high court judgments - Page 5

Operating profit is Relevant in deciding Interest Waiver Application

Pioneer Overseas Corporation USA Vs CIT (Delhi High Court)

Fact that the Assessee is a part of DuPont, a global conglomerate which had in 2011 $37.96 billion in net sales and $6.253 billion as operating profit , cannot be said to be an irrelevant factor in considering whether any genuine hardship was undergone by the Petitioner....

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Mere furnishing Shareholders ID not sufficient to discharge onus u/s 68

M/s. B.R. Petrochem Pvt. Ltd. Vs The Income Tax Officer (Madras High Court)

In B.R Petrochem Pvt Ltd Vs. ITO, the division bench of the Madras High Court held that mere furnishing of identity of shareholders by the asseessee would not sufficient to discharge their onus under section 68 of the Income Tax Act. While confirming the addition made against the assessee, the bench ruled that the assessee must prove the ...

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HC set aside Assessment Order merely based on web report

Tvl.Sri.Kumaraguru Traders, Vs The Commercial Tax Officer (Madras High Court)

Impugned order of assessment was made based on the Web Report, the Assessing Authority is not justified in passing the impugned order of assessment, without furnishing the details of such report and without conducting any enquiry at all levels....

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Arbitrator cannot Lift Corporate Veil: Delhi HC

Sudhir Gopi Vs Indira Gandi National Open Univercity and ANR. (Delhi High Court)

Decision of the arbitral tribunal to pierce the corporate veil is fundamentally flawed. It falls foul of the fundamental policy of Indian law that recognises that a company is an independent juristic person....

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No Benefit under IDS 2016 if Search initiated after launching of scheme

Surendra Pal Singh Sahni Vs The Director General of Income Tax (Rajasthan High Court)

Court be very slow in interpreting the statutes where intention legislature is to curb the evasion of tax. This is a peculiar where the Government has granted the benefit under the only to the persons who are not covered under Section and other proceedings....

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Salary denial for not opening Salary a/c with employers bank is illegal

T.M.Dinesh Kumar Vs Malabar Cancer Centre Socity (Kerala High Court)

Petitioners insist that they should get salary through the existing account with the SBI itself without insisting them to open accounts with the IDBI. Therefore, denial of salary to the petitioners on the ground that they did not open account with IDBI bank is illegal....

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Bogus share capital: AO must scrutinise documents produced by assessee, addition cannot be done merely on report of investigation wing

Pr. Commissionr of Income Tax Vs. Laxman Industrial Resources Pvt. Ltd. (Delhi High Court)

The Income Tax Appellate Tribunal’s (ITAT) order upholding the Appellate Commissioner’s opinion that the additions made in the course of reassessments were unsustainable, were challenged by the Revenue. The reassessment notice was issued to the assessee for AY 2002- 03 on the ground that information received from the Investigation Win...

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No TDS On Salaries Reimbursed Under Secondment Agreement

Director of Income Tax Vs M/s. Marks & Spencer Reliance India Pvt. Ltd. (Bombay High Court)

Just 3 days to Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II 1] We have heard Mr. Pinto appearing on behalf of Revenue in support of this appeal. 2] In paragraphs 4.1 and 4.2 of this memo of appeal, the Revenue says that the facts are as under:- “4.1 The […]...

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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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Practice of taking undated cheques by excise department is illegal: HC

Digipro Import & Export Pvt. Ltd Vs Union of India & Ors. (Delhi High Court)

Just 3 days to Join GST Online Certification Course by GST Professionals & TaxGuru.in – Batch II Court has been shown the five undated cheques for sum of Rs.1.25 crores which were collected from the Petitioner during the visit to the premises of the Petitioner on 10th March, 2017. The Court specifically asked Mr. Harpreet […]...

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