ACIT vs Suretech Hospital and Research Centre Ltd.
Penalty: Concealment of income-Reduction in loss, Law applicable-The amendment to Explanation 4 to s.271(1)(c) of the Income Tax Act 1961 was applicable from 01 April 2003. Therefore, no penalty for concealment of i [LexDoc Id : 304218]
JCIT vs D.C. Polyster (P) Ltd.
Validity of reassessment-Excessive loss or allowance allowed-AY 1990-91. The initiation of reassessment proceedings was valid since in the original assessment made under s.115J of the Income Tax Act 1961, set of [LexDoc Id : 303542]
ITAT (Mumbai)
2005
ACIT vs Leela P. Nanda
Computation of capital gains-Brokerage paid-The brokerage paid by the assessee was expenditure incurred in connection with transfer of house and therefore was deductible in computing capital gai [LexDoc Id : 302865]
ITAT
2005
Associated Bearing Co. Ltd. vs CIT
Actual cost-Additional liability due to exchange rate fluctuations-The assessee was entitled to investment allowance on account of additional cost of plant due to exchange rate fluctuations.
S.32A and s.43A [LexDoc Id : 302794]
HC (Bombay)
2005
Gandamal and Sons vs ACIT
Capital gains-Distribution of assets on dissolution of firm-AY 1988-89. The assessee firm had purchased two plots of land in May 1978. The firm later dissolved in March 1988 and the land was distributed among t [LexDoc Id : 298957]
CIT vs Aesthetic Builders (P) Ltd.
Interest Chargeable-Failure to revise statement of income-AY 1979-80. The advance tax, which was based on self-assessment of the assessee’s total income of the previous relevant year, was ascertainable. There [LexDoc Id : 295157]
HC (Bombay)
2005
HIM Air Products (P) Ltd. vs ACIT
Penalty: Concealment of income-Assessment at nil income-AY 1995-96. No penalty could be levied on the assessee who had agreed to be assessed at nil income while filing its loss return.
ACIT vs Rajiv Kumar Madan
Deduction: New undertaking-Installation of new machinery-The assessee was not entitled to deduction in respect of the machinery installed in his premises, as it could not be proved that the machinery was new [LexDoc Id : 292576]
ITAT (Chandigarh)
2005
Mahavir Prasad Gupta vs JCIT
Exemption: Capital gains-Purchase of residential house-AY 1997-98. The use of a residential house for commercial purposes would not disentitle the assessee from claiming exemption of capital gains under s. [LexDoc Id : 287763]
Northland Development and Hotel Corpn. vs CIT
Penalty:Concealment of income-Voluntarily revising return-AY 1986-87, 1987-88. No penalty would be levied on the assessee for the AY 1986-87, 1987-88 since it had voluntarily revised its returns by showing th [LexDoc Id : 287271]
ACIT vs A.T. Associates
Cash credits-Discharge of burden of proof-AY 2001-02. Cash credits could not be added to the assessee's income, as the assessee had discharged its primary onus of filing complete details of it [LexDoc Id : 286424]
ITAT Nagpur
2005
P.G. Electronics vs ITO
Validity of revision-AO following Board's Circular-AY 1998-99. The AO's order was in accordance with CBDT Circular dated 18 February 1998. The order had allowed the premium paid by the partnership firm [LexDoc Id : 285901]
