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Addition u/s. 68 justified if creditworthiness of creditor & genuineness of transaction not proved

Case Name : Dr. D. Siva Sankara Rao Vs Income-tax Officer (Andhra Pradesh High Court)
Appeal Number : I.T.T.A.NO. 6 OF 2012
Date of Judgement/Order : 27/11/2012
Related Assessment Year :
Courts : All High Courts (13954) Andhra Pradesh HC (221)
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Payment for relinquishment of fabricated tenancy rights could not be considered in computing capital gain

Case Name : L.M. Patel & B.M. Patel (HUF) Vs Commissioner of Income-tax (Gujarat High Court)
Appeal Number : Tax Appeal No. 112 of 2000†
Date of Judgement/Order : 28/08/2012
Related Assessment Year :
Courts : All High Courts (13954) Gujarat High Court (1140)
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Deduction u/s. 54 / 54EC cannot be denied for investment in joint names

Case Name : Director of Income-tax, International Taxation, Bangalore Vs Mrs. Jennifer Bhide (Karnataka High Court)
Appeal Number : IT Appeal No. 169 OF 2011
Date of Judgement/Order : 26/11/2012
Related Assessment Year :
Courts : All High Courts (13954) Karnataka High Court (635)
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Business profits of non-resident US Company not having any PE in India would not be taxable U/s. 44BB as per article 7 of DTAA

Case Name : Commissioner of Income-tax Vs Enron Oil & Gas Expat Services Inc. (Uttarakhand High Court)
Appeal Number : IT Appeal No. 33, 40, 41, 49 128 & 129 Of 2007
Date of Judgement/Order : 26/11/2012
Related Assessment Year :
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6 months validity of provisional attachment not applicable after passing of assessment order is passed

Case Name : Motorola Solutions India (P.) Ltd. Vs Commissioner of Income-tax, Faridabad (Punjab and Hariyana High court)
Appeal Number : CWP NO. 22229 OF 2012
Date of Judgement/Order : 26/11/2012
Related Assessment Year :
Courts : All High Courts (13954) Punjab and Haryana HC (457)
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Validity of Reassessment notice if it mentions employee of company as agent?

Case Name : Arvind Mills Ltd. Vs Assistant Commissioner of Income-tax (Gujarat High Court)
Appeal Number : SPECIAL Civil Application No. 8857 & 8858 OF 2003
Date of Judgement/Order : 04/09/2012
Related Assessment Year :
Courts : All High Courts (13954) Gujarat High Court (1140)
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Apex court can dismiss appeal on account of vagueness, leaving question of law open

Case Name : Commissioner of Income-tax, Delhi Vs Gold Tax Furnishing Industries (Supreme Court of India)
Appeal Number : Civil Appeal No. 1620 OF 2004
Date of Judgement/Order : 30/08/2012
Related Assessment Year :
Courts : Supreme Court of India (2373)

S. 2(22(e) – Mere transfer of profit by a company cannot be treated as loan

Case Name : Mahender Kumar Gupta (HUF) Vs Assistant Commissioner of Income-tax (ITAT Delhi)
Appeal Number : IT Appeal No. 1827 (DELHI) OF 2012
Date of Judgement/Order : 12/10/2012
Related Assessment Year : 2004-05
Courts : All ITAT (14953) ITAT Delhi (3706)
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Unabsorbed depreciation to be set-off with income from other sources even if business losses not yet exhausted

Case Name : Commissioner of Income-tax Vs SPEL Semi Conductor Ltd. (Madras High Court)
Appeal Number : Tax Case (Appeal) No. 2490 OF 2006
Date of Judgement/Order : 10/10/2012
Related Assessment Year :
Courts : All High Courts (13954) Madras High Court (1763)
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Full value of consideration could not be substituted by market price if bona fide of the transaction not suspected

Case Name : SIL Employees Welfare Trust Vs Joint Commissioner of Income-tax, 15(3), Mumbai (ITAT Mumbai)
Appeal Number : IT Appeal No. 4822 (MUM.) OF 2009
Date of Judgement/Order : 08/08/2012
Related Assessment Year : 2005-06
Courts : All ITAT (14953) ITAT Mumbai (3584)
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