Having perused the documents on record with the assistance of the learned counsel for the revenue, we notice that the Tribunal had though confirmed the view of the revenue authorities with respect to the rejection of the books of account of the assessee, did not accept the  re-computation of higher rate of gross profit on [...]

The nature of processing of loose cotton into cotton bales after   sprinkling   water and mechanically pressing the same is similar to processing camphor powder into camphor cubes. Loose cotton in bulk quantity with lighter density is as a result of pressing converted intocotton bales and to that limited extent it certainly undergoes a change. In [...]

Question No.(i) pertains to addition of Rs.33.33 lakhs (rounded off) made by the Assessing Officer towards the commission paid to related parties. The Assessing Officer made such addition despite the assessee pointing out that the parties to whom such commissions were paid were associated with the associated company since its inception. The commission was paid [...]

We further notice that the Family Court, Mumbai, has also passed an order on 22nd February 2007 in which while granting decree of dissolution of marriage, it is provided that the petitioner would be entitled to all those ornaments lying with the Income Tax Authority, at Ahmedabad. The issue is, therefore, sufficiently clear. Gold ornaments [...]

Hon’ble Jurisdictional High Court in the case of Narmada Chematur Petrochemicals Limited (Supra) has held that, if the duty of Central Excise is not due and payable, it cannot be termed to be a cost in relation to the raw materials then such duty also cannot be termed to be a cost qua the finished [...]

Issue is squarely covered by the decision of the Apex Court in the case of Commissioner of Income Tax and others v. Ranchi Club Ltd., reported in (2001) 247 ITR 209. In the said decision, the Apex Court held that in absence of any specific direction giving reference to the section charging interest in the [...]

Under very similar circumstances, the Apex Court in the case of Sree Narayana Chandrika Trust Vs. Commissioner of Gift-Tax, reported in 261 I.T.R, page No.279, reversed the decision of the High Court and ruled in favour of the assessee by holding that such reconstitution of  a firm would not result into any deemed gift. The [...]

The petitioner is assessed to income tax. On 16.02.2005 a search under section 132(1) of the Income Tax Act, 1961was conducted at his residential premises in the course of which cash amounting to Rs. 8,83,800/- was found. Out of the cash found an amount of Rs. 6,33,800/- was seized. The petitioner attempted to explain the [...]

Issue- The petitioner is a Chartered Accountant and has been appearing before the Income Tax Authorities as well as before various Benches of the Income Tax Appellate Tribunal. The grievance of the petitioner is that the petitioner is facing lot of harassment at the hands of respondents No.2 and 3, who are Judicial and Accountant [...]

Admittedly, the assessee is not a dealer in foreign exchange. For the purpose of hedging the loss due to fluctuation in foreign exchange while implementing   the export contracts, the assessee had entered into forward contract with   the banks.  In some cases,   the export could not be executed and the    assessee had to pay certain charges       [...]