Income Tax Judgements

Displaying 1 - 10 of 1242

Whether transaction of loan between a firm and its partner attractsSection.269SS of Income Tax Act?

 02 March 2015

Assessee is a Partnership firm involved in the business of banking and registered under the Kerala Money Lending Act.Notice u/s 148 of the Act was issued to the respondent-assessees. The firm had accepted payments from the partners, during the releva

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Whether capital receipts received by an assessee on issue of equity shares to its non-resident holding entity and the short-fall between fair market price and issue price of its equity shares can be considered as income within the meaning as defined under the Income Tax Act, 1961?

 11 October 2014

The Petitioner, Vodafone India Services Pvt. Ltd., is a wholly owned subsidiary of a non-resident company, Vodafone Tele-Services (India) Holdings Limited (the holding company). In AY 2009-10,the Petitioner issued equity shares on a premium to its ho

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Whether Section 154 can be invoked for rectification, re-examination and re-computation of subject matter other than a mistake apparent from the record?

 04 September 2014

The assessee, a Chartered Accountant, was subjected to search u/s 132 of the Income Tax Act, 1961, for providing accommodation entries in form of share loss or share gain by issuing bills for shares without actual sale and purchase by the party menti

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Whether gains on the sale of equity shares and Compulsorily Convertible Debentures are exempt from income tax in India by virtue of DTAA with Mauritius? And whether gains arising on the sale of CCDs are interest within the meaning of Section 2(28A) of the Income Tax Act, 1961 and taxable under Article 11 of India-Mauritius DTAA?

 09 August 2014

Zaheer Mauritius - Petitioner Versus - Director of Income Tax - Respondent

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Whether benefit of section 80V would be available to the Assessee if the borrowings were taken for the purpose of payment of tax? And whether disallowance under rule 6D should be computed with reference to the total expenditure incurred by an employee or other persons during the entire year and not with reference to each trip separately?

 07 August 2014

In AY 1985-86, the Assessee had paid interest on deposits and claimed deduction under section 80V of the I.T. Act 1961 as the said deposits were primarily obtained for the payment of taxes under the I.T. Act. The Assessing Officer rejected the claim

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Whether disallowance can be made u/s 14A of the Income Tax Act if no expenditure is incurred in relation to the exempt income?

 01 August 2014

Appellantis a NBFC in thebusiness of investments in shares and securities, money lending and finance. 10 companies merged with the assessee company w.e.f. 1.4.2007. The assessee filed its original return declaring loss of Rs.1,90,84,382/- on 30.9.200

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Whether retracted statement can form the basis of reopening of assessment under section 147 of Income Tax Act and whether Protective assessment without substantive assessment is permissible?

 30 July 2014

The assessee company is a non-banking finance company engaged in the business of consultancy, investments, finance and trading in shares.During the course of a survey conducted by investigation wing of the department on Shri Subodh Gupta, CA in 2003,

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Whether Section 43 B covers employees’ contribution to Provident Fund and whether the deduction is allowable if it is paid before due date for filing the Return of Income?

 28 July 2014

The Assessee Company is engaged in the business of manufacturing basic chemicals and chemical intermediates and is a Government of India enterprise.The present Appeal is a case of disallowance of payment of employees' contribution to the P.F. amounti

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Whether fees received for “foreign exchange deal matching system services” constitutes “royalty” under Article 13 of India-UK DTAA & Section. 9(1)(vi) of Income Tax Act, 1961?

 24 July 2014

The assessee company is a tax resident of United Kingdom incorporated under the laws of England. The assessee is engaged in the business of providing “foreign exchange deal matching system” which enables foreign exchange authorized dealers to effect

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Deduction under Section 54 of ITA cannot be denied as long as there is a Residential unit

 22 July 2014

n this appeal, the order passed by the ITAT confirming that of the Commissioner of Income Tax was questioned. The assessee had bought 3 flats, one in his own name, another in the name of his wife and his own and the third in the name of his wife. The

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