Income Tax Act, 1961

Income Tax Rules, 1962

Courts say.....

"...the Act provides complete machinery for the assessment/re-assessment of tax, imposition of penalty and for obtaining relief in respect of any improper orders passed by the Revenue Authorities, and the assessee could not be permitted to abandon that machinery and to invoke the jurisdiction of the High Court under Article 226 of the Constitution when he had adequate remedy open to him by an appeal to the Commissioner of Income Tax (Appeals)."

CIT vs Chhabil Dass Agarwal (Supreme Court)


People say.....

"The art of taxation consists in so plucking the goose as to obtain the largest amount of feathers with the least amount of hissing."
Jean-Baptiste Colbert

Readers say...

Latest Income Tax Case Laws

Commissioner of Income Tax Vs N.Tarika Properties Investment Pvt. Ltd.

Issue : Whether the Tribunal was justified in confirming the order of the CIT(A) deleting the addition made u/s 68 of Rs. 34,50,000/- in respect of share application money?Synopsis : The assessee filed the return of income for the A.Y. 2001-02 on Read More

Director of Income Tax (Exemption) vs. The Indo Italian Chambers of Commerce And Industry

Issue : Whether the Tribunal was justified in allowing exemption u/s 11 to the assessee, when the main activity of the assessee was to organize trade fair which was a business activity as defined in section 2(15)? Synopsis : The assessee is a company registered u/s 25 of the Companies Act. The… Read More

DIT (Exemption) vs. Lala Bhagwan Dass Educational Trust

Issue: Whether the assessee is entitled to benefit u/s 11 in the facts and circumstances of the case?Synopsis: The Assessee is running an educational institution and is registered Read More

Amway India Enterprises Pvt. Ltd. Vs. Income Tax Officer

Issue: Whether the Tribunal was right in holding that the AO had accorded implicit satisfaction u/s 14A(2) which got converted into explicit satisfaction by the reason on discussion in the order passed by the CIT(A)?Synopsis: In this case, the AO had recorded implicit 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

Dharamshila Cancer Foundation And Research Centre Vs. Commissioner of Income Tax (TDS)

Issue: Whether the assessee should be granted deduction in case of TDS certificate u/s 197 at NIL rate?Synopsis: The AO directed the deduction of TDS at the rate of 5.5 per cent which is a lower rate than prescribed. The assessee desired the deduction at NIL rate. There was some Read More

Commissioner of Income Tax Vs. M/s. Stargate Investments Pvt. Ltd.

Issue: Whether the sale of shares does not fall under the head income from business but under the head capital gains , thereby, entitling for relief u/s 10 (38)?Synopsis: The assessee is engaged in the business of investment in shares and securities. The assessee company sold shares of India… Read More

Commissioner of Income Tax Vs. Sambhaji Nagar Co-Op- Hsg. Society Ltd.

Issue : Whether the Tribunal was justified in deleting the addition of Rs. 2,23,25,157/- made by the A.O. under the head ‘Long Term Capital Gains’ on the sale of Transferable Development Right (TDR) of the Cooperative Housing Society? Synopsis : The assessee Cooperative Housing Society planned a… Read More

Commissioner of Income Tax Vs. M/s. Som Dutt Builders Pvt. Ltd.

Issue: The following three questions were admitted : “(a) Whether the learned Tribunal below committed substantial error of law in allowing deduction of ₹ 79,42,442/- under section 80HHBA notwithstanding the fact that the said receipt was from the sale of scrap which has nothing to do with a… Read More

Ved Parkash Vs. Commissioner of Income Tax

Issue: Whether the dismissal of appeal by the Tribunal was justified?Synopsis: The AO noticed a cash deposit in the assessee’s savings bank account. The AO observed that the gross turn-over was much less and, therefore, 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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