Income Tax Judgements

Facts in brief are that during the course of assessment proceedings, the Assessing Officer noticed that the assessee has claimed deduction of Rs.64,41,673 on account of loss being exchange difference on refund of customer’s advance. It was also notic

The captioned appeals being three (3) in number are directed against a common judgment of the Income Tax Appellate Tribunal (hereinafter referred to as the Tribunal) dated 22.02.2008 ITA No.1367/2008 relates to Assessment Year 1991-1992; ITA No.1

The facts which revealed from the record are as under. The assessee is Co-operative Housing Society. The return filed by the assessee was selected for scrutiny and assessment was completed u/s.143(3). It was also noticed by the A.O. that the assesse

The assessee is a public charitable trust. It is registered u/s 12A(a) of the Income Tax Act. Its income is eligible for exemption u/s 11 of the Act subject to the conditions specified therein. In the income and expenditure account submitted by the a

At the time of hearing of the appeal, neither the assessee nor any of his authorized representative were present, although, the last notice for hearing the appeal on 11.08.2011 was sent at the address given by the assessee in form no.36. The same has

Brief facts of the case are that in the relevant assessment year, the assessee-firm derived income from business of civil construction. The assessee had filed its return of income declaring total income of Rs.68,970/-. The Assessing Officer noticed f

If the party, at whose instance the reference is made, fails to appear at the hearing, or fails in taking steps for preparation of the paper books so as to enable hearing of the reference, the court is not bound to answer the referenc

Brief facts of the case are that the assessee-company in the relevant assessment year carried on the business of trading in shares and securities and investment in shares and securities. The Assessing Officer noticed that the assessee had shown long-

This appeal filed on 12.5.2011 by the Revenue against an order dated 27.1.2011 of the ld. CIT (Appeals)-I, New Delhi, raises grounds relating to addition of i)` 4,66,935/- on account of unexplained bank credit.;ii) ` 4,55,000/- on account of unexplai

(i) That the sustaining of disallowance of interest Rs. 1,61,226/- by Ld. Commissioner of Income Tax (Appeals) on the ground that assessee has made interest free advance of borrowed funds in arbitrary, unjust, unwarranted and at any rate very excessi