12 September 2019
TAXATION LAWS AMENDMENT, 2019 The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the proposal for introducing the Taxation Laws (Amendment) Bill, 2019 in order to replace the Ordinance. Economic developments after the enactment of the Finance (No. 2) Act, 2019 (Finance Act) along with reduction of rate of corporate income tax by many countries world over necessitated the provision of additional fiscal stimulus to attract investment, generate employment and boost the...
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DELHI HIGH COURT - BHAV SHAKTI STEEL MINES VS COMMISSIONER OF INCOME TAX ITA 1174/2007 16TH DECEMBER, 2008 Core Fact of the Case:….. It is seen that it is a case of private limited company and the money has been received in cash. Therefore, a heavy duty is cast to establish not on the identity of share applicant but also the creditworthiness of the share applicants and the genuineness of transaction. It is further seen that the assessee has only established the identity of the share applicants b...
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ITAT INDORE-RAJSHREE FINSEC PRIVATE LTD. VS ASSTT. COMMISSIONER OF INCOME TAX 5(1) ITA NO.545/ IND /2010 6TH FEBRUARY 2012 Core Fact of the Case:……. During the course of assessment proceedings, after examining the submissions of the assessee and the balance sheet, the Assessing Officer observed that during the year under consideration, the assessee has shown receipt of share application money from various companies. Summarised Judgment:….. In the present appeal, since the identity of such share...
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MADHYA PRADESH HIGH COURT - COMMISSIONER OF INCOME TAX VS PEOPLES GENERAL HOSPITAL LTD, M.A.I.T. NO. 27/2008 27 JUNE, 2013 Core Fact of the Case: ………..In this case return was filed on 13.10.2003 in which income was declared as nil. The assessment order was passed on 01.03.2006 by which the Assessing Officer made an addition of Rs. 21,27,50,403/- and assessed the income of the respondent at Rs. 21,27,50,403/-. The aforesaid addition was made on the ground that one M/s Alliance Industries Limited,...
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DELHI HIGH COURT - COMMISSIONER OF INCOME TAX VS ANSHIKA CONSULTANTS PVT. LTD. ITA 467/2014 16 APRIL, 2015 Core Facts of the Case :……. During the relevant Assessment Year (AY) 2006-07, the assessee had issued shares at a premium ranging from 24000-39000 to applicants which were companies. In the course of assessment proceedings, the AO had sought, details in particular of such share applicants. The assessee had provided the various details of such share applicants i.e. (Star Pleat Vincon Pvt. Lt...
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ITAT DELHI - PIONEER BUILDWELL (P) LTD., VS INCOME TAX OFFICER ITA NO.6070/DEL/201 29TH MAY, 2015 Core Fact of the Case : ………Assessee has filed this Appeal against the impugned order dated 01.8.2013 passed by the Ld. CIT(A)-XVII, New Delhi relevant to assessment year 2002-03 on the following grounds…………. That the Ld. CIT(A) has erred in upholding the addition of Rs. 30,00,000/- made u/s. 68 of the Act by the AO on the allegation of unexplained credits of share application money……. That the Ld. C...
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PUNJAB & HARYANA HIGH COURT - CIT VS M/S K. C. PIPES PVT. LTD. ITA NO.386 OF 2010 2ND AUGUST, 2016 Core Fact of the Case : …….The appeal is against the order of the Tribunal pertaining to the Assessment Year 2006-07. The Tribunal confirmed the order of the CIT (Appeals). The respondent-assessee filed its return of income. During the course of assessment, the Assessing Officer noticed that the paid up share capital of the assessee during the year in question had increased by 80 lacs on account of...
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ITAT AHMEDABAD - HARMONY YARNS PVT. LTD. VS. ITO WD 1(2), ITA NO. 1590/AHD/2012 1ST APRIL, 2016 Core Fact of the Case : …….Assessee has raised following ground of appeal :- …………..Ld. Assessing Officer examined the share application money of Rs.26, lacs received by the assessee company, in the light of documents seized during the course of search and seizure u/s 132 in the case of M/s Mahasagar Securities Private Limited wherein it was revealed that Mahasagar Securities Pvt. Ltd. and its related...
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ITAT CHANDIGARH - ACIT, LUDHIANA VS. A. P. REFINERY PVT. LTD. ITA NO. 186/CHD/2016 10 FEBRUARY, 2017 Core Fact of the Case: ……..This appeal by revenue has been directed against the order of ld. CIT (Appeals)-2 Ludhiana dated 18.12.2015 for assessment year 2012-13 on the following grounds: 1) Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) was right in deleting addition of Rs. 1,75,00,000/- made by the Assessing Officer u/s 68 of the IT Act on the issue of all...
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DELHI HIGH COURT - PR. COMMISSIONER OF INCOME TAX-5 VS. LAXMAN INDUSTRIAL RESOURCES LTD. ITA 169/2017, C. M. APPL.7385/2017 14TH MARCH, 2017 Core Fact of the Case:……….. The Income Tax Appellate Tribunal’s (ITAT) order upholding the Appellate Commissioner’s opinion that the additions made in the course of reassessments were unsustainable, were challenged by the Revenue. The reassessment notice was issued to the assessee for AY 2002-03 on the ground that information received from the Investigation...
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