. 43(5)(d) of the Income Tax Act, 1961 at the relevant time. Ld. CIT(A) treated the loss a.....

2015 (10) TMI 587 - ITAT JAIPUR

The Income-tax Officer, Ward 1 (2) , Kota Versus Smt. Nand Kanwar Chandel

Unexplained investment made in house property - CIT(A) deleted the addition - Held that - The UIT Kota had allowed to transfer this plot no. 573, Basant Vihar, Kota vide its order no. 569-70 dated 22.07.2008 by charging Urban Tax 25 in the name of as.....

2015 (10) TMI 586 - ITAT JAIPUR

M/s. Divine Ornaments Pvt. Ltd. Versus The Income-tax Officer, Ward-2 (2) , Jaipur.

Rejection of books of accounts u/s 145(3) - assesee was dealing in gems and jewellery - CIT(A) applying GP rate of 20.00 as against 19.20 declared by the assessee - Held that - The assesee was dealing in gems and jewellery including gold jewellery. T.....

2015 (10) TMI 585 - ITAT BANGALORE

The Income Tax Officer, Ward 11 (1) , Bangalore. Versus M/s. Carremen Silvercast Clothing (I) Pvt. Ltd.

Claim for deduction u/s. 10B allowed without setting off the brought forward losses - CIT(A) allowed claim of assessee as relying on case of Yokogawa India Ltd. 2011 (8) TMI 845 - Karnataka High Court - Held that - As already seen, in Yokogawa India .....

2015 (10) TMI 584 - ITAT AHMEDABAD

Shri Manmohan Anand Singh Rajput Prop: Real Security & Detective Service

Penalty u/s. 271(1)(c) - CIT(A) deleted the addition - Held that - Assessing Officer was unable to bring any evidence indicating that the explanation offered by the assessee was not bonafide or false. It is a difference of opinion between the Assessi.....

2015 (10) TMI 583 - ITAT MUMBAI

Lupin International (Succeeded By Novamed Pharmaceuticals Pvt Ltd) Versus Income Tax Officer

Disallowance of discounting charges/ interest - FAA held that the assessee was not entitled to claim interest as loan was diverted to sister concern without charging interest - Held that - While deciding the appeal for assessment year 1998-99 2015 (1.....

2015 (10) TMI 582 - ITAT JAIPUR

Shri Radhey Shyam Agarwal Versus The ITO, Ward- 5 (2) , Jaipur

Unaccounted deposits - unexplained income - main reason on which the addition has been sustained is to the effect that the assessee could not give proper explanation as to how an amount of ₹ 6.00 lacs was lying at home more so assessee being an.....

2015 (10) TMI 581 - ITAT MUMBAI

ITO Versus M/s Lupin International

Addition on account of discount charges made by A.O. - CIT(A) deleted the addition - Held that - The issue of discounting charges have been extensively deliberated upon by the Tribunal in the group cases and it had dismissed the appeals filed by the .....

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