Judgements and Orders, Supreme Court and High courts of India

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

The respondent assessee had issued15% Unsecured Redeemable Non-convertible Debentures carrying interest @15% per annum. In order to repay the debentures, the respondent-assessee borrowed loan against Foreign Currency Non Resident Loan Account [FCNR(B

The assesse, a film production unit, claimed deduction u/s 80IB of the Income Tax Act 1961. The AO denied the claim for deduction contending that there is no machinery or plant of the appellant and the business affairs are carried out with hired equi

The Assessee, an Indian Company, was a subsidiary of May and Baker Ltd., a U.K. Company which had an industrial undertaking in India. Under a Scheme of Amalgamation, the said industrial undertaking of the U..K. Company was hived off to the Assessee C

The assessee is a trust registered u/s 12A of the IT Act, 1961, engaged in providing medical facility/aid. CIT noted that the assessee trust was carrying on Medical Profession, in the form of a Multi-speciality Hospital, on commercial basis wherein f

The respondent AO re-opened the assessment by notice u/s 147 after sending a notice of scrutiny and questionnaire. The petitioner responded to notice requesting reasons for reopening the assessment be furnished. The Revenue acceded to the petitioner’

The assessee had made a fixed deposit of Rs 1,00,00,000 with ICICI Bank and earned interest of Rs 11,77,574 on these deposits. The assessee claimed a deduction of Rs4,36,705 on account of interest paid on loan of Rs 75,00,000 taken, on the securityof

The assessee engaged in the business of share trading and regular purchase and sale of shares filed a Writ Petition challenging notice issued u/s 148 to reopen assessment. The department that the Writ Petition is not maintainable to challenge the not

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

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