section 260A

Scope of appeals from ITAT orders u/s. 260A of Income-tax Act, 1961 and S. 15 of N.T.T. Act, 2005

Income Tax - A remedy by way of appeal from the orders of ITAT is provided both u/s.260A of the Income-tax Act, 1961 and u/s.15 (w.e.f. 6-1- 2006) of the N.T.T. Act, 2005. Although appeals from the orders of ITAT are supposed to be filed only in the National Tax Tribunal from 6-1-2006, yet appeals are being filed in the High Court for good reasons. He...

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Disallowing of Interest without Considering T&C of Agreement is unjustified

Hutchinson & Co. (India) P. Ltd. Vs DCIT (Karnataka High Court) - The issue under consideration is whether Tribunal is correct in the disallowing the claim of interest from the deposits without considering the terms and conditions of the agreement between the parties?...

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Expenditure on Hotel Rooms Renovation & Redecoration is Revenue Expense

Pandian Hotels Ltd. Vs DCIT (Madras High Court) - The issue under consideration is whether the expenditure incurred in renovation and redecoration of rooms in a hotel is a revenue expenditure or capital expenditure?...

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Form 62 filing Not Mandatory to allow carry forward of Losses u/s 72A

PCIT Vs M/s. Lotte India Corporation Ltd (Madras High Court) - whether the non-filing of prescribed Form No.62 for the third Assessment Year is restrict the Assessee to carry forward losses under Section 72A of the Income TaxAct, 1961?...

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Transfer of land held as stock on HUF partition not amounts to conversion into Capital Asset

CIT Vs C. Ramaiah Reddy (Karntaka High Court) - The issue under consideration is whether land held as stock, transferred upon HUF - partition, tantamount to conversion into capital asset for the purpose of imposing a capital gain tax?...

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HC confirms presumption of investments out of interest-free funds

PCIT Vs Shapoorji Pallonji & Co. Ltd. (Bombay High Court) - The issue under consideration is whether the addition made by AO u/s 14A with respect of Interest free funds is justified in law?...

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Allocation of quantities of cotton yarn for export in terms of Policy Circular No.17 dated 10th February 2011

Trade Notice No. 07/2011 - (10/03/2011) - All conditions in policy circular no 15 of 1st February 2011 will continue to apply, except the specification about dates and the calendar given in Annexure 2 thereof since the allocation is being made today (10th March 2011 and not on 10th February 2011). Special attention be paid to para 3(iv) & (...

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Recent Posts in "section 260A"

Disallowing of Interest without Considering T&C of Agreement is unjustified

Hutchinson & Co. (India) P. Ltd. Vs DCIT (Karnataka High Court)

The issue under consideration is whether Tribunal is correct in the disallowing the claim of interest from the deposits without considering the terms and conditions of the agreement between the parties?...

Read More

Expenditure on Hotel Rooms Renovation & Redecoration is Revenue Expense

Pandian Hotels Ltd. Vs DCIT (Madras High Court)

The issue under consideration is whether the expenditure incurred in renovation and redecoration of rooms in a hotel is a revenue expenditure or capital expenditure?...

Read More

Form 62 filing Not Mandatory to allow carry forward of Losses u/s 72A

PCIT Vs M/s. Lotte India Corporation Ltd (Madras High Court)

whether the non-filing of prescribed Form No.62 for the third Assessment Year is restrict the Assessee to carry forward losses under Section 72A of the Income TaxAct, 1961?...

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Transfer of land held as stock on HUF partition not amounts to conversion into Capital Asset

CIT Vs C. Ramaiah Reddy (Karntaka High Court)

The issue under consideration is whether land held as stock, transferred upon HUF - partition, tantamount to conversion into capital asset for the purpose of imposing a capital gain tax?...

Read More

HC confirms presumption of investments out of interest-free funds

PCIT Vs Shapoorji Pallonji & Co. Ltd. (Bombay High Court)

The issue under consideration is whether the addition made by AO u/s 14A with respect of Interest free funds is justified in law?...

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Penalty cannot be levied for making a claim which may be erroneous or wrong

Ventura Textiles Ltd. Vs CIT (Bombay High Court)

The issue under consideration is whether the levy of penalty u/s.271(1)(c) of the Act is justified in law for for making a claim which may be erroneous or wrong ?...

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Section 68: Creditworthiness of lender can’t be proved merely on strength of Bank Statement

Siddharth Export Vs ACIT (Delhi High Court)

The issue under consideration is whether AO is correct in treating unsecured loan received by assessee as unexplained credit under section 68?...

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CIT cannot invoke revisionary jurisdiction against draft assessment order

M/s. Apollo Tyres Limited Vs Addl. CIT (ITAT Cochin)

M/s. Apollo Tyres Limited Vs Addl. CIT (ITAT Cochin) A draft order, as such, is not appealable, except to be challenged by the assessee before the DRP, which exercises the power, inter alia, to make enhancement. The very rationale in the giving the power of enhancement to the DRP is to correct the draft order […]...

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HC explains when transfer pricing disputes constitute substantial questions of law

PCIT Vs. Softbrands India P. Ltd (Karnataka High Court)

PCIT Vs. Softbrands India P. Ltd (Karnataka High Court The existence of a substantial question of law is sine qua non for maintaining an appeal before the High Court. While the appeal to High Court under Section 260-A of the Act may be a First appeal in the sense from the order of final fact […]...

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Appeals filed u/s 260A should not be casual and callous

DIT Vs M/s Credit Agricole Indosuez (Bombay High Court)

Filing of appeal under Section 260A of the Act is a serious issue. The parties who seek to file such appeals must do so after due application of mind and not raise frivolous / concluded issues. This is certainly expected of the State....

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High Court has no Power to entertain grounds not raised before tribunal

C & C Construction Pvt. Ltd. Vs Commissioner of Income Tax (Delhi High Court)

C& C Construction Pvt Ltd vs. CIT (Delhi High Court)- Clause (a) of sub-Section (6) to Section 260A of the Act states that the High Court may decide an issue, which is not determined by the Appellate Tribunal. The word determined means that the issue is not dealt with, though it was raised before the Tribunal. The word determined presuppo...

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If substantial question of law arises for consideration, appeal under section 260A is maintainable

CIT Vs Ashok Kumar Arora (Delhi High Court)

CIT v Ashok Kumar Arora (Delhi High Court) Whether the ITAT has erred in deleting the additions which were made by the AO based upon documents/evidence detected during the course of operations u/s 132 of the Act and which was confronted to the assessee by way of recording of statement under the provision of 132(4) of the Act and on the b...

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Allocation of quantities of cotton yarn for export in terms of Policy Circular No.17 dated 10th February 2011

Trade Notice No. 07/2011 (10/03/2011)

All conditions in policy circular no 15 of 1st February 2011 will continue to apply, except the specification about dates and the calendar given in Annexure 2 thereof since the allocation is being made today (10th March 2011 and not on 10th February 2011). Special attention be paid to para 3(iv) & (v)....

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Appeal–Only when substantial question of law involved–When finding of fact would give rise to question of law

Vijay Kumar Talwar Vs Commissioner Of Income Tax (Supreme Court of India)

The conclusion of the Tribunal to the effect that the assessee has failed to prove the source of the cash credits cannot be said to be perverse, giving rise to a substantial question of law. The Tribunal being a final fact finding authority, in the absence of demonstrated perversity in its finding, interference therewith by this Court is ...

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Finding of fact does not call for interference in an appeal under section 260A – HC Bombay

CIT Vs. Gopal Purohit (Bombay High Court)

) Whether, on the facts and circumstances of the case and in law, the Hon'ble ITAT was justified in treating the income from sale of 7,59,003 shares for Rs. 5,00,12,879/­ as an income from short term capital gain and sale of 3,88,797 shares for rs . 6,65,02,340/­ as long term capital gain as against the ...

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Scope of appeals from ITAT orders u/s. 260A of Income-tax Act, 1961 and S. 15 of N.T.T. Act, 2005

A remedy by way of appeal from the orders of ITAT is provided both u/s.260A of the Income-tax Act, 1961 and u/s.15 (w.e.f. 6-1- 2006) of the N.T.T. Act, 2005. Although appeals from the orders of ITAT are supposed to be filed only in the National Tax Tribunal from 6-1-2006, yet appeals are being filed in the High Court for good reasons. He...

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