Income Tax Judgements

“(i) On the facts and in the circumstances of the case, the Ld. Commissioner of Income Tax (Appeals) has erred in law in deleting the addition of Rs. 13,80,000/- made by the Assessing Officer on account of unsecured loans by accepting unsecured loan

Above issue arises as Assessing Officer considered the sale of shares by the assessee to the firm in which he is a Partner as a non genuine transaction. Consequently he re-worked out the P&L account as stated in page 8 of the assessment order and det

Ld. CIT (Appeal) is not justified in law and facts and circumstances of the case in holding the order passed under section 143(3) as valid without proving the valid service of notice under section 143(2) with in the limitation period of 12 months as

The Commissioner issued notice under Section 263 of the Act on two grounds: firstly, the respondent had earned dividend income of Rs.28,20,145/- which was exempt from tax but no disallowance of expenditure under Section 14A of the Act was made. Secon

This appeal by the Revenue is directed against the order of the Ld. Commissioner of Income Tax (Appeals) dated 28.10.2009 pertaining to assessment year 2005-06. The grounds raised read as under:- “(i) In the facts and the circumstances of the

The assessee is converting scrap iron into MS steel. In the previous year relevant to the impugned assessment year, the assessee proceeded further to improve the value addition by converting MS steel again into TMT steel. In that process, the assesse

At the time of hearing, it was brought to our notice that this appeal emanates from a revisional order passed u/s 263 of the Act and because the revisionary proceeding itself has been struck down by the Tribunal vide its order dated 17.12.009, this a

Brief facts of this issue are that while doing the scrutiny assessment, the Assessing Officer has disallowed the disallowance by observing as under:- “On examination of the books of accounts it is observed that no tax on such payment/credit has be

The assessment in this case was completed under section 143(3). Later, on verification of the records of the case, the Commissioner of Income Tax found that that the assessing authority has not examined the genuineness of certain trade creditors whic

We have heard the rival contentions and gone through the facts and circumstances of the case. The brief facts are that the assessee is a charitable Institution registered under section 12AA of the Act by DIT(Exemption), Kolkata vide order dated 30.06