Courts say.....

"Having examined the record, we find that in this case, the Department sought reopening of the assessment based on the opinion given by the District Valuation Officer (DVO). The opinion of the DVO per se is not an information for the purposes of reopening assessment under section 147 of the Income-tax Act, 1961. The Assessing Officer has to apply his mind to the information, if any, collected and must form a belief thereon."

ACIT vs. Dhariya Construction Co. (2010) 328 ITR 515 (SC) quoted in CIT vs. M/s Baldev Plaza, Golgha And Another (Allahabad High Court)

DTRJ20131017

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Latest Income Tax Case Laws

Director of Income Tax (Exemption) Vs. M/s. Nbie Welfare Society, New Delhi

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M/s. Binjusaria Properties Pvt. Ltd. Hyderabad Vs Assistant Commissioner of Income Tax

Issue: Whether capital gain could be assessed on the basis of a development agreement between the assessee and the developer, even when the agreement remained to be acted upon?Synopsis: The assessee is a private limited company. During the assessment year under consideration, it gave its land for… Read More

Assistant Commissioner of Income Tax Vs. M/s. Renkon Partners

Issue: ITA No. 1127/DEL/2012 1. Whether the CIT(A) was justified in deleting the addition of Rs. 11,07,97,978/- made by the AO disallowing deduction u/s 24(1)? 2. Whether the CIT(A) was justified in treating the rental income as income from house property when the business of the assessee consists… Read More

Commissioner of Income Tax vs. Subodh Gupta

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Issue: Whether the rejection by the TPO of CPM and RPM for calculation of ALP (as done by the assessee) was justified?Synopsis: This was assessee’s appeal against assessment order passed u/s 143(3)/144C pursuant to DRP directions u/s 144C(5). The assessee is in the 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

M/s Ericsson AB, Sweden C/o PricewaterhouseCoopers (P) Ltd.Vs Additional Director of Income Tax

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

in Section: 080IB
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