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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

Commissioner of Income Tax vs Devasan Investment Pvt. Ltd.

Issue: Is the income earned from purchase and sale of shares, on the facts and circumstances of the case, a business income or capital gain?Synopsis: The AO assessed the STCG on sale of shares at Rs.35,75, 908/- (for 2006-07) claimed by the assessee and Rs. 1,43,43,154/- (for 2007-08) as business… Read More

Commissioner of Income Tax vs. M/s. Idicula Trust Society, Faridabad

Issue: Whether in the facts and circumstances of the case exemption u/s 11 was rightly denied in view of violations u/s 13?Synopsis: The assessee-trust, registered u/s 12A since 6.7.1971, was doing charitable work of imparting education through five schools. Read More

Commissioner of Income Tax vs. Niraj Kumbhat

Issue: Whether on the facts and circumstances of the case, the penalty u/s. 271 (1)(c) can be levied ignoring the fact that the assessee had offered the undisclosed income in a separate letter filed to the Department and not in his statement recorded u/s 132 (4) during the course of… Read More

Commissioner of Income Tax vs M/s Pricol Ltd.

Issue: Whether the ITAT was right in allowing the claim of the assessee u/s 40A(9), when the claim of the assessee was hit by the provisions of Section 40A(7)?Synopsis: The assessee was a company, and filed its return of income admitting a total income of Rs.6,82,96,470/-. The assessee claimed… Read More

Jigar Rajesh Babaria, Mahesh Vrajlal Babaria vs Assistant Commissioner of Income Tax

Issue: Whether disallowance u/s 14A read with Rule 8D was correctly computed by the AO in the facts and circumstances of the case?Synopsis: The two appeals pertaining to members of the same family were heard together by the ITAT and decided by a common order. Read More

Commissioner of Income Tax vs. GIMPEX LTD

Issue: Whether the deduction u/s 80IB can be allowed without setting off the losses of other units?Synopsis: The assessee is engaged in the business of process and sale of Barytes minerals by establishing 12 units located at different places. Two of such units are located in Andhra Pradesh State… Read More

Commissioner of Income Tax vs. Leo Formulations Pvt. Ltd

Issue: Whether the estimation of profits on account of extra consumption of raw materials worked out by the AO after upholding rejection of book results for unreconciled discrepancies in consumption was right?Synopsis: The assessee is engaged in the business of manufacture of pharmaceutical drugs.… Read More

Commissioner of Income Tax vs. Vikrambhai Somabhai Patel

Issue: Whether the assessee is eligible for exemption u/s 10(37) where the assessee himself was not doing the agricultural operations, despite the specific condition that the agricultural operations should be done by such HUF or individual or his parents?Synopsis: The issue pertained to exemption… Read More

Commissioner of Income Tax vs. Jindal Polyester & Steel Ltd

Issue: Whether the penalty u/s 271(1)(c) can be cancelled irrespective of the fact that the assessee claimed excess depreciation than what was admissible to him as per the provisions of the Act?Synopsis: The assessee is a Company involved in the manufacture of steel pipes, Synthetic Filament Yarn… Read More

Most Read Income Tax Case Laws

11729

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
6725

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
2349

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
2141

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
2101

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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