I have considered the facts of the case and the submissions of the appellant. I have also perused the case laws as relied upon by the appellant. Before considering the appellant’s submission, it is important to look about the operative part of the di..
Vide a penalty order u/s 271(1)(c) dated 27-03-2009, it was held that the assessee has concealed the income of Rs.8,16,617/- which was taxed on account of estimation of profit. The First Appellate Authority has expressed that since the addition was i..
Briefly stated the assessee is a Partner in the firm M/s Balachandra Laboratories. The firm had property at Thane on which development rights were transferred to M/s Friends Development Corporation (FDC) for an amount of Rs.17.00 crores. The said fir..
Briefly stated facts of the case are that the assessee company is engaged in the business as builders, building contractors, labour contractors, property developers etc. The return was filed declaring total income at Rs.4,71,330/- on 30.10.2006, whic..
The facts, in brief, are that the assessee who is a Joint Managing Director in M/s Ashapura Shipping Ltd. had received a gift of Rs. 55,00,000/- from Mr. Nilesh shah during the year under consideration. On being asked by the AO to furnish the detail..
Briefly stated facts of the case are that the assessee is an individual carrying on business of civil constructions and commission on sale of flats and miscellaneous income. She filed return declaring a total income of Rs.2,02,357/-. However, the ass..
On the facts and circumstances of the case, the learned CIT(A) has erred in deleting the addition of``3,11,85,809/- on account of disallowance of loss on trading of shares as not an allowable expenditure u/s 37(1) in view of violation of clause 11 me..
The facts in the case before Hon’ble High Court (supra) are identical to the facts in hand because the assessment order was passed by the AO as per the discussion with CIT and as per the office note dt. 28/12/2006 then the subsequent CIT cannot revis..
On this issue assessee contended in the ground that the Assessing Officer has erred in reopening the assessment mainly to disallow under section 14A of the Income Tax Act and took shelter under section 36(1)(iii) to avoid provisions of Section 14A wh..
We have heard the learned D.R. in this regard and carefully perused the record. Having regard to the circumstances of the case we are of the view that the balance of convenience is in granting conditional stay. As declared in the open court, assessee..
Briefly stated facts of the case are that the assessee company is engaged in the business of manufacturing of PVC sheets, Leathercloth, Flooring Materials and Trading in commodity, filed return declaring loss of Rs.4,79,89,263/-. During the course of..
As regards first issue, Assessing Officer made addition of Rs.2,20,000 on account of accrued interest by IVP’s. The Assessing Officer has held that investment in the asset was the income of the assessee and therefore, interest income accrued thereon ..
The facts in brief are that the assessee is an AOP, engaged in the business of trading in dyes and chemicals and derive income therefrom filed return of income declaring an income of Rs. 9,39,492/-. During the course of assessment proceedings, the AO..
That on the facts and circumstances of the case, the learned CIT has gravely erred in law and on facts in rejecting the appellant’s application u/s 12A(1) without appreciating the fact that the appellant society was granted exemption from Income-tax ..
The Revenue has raised the following grounds in its appeal. The Ld. Commissioner of Income-tax (Appeals)-XV, Ahmedabad has erred in law and on facts in deleting the penalty of Rs.1,27,80,657/- levied u/s.271(1)(c) of the Act. On the facts and..
Transportation fee being erroneously treated as fees for technical services under Section 9(1)(vii) of the Income-tax Act, 1961. On the facts and circumstances of the case and in law, the Commissioner of Income-tax (Appeals)-11 has erred in uphol..
Brief facts are that during the relevant financial year 2000-01, assessee purchased incomplete flat in a multi-storied building situated at Juhu Sai Darshan, 5th N.S. Ext. Road, JVPD Scheme, Mumbai-400 049 for a total consideration of Rs.64.65 lakhs ..
On the facts and in the circumstances of the case and in law, the learned CIT(A) erred in deleting the premium on transfer fees of Rs. 10,60,000 received from members relying on the decision of the Mumbai High Court in the case of Sind Coop. Hsg. Soc..
Ground nos.1 and 2 deal with the deletion of addition of ‘.49,99,680 on account of adjustment made to arm’s length price (ALP) in respect of international transaction with Associated Enterprise (AEs). Briefly stated the facts of these grounds are tha..
Facts: An advertisement was published by the Director of Land Records and Survey, Assam, inviting applications for selection for admission in the Assam Survey and Settlement Training Institute in respect of 160 seats. About 12,000 candidates applied..
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