Pr. CIT v. Jagdish H Patel

  Section 69C   Direct Taxes

Where AO having found that during the year assessee had made bogus purchases of certain amount and added the entire amount to his income, Tribunal was justified in holding that assessee’s GP for year under consideration was 7 per cent. Further, Tribunal…

B.R. Petrochem (P) Ltd. v. ITO

  Section 68   Direct Taxes

Where assessee received share capital from various contributors, in view of fact that those contributors were persons of insignificant means and their creditworthiness to have made contributions had not been established, impugned addition of share capita…

CIT (TDS) v. Sahara India Commercial Corpn. Ltd.

  Section 194C   Direct Taxes

Where recipient was not liable to pay any tax during relevant assessment year or has actually paid tax, assessee could not be held to be ‘assessee-in-default’ merely for the reason that it had failed to deduct tax or had short deducted tax and for that r…

Shamsunissa Begum v. Dy. CIT

  Section 254(2)   Direct Taxes

Where the Tribunal dismissed appeal of assessee in limine without deciding the same on merits then there was mistake apparent from record liable to rectification but since petition under section 254(2) filed beyond a period of six months from date of ord…

DIT v. Nomura India Investment Fund

  Section 271(1)(c)   Direct Taxes

Where the assessee earned long-term capital gain as well as long-term capital loss on purchase and sale of shares but was of view that under section 10(38)…

Manoj S. Gugale v. ITO

  Section 271B   Direct Taxes

Where assessee was running advertising agency business was behalf that only commission form part of turnover and not entire receipts then there was reasonable belief…

Vinubhai Mohanlal Dobaria v. Chief CIT

  Section 276CC   Direct Taxes

Where in assessee’s case show cause notice had already been issued for assessment year 2011-12 for non-filing of return before due date, and despite that assessee failed to file return for assessment year 2013-14 within prescribed period, in such a case…

Devichand Kanthilal Shah v. ITO

  Sections 54 & 2(47)   Direct Taxes

Where assessee entered into an agreement for sale and handed over physical possession, then it amounted transfer of property under section 2(47), even though sale deed was executed subsequent thereto, and if sale consideration was invested in a new flat…

CIT v. Escotrac Finance & Investments Ltd.

  Section 36(1)(vii)   Direct Taxes

Where assessee had advanced money to the broker for purchase of shares, which unfortunately were not purchased by the broker, broker was unable to repay the money advanced, said amount could not be treated as bad debts.…

Goutam Das Judge v. ITO

  Section 40(a)(ia)   Direct Taxes

Where quantum of discount from the MRP had never been claimed as expenditure by the assessee in its books of account and when nothing was claimed as a deduction under sections 30 to 38 or in the computation of income, no disallowance could be made under…

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