merits

S. 271(1)(c); in favor of taxpayer : The taxpayer was a trust organized in the US and was a resident of the US. As regards India, it was registered with SEBI as a sub- account of M/s Fidelity Management Resources Co. It filed a return of income declaring short-term capital gains and dividend income. Thereafter, based on an AAR ruling in case of XZY/ABC Equity Fund (2005) (250 ITR 194), the taxpayer filed a revised return of income, Full Article

As announced by the Hon'ble Finance Minister in his Budget Speech on February 28, 1994, in order to alert the banks and FIs and put them on guard against borrowers who have defaulted in their dues to other lending institutions, the Reserve Bank of India was putting in place arrangements for circulating among banks and FIs names of defaulting borrowers above a threshold limit. Full Article

The assessee claimed deduction u/s 80-IB (10) which was rejected by the AO but allowed by the CIT (A). On appeal by the department, the Tribunal ruled against the assessee and held that it was not eligible for deduction. The assessee filed a MA u/s 254 (2) pointing out that it had cited a judgement of the Kolkota Bench of the Tribunal (which had been considered by the CIT (A)) and a judgement of the Kolkota High Court which had not been considered by the Tribunal when de.. Full Article

CASE LAW DETAILS Decided by:. ITAT, PUNE `A’ BENCH, PUNE , In The case of: Skoda Auto India Pvt. Ltd. v ACIT, Appeal No. : ITA No. 202/PN/07, Decided on: March 12, 2009 SUMMARY OF CASE LAW It is permissible in principle to make adjustments in the costs and profits in fit cases; the Assessee [...] Full Article

This petition under article 226 of the Constitution of India registers a challenge to the order dated August 23, 2007, passed by the learned Income-tax Appellate Tribunal, Guwahati Bench, Guwahati (hereinafter referred to as "the Tribunal"), dismissing four appeals being I. T. A. Nos. 29/Gau/2006, 30/Gau/2006, 35/Gau/2006 and 36/Gau/2006 filed by the petitioner-assessee before it against the assessment orders dated December 21, 2005, December 21, 2005, December 20, 2005 .. Full Article

RBI/2008-09/ 219DBOD.No.BP.BC. 58 /21.04.048/2008- 09 - It has come to our notice that in view of somewhat tight liquidity conditions in the domestic markets in the recent past, some of the banks have been averse to disbursing working capital limits and term loans (including short-term loans) to their clients against the sanctioned limits even in cases where the drawing power is available in the client's account and all the terms and conditions of the sanction of the loa.. Full Article