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Kashmir Trading Co. Vs. Deputy Commissioner of Income Tax

Court : Rajasthan

Subject : Direct Taxation

Reported in : (2006)206CTR(Raj)468; [2007]291ITR228(Raj)

a survey and search conducted on the assessee's business premises in July, 2000 it was not physically possible for him to have complied with the … the books of account. There is no denial of the fact that Clause (vii) of sub-Section (1) of Section 36 permits the deduction of any amount of bad debts or part thereof subject to provisions of sub-Section (2) … Rajesh Balia, J.1. Heard learned Counsel for the appellant.2. This appeal is under Section 260A of the IT Act, 1961 by the assessee. The assessee suggested the following substantial questions stating them to be substantial questions of

Southern Technologies Ltd. Vs. Joint Commnr. of Income Tax, Coimbatore

Court : Supreme Court of India

Subject : BankingDirect Taxation

Acts : Income Tax Act, 1961 - Sections 2(24), 14 to 59 and 145; Companies Act, 1956 - Sections 3, 209(3), 211 and 591; Reserve Bank of India Act, 1934 - Sections 45I, 45IA, 45IC, 45IC(1), 45JA, 45JA(1), 45K(1), 45K(3) and 45Q; Hire-Purchase Act, 1972 - Sections 2; Industrial Development Bank of India Act, 1964 - Sections 2; Finance Act; Constitution of India - Articles 14, 19(1) and 19(6); Income Tax Act, 1922 - Sections 10(2)

Reported in : [2010]153CompCas674(SC); (2010)228CTR(SC)440; [2010]320ITR577(SC); JT2010(1)SC14; 2010(1)SCALE329; (2010)2SCC548; [2010]187TAXMAN346(SC); 2010(1)LC387(SC)

to any person or a company or to a group of companies.45K - Power of Bank to collect information from non- banking institutions as to deposits and to give directions(1) The Bank may at any time direct … convenience, we may refer to the facts in the case of Southern Technologies Ltd. Civil Appeal No. 1337 of 2003.3. At the outset, it may … the P&L; Account, as 'income' under Section 2(24) of the Income Tax Act, 1961 ('IT Act' for short), while computing the profits and gains of … provision for NPA of Rs. 81,68,516/-.6. Before the AO, Assessee claimed deduction in respect of Rs. 81,68,516/- under Section 36(1)(vii) being Provision for NPA in terms of RBI Directions 1998 on the ground that Assessee had to debit

Aquarius Travels (P) Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (2008)111ITD53(Delhi)

stage such disallowance can be made by the Tribunal by invoking the provisions of Section 14A for the first time. In this regard and on the scope and powers of the Tribunal the learned Counsel made reference … the year under consideration, since the loan had been borrowed for business purposes, the conditions set out in Section 36(1)(iii) of IT Act are satisfied and therefore the interest is allowable.8.2. The AO, after considering the relevant material

Babros Machinery Mfrs. (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Subject : Direct Taxation

Reported in : (2003)84ITD91(Ahd.)

is asst. yrs, 1986-87 to 1995-96 and 1st April, 1995 to 8th Sept., 1995.3. In respect of the first point of difference, the facts as noted by the AO are as under: "Undisclosed income for asst. yr. … the AO who is Dy. CIT(A) Special Range-2, Ahmedabad, under Section 158BD r/w Section 158BC(c) of the IT Act, 1961 for the Block Period asst. yrs. 1986-87 to 1995-96 and 1st April, 1995 to 8th Sept., 1995.2.

Subhash Gupta (individual) Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Jaipur

Subject : Direct Taxation

Reported in : (2003)78TTJ(JP.)692

filed every precise details as demanded from him and at no stage of assessment proceedings, he denied the information as demanded.The assessee also objected the remark of the AO that the assessee had fraudulently claimed the loss, … has completed the assessment at nil income vide order dt. 15th Feb., 2000, passed under Section 143(3) and has also initiated penalty proceedings under Section … CIT(A), dt. 30th March, 2001, confirming the penalty, imposed by the AO under Section 271(1)(c) of the IT Act amounting to Rs. 14,45,240. "1. On the facts and in the circumstances of the case the learned CIT(A) … along with audit report under Section 44AB declaring a loss of Rs. 36,80,600 as under : In the computation of income, the assessee has also

Ece Industries Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (2007)111TTJ(Delhi)11

copy of the application form has been filed on pp. 124 to 126 of the paper book. Relevant information given in column 16 is as under: 16. The lamp unit of the company at Sonepat is being … been brought within the purview of Section 50B which has been brought on the statute w.e.f. 1st April, 2000. Section 50B could not be made applicable to the assessee's case during the asst. yr. 1997-98. Such provision being … profit for the current year.3.3 The AO invoked Section 50 of IT Act and issued a notice to the assessee vide letter dt. 29th Jan., … a whole. The AO worked out the short-term capital gain at Rs. 36,89,23,393.3.6 Before the AO, the assessee also pleaded that although for calculation of

New India Industries Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Subject : Direct Taxation

Reported in : (2007)112TTJ(Delhi)917

corporation etc. for allowing provision for bad and doubtful debts as per Sub-clause (viia) of Sub-section (1) of Section 36. However, there is no provision made similarly for an NBFC even though both are governed by the regulatory … lent, it does not partake the character of income when subsequently such amount is realized. If on the first instance, the deduction is not allowed in respect of NPA, subsequent realization of such NPA is realizing its … Power Finance & Infrastructure Development Corporation Ltd. (supra) and that of Southern Technologies Ltd. (Tax Case No. 1 of 2002 dt. 23rd Jan., 2002). These … under the powers conferred on him under Section 255(3) of the IT Act, 1961 has constituted the Special Bench to dispose of this appeal as

All India Children Care and Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Allahabad

Subject : Direct Taxation

can issue notice under Section 148 if he is satisfied that income has escaped assessment, even if the information relating to such escapement is all along on the record.15.A The learned standing counsel for the Department referred … "the AO") on 7th July, 1999.3. The AO issued notices under Section 143(2) and 142(1) of the IT Act dt. 18th Jan., 2000, along with a detailed enquiry letter for each year separately. In response to these … trust. Subsequently on 19th April, 2002, the memorandum of appeal (Form No. 36} was revised and the appeals were signed in the capacity of the

Deputy Commissioner of Income Tax Vs. Sahara India Financial Corpn.

Court : Income Tax Appellate Tribunal ITAT Lucknow

Subject : Direct Taxation

Reported in : (2003)81TTJLuck389

to 1621 of the paper book. The judgment is dt. 12th May, 2000. In the public interest litigation, the allegations of irregularities were made against … made deposits of Rs. 20,000 or more. Several notices were issued to the assessee to furnish various other informations. The AO on the basis of examination of the material, completed assessment at Rs. 10,45,77,81,760 vide assessment order … completed assessment at Rs. 10,45,77,81,760 vide assessment order dt. 23rd April, 1999, under Section 144 of the IT Act, 1961. (ix) The assessee challenged treatment given by the AO to the special audit report before the learned … (xi) In the case of CIT v. Rohini Builders (2002) 256 ITR 360 (Guj) it was held that unsatisfactorieness of the explanation of the assessee

Super Cassetes Industries Ltd. Vs. Myspace Inc. and Another

Court : Delhi

Subject : Civil

Acts : Code of Civil Procedure (CPC), 1908 - Order 39 Rules 1, 2, 4 - Section 20 (c); Information Technology Act, 2000 - Section 79; Digital Millennium Copyright Act; Copyright Act, 1957 - Section 51(a)(i); Engraving Copyright Act, 1734; Telegraphs Act 1863; Specific Relief Act, 1963

acts of the defendants are those of intermediatory and are protected under the provisions of Section 79 of Information Technology Act, 2000. The said provision will act as safe harbor provisions of US Digital Millennium Copyright Act ("DMCA") whereby the … laid down in the case of Banyan Tree v. A. Murali Krishna Reddy & Anr, 2010 (42) PTC 361 (Del). The exercise of jurisdiction by this court would mean that the court is giving extraterritorial effect. b)