Category Archives: Income Tax

(Case Brief) Pratik Syntex Pvt. Ltd v/s ITO, 2018 – ITAT Mumbai

Brief facts and procedural history- The assessee is a dealer in textiles yarn and is also a commission agent. The assessee raised new share capital for which he was asked by the Assessing Officer (AO) to prove identity and creditworthiness of all the new shareholders as well as the genuineness of transaction of raising share […]

[Case Brief] All India Federation of Tax Practitioners vs ITO, 2018

Brief Facts and Procedural History- The assessee, in the instant case, is a trust registered with DIT€, Mumbai u/s 12A and with Charity Commissioner, Mumbai. The assessee filed its return of income on 29.09.11 along with the income and expenditure account, balance sheet and audit report in form 10B declaring total income at Rs. 1,81,777/-. […]

The expression “capital employed in the business of the company” did not include the “premium amount” [M/s Berger Paints India Ltd. V/s C.I.T., Delhi-V]

M/s Berger Paints India Ltd. V/s C.I.T., Delhi-V Before The Supreme Court of India Author of the judgement- Abhay Manohar Sapre, J.- Counsel for the appellant-Company- Mr Radha Shyam Jena Counsel for the respondent- Mr Mukul Rohtagi, learned Attorney General. Bench: R.K. AGRAWAL, ABHAY MANOHAR SAPRE Decided on: March 28, 2017 Sr. No. Title Relevant Sections 1. Income […]