Judgements by Hetvi Sheth

The question of law urged by the assessee is whether the decision of the ITAT as to the disallowance under Section 14A of the Income Tax Act, is in error of law. Assessee mainly engaged in the business of coal preparation had reported a tax exempt in

The appellant company is engaged in the business of export of Marine products and also financial consultancy and trading in equity shares. Its total business does not consist purely of exports but includes business within the country. AO held that th

The substantial question of law raised was whether an assessee claiming exemption u/s 11 can claim that income exempt u/s 10(33) and 10(38) to be excluded while computing the application of income for charitable or religious purpose. Held that there

In the Assessment Year 1980-81, the assessee had issued 6,25,000 equity shares of Rs.10/- each. Accordingly, a sum of Rs.62.50 lakhs was adjusted by issue of shares and the balance application money was refunded to the subscribers. The increase in th

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

Assessee is an individual having salary income and income from other sources. Return of income for A.Y. 2002-03 was filed on 31.03.2003 u/s 139 and for A.Y.2004-05, return was filed on 31.03.2005 u/s 139. After the filing of the return of income, no

Assessee is an Investment Management Consultant. During Scrutinyassessment, the AO noticed that the assessee had claimed a loss of Rs.93,63,235/- on account of loss on foreign currency futures. The AO disallowed the loss considering the provisions of

The appellant is a NBFC engaged in the business of leasing of commercial vehicles, infrastructure construction machinery/equipment and financing of infrastructure projects equipment/machinery. The total income of the appellant-assessee was assessed u

By this Writ Petition filed under Article 226 of theConstitution of India, the Petitioners have challenged the constitutionalvalidity of section 234E of the Income Tax Act, 1961. Section 234E seeksto levy a fee of Rs.200/- per day (subject to certain

The Assessee is engaged in manufacture of wooden doors, frames, furniture etc. The Assessee has paid usance charges of Rs.18,99,772/- on import purchase. The AO was of the view that the usance charges incurred by the assessee is the income arising to