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"...though every Court or Tribunal has an inherent power to dismiss the proceeding for non prosecution yet this inherent power is lost where the statute requires the Court or the Tribunal to hear the appeal on merits. In this case Rule 24 of the Tribunal Rules mandates the Tribunal to decide the appeal on merits even in absence of the appellant after hearing the respondents."

Bharat Petroleum Corporation Limited vs. ITAT (Bombay High Court)

DTRJ20131011

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"Deficits mean future tax increases, pure and simple. Deficit spending should be viewed as a tax on future generations, and politicians who create deficits should be exposed as tax hikers."
Ron Paul

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Latest Income Tax Case Laws

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

Sushrut Institute of Plastic Surgery vs Deputy Commissioner of Income Tax

Issue: Whether issue of notice u/s 147 is valid in the facts and circumstances of the case?Synopsis: The AO issued a notice u/s 147 to the assessee for reopening of its assessment proceedings for AY 2006-07. The return for the said year had been filed at Nil income, and it was not subjected to… 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

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

Commissioner of Income Tax vs Adani Wilmar Limited

Issue: Whether, in terms of Rule 10D(3)(c), price publications as long as the same are authentic and reliable are relevant materials even if the base of the concerned organisation is different?Synopsis: The TPO adopted Comparable Uncontrolled Prices (CUP) method. The assessee had presented two sets… 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

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

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

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

Sasmita Investments Ltd. vs Appropriate Authority & Others

Issue: Whether section 293 is specific, which does not admit filing of a suit which has the effect of even indirectly setting aside or modifying any proceeding taken under the Act?Synopsis: The plaintiff-transferee is engaged in the business of investment in properties. It sought a declaration that… Read More

Most Read Income Tax Case Laws

10721

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
6677

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
2329

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
2119

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
2085

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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