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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

Portside Estates Ltd. vs. Income Tax Officer

Issue: Whether in the facts and circumstances of the case, the assessee could be said to be a company in which the public are substantially interested and, therefore, allowed carry forward and set off of losses u/s 79? Synopsis: For the AY 2005-06, the assessee claimed brought forward losses of… Read More

Commissioner of Income Tax - II Ludhiana vs Pooja Investment Pvt. Ltd.

Issue: Whether income from redemption of Tata Mutual Fund (Dividend Plan) was assessable as business income, rather than short term capital gains?Synopsis: The assessee was dealing in shares and securities and filed its return for the AY 2006-07 declaring an income of Rs. 1,27,80,378/-. 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. The issue in these… Read More

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

Issue: Whether the reopening of assessment completed u/s 143(3) beyond 4 years from the date of completion of assessment was bad in law?Synopsis: This appeal by the assessee was directed against the directions of Dispute Resolution Panel for the AY 2004-05. The ground taken by it was 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

M/s. Frigoglass India Pvt. Ltd. Vs Deputy Commissioner of Income Tax

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. 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

Deputy Commissioner of Income Tax vs ITJ Retails Pvt. Ltd.

Issue: Whether the AO was correct in holding the expenses on advertisement as capital in nature, to be allowed in instalments?Synopsis: The assessee was engaged in the trading of computers and electronic products. During relevant year, the assessee claimed expenditure on account of advertisement… 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

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

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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