JT.COMMR.OF INCOME TAX,SURAT vs. SAHELI LEASING & INDUSTRIES LTD

Appeals stand allowed as mentioned hereinabove but with

disallowed out of depreciation. Penalty proceedings under Section 271 (1) (c) of the Act were initiated. In response to the show cause notice issued by the Revenue, Assessee filed its reply denying the allegations and contending that no penalty can be imposed on it, when returned income was NIL. 15. Penalty was sought to be imposed in respect

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

disallowed i.e. Rs. 10,28,462.00, Rs. 57,51,520.00 and Rs. 1,15,000.00. He concluded that by adding these figures the total amount of Rs. 68,94,982.00 was the income in respect of which inaccurate particulars had been furnished. The tax was computed at Rs. 31,71,692.00. It was held that the tax sought

VODAFONE IDEA LTD(EARLIER KNOWN AS VODAFONE MOBILE SERVICES LIMITED vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE 26 (2)

Bench: HON'BLE THE CHIEF JUSTICE

disallowing depreciation as claimed and by taxing the interest income of Rs.1,07,85,590 as income from other sources and thus raised the demand of Rs. 1,30,83,741 under various heads and sections of taxes, surcharge and additional

PRINCIPAL COMMISSIONER OF INCOME TAX (CENTRAL) 2 vs. M/S MAHAGUN REALTORS (P) LTD

The appeal is allowed, in the above terms, without order on costs

Bench: HON'BLE THE CHIEF JUSTICE

additional income nor brought it to the notice of the AO. Further, on 20.03.2007, the assessee issued postdated cheques in the name of MRPL. After merger, they were neither taken back nor fresh cheques were submitted from the amalgamated company MIPL. 11. It was submitted that in these circumstances, when assessment proceedings were effectively resisted, during which

THE SOUTH INDIAN BANK LTD. vs. THE COMMISSIONER OF INCOME TAX

Bench: HON'BLE MR. JUSTICE HRISHIKESH ROY

disallowance on expenditure incurred for earning tax free income in cases where assessees like the present appellant, do not maintain separate accounts for the investments and other expenditures incurred for earning the tax-free income. 14. We have heard Mr. S. Ganesh, Mr. S.K. Bagaria, Mr. Jehangir Mistri and Mr. Joseph Markose, learned Senior Counsel appearing for the appellants. Also

.M. SALGAOCAR & BORS. VS COMMISSIONER OF INCOME TAX

Accordingly Civil Appeal No. 657 of 1994 is allowed and Civil Appeal Nos

disallowance of interest on the amount advanced to sister concerns Commissioner of Income Tax (Appeals) taking into consideration the fact that no finding had been given by the Income-tax Officer that the amount borrowed had not been used for business purposes and considering that assessee had substantial funds on which it had not paid any interest deleted that addition

SHREE CHOUDHARY TRANSPORT CO. vs. INCOME TAX OFFICER

Bench: HON'BLE MR. JUSTICE DINESH MAHESHWARI

disallowed by the Ld. AO. The Ld. AO rightly invoked the provisions of Section 40(a)(ia) of the Act. Therefore, on the given facts as also in law, the ground of appeal fails.” 10 Before the Income Tax Appellate Tribunal, Jodhpur Bench 7. Aggrieved again, the appellant approached the Income Tax Appellate Tribunal, Jodhpur Bench7 in further appeal, being

BASIR AHMED SISODIA vs. THE INCOME TAX OFFICER

Appeal is allowed

Bench: HON'BLE MR. JUSTICE A.M. KHANWILKAR

Disallowed deduction U/s.24(1)  as per discussion  7200/­ 2. Additions in gross profit  10000/­ 3. Additions on the basis of less  Household expenses withdrawals 18000/­ 4. Unexplained credits as per discussions  226000/­  261200/­ Total taxable Income

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

The appeal is allowed

addition any tax payable by him, a sum which shall not be less than twenty per cent, but which shall not exceed one and a half times the amount of the tax, if any, which would have been avoided if the income as returned by such person had been accepted as the correct income." 25. An amendment thereto was carried

M/S. K.P. MADHUSUDHANAN vs. COMMNR. OF INCOME TAX, COCHIN, KERALA

addition to any tax payable by him, a sun which shall not be less than, but which shall not exceed twice, the amount of tax sought to be evaded by reason of the concealment of particulars of his income or the furnishing of inaccurate particulars of such income : Provided that, if in a case falling under clause (c), the amount

THE BANK OF RAJASTHAN LTD. vs. COMMISSIONER OF INCOME TAX

Appeals are dismissed

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

Additional   Commissioner   of   Income   Tax, Bangalore1.   This Court held that under the head “interest on securities”, the interest for a broken period was not an allowable deduction. Being aggrieved by the orders of the CIT, the   appellant   preferred   an   appeal   before   the   Income   Tax Appellate   Tribunal   (for   short,   ‘Appellate   Tribunal’).   The Tribunal allowed the appeal by holding that the decision

COMMISSIONER OF INCOME TAX 5 MUMBAI vs. M/S. ESSAR TELEHOLDINGS LTD. THROUGH ITS MANAGER

Bench: HON'BLE MR. JUSTICE A.K. SIKRI

disallow expenditure incurred to earn exempt income by applying the provisions of newly inserted section 14A of the Act.” 17. By   Finance   Act,   2002,   a   statutory   provision   was   also inserted by way of proviso to Section 14A.  What was clarified by the Circular have been statutorily engrafted in the proviso to the following effect:­            “Provided that nothing contained in this

M/S. SOUTHERN TECHNOLOGIES LTD. vs. JOINT COMMNR. OF INCOME TAX, COIMBATORE

disallowed under the IT Act, the same cannot be added back and, hence, such a provision for NPA cannot be added back in computing the taxable income. According to the appellant, the purpose behind prescribing RBI Directions 1998 is to ensure that members of the public and shareholders of the company obtain a true picture of the financial health

COMMR.OF INCOME TAX,CHENNAI vs. M/S ALAGENDRAN FINANCE LTD

disallowed and added to the income returned\005" The matter came up for consideration before the Income Tax Appellate Tribunal wherein the contention of the respondent that the said purported proceedings under Section 263 of the Act were barred by limitation, found favour with, opining: "6. We have carefully gone through the record and considered the rival submissions

CATHOLIC SYRIAN BANK LTD. vs. COMMISSIONER OF INCOME TAX, THRISSUR

disallowed. This amount was added back to the taxable income of the assessee, for which a demand notice and challan was accordingly issued. This order of the assessing officer dated 24th January, 2005, was challenged in appeal by the assessee on various grounds. 2. The Commissioner of Income Tax (Appeals) [hereafter referred to as ‘the CIT(A)’], vide its order

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

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

additions and providing for certain disallowances. He submits that for the assessment year 1993–1994, the appellant had maintained complete set of books of account, audited profit and loss account and balance sheet which were duly filed before the assessing officer. Following assessment proceedings, assessing officer passed the assessment order for the assessment year 1993 – 1994 on 27.01.1994 under Section

ASST. COMMR. OF INCOME TAX, MADRAS vs. THANTHI TRUST

disallow the claim of the Trust for exemption under Section 4(3)(i) of the Income Tax Act, 1922 for the Assessment Years 1955-56 to 1961-62. The Trust challenged the correctness of the tentative decision by filing a writ petition in the High Court of Judicature at Madras. On 25th June, 1961 the trustees of the Trust took

MANSAROVAR COMMERCIAL PVT. LTD. vs. COMMISSIONER OF INCOME TAX DELHI

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

additions to the income of the assessees for the aforesaid three Assessment Years in question under different heads of income, namely, (i) income from commission (ii) unsecured loan from Dengzong Charitable Trust (iii) interest accrued/paid on the unsecured loans and (iv) provision for income tax (which was disallowed