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Speculation Profit can be set off against carried forward speculation losses first

Case Name : Commissioner of Income-tax, Delhi-VIII Vs Ashok Mittal (Delhi High Court)
Appeal Number : IT Appeal No. 26 of 2013
Date of Judgement/Order : 07/02/2013
Related Assessment Year :
Courts : All High Courts (13954) Delhi High Court (3377)
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Re-assessment on the basis of CBDT circular not justified

Case Name : Arvind Polycot Ltd. Vs Chandra Ram (Gujarat High Court)
Appeal Number : Special Civil Application No. 2385 OF 2001
Date of Judgement/Order : 27/08/2012
Related Assessment Year :
Courts : All High Courts (13954) Gujarat High Court (1140)
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Form No.10 for income accumulation can be submitted by a trust either on assessment or re-assessment

Case Name : Association of Corporation & Apex Societies of Handlooms Vs Assistant Director of Income-tax (Delhi High Court)
Appeal Number : IT Appeal No. 523 TO 526 OF 2012
Date of Judgement/Order : 10/01/2013
Related Assessment Year :
Courts : All High Courts (13954) Delhi High Court (3377)
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Difference in income as per TDS certificates & ROI not necessarily leads to income escapement

Case Name : Meheria Reid & Co. Vs Income-tax Officer, Ward 5(4) Kolkata (ITAT Kolkata)
Appeal Number : IT Appeal No. 53 & 54 (KOL.) OF 2010
Date of Judgement/Order : 28/12/2012
Related Assessment Year : 2005-06 & 2006-07
Courts : All ITAT (14953) ITAT Kolkata (1035)
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No Penalty for mere reduction in deduction claimed

Case Name : Commissioner of Income Tax (Central-I) Vs Jakson Ltd. (Delhi high Court)
Appeal Number : ITA 48/2013, ITA 49/2013
Date of Judgement/Order : 29/01/2013
Related Assessment Year :
Courts : All High Courts (13954) Delhi High Court (3377)
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Reassessment not valid if Material facts already been disclosed during Original Assessment

Case Name : Director of Income-tax Vs McDonalds Corporation (Delhi High Court)
Appeal Number : IT Appeal No. 908 & 909 OF 2011
Date of Judgement/Order : 11/12/2012
Related Assessment Year :
Courts : All High Courts (13954) Delhi High Court (3377)
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Surrender of income to buy peace of mind is plausible explanation to avoid penalty for concealment

Case Name : Bajrang Glass Emporium Vs Commissioner of Income-tax, Agra (Allahabad High Court)
Appeal Number : IT Appeal No. 5 OF 1999
Date of Judgement/Order : 09/01/2013
Related Assessment Year :
Courts : All High Courts (13954) Allahabad High Court (800)
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If no incriminating material seized during search, addition in block assessment not justified

Case Name : Commissioner of Income-tax Vs P.R. Perumal (Madras High Court)
Appeal Number : Tax Case (Appeal) No. 104 OF 2006
Date of Judgement/Order : 27/08/2012
Related Assessment Year :
Courts : All High Courts (13954) Madras High Court (1763)
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HC should not dispose appeal without discussing the same – SC

Case Name : Commissioner of Central Excise, Allahabad Vs U.P. State Sugar Corpn. Ltd. (Supreme Court of India)
Appeal Number : Civil Appeal No. 7481 OF 2011
Date of Judgement/Order : 26/08/2011
Related Assessment Year :
Courts : Supreme Court of India (2373)

TPO only has to compute ALP & not suppose to comment on a transaction

Case Name : Festo Controls (P.) Ltd. Vs Deputy Commissioner of Income-tax, Circle 11(3), Bangalore (ITAT Bangalore)
Appeal Number : IT (TP) Appeal No. 969 (BANG.) OF 2011
Date of Judgement/Order : 04/01/2013
Related Assessment Year : 2007-08
Courts : All ITAT (14953) ITAT Bangalore (1081)
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