ITO v. Dhanshree Ispat

  Section 40A(3)   Direct Taxes

Where assessee had sufficiently explained the circumstances under which the payments were made to the truck drivers in cash, for transport of items and no doubt was raised over genuineness of the payments and the payees were identifiable; no disallowance…

Dy. CIT v. West Gujarat Expressway Ltd.

  Section 14   Direct Taxes

Interest income on bank deposits made out of business compulsions was linked to the business activities of the assessee and was, therefore, to be assessed as business income only, and not as income from other sources…

New Delhi Television Ltd. v. Dy. CIT

  Section 148   Direct Taxes

Mere disclosure of a transaction at the time of the original assessment proceedings does not protect assessee from re-assessment under section 147 if the AO has information that the transaction was sham or bogus…

CIT v. Link Engineer (P.) Ltd.

  Section 37(1)   Direct Taxes

Where material was found in course of search at third party assessee that assessee had claimed bogus expenditure of 1 crore, towards which assessee had surrendered Rs. 50 lakhs and for balance 50 lakhs, it failed to provide any evidence, then it was made…

CIT v. Bhawal Synthetics (India)

  Section 263   Direct Taxes

Where AO allowed set off of interest earned on fixed deposits against interest payable on borrowings then such allowance was erroneous and prejudicial to revenue, therefore, CIT rightly invoked revisionary jurisdiction…

Tamil Nadu Urban Development Fund v. ITO

  Section 161   Direct Taxes

Where the trust was revocable trust under section 61, income derived by it was required to be taxed in hands of beneficiaries…

ITO v. Beehive Systems Pvt. Ltd.

  Section 35D   Direct Taxes

Where assessee had not incurred expenses before commencement of business or after the commencement of business in connection with extension of undertaking or in connection with its setting up of a new unit, expenditure incurred under the head ‘marketing…

Takshashila Realties (P.) Ltd. v. Dy. CIT

  Section 142(2A)   Direct Taxes

While forming an opinion to get accounts audited by special auditor considering specialized nature of business activities of assessee and multiplicity of the transactions in the accounts, there need not be any books of account before AO for making such d…

Yashaswi Education Society v. CIT

  Section 12AA   Direct Taxes

Where assessee made an application for registration under section 12A, but application was rejected by the CIT on the ground that the assessee had not paid taxes on the surplus earned during financial years, the same was not justified as deemed registrat…

ACIT v. Mehar Anand & Anr.

  Section 271(1)(c)   Direct Taxes

The income returned by the assessee under section 153A had been accepted by the AO and once the AO accepts the revised return filed under section 153A, the original return under section 139 abates and becomes non-est. Hence, levy of penalty under section…

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