Court : Gujarat
Decided on : Mar-31-2015
..... rs.12,76,320/-. the case was selected for scrutiny and notice under sections 143(2) and 142(1) of the income tax act along with the detailed questionnaire were issued. that the assessee claimed and shown indirect expenses of rs.56,04,681/- which includes interest on reliance capital bond of rs.27, ..... m.r. shah, j. 1. feeling aggrieved and dissatisfied with the impugned judgment and order passed by the learned income tax appellate tribunal, ahmedabad, 'c' bench (hereinafter referred to as the 'tribunal') dated 05.09.2014 passed in ita no.314/ahd/2013 for a.y. 2009-2010 by which, the ..... considered, in detail, and given cogent reasons in paragraph no.5.3. what is weighed with the learned cit(a) is seems to be that the assessee used the said income for the business purpose and, in fact, even paid the tds on the income of interest on reliance capital bond. the aforesaid deletion has been confirmed by the learned tribunal by observing ..... .34 lacs was claimed by the assessee to have been utilized for business of construction. the cit(a) has further recorded that this fund flow has substance to slow clear nexus of utilization of borrowed fund for earning income in the form of interest, rent income and business income of construction, and has paid tds on the interest payment wherever applicable. there being no .....Tag this Judgment!
Court : Punjab and Haryana
Decided on : Feb-09-2015
..... , the main assessee had claimed the refund on the basis of forged tds certificates, then, the income tax authorities were competent and well within their jurisdiction to reject his claim of refund and even to impose penalty under the relevant provisions of the income tax act. thereafter, the aggrieved party had a right to file the statutory appeal in this relevant connection. ..... be that as it may, therefore, the respondent-accused, who was an advocate, had just submitted the income tax return on behalf of main assessee, cannot possibly be and indeed could ..... mentioned here-in-below. 13. as indicated here-in-above, the bare perusal of the record would reveal that complainant-ito claimed that the main assessee had submitted the income tax return for the assessment year 1988-89 claiming a refund of rs.3497/- based on false tds certificate through respondent-accused sudesh sharma, advocate. the learned counsel for ..... in detail, in all, according to the complainant, the main assessee has wrongly claimed the refund of rs.3497/- on the basis of wrong tds certificates submitted in his income tax return, through respondent-accused sudesh kumar, advocate. in the background of these allegations, the complainant ito had instituted different complaints, not against the main assessee, but against sudesh sharma .....Tag this Judgment!
Court : Mumbai
Decided on : Sep-09-2015
..... 1. this appeal under section 260-a of the income tax act, 1961 (the act) challenges the order dated 27th february,2013 passed by the income tax appellate tribunal (the tribunal). the assessment year involved is assessment year 2008-09. 2. the revenue ..... malhotra, learned counsel appearing for the revenue filed an affidavit dated 8 september 2015 of shri.ramnath prabhakar murkunde, assistant commissioner of income tax. it inter alia states that no appeal has been filed against the order of the tribunal dated 31 august 2012 passed by the ..... 143(3) of the act it was held that the respondent - assessee was a dealer in shares to the extent it claimed income under the head 'short term capital gains' and was subjected to tax under the head 'business income'. 4. in appeal, the commissioner of income tax (appeals) (cit (a)) on consideration of ..... officer had, in the proceedings under section 143(3) of the act, accepted the stand of the respondent - assessee and taxed the profit earned on purchase and sale of shares as short term capital gains; (i) dividend income earned was over rs.8.50 lakhs; (j) the respondent - ..... urges the following question of law for our consideration: 'whether on the facts and in the circumstances of the case and in law, the tribunal was justified in upholding the commissioner of income tax .....Tag this Judgment!
Court : Karnataka
Decided on : Jul-13-2015
..... filed under s.260 a of the income tax act, 1961 praying to set aside the orders passed by the it at in it a 1514 and 1513/bang/2012 on 11.4.2014 confirming the order of the appellate commissioner and confirm the order passed by deputy commissioner of income tax, circle 11 (5), bangalore.) ..... that the said amount was not transferred to the said assessee and hence the same could not be treated as income of the assessee. challenging the order of the commissioner of income tax, revenue filed an appeal before the tribunal which has been dismissed by a detailed, reasoned order on 11.4. ..... the revenue has filed these two appeals challenging the order of the income tax appellate tribunal dated 11.4.2014 passed in itas 1514 and 1513 /bang/ 2012. ita 404 ..... tribunal further held that the liability continued to exist in the assessment year under consideration and as such, the amount could not be treated as income of the assessee. for the assessment year 2004-05, the assessee received a sum of rs.32.9 crores from the eraf which was treated ..... 2014 holding that, treating the amount received from eraf to be income of the assessee would be inconsistent with the actual facts .....Tag this Judgment!
Court : Madhya Pradesh
Decided on : Feb-12-2015
..... 1. heard on i.a.no.3860/2012, an application for condonation of delay. 1.1. appeal under section 260a of the income tax act, 1961, filed by the appellant against the order of itat dated 30.4.2011 is barred by 287 days. 2. an application ..... by the chartered accountant. in para 6 of the affidavit he has deposed that whenever any messenger of the department bring notice related to the income tax or commercial tax, he normally redirect him to the chartered accountant to serve the copy on behalf of the department to the chartered accountant. 6. in respect of ..... the notice issued by the income tax department and take necessary steps accordingly. he has further stated that the address of the service of notice as well as order in form 35 was ..... director of the appellant-company mr. sanjay rathi and as per para 4 he has deposed that all the notices which are normally issued by the income tax department are served to the chartered accountant of the company who is regularly appearing before the authorities and most of the time, the chartered accountant receives ..... affidavit of shri sanjay rathi, director of the appellant-company. as per para 2 of the affidavit on 4.1.2012, when the assistant commissioner of income tax served a judgment notice of appellant - company then only he came to know about the order. 4. the department in its reply has stated that the .....Tag this Judgment!
Court : Mumbai
Decided on : Apr-09-2015
..... them. that interest was payable not only in terms of the general principle of partnership and highlighted in the indian partnership act, 1932, but also on the broad consideration under section 24(b) of the income tax act, 1961. if the income is income from house property and that is a deduction which could be granted from the same we do not think that the revenue ..... them to tenants and whose sole business was management and collection of rents from the said properties, was held assessable under section 9 and not under section 10 of the income-tax act. it was observed in that case that, merely because the owner of the property was a company incorporated with the object of owning property, the incidence of ..... stalls, and it is a matter of little moment that the occupation which is the source of the income is temporary. the income-tax authorities were, in our judgment, right in holding that the income received by the appellant was assessable under section 9 of the income-tax act. the appeal, therefore, fails and is dismissed with costs. 25. we do not find that the emphasis by ..... bighas of land in the town of calcutta and set up a market therein. the question was whether the income realized from the tenants of the shops and stalls was liable to be taxed as business income under section 10 of the income tax act, 1922, or as income from property under section 9. after the rival contentions were noted, this is what the hon'ble supreme .....Tag this Judgment!
Court : Mumbai
Decided on : Feb-03-2015
1. this appeal by revenue under section 260a of the income tax act,1961 (the act) assails the order dated 30.4.2012 passed by the income tax appellate tribunal (the tribunal). the assessment year involved is a.y. 2007- 08. 2. the appellant-revenue proposes the following questions for our consideration: ?? "(a) whether on the facts and ..... , the assessing officer by an assessment order dated 19.9.2011 charged interest of rs. 1.76 crores on the above account as a part of the respondent-assessee's income. 5. being aggrieved, the respondent - assessee preferred an appeal to the tribunal. the tribunal by the impugned order held : (a) that the interest free loan extended by a company to ..... . thus partly allowed the respondent-assessee's appeal by applying the decision of the tribunal in the case of "vvf ltd. v. dcit [ita no.673/mum/06]" and "dy. cit v. tech mahindra ltd.  46 sot 141(mum.)(uro)" by holding that the loan advanced to an associate enterprise situated abroad, the rate of interest to be applied is ..... the impugned order of the tribunal inter alia has followed the decisions of the bombay bench of the tribunal in cases of vvf ltd. v. dy. cit [it appeal no. 673 (mum.) of 2006] and dy. cit v. tech mahindra ltd.  12 taxmann.com 132/46 sot 141 (mum.) (uro) to reach the conclusion that alp in the case of loans .....Tag this Judgment!
Court : Mumbai
Decided on : Jan-19-2015
..... 1. this appeal by the revenue under section 260-a of the income tax act, 1961 (the act), challenges the order dated 5th october, 2011 passed by the income tax appellate tribunal (the tribunal). 2. the following question of law has been raised for our consideration: ?? "whether on the facts and in the circumstances of the case and in law, ..... support be filed indicating the reasons. in the absence of the above, we will be compelled to impose heavy/exemplary costs to be personally paid by the jurisdictional - commissioner of income tax under whose jurisdiction, the appeal is being filed and pressed in spite of the issue being settled by this court and the same having been accepted by the revenue. 8 ..... should at all be pressed in view of the revenue having accepted the jurisdictional high court's order on an identical issue and take necessary instructions from the commissioner of income tax to withdraw and/or not press the appeal. alternatively, in case a conscious decision is taken to press the appeal, then an averment to the effect that either the case ..... will also be done in case of new appeals under section 260a of the act before filing them. 9. with the above observations/directions, appeal is dismissed. no order as to costs. 10. a copy of this order be communicated by the office and the counsel for the revenue to the chief commissioner of income tax, mumbai and the central board of direct .....Tag this Judgment!
Court : Mumbai
Decided on : Jan-07-2015
..... were really unnecessary. they are made so as to emphasize the object and purpose of inserting a provision like section 271(1)(c) in the income tax act, 1961. we do not agree with mr. shah that audit reports and minutes of meeting were important or brushed aside by the tribunal. the ..... been sustained to this figure. 6. mr. shah has relied upon section 271(1)(c) of the income tax act, 1961. he has relied upon the judgment of the hon'ble supreme court in the case of cit v. reliance petroproducts (p.) ltd.  322 itr 158/189 taxman 322. mr. shah has ..... of the claim itself was in issue and in our opinion the tribunal while upholding the order of commissioner of income tax (appeals) and that of the assessing officer partially did not act perversely nor committed an error of law apparent on the face of the record. its order refers to all ..... termed as capital expenditure and, therefore, incurred in relation to the research and development wing, hence sustained, but the assessing officer, the commissioner of income tax (appeals) and the tribunal in quantum proceeding as also in penalty proceeding concurrently found that there were 9 items of revenue expenditure. in relation ..... the opportunities that were extended and given by the assessing officer during quantum proceedings and penalty proceeding. equally the findings of the commissioner of income tax (appeals) that before .....Tag this Judgment!
Court : Karnataka
Decided on : Oct-07-2015
..... appellant and shri y.v. raviraj, appearing for the revenue. 2. the present appeal is filed under section 260-a of the income tax act, 1961 (hereinafter referred to as 'the act' for brevity), being aggrieved by the order of the income tax appellate tribunal, panaji bench, panaji, in ita no.182/pnj/2014 dated 07.07.2015 whereby the order passed by the commissioner ..... the value of the closing stock of molasses. 16. the assessing officer, however, having proceeded on a comparative method of valuation, was therefore not appropriate and the commissioner of income tax (appeals) has accordingly accepted the explanation offered by the assessee. the tribunal, however, has noticed that the prevailing price of molasses has been shown in respect of three different ..... was also not in consonance with the law and the findings of the assessing officer were set aside. 9. the revenue, being aggrieved, had preferred an appeal before the income tax appellate tribunal and the tribunal having reversed the finding of the appellate commissioner, having confirmed the order of the assessing officer, the present appeal is filed. 10. one other ..... of income tax (appeals)-vi, bengaluru, dated 28.02.2014 was set aside and the order passed by the assistant commissioner of income tax central circle-2, dated .....Tag this Judgment!