The Commissioner of Income Tax V vs. M/s.Orchem Industries

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

10% share cannot be said to be illegal. According to him, the partnership firm clearly contains agreement that the rent of the suit premises is to be paid by defendant No.1 and also paid by him. He has submitted that as a partner of the firm, it can be said that defendant No.1 is also in control and possession

Commissioner of Income Tax-II vs. Hycons Infrastructure (India) Ltd.

The appeals are dismissed

Section 5A (1) of the Act of 1944, is invested wit h the power to curtail the concessions by modified notifications, but nonetheles s such notifications should be in public interest. The Supreme Court, in Motilal Padampat Sugar Mills Co. Ltd (supra) has laid down that promissory estoppel is an equitable doctrine and yielded when equity so requires. When

The Commissioner of Income Tax vs. Shri Byru Venkateswarlu

Appeal is dismissed

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

Section 271(1)(c) solely because the additions were confirmed in the quantum appeal, without examining the issue again in penalty proceedings with reference to the law and principles underlying the levy of penalty?” (2 of 10) [ITA-341/2005] 3. Counsel for the appellant has contended that the Assessing Officer has considered the case of the assessee and observed

Commissioner of Income Tax, vs. Agricultural Market Committee

Bench: V.V.S.RAO,SANJAY KUMAR

purchase and sale of shares of certain companies and gifts from certain persons, which in fact never took place. The assessee was alleged to be one of the beneficiaries, figuring in 3 the list supplied by the Investigation Wing, Agra. Since the transactions of share trading were found to be bogus and, therefore, entire amount claimed to have been received

Principal Commissioner of Income Tax vs. Sri Nama Nageshwar Rao

Bench: P.SAM KOSHY,LAXMI NARAYANA ALISHETTY

purchased shares of an unlisted private company in 2010. This unlisted company then merged with another unlisted company, M/s Focus Industrial Resources Ltd. and shares of this merged entity were allotted to the Assessee. Subsequently, the merged entity allotted further bonus shares to the Assessee and thereafter it was listed on the Bombay Stock Exchange. Assessee sold these shares

Commissioner of Income Tax vs. Sri Chirla Rama Reddy, Contract

Appeal is dismissed with costs

Bench: The Hon’Ble Mr. Justice N.K.Sudhindrarao R.S.A.No.70/2007

bogus and a collusive job of K.T. Bhagath, the Managing Director of the K.T.Plantations and R.Devdas and Jude Devdas. The agreements to sell and deed of sale were vitiated by fraud and were unenforceable in die eye of law. This defendant reiterated that she has not handed over possession of the suit schedule property to respondent No. 1 and that

Commissioner of Income tax-VI vs. M/s. Narpat Girji Constructions,

The appeal is allowed

10 - OSA No. 19 of 2015 LESSEE. Upon such conveyance conferring absolute title to the LESSEE, the LESSOR shall permit the right of passage to the staff members of the LESSEE, who may reside in the staff quarters of the LESSEE located within the residential colony premises of the LESSOR. The stamp duty, registration charges and other expenses

The Commissioner of Income Tax-IV vs. M/s. Meghadoot Drillers,

purchases from the alleged three parties on theoretical platform ignoring the fact that the books of accounts of the assessee were rejected u/s 145(3) and the assessee has accepted the discrepencies during the survey operation u/s. 133A and has surrendered a sum of Rs. 57,00,000/- in assessment year 2004-05 and Rs. 20,00,000/- in assessment

The Commissioner of Income Tax-III, vs. M/S V.J.Equipment Limited,

Bench: Charging The Interest U/S 234B & 234C Of The It Act?” 3. The Brief Facts Of The Case Are That The Assessee Firm Is Engaged In The Business Of Precious & Semi Precious Stones & It Is A 100% Exporter. During The

1) Whether in the facts and circumstances of the case the ITAT has not acted perversely in deleting the additions without apprechating the proviso to Section 69C and CBDT's circular dated 23.12.1998? 2) Whether in the facts and circumstances of the case, the ITAT has not acted perversely in relying the books of accounts when the same were rejected

The Commissioner of Income Tax-II, vs. M/S Gulf Oil Corporation Pvt. Ltd.,

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

bogus loss, it is  a speculative one. 13. It has been observed by the Assessing Officer  that the sale of shares appeared to be effected  without taking actual delivery. In Short, when the  shares were stated to have been sold i.e. the date  of selling, the assessee was not in possession of  these shares. But once a person is accepted

Commissioner of Income Tax-II vs. M/s.Jayalakshmi Chits

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

bogus loss, it is  a speculative one. 13. It has been observed by the Assessing Officer  that the sale of shares appeared to be effected  without taking actual delivery. In Short, when the  shares were stated to have been sold i.e. the date  of selling, the assessee was not in possession of  these shares. But once a person is accepted

The Commissioner of Income Tax - VI vs. M/s. Manikanta Iron AND Hardware

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

bogus loss, it is  a speculative one. 13. It has been observed by the Assessing Officer  that the sale of shares appeared to be effected  without taking actual delivery. In Short, when the  shares were stated to have been sold i.e. the date  of selling, the assessee was not in possession of  these shares. But once a person is accepted

The Commissioner of Income Tax -III vs. Sri T.C. Reddy

The appeal stands dismissed

purchaser M/s MEIPL was going to develop th land relating to 12 partners. Therefore, the land in pieces was brought by assessee company. It is not a case of the department that in lieu of cheques any cash was withdrawn from the bank and the same has been returned to the assessee. The general statement recorded of the Director that

M/S VAIBHAV vs. JOINT COMM. OF INCOME TAX RANGE 3 HYD

Appeal is allowed and the judgments and decrees passed by the

Bench: The Learned Trial Court) Was Allowed & The Judgment & Decree Dated 12.12.2000, Passed By Learned Senior Sub Judge, Kullu Was Set-Aside. (Parties Shall Hereinafter Be Referred To In

10. Section 60 of the Registration Act specifically provides that the certificate endorsed on the document, registered by the Registrar, shall not only be admissible in evidence for the purpose of proving that document has duly been registered in the manner provided under the Act but also that the facts mentioned in the document referred to in Section 59 have

Principal Commissioner of Income Tax [TDS] vs. M/s.KCIL-MEIL [JV]

Bench: RAMESH RANGANATHAN,M.SATYANARAYANA MURTHY

1. Thomson Group is a single entity Entire sales turnover of the Group (except meager sales turnover conceded by the Rose Poultry Farm) is shown as made to ultimate customers. ie., unregistered dealers and verification has confirmed that such addresses or purchasers of live chicken shown as per Form 8 B Bills are bogus or non-existent. All 6 dealers/assessees

M/s Sri Surya Constructions vs. The Income Tax Officer

Bench: P.SAM KOSHY,N.TUKARAMJI

Section 115 of the Code of Civil Procedure, 1908 (hereinafter “CPC”), has been filed on behalf of petitioner seeking the following reliefs:- “(a) Revise the impugned order (Annexure P/1) under Sec.115 of the CPC, 1908 dated 26.09.22 of the Hon'ble ADJ of the South East Saket District Court in Computer Junction vs Gisil Designs (CS DJ 754/20169287116) whereby