CIT vs Gujarat Distributors
Reference to High Court-Tribunal decision on facts-The tribunal had given a finding of fact on appreciation of facts on record that certain transactions were not that of the assessee. The findings were [LexDoc Id : 326376]
HC (Gujarat)
2006
UOP LLC vs Addl. DIT
Powers of Tribunal-Admission of: additional evidence-AY 2001-02. The Tribunal could admit additional evidence which was relevant for a just decision and come into possession of the department after filin [LexDoc Id : 325167]
ITAT (Delhi)
2006
Jose Kuruvinakkunnel vs ITO
Validity of sanction for reassessment-Non-application of mind-The sanction for reassessment given by the CIT without application of mind was invalid.
S.151 of the Income Tax Act 1961
[LexDoc Id : 323363]
ITAT (Cochin)
2006
CIT vs Global Corpn. Ltd.
Deduction: Income from exports-Loss on export of goods-AY 1996-97. No deduction under s.80HHC of the Income Tax Act 1961 was permissible since even after sale of import licence and receipt of duty drawback [LexDoc Id : 321238]
UPO LLC vs Additional Director of Income Tax
Powers of Tribunal-Procedure for admission of additional evidence-
AY 2001-02. The tribunal was empowered to admit the additional evidence not only if it required such evidence to ‘enable it to pronounce judgment’ b [LexDoc Id : 318027]
ITAT (Delhi)
2006
Vijesh Gupta vs GTO
Deemed gift: Adequacy of consideration-FMV determined by DVO-AY 1997-98. The difference between the fair market value of the assessee’s property as determined by the DVO and the sale consideration received by th [LexDoc Id : 317359]
ITAT (Delhi)
2006
M.M. Financiers (P) Ltd. vs DCIT
Undisclosed income: Unsigned agreement-Document found in search not acted upon-Block Period 24 November 1994 – 20 March 1998. A search under s.132 of the Income Tax Act 1961 was conducted at the premises of the assessee company’s [LexDoc Id : 317358]
Jubiliant Enpro Ltd. vs DCIT
Speculation loss-Fall in market price of shares held as stock in trade-The loss suffered by the assessee due to fall in market price of shares held as stock in trade was speculation loss.
S.73 of the Income Tax [LexDoc Id : 316764]
HC (Delhi)
2006
Silicon Graphics Systems (I) (P) Ltd. vs DCIT
Deduction on actual payment-Payment of customs duty-
The entire amount of customs duty paid by the assessee in the relevant year was deductible, even if the amount was included in the valuation of clos [LexDoc Id : 316697]
ITAT (Delhi)
2006
UOI vs Gupta Builders (P) Ltd. and Ors.
Prosecution: Failure to pay TDS-Limitation for launching prosecution-The assessee had not paid the tax deducted at source. No notice to the assessee was necessary for launching prosecution. The prosecution was launched [LexDoc Id : 316494]
HC (Bombay)
2006
Sunash Investment Co. vs ACIT
Penalty: Concealment of income-Expenses on exempt income, Bona fide belief-No penalty for concealment of income could be levied on the assessee, who, under a bona fide belief that interest expenditure incurred on borrowed fun [LexDoc Id : 315715]
CIT vs Rameshwar Dass Suresh Pal Cheeka
Appeal to the high court: Question of fact-Genuineness of cash credits-The question whether the assessee firm’s explanation as to the nature and source of the amounts credited in its books of accounts was satisfactory or [LexDoc Id : 306645]
