Courts say.....

"To fall within the ambit of the principle of mutuality, there has to be a complete identity between the class of participators and class of contributors, the actions of the participators and contributors must be in furtherance of the mandate of the association and there must be no scope of profiteering by the contributors from a fund made by them which could only be expended or returned to themselves."

Bangalore Club vs CIT (Supreme Court)

DTRJ20130801

People say.....

"The tax on capital gains directly affects investment decisions, the mobility and flow of risk capital... the ease or difficulty experienced by new ventures in obtaining capital and thereby the strength and potential for growth in the economy."
John F. Kennedy

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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

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

The Sub Registrar, Rampura Phul, District Bathinda Vs. Director of Income Tax (CIB)

Issue: Whether the Tribunal was right in law in sustaining the penalty imposed by the Revenue u/s 271FA beyond the time limitation prescribed u/s 275(1) (c) and whether the Tribunal had erred in law while disposing of the appeal with respect to 39 appeals pertaining to 10 different appellants by… Read More

Bhaktiprasad Nagori Timber & Plywood Pvt. Lts. Vs. Assistant Commissioner of Income Tax

Issue: Whether the non-speaking order by the Tribunal was contrary to the facts and evidence, and whether it was valid?Synopsis: The AO in this case made assessment order after perusing the statements filed by the assessee u/s 44 AB. According to Read More

Commissioner of Income Tax vs. Amar Nath Virender Kumar

Issue : Whether the Tribunal was justified in confirming the order of the CIT(A) deleting the additions of Rs. 1,56,25,000/-, Rs. 61,25,000/- and Rs. 60,00,000/- made u/s 69A for the AYs 2001-02, 2002-03 and 2005-06 respectively?Synopsis : There was a search and seizure operation in the case of… 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

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 Koottummal Groups

Issue: Whether there was a relationship of agency, so that it could be held that the provisions of section 40A(3) were inapplicable?Synopsis: The assessee made total purchase of Rs.2,31,689,032/- from M/s. Reliance Communication against cash payment. Applying the provisions of Section 40A(3), the… Read More

Lark Construction Pvt. Ltd. vs Additional 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

Most Read Income Tax Case Laws

12379

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
6786

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
2379

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
2184

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
2129

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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