ITAT Lucknow DCIT Vs Smt. Veena Awasthi ITA No.215/LKW/2016 Date of Order : 30/11/2018 This appeal preferred by the Revenue emanates from the order of ld. CIT(A)-I, Lucknow dated 29/1/2016 as per following grounds of appeal:- 1. On the facts and circumstances of the case, the Ld. CIT(A) has erred in deleting the addition of… Read More »
HIGH COURT OF BOMBAY Principal Commissioner of Income-tax-2 v. State Bank Of India AKIL KURESHI AND M.S. KARNIK, JJ. IT APPEAL NO. 1218 OF 2016 JANUARY 4, 2019 Suresh Kumar for the Appellant. Atul Jasani for the Respondent. ORDER 1. The appeal is filed by the revenue to challenge the judgment of the Income Tax Appellate Tribunal “Tribunal” for short” dated… Read More »
HIGH COURT OF BOMBAY Mohanlal Champalal Jain v. Income Tax Officer, Ward 1(2), Thane AKIL KURESHI AND M. S. SANKLECHA, JJ. WRIT PETITION NO. 3629 OF 2018 JANUARY 31, 2019 Devendra H. Jain for the Petitioner. Sham Walve for the Respondent. ORDER 1. The petitioner has challenged a notice of reopening of assessment dated 28.3.2018 issued by respondent No.… Read More »
,The fact that the accounts were duly audited and the disclosures made in the audit notes, the loss income as declared, small taxable income as assessed even after the additions were made and that the expenses as claimed were otherwise eligible and allowed in the next assessment year, we would accept that the appellant-assessee had… Read More »
HIGH COURT OF BOMBAY Commissioner of Income-tax-LTU v. Indian Petrochemicals Corpn. Ltd. AKIL KURESHI AND M.S. SANKLECHA, JJ. IT APPEAL NO. 1428 OF 2016 JANUARY 22, 2019 Tejveer Singh for the Appellant. J.D. Mistri, Sr. Adv., P.C. Tripathi and Amit Mathur for the Respondent. ORDER 1. The Revenue is in Appeal against the Judgment of the Income Tax Appellate Tribunal (in short “the Tribunal”),… Read More »
The argument of the learned senior counsel for the assessee that contract was subsequently rescinded will not be of any help because the contract was rescinded only subsequent to the assessment year and what we are concerned for the purpose of the Act is the transactions which took place during the assessment year. HIGH COURT… Read More »
The date of conversion of capital asset into stock in trade shall be determined either on the basis of entry passed in the books of account of the assessee or the intention of the assessee to exploit the capital asset into stock in trade for its business purpose. In this case, undisputedly, the assessee has… Read More »
The obligation of the Assessee u/s.192 is only to make bonafide estimate of income of his employee under the head salaries. Such obligation cannot be tested on the parameters laid down on exercise of power by authorities under the Act exercising powers u/s.132 or u/s.147 of the Act. IN THE ITAT BANGALORE BENCH ‘C’ Karnataka Power Transmission… Read More »
SUPREME COURT OF INDIA Commissioner of Income-tax v. Jagannath Gupta Family Trust R. BANUMATHI AND R. SUBHASH REDDY, JJ. CIVIL APPEAL NO. 1381 OF 2019 FEBRUARY 1, 2019 JUDGMENT R. Subhash Reddv, J. – Leave granted. 2. This civil appeal is filed by the appellant, i.e., the Commissioner of Income tax (Exemptions), Kolkata, aggrieved by the Order dated 18.09.2017… Read More »
loss incurred was in the transaction relating to and for acquisition of a capital asset. For some reason, the attempt made by the appellant-assessee to acquire land/plot as a capital asset did not fructify. Hence, the appellant-assessee had asked for refund of the amount, which was paid for acquisition of the capital asset. Forfeiture or… Read More »