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Latest Income Tax Case Laws

M/s. Essar Teleholdings Ltd. Vs Assistant Commissioner of Income Tax

Issue: Whether Section Rule 8D could be applied retrospectively, and whether section 14A could be considered for the purpose of computation u/s 115JB?Synopsis: The assessee-company is engaged in the business of investment. The AO noted that the assessee had made investment in shares to Read More

Interglobe Enterprises Ltd. vs Deputy Commissioner of Income Tax, Circle-11 (1), New Delhi

Issue: Whether on the facts and in the circumstances of the case, the AO had correctly made the disallowances under Rule 8D?Synopsis: This was a group of three appeals consisting of two filed by the assessee for AYs 2008-09 & 2009-10 and one filed by revenue for AY 2009-10. Read More

Commissioner of Income Tax Vs.M/s. Kotak Mahindra Old Mutual Life Insurance Ltd.

Issue : (1) Whether the computation of profit and gain from the insurance business is to be made separately from other business as per the provisions of section 44? (2) Whether the Tribunal was correct in deleting the disallowance u/s 14A, despite the fact that the Tribunal itself held the dividend… Read More

Commissioner of Income Tax vs. Midas Rubber Pvt. Ltd

Issue: Whether replacement of integral part is a current repair and not a capital expenditure?Synopsis: The assessee is engaged in the business of manufacturing procured tread rubber. According to the assessee, there was a sudden increase in the expenses due to Read More

Commissioner of Income Tax vs. Oshwal Education Trust

Issue: Whether the Tribunal is justified in cancelling the penalty imposed u/s 271(1)(c) in the facts and circumstances of the case? Synopsis : The assessee-trust filed its return for the A.Y. 2007-08 on 31/10/2007, declaring total deficit of Rs. 246,59,903/-. The assessment was completed on a… Read More

Lark Construction Pvt. Ltd. vs Addlitional Commissioner of Income Tax, Panvel Range, Mumbai

Issue: Whether the estimation of income after rejection of books of accounts was reasonable in the facts and circumstances of the case, and whether addition to income could be made u/s 40(a)(ia) in such a case?Synopsis: The assessee company was engaged in the business of civil construction and… Read More

Chudgar Ranchodlal Jethalal Trade Pvt. Ltd. vs Deputy Commissioner of Income Tax

Issue: Whether weight shortage expenses qualified for deduction, and whether disallowance u/s 14A was legally sustainable?Synopsis: The assessee was engaged in trading of ready cotton bales. In the assessment order for AY 2007-08, the AO made disallowance of expenditure claimed on account of weight… Read More

PGS Geophysical AS vs. Additional Director of Income Tax

Issue: Whether the income tax chargeable on the income of the assessee for the AY 2008-09, which falls within the scope of section 44DA(1) is liable to be computed in accordance with section 44BB? Synopsis: The assessee is a company incorporated under the laws of Norway and is principally engaged… Read More

Commissioner of Income Tax Vs. Punjab National Bank

Issue : Whether the assessee was entitled to re-value the security and, therefore, entitled to reduction in the closing stock on account of loss on re-valuation? Synopsis : The assessee had retained securities as per RBI’s mandate. The assessee Bank was required to value the securities on cost… Read More

Commissioner of Income Tax vs. N.K. Leasing & Construction (P) Ltd.

Issue: Whether the agreement entered into by the assessee with one of its customers in relation to a vehicle is a hire purchase agreement or it constitutes a financial transaction attracting section 8(3) of the Interest tax Act? Synopsis: The assessee is a financial institution. It entered into a… Read More

Most Read Income Tax Case Laws


Commissioner of Income Tax vs. Himgiri Casting Pvt. Ltd.

in Section: 080IB
Commentary in Hindi Judgment Issue: Whether deduction u/s. 80-IB could be allowed when the assessee failed to furnish the Audit Report along with the Income tax return? Read More

Director of Income Tax (Int. Tax.) vs. Western Geco International Ltd

in Section: 044BB
Commentary in Hindi Judgment Issue: Whether a proviso inserted after the relevant previous year can affect the application of the main section? Read More

Hyosung Corporation Korea vs. Commissioner of Income Tax DR (AAR)

in Section: 245R
Commentary in English Commentary in Hindi Judgment Issue: Whether where the question raised in the application for advance ruling is pending adjudication before the assessing authority, the bar… Read More

Director of Income Tax (Exemption) Vs. Raunaq Education Foundation

in Section: 080G
Issue: When is the credit for Post Dated Cheques to be given?Synopsis: On 07/01/2013, the Hon’ble Supreme Court settled the issue regarding the date of receiving a consideration by way of a… Read More

Amul Research & Development Association vs. Income Tax Officer

in Section: 156
Commentary in English Commentary in Hindi Judgment Issue: Whether the AO was justified in reducing the time period of 30 days to 7 days u/s 220(1) and recover a sum of Rs. 1,39,00,000/- u/s 226(3)? Read More

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