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Income Tax - High Court - Case Laws

Showing 1 to 20 of 45128 Records

  • 2017 (10) TMI 780 - ALLAHABAD HIGH COURT

    M/s Shree Supari And Spices Pvt. Ltd. Versus The Commissioner of Income Tax And Another

    Undisclosed income - addition on the basis of statement recorded at the time of survey - suo moto surrender - Held that - From perusal of the record, it is clearly transpires that while filing an application dated 27.12.2008, the appellant has stated before the Assistant Director of Income Tax (Investigation) that he was forced to surrender the said amount at the time of survey, whereas there is no evidence or material furnished by the assessee t....... + More


  • 2017 (10) TMI 779 - GUJARAT HIGH COURT

    Pr. Commissioner of Income Tax- Vadodara -2 Versus Nila Baurat Engineering Ltd.

    Qualification for deduction under Section 80IA - infrastructure facility transferred to another enterprise for the purpose of operating and maintaining such facility - whether once the assessee had transferred the infrastructure facility for maintenance and operation, the assessee could not claim any deduction under sub-section (4)? - Held that - By virtue of the operation of the proviso, the developer would not be deprived of the benefit of dedu....... + More


  • 2017 (10) TMI 778 - CALCUTTA HIGH COURT

    C.I.T., Kolkata-II, Kolkata Versus M/s. Arco Impex Ltd.

    Disallowance of claim for deduction in respect of non-performing assets from its income for the assessment year 2005-06 - main reason for disallowance made by AO was that the assessee s application for registration as an NBFC was rejected by the RBI - Held that - This question stands answered against the assessee by the Hon ble Supreme Court in the case of Southern Technologies Limited Vs. Joint Commissioner of Income Tax reported in (2010 (1) TM....... + More


  • 2017 (10) TMI 731 - ALLAHABAD HIGH COURT

    Commissioner of Income Tax-II, Kanpur Versus M/s Ramshree Steels Pvt. Ltd

    Non-speculative business loss of current year and carry forward non-speculative business loss of earlier years - whether can be set off from the income of speculative business of the current years? - ITAT held that non-speculative business loss of current year and carry forward non-speculative business loss of earlier years can be set off from the income of speculative business of the current years - Held that - There was differentiation in appro....... + More


  • 2017 (10) TMI 730 - GUJARAT HIGH COURT

    PRIN. COMMISSIONER OF INCOME TAX Versus PURNIMA SUNIL AGRAWAL

    Disallowance on the bogus purchases - NP determination - Held that - Facts on record would show that certain purchase of the assessee would found to be bogus, upon which, the Assessing Officer made addition on the entire amount. Commissioner of Income Tax (Appeals) restricted the addition by adopting the net profit rate of 2 on the basis that in similar trade in the region, the profit rate worked out is 0.5 to 0.75 . The assessee has disclosed pr....... + More


  • 2017 (10) TMI 729 - GUJARAT HIGH COURT

    PR. COMMISSIONER OF INCOME TAX, SURAT-I Versus TEJUA ROHITKUMAR KAPADIA

    Bogus purchase - Held that - The appellate authority as well as the Tribunal came to concurrent conclusion that the purchases already made by the assessee from RajImpex were duly supported by bills and payments were made by Account Payee cheque. Raj Impacts also confirmed the transactions. There was no evidence to show that the amount was recycled back to the assessee. Particularly, when it was found that the assessee the trader had also shown sa....... + More


  • 2017 (10) TMI 728 - GUJARAT HIGH COURT

    PR. COMMISSIONER OF INCOME TAX-3 AHMEDABAD Versus RAMESH RAMNIKLAL SHETH

    Maintainability of appeal - addition on account of unexplained cash - Revenue relies on the fact that these Tax Appeals arising out of a common judgment of the Tribunal concerning the same assessee for different assessment years and in one such case the tax amount is higher than the minimum limit - Held that - As perusing the circular dated 10.12.2015 of CBDT it provides Assessing Officer shall calculate the tax effect separately for every assess....... + More


  • 2017 (10) TMI 691 - MADHYA PRADESH HIGH COURT

    District Central Co-op. Bank Ltd. Versus Union of India

    Limitation prescribed under Section 254(2) - application under Section 254(2) stating that he was not able to attend the date of hearing in respect of his appeal preferred before the Tribunal as the authorized representative of the assessee was not well - scope of amendment in respect of limitation - Held that - Keeping in view the judgment delivered by their lordships in the M.P. Steel Corporation 2015 (4) TMI 849 - SUPREME COURT in the present ....... + More


  • 2017 (10) TMI 690 - GUJARAT HIGH COURT

    Principal Commissioner of Income Tax-1 Versus Babul Products Pvt. Ltd.

    Disallowance of business expenses - no business activity was carried out during the year - ITAT deleted the addition - Held that - The Tribunal has reached a factual finding that though the assessee did not carry out any actual business activity during the year under consideration, the same was due to litigation for the brand name/trademark, however, the business was not discontinued. In the meantime, the assessee had to incur expenditure towards....... + More


  • 2017 (10) TMI 689 - GUJARAT HIGH COURT

    Principal Commissioner of Income Tax-1 Versus A. Menarini India Pvt. Ltd.

    Addition on account of payment of royalty - seminar expenditure - Assessing Officer had held that the expenditure was a capital expenditure - nature of expenditure - Tribunal allowed it as revenue expenditure - Held that - No question of law arising. When it is found that the expenditures were for the purpose of augmenting the business of the assessee and did not result into any enduring benefit such expenditures were correctly allowed as revenue....... + More


  • 2017 (10) TMI 641 - KERALA HIGH COURT

    The Commissioner of Income Tax Versus Olam Agro India Limited

    Entitlement to adopt AS-31 issued by ICAI - institute revised its instructions and issued AS-31, making it mandatory only with effect from the financial year 2011-2012 and the assessee adopted AS-31 for the assessment year 2008-2009, which, according to the Assessing Officer, resulted in loss of revenue - Held that - Despite our specific query as to whether there was any statutory prohibition preventing the assessee from adopting AS-31 for the as....... + More


  • 2017 (10) TMI 640 - PUNJAB AND HARYANA HIGH COURT

    Smt. Shakuntla Thukral, Prop. M/s Neeraj Knitwears Versus Commissioner of Income Tax, Punjab

    Penalty u/s 271(1)(c) - condonation of delay - non filing of the penalty appeal under Section 271(1)(c) - Held that - Whether there is sufficient cause or not depends upon each case and primarily is a question of fact to be considered taking into totality of events which had taken place in a particular case. No cogent and satisfactory explanation has been furnished by the learned counsel for the appellant-assessee even before this Court for inord....... + More


  • 2017 (10) TMI 639 - MADRAS HIGH COURT

    M.K. Mahalakshmi Versus The Commissioner of Income Tax (III) , The Income Tax Officer

    Stay petition to stay the demand of tax - Held that - As the appeal petition has already been entertained by the first respondent, this Court is of the view that it is a fit case to grant liberty to the petitioner to approach the second respondent to file the stay petition to stay the demand of tax as qualified in the assessment order dated 16.12.2016 and the second respondent can be directed to take appropriate decision in the matter, considerin....... + More


  • 2017 (10) TMI 600 - DELHI HIGH COURT

    Radico NV Distilleries Maharashtra Ltd. Versus Commissioner of Income Tax (Central) -III, New Delhi & Ors.

    Application to Income Tax Settlement commission ITSC - reasons given by the ITSC for rejection of the application that the questionnaire issued by the AO was not answered - Held that - Insofar as the first reason is concerned, once the ITSC proceeds with the settlement application, as per Section 245D (4), the proceedings before the AO comes to a standstill. This is clear from a reading of Section 245F (2) of the Act. Thus, no adverse inference c....... + More


  • 2017 (10) TMI 599 - DELHI HIGH COURT

    Principal Commissioner of Income Tax-4 Versus Hi-Energy Realtors Pvt. Ltd.

    Addition u/s 69B - Assessee acquired 1.65 acre of land in excess for which no value was shown in the books of accoun - whether he benefit in question in any case covered under the head Profits and gains of business or profession in view of Section 28 (iv)? - Held that - Shares were not exchange and there was exchanges of Land in the same locality and the duration of purchase of land and its exchange i.e. four-five months was very short. Furthermo....... + More


  • 2017 (10) TMI 598 - KERALA HIGH COURT

    The Commissioner of Income Tax Versus Lord Krishna Bank Ltd

    Debiting of bad debts relating to the non-rural branches in the provision for bad debt account created in accordance with the provisions of Section 36(1)(viia) - Held that - Thus issue has already been considered and has been answered in favour of the Revenue in the judgment of this Court in The Commissioner of Income Tax v. Lord Krishna Bank Ltd. 2010 (10) TMI 860 - Kerala High Court . - Addition of interest accrued on Government securities - in....... + More


  • 2017 (10) TMI 597 - KERALA HIGH COURT

    The Commissioner of Income Tax, Kochi Versus M/s. Keerthi Agro Mills (P) Ltd.

    Addition u/s 40A - Cash purchase - Whether the assessee s transactions are exempted under Rule 6DD - Paddy Purchase - Held that - Section 40A(3) is a deeming provision; Rule 6DD clearly exempts the agricultural produce -paddy-from the rigours of section 40A(3) of the IT Act. As to the genuineness of purchases, the paddy quantity, believed by the Revenue for determining the yield, speaks volumes. And on the pricing, the Revenue has no ground to su....... + More


  • 2017 (10) TMI 596 - BOMBAY HIGH COURT

    Smt. Meena V. Pamnani, Versus The Commissioner of Income Tax, City-IX, Mumbai

    STCG - sale of depreciable assets - Applicability of provisions of section 50 on asset sold as ceased to be used for the purpose of the business - whether asset cannot move out of the Block of Assets ? - Whether, the Tribunal was right in law in holding that an asset cannot move out of the Block of Assets , if depreciation was allowed to the asset some time in the past, even though depreciation was claimed for many years thereafter ? - Held that ....... + More


  • 2017 (10) TMI 595 - BOMBAY HIGH COURT

    Virendra Ojha Versus Union of India,

    Stay the operation of Transfer Order of the Petitioner - Held that - In the instant case, the post of Commissioner of Income-Tax at Gorakhpur is lying vacant on account of the Petitioner seeking relaxation from the Transfer Policy in the last year and this year also. Therefore, sufficiently administrative exigency being made out and Petitioner s wife being very much present and available to take care of their daughter s education, we do not find ....... + More


  • 2017 (10) TMI 542 - CALCUTTA HIGH COURT

    M/s Elite Pharmaceuticals & Another Versus Income Tax Officer, Ward 46 (1) Kolkata

    Reopening of assessment - Held that - Department had invoked Section 148 of the Act of 1961 in respect of three assessment years as against the petitioners. The Department has also supplied the reasons for such invocation. The petitioners had replied thereto. It was incumbent upon the authorities to consider and decide the objections raised by the petitioners before proceeding to assess the reopened assessment years. In the present case, the Asse....... + More


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