DILIP N. SHROFF vs. JOINT COMMNR. OF INCOME TAX, MUMBAI &ANR

The appeal is allowed

69. We have noticed hereinbefore that even the Wanchoo Committee laid emphasis on the fact that explanation appended to Sub-section (1) of Section 271 should be inserted to clarify that where a tax payer’s explanation in respect of any receipt, deposit, outgoing or investment is found to be false, the amount represented by such receipt, etc. shall

M/S D. N. SINGH THROUGH PARTNER DUDHESHWAR NATH SINGH vs. COMMISSIONER OF INCOME TAX

Bench: HON'BLE MR. JUSTICE K.M. JOSEPH

Section 406 makes it abundantly clear that any such act by a carrier attracts the offence under Section 406. The Court in other words would have to allow the commission of an offence by the appellant in the process of finding that 71 the appellant is the owner of the goods. In other words, proceeding on the basis that there

SHAH ORIGINALS vs. COMMISSIONER OF INCOME TAX 24 MUMBAI

Bench: HON'BLE MR. JUSTICE S.V.N. BHATTI

capital, and the gain from foreign exchange fluctuation comes within the permissible deduction of Section 80 HHC of the Act. He places strong reliance on Sutlej Cotton Mills Ltd. v. Commissioner of Income Tax, Calcutta1 and Commissioner of Income Tax, Delhi v. Woodward Governor India Pvt. Ltd2. The Learned Counsel also places reliance on Commissioner of Income

SHARP BUSINESS SYSTEM THR. FINANCE DIRECTOR MR. YOSHIHISA MIZUNO vs. COMMISSIONER OF INCOME TAX-III N.D

The appeals are hereby disposed of in terms of

Bench: HON'BLE MR. JUSTICE MANOJ MISRA

gains of business or profession’ referred to in Section 28 of the Act. Section 36(1)(iii) says that the deductions provided for the amount of interest paid in respect of capital borrowed for the purposes of the business or profession shall be allowed in computing the income referred to in Section 28. 38. In SA Builders Ltd. (supra), this

COMMISSIONER OF INCOME TAX 8 MUMBAI vs. GLOWSHINE BUILDERS AND DEVELOPERS PVT. LTD. MANAGING DIRECTOR

Bench: HON'BLE MR. JUSTICE M.R. SHAH

69,79,146/­ on   account   of   reduction   in   the   sale consideration of development rights is to be assessed   in   the   current   year   as   either   as capital   gain   or   business   income.   This   is Page 17 of 44 without prejudice to the submission that the Assessing Officer has correctly assessed the income   in   his   Assessment   Order   dated 29.11.2011.  4.6 Making the above

DIRECTOR OF INCOME TAX (IT)-I, MUMBAI vs. M/S. AMERICAN EXPRESS BANK LTD

Bench: HON'BLE MR. JUSTICE J.B. PARDIWALA

capital gain; but, in the case of goodwill generated in a new business, it was not possible to determine the date when it came into existence. In view of these observations of the Supreme Court, we are inclined to hold that if any one or more of the base figures forming part of computations under clauses

M/S.VIRTUAL SOFT SYSTEMS LTD. vs. COMMISSIONER OF INCOME TAX, DELHI-I

69 (P&H High Court, CIT v. Prithipal Singh & Co.) affirmed by this Court in 249 ITR page 670 (SC), CIT v. Prithipal Singh & Co., 171 CTR page 51 (P&H High Court, CIT v. Virendra & Co.), 240 ITR page 47 (Kerala High Court, CIT v. N. Krishnan), 259 ITR page 229 (Madras High Court, Ramnath Goenka

ASSISTANT COMMISSIONER OF INCOME TAX (EXEMPTIONS) vs. AHMEDABAD URBAN DEVELOPMENT AUTHORITY

Bench: HON'BLE THE CHIEF JUSTICE

Section 12AA(1) of the IT Act, on 18.05.1979 and is engaged in the activity of promotion of the export of all kind of ready-made garments, knitwear, and garments made of leather, jute and hemp. It does not per se engage in any activity for profit, and its mandate is to ensure that Indian apparel manufacturers, are given forums

NATIONAL CO-OPERATIVE DEVELOPMENT CORPORATION vs. COMMISSIONER OF INCOME TAX-V, DELHI

Bench: HON'BLE MR. JUSTICE SANJAY KISHAN KAUL

capital assets, but not by the appellant-Corporation itself. Thus, a conclusion was reached that, in terms of Section 37 of the Income Tax Act, 1961 (hereinafter referred to as the ‘IT Act’) as it stood for the relevant assessment year, any expenditure (except of the prohibited type) laid out or expended wholly and exclusively for the purpose

M/S MANGALORE GANESH BEEDI WORKS vs. COMMISSIONER OF INCOME TAX, MYSORE

The appeals are disposed of in the above terms

69-70 of 2001. 2. The three substantial questions of law considered by the High Court were as follows:- i) Whether Rs. 12,24,700/- claimed as revenue expenditure by the Association of persons which was constituted by the three partners of the erstwhile firm, MGBW, can be allowed as permissible deduction in the hands of the said Association

DEPUTY COMMISSIONER OF INCOME TAX (CENTRAL) CIRCLE 1(2) vs. M/S M.R. SHAH LOGISTICS PVT. LTD

Appeal is allowed in these terms, without order on costs

Bench: HON'BLE THE CHIEF JUSTICE

Section 132 of the Act, about the declaration by Garg Logistics P Ltd, under the Income Declaration Scheme (IDS). 5. The AO, in the reasons to believe, compared the investments made by Pravin Chandra Aggarwal, i.e. the assessee company’s Chairman with form no.2 of the assessee company and the records of the Registrar of Companies and prepared a chart

ENGINEERING ANALYSIS CENTRE OF EXCELLENCE PRIVATE LIMITED vs. THE COMMISSIONER OF INCOME TAX

Bench: HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN

69 is installed, used, accessed, displayed, or forgoing any number of COMPUTERS may access or otherwise utilize the file and print services and peer web services of the SOFTWARE PRODUCT. In addition, you may use the “Multiple Display” feature of the SOFTWARE PRODUCT to expand your desktop as described in the online Help file without obtaining a license for each

M/S. I.C.D.S. LTD. vs. COMMISSIONER OF INCOME TAX

The appeals are allowed; the impugned

capital asset and thereby losing gradually investment caused by wear and tear, and would need to replace the same by having lost its value fully over a period of time.” 3 (1999) 7 SCC 106 16 Page 17 JUDGMENT 21. Black’s Law Dictionary (6th Edn.) defines 'owner' as under: “Owner. The person in whom is vested the ownership, dominion

PRIDE FORAMER S.A. vs. COMMISSIONER OF INCOME TAX

Bench: HON'BLE THE CHIEF JUSTICE

69,57,395/- for Assessment Year 1996-1997, Rs. 5,49,628/- for Assessment Year 1997-1998 and Rs. 11,29,957/- for Assessment Year 1999-2000. f. Against this, business expenditures aggregating to Rs. 2,50,000/-, Rs. 5,55,152/- and Rs. 11,29,957/-, respectively, were claimed as deductions and appellant also claimed set-off against unabsorbed

CHIEF COMMISSIONER OF CENTRAL GOODS AND SERVICE TAX vs. M/S SAFARI RETREATS PRIVATE LIMITED

Appeals are partly allowed in above terms

Bench: HON'BLE MR. JUSTICE ABHAY S. OKA

capital goods and plant and machinery if he claims depreciation on the said tax component under the Income Tax Act. The object is that a registered person does not take advantage of both depreciation and ITC. 29. Now we come to sub-Section (4) of Section 16. Before the amendment made by the Finance Act, 2022, the sub-section read

M/S. MANGALAM PUBLICATIONS, KOTTAYAM vs. COMMISSIONER OF INCOME TAX, KOTTAYAM

Bench: This Court & On Leave Being Granted, Civil Appeals Have Been Registered. 3.

69,92,728.00. 21.4. Learned counsel submits that during the reassessment proceedings assessee sought for return of the books seized by the department. Though some books were returned, the entire seized materials were not returned. As it was an old matter assessee had sought for time to look into the old records and to consult its representative. However, the assessing