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Penalty cannot be levied for mere rejection of debatable claim

Case Name : Deputy Commissioner of Income-tax Vs Integrated Master Securities (P.) Ltd. (ITAT Delhi)
Appeal Number : IT Appeal No. 2645 (DELHI) OF 2012
Date of Judgement/Order : 24/08/2012
Related Assessment Year : 2007-08
Courts : All ITAT (14953) ITAT Delhi (3706)
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Approval U/s. 10(23C)(vi) cannot be refused on Mere inference by DGIT(E) as to irregularities in accounts

Case Name : Mahavira Foundation Vs Director General of Income-tax (Delhi High Court)
Appeal Number : W.P. (C) NOS. 13620 OF 2009 & 5113 OF 2010
Date of Judgement/Order : 04/07/2012
Related Assessment Year :
Courts : All High Courts (13954) Delhi High Court (3377)
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Penalty not justified for disallowance of Bona fide claim

Case Name : Skil Infrastructure Ltd. Vs Assistant Commissioner of Income-tax (ITAT Mumbai)
Appeal Number : IT Appeal No. 2038 & 2045 (MUM.) OF 2010
Date of Judgement/Order : 31/08/2012
Related Assessment Year : 2006-07
Courts : All ITAT (14953) ITAT Mumbai (3584)
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Simply paying share application money not entitle any applicant of shares to allotment of shares

Case Name : Peoples Heritage Hospital Ltd. Vs Deputy Commissioner of Income-tax, Circle 1(4), Agra (ITAT Agra)
Appeal Number : IT Appeal No. 41 (Agra) of 2011
Date of Judgement/Order : 27/07/2012
Related Assessment Year : 2007-08
Courts : All ITAT (14953) ITAT Agra (125)
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Interest on debt capital borrowed from shareholders can not be disallowed as thin capitalization rules not in force

Case Name : Director of Income-tax, International Taxation-II, Mumbai Vs Besix Kier Dabhol SA (Bombay high Court)
Appeal Number : IT Appeal No. 776 OF 2011
Date of Judgement/Order : 30/08/2012
Related Assessment Year :
Courts : All High Courts (13954) Bombay High Court (1882)
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No S. 80(IB)(10) denial for mere delay in permission for business

Case Name : Commissioner of Income-tax - IV Vs Tarnetar Corporation (Gujarat High Court)
Appeal Number : Tax Appeal No. 1241 of 2011
Date of Judgement/Order : 12/09/2012
Related Assessment Year :
Courts : All High Courts (13954) Gujarat High Court (1140)
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Disallowance of consultancy charges partly u/s. 40A(2) without determining market value not justified

Case Name : Commissioner of Income-tax Vs Modi Revlon (P.) Ltd. (Delhi High Court)
Appeal Number : IT APPEAL NOS. 1450, 1451, 1640 & 1652 OF 2010 & 825 OF 2011
Date of Judgement/Order : 29/08/2012
Related Assessment Year :
Courts : All High Courts (13954) Delhi High Court (3377)
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Interest u/s 132B is allowable on entire sum seized regardless of any post-assessment adjustments

Case Name : G.L. Jain Vs Commissioner of Income-tax-XI (Delhi High Court)
Appeal Number : WP (C) no. 876 OF 2012
Date of Judgement/Order : 28/08/2012
Related Assessment Year :
Courts : All High Courts (13954) Delhi High Court (3377)
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No penalty levied on Akhilesh yadav for violation of Sec. 269SS, as reasonable cause was exist

Case Name : Deputy Commissioner of Income-tax, Circle-5 Vs Akhilesh Kumar Yadav (ITAT Agra)
Appeal Number : IT Appeal Nos. 462 and 463 (Agra) of 2009
Date of Judgement/Order : 23/10/2012
Related Assessment Year : 2006-07
Courts : All ITAT (14953) ITAT Agra (125)
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Where liaison office of assessee merely co-ordinated its purchases in India, it could not be regarded as assessee’s PE in India

Case Name : Deputy Director of Income-tax (International Taxation) Vs M. Fabricant & Sons Inc. (ITAT Mumbai)
Appeal Number : IT Appeal No. 2760 (MUM.) OF 2009 & 7514 (MUM.) OF 2010
Date of Judgement/Order : 31/07/2012
Related Assessment Year : 2006-07 & 2007-08
Courts : All ITAT (14953) ITAT Mumbai (3584)
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