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"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)


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Latest Income Tax Case Laws

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. The assessee carried on business 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

Addl CIT vs Shrejee Impex Pvt Ltd

Issue: Whether the provisions of section 194C and section 195 were applicable on the fact and in the circumstances of the case, especially in the context of the provisions in the respective DTAA?Synopsis: The assessee company had made payment of freight and cartage amounting to Rs. 21,44,828/- to… Read More

Commissioner of Income Tax vs Itarsi Oil and Flour Mills, Raipur

Issue: Whether the term ‘business’ used in section 80HHC(3) refers to all the businesses of the assessee, or only the unit doing export business?Synopsis: In this reference at the instance of the Department u/s 256 (1), the question was whether the word 'business' used in Section 80HHC(3) means all… Read More

Commissioner of Income Tax vs. Modi Spinning Mills And Weaving Mills Co Ltd

Issue: On admissibility of additional ground.Synopsis: In this case the revenue was aggrieved by an order of the ITAT whereby a direction had been issued to the CIT(A) to admit the additional grounds urged by the assessee and adjudicate upon it. Read More

Harsh International vs Assistant Commissioner of Income Tax

Issue: What are the conditions to be satisfied for the allowance of deduction u/s 10B?Synopsis: The assessee is in manufacturing of Brass parts, electrical parts and its exports. For the AY 2005-06, the AO in his assessment order held that the assessee was not eligible for deduction u/s 10B in… Read More

Yama Finance Limited vs Assistant Commissioner of Income Tax

Issue: Whether the Tribunal erred in holding that income from sale of mutual fund units constituted business income?Synopsis: The assessee was dealing in shares and had also invested in mutual funds. The mutual fund holding had been shown in its investment account and was not characterized as… Read More

Ravinshankar R. Singh vs Income Tax Officer 21(3) (4), Mumbai

Issue: Whether crediting the amount of revaluation reserve to partner’s capital account amounts to transfer of firm’s asset to the partner?Synopsis: The assessee was a partner in a cable TV advertising network business, styled as M/s Satellite TV Network. During the A.Y.2008-09, the network rights… Read More

Deputy Commissioner of Income Tax vs Falcon Business Resources (P) Ltd.

Issue: Whether loans received by the assessee from another company, in which the shareholders of the assessee were interested, could be treated as deemed income of the assessee u/s 2(22)(e)?Synopsis: The assessee company received loans of Rs. 32 lacs and Rs. 20 lacs from one, M/s Shivalik Dairies… Read More

Commissioner of Income Tax vs. Rajshibhai Meramambhai Odedra

Issue: Whether capital gain tax can be levied where agricultural land is sold to a non-agriculturalist?Synopsis: A search action u/s 132(1) was carried out in one M/s.Radhe Group. During the course of the search authorization, various documents/books of accounts and other valuable articles and… 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

Amit Pravin Dhanesha and Anr vs. Commissioner of Income Tax

in Section: 132B
Commentary in Hindi Judgment Issue: Whether the benefit of proviso to section 132B(1) can be denied on the ground that the application was made to the DDIT and not to the AO? Read More

Commissioner of Income Tax vs. Gautam Manubhai Amin

in Section: 049
Commentary in English Commentary in Hindi Judgment Issue: What is the year for applying CII in cases of inherited property? 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

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