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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)

Act' for short), while computing the profits and gains of the business under Sections 28 to 43D of the IT Act? Facts2. For the sake of convenience, we may refer to the facts in the case of Southern Technologies … 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)

by the Special Bench in pursuance of the Order passed by the Hon'ble President, under Section 255(3) of the IT Act, 1961.2. The facts and circumstances leading to the constitution of the Special Bench are as under: The assessee, … 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.)

passed by 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

at nil income. Accordingly, the AO 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 271(1)(c).5. In reply to the show-cause … by the 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

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 … lamp division should not be treated as short-term capital gain as per the provisions of Section 50(2) of the IT Act, 1961. In response to the notice, it was submitted on behalf of the assessee that the Sonepat unit … 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 … 1. Hon'ble President 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 well as to decide the following

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

Court : Income Tax Appellate Tribunal ITAT Allahabad

Subject : Direct Taxation

to as "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 … the society is claimed as a 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 manager of the assessee-society which are

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

Court : Income Tax Appellate Tribunal ITAT Lucknow

Subject : Direct Taxation

Reported in : (2003)81TTJLuck389

which is available at p. 1595 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 Sahara groups of companies also. Although … the material, 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

Copyright Act ("DMCA") whereby the liability of the defendants shall be exempted by operation of Section 79 of IT Act, 2000. g) The agreements or the assignments which are placed on record by the plaintiff are defective. The said … 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)