section 260A

Section 143(1)(a)(i) intimation not required on commencement of regular Section 143(2) assessment

Income Tax - On commencement of regular assessment proceedings u/s 143(2) of Act , there is no need for intimation u/s 143(1)(a)(i) Where the summary procedure under section 143(1)(a)(i) has been adopted, there is scope available for the revenue to make assessment u/s 143(3) of the Act. But the converse is not available. A regular assessment proceedin...

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Substantial Question of Law under section 260A of Income Tax Act, 1961

Income Tax - Substantial question of Law (SQL). On interpretation of section 260A of the Income Tax Act , 1961 and section 100 of the code of civil procedure, The Hon’ble Supreme Court reiterated that it is essential that the High Court must formulate substantial question of law (SQL) and only such SQL can be and need to […]...

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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

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"

Section 143(1)(a)(i) intimation not required on commencement of regular Section 143(2) assessment

On commencement of regular assessment proceedings u/s 143(2) of Act , there is no need for intimation u/s 143(1)(a)(i) Where the summary procedure under section 143(1)(a)(i) has been adopted, there is scope available for the revenue to make assessment u/s 143(3) of the Act. But the converse is not available. A regular assessment proceedin...

Read More
Posted Under: Income Tax |

Substantial Question of Law under section 260A of Income Tax Act, 1961

Substantial question of Law (SQL). On interpretation of section 260A of the Income Tax Act , 1961 and section 100 of the code of civil procedure, The Hon’ble Supreme Court reiterated that it is essential that the High Court must formulate substantial question of law (SQL) and only such SQL can be and need to […]...

Read More
Posted Under: Income Tax |

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?...

Read More

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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