Allahabad High Court

Gain on sale of Shares held for 16 years as investment cannot be treated as business income

The Commissioner Of Income Tax Vs M/S Jindal Poly Films Ltd. (Allahabad High Court)

The Government of India Ministry of Finance Department of Revenue vide Circular No. 6 of 2016 of the Central Board of Direct Taxes 29th February, 2016 referring to the earlier circular No. 4 of 2009 dated 15th June, 2007 has laid down that in order to reduce litigation, the sale of listed shares would be treated as capital gain if they ar...

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Addition for sale outside books of Accounts without rejecting of books of account not sustainable

CIT Vs Pashupati Nath Agro Food Products Pvt. Ltd. (Allahabad High Court)

Tribunal formed an opinion where once the account books are expected to be maintained in the prescribed accounting standard, the assessing officer could not have made any additions towards the sale of rice treating it to be outside the books of accounts or towards investing in stock of rice and wheat outside the books of accounts....

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CA guilty of Professional Misconduct for giving forged challan copies

Council of the Institute of Chartered Accountants of India Vs Shri D.K.Agrawal (Allahabad High Court)

This Reference, under Section 21 (5) of Chartered Accountants Act, 1949 (hereinafter referred to as “Act, 1949”), has been received in this Court, sent by Council of Institute of Chartered Accountants of India (hereinafter referred to as “ICAI”) in the matter of D.K.Agrawal, FCA of M/s Dinesh K. Agrawal & Co., Chartered Accountant...

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Triple Talaq: Constitutional Rights Can’t be Infringed: Allahabad HC

Aaqil Jamil And 2 Others Vs State Of U.P. And Another (Allahabad High Court)

Talaq by a Muslim husband to his wife cannot be made in a manner which may infringe her fundamental rights guaranteed under Article 14 and 21 of part III of the Constitution....

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At registration stage CIT not supposed to examine Nature of Activities

CIT (Exemption) Vs Yamuna Expressway Industrial Development Authority (Allahabad High Court)

CIT (E), while considering an application for registration under Section 12AA, is not supposed to examine whether applicant is entitled for certain exemptions under Section 11 or 12 or not since that is within the jurisdiction of Assessing Authority and not CIT (E)....

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No sec 40A(2)(b) rws 36 disallowance on Trade advance given to sister concern

CIT Vs. M/S Ghari Industries Pvt. Ltd. (Allahabad High Court)

No disallowance can be made under Section 40A(2) (b) read with Section 36 of the Income Tax Act of interest paid on borrowed funds for trade advance given out of commercial expediency to sister concerns....

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Transfer of case from Delhi to Noida without disposing Appellants objection is invalid

Y. K. Gupta Vs Union of India And 4 Others (Allahabad High Court)

While scrapping an order transferring a case from Delhi to Noida, the division bench of the Allahabad High Court held that the holding of the office of a director by the petitioner and his admission to the undisclosed income are not sufficient grounds for transferring a case under section 127 of the Income Tax Act....

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UP VAT Registration cannot be denied for mere wrong Input Tax Credit claim

Sevak Enterprises Vs Commissioner, Commercial Tax (Allahabad High Court)

Justice Ashwani Kumar Mishra of Allahabad High Court held that, wrongful claim of Input Tax Credit (ITC) would not constitute sufficient ground for cancellation of registration of a dealer under UP Value Added Tax Act....

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Assessee not allowed to appear with Counsel to Record Statement U/s. 108 of Customs Act

Pawan Kumar Pawan Arora Vs Union of India (Allahabad High Court)

In view of law laid down by Apex Court in case of Poolpandi & Others v. Superintendent, Central Excise & Others, presence of counsel refusal during interrogation/recording the statement of a person under Customs Act would not be violative of Article 20 (3) and 21 of Constitution of India....

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Loss / Gain on Foreign Currency Translation is notional debit/credit and not subject to Income Tax

CIT Central Vs M/S Jai Prakash Industries Pvt. Ltd. (Allahabad High Court)

A division bench of the Allahabad High Court, in CIT v. Jaya Prakash Industries Pvt Ltd, held that the difference on foreign currency translation which is notional debit/credit, did not represent any loss or income for the purpose of computing the taxable income under the Income- Tax Act....

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