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

36(1)(vii) of the IT Act. It is the case of the appellant(s) that if one applies “real income theory”, “Provision for NPA” cannot be added back to the income of NBFCs, as is sought to be done by the Department. It is this “add back” which is impugned in the present case. According to the appellant

DEPUTY COMMISSIONER OF INCOME TAX vs. M/S. CORE HEALTH CARE LTD

disallowance of Rs.1,56,76,000/- in respect of borrowings utilized for purchase of machines. Accordingly, the above question is answered in favour of the assessee and against the Department. 15. Apart from the above question under Section 36(1)(iii

M/S MUNJAL SALES CORPORATION vs. COMMR.OF INCOME TAX,LUDHIANA

Disallowances. Keeping in mind the said scheme the position is that Sections 30 to 38 are deductions which are limited by Section 40. Therefore, even if an assessee is entitled to deduction under Section 36(1)(iii

COMMR.OF INCOME TAX,NEW DELHI vs. M/S ELI LILLY & COMPANY (INDIA) P.LTD

36 accrues directly or indirectly under five circumstances mentioned therein. To give an example of as to how the 1961 Act is an integrated Code we may state that Section 9(1) explains the meaning of the words “deemed to accrue or arise in India” in Section 5(2)(b). Section 9(1)(i) performs two functions: I. It deems

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

Section 36(1)(iii) of the Act to the extent of Rs. 3,36,32,300.00 was disallowed by the Assessing

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

disallowance of deduction claimed under Sections 10-AA, 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID or Section 80-IE, if the return is furnished beyond the due date specified under sub-section (1) of Section 139; or (vi) addition of income appearing in Form 26- AS or Form 16-A or Form 16 which has not been

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

COMMISSIONER OF INCOME TAX, DELHI vs. M/S WOODWARD GOVERNOR INDIA P. LTD

disallowed the deduction/debit. This fact is important. It indicates the double standards adopted by the Department. 11. The dispute in this batch of civil appeals centers around the year(s) in which deduction would be admissible for the increased liability under Section 37(1). 12. We quote hereinbelow Section 28(i), Section 29 Section 37(1) and Section

NATIONAL COOPERATIVE DEVELOPMENT CORPORATION vs. ASSISTANT COMMISSIONER OF INCOME TAX

Bench: HON'BLE MR. JUSTICE PAMIDIGHANTAM SRI NARASIMHA

disallowances, relying heavily on the legislative intent and the definition of "long-term finance" in the Explanation to Section 36(1)(viii). This view was subsequently affirmed by the Income Tax Appellate Tribunal (ITAT) and finally by the High Court vide the impugned judgment dated 28.11.2011. C. Findings of the High Court 6. The High Court affirmed the findings

MODI INDUSTRIES LIMITED, MODINAGAR vs. COMMISSIONER OF INCOME-TAX, DELHI

The appeals are allowed in the above

Section 143 or 144. Likewise, even though there is a shortfall in payment of tax according to the calculation made in the order of assessment, the assessee is obliged to pay interest on the seventy five percent of the amount of shortfall only upto the date of the assessment order, i.e., the date on which the amount of advance

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

disallowance of ITC on goods and services used in the construction of buildings could be a logical corollary only if the buildings were intended to be sold as stock by the developer instead of being further used for providing taxable goods or services. There is no contradiction in promoting ITC on goods and services used for the construction of buildings

ASSISTANT COMMISSIONER OF INCOME TAX vs. RAJESH JHAVERI STOCK BROKERS PVT.LTD

The appeal is allowed without

36(2) of the Act were not fulfilled, the assessing officer reopened the assessment by issuing a notice in terms of Section 148 of the Act on the ground that it has reason to believe that the income assessable to tax had escaped assessment within the meaning of Section 147 of the Act. The respondent asked for the reason

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

The appeal is allowed

disallowed in computing the total income of such person as a result thereof shall, for the purposes of clause (c) of this sub-section be deemed to represent the income in respect of which particulars have been concealed. Explanation 2\005\005\005\005. Explanation 3\005\005\005\005. Explanation 4.- For the purposes of clause (iii) of this

COMMISSIONER OF INCOME-TAX, LUCKNOW vs. BAZPUR CO-OPERATIVE SUGAR FACTORY LTD

In the result the appeals are allowed, the impugned

Section 36(1)(iii)--Cooperative Society-Amounts deposited by members in Loss Equalisation and Capital Redemption Fund--Whether deduction admissible. HEADNOTE: The respondent-assessee is a co-operative society run- ning a sugar mill. With a view to inducing its members to make further contribution to its capital it incorporated a bye-law which provided for the establishment

COMMISSIONER OF INCOME TAX vs. MAHENDRA MILLS

The appeal is dismissed

iii) actual cost of assets acquired during the previous year; (iv) capital expenditure on additions or alterations; (v) period of user only where return relates to assessment year 1969-70 or any earlier year; (vi) amount of moneys payable and scrap value in respect of assets sold, discarded, demolished or destroyed; (vii) amount on which depreciation is allowable total

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

Bench: HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN

disallowance of the deduction under section 40(a)(ia) of the Income Tax Act, end up paying tax of a huge amount, way beyond the commission, resulting in extreme financial hardship. Thus, if section 195 of the Income Tax Act could be construed in a manner so as to avoid such a result, this must be done. Further, he relied

BRITANNIA INDUSTRIES LTD. vs. COMMNR. OF INCOME TAX

36 and not being in the nature of capital expenditure or personal expenses of the assessee), laid out or expended wholly and exclusively for the purposes of the business or profession shall be allowed in computing the income chargeable under the head "profits and gains of business or profession". (2) Notwithstanding anything contained in sub-section (1), no expenditure