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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)

DTRJ20130801

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Latest Income Tax Case Laws

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 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. 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 Mitesh Impex

Issue: (1) Whether the processes employed by the assessee in segregating the metal scrap from cable scrap can be treated as 'Manufacture or produce' within the meaning of section 10B?(2) Whether, in the circumstances and the facts of the case and in law, the deduction u/s.80IB can be allowed and… Read More

Deputy Commissioner of Income Tax vs Ignite Mundra Pvt. Ltd. (Formerly Known as Canvas Communication P. Ltd.)

Issue: Whether disallowance u/s 40(a)(ia) could be made for non deduction of TDS on payments made to a group company, where such payments were in the nature of reimbursement of cost of employees’ services?Synopsis: The assessee company was in the business of advertising and marketing. It was… 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

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. Rane Brake Linings Ltd

Issue: Whether on the facts and circumstances of the case, the ITAT was right in holding that a lump sum of Rs. 20,00,000/- paid by the assessee being lease rentals paid to MIDC was a revenue expenditure ?Synopsis: The assessee is a company engaged in the manufacture of Automotive Ancillary… Read More

Commissioner of Income Tax vs. Shreenath Infrastructure

Issue: Whether section 80-IB is applicable in the cases of ‘works contract’ and where the unutilized FSI has been sold?Synopsis: In this case the Revenue’s stand was that since the assessee was not the owner of the land and perhaps even the permission for construction was granted in favour of the… Read More

Commissioner of Income Tax vs Shri Shriram Hiralal Soni

Issue: Whether the Tribunal was right in holding that the provisions of section 68 were not applicable in the facts and circumstances of the case?Synopsis: In this case, the revenue submitted before the Hon’ble High Court that this was a case where the provision in question, namely, Section 68 was… Read More

Most Read Income Tax Case Laws

10694

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
6639

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
2279

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
2065

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
2042

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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