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Search Results for "income tax"

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High Court

High Court of Karnataka Dismisses Revenue Appeal in Income Tax Penalty Case — No Concealment of Facts Found. Tribunal's cancellation of penalty under Section 271(1)(c) of the Income Tax Act, 1961 upheld as assessee had disclosed all material facts regarding property sale and reinvestment.

10 Mar 2015

The Revenue appealed against the order of the Income Tax Appellate Tribunal (ITAT) which had cancelled the penalty imposed on the assessee under Secti...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Penalty Case — Penalty Under Section 271(1)(c) Cannot Be Imposed When Assessment Appeal Is Pending on Substantial Questions of Law. The issue being debatable, the Tribunal was justified in deleting the penalty under Section 271(1)(c) of the Income Tax Act, 1961.

3 Mar 2015

The Revenue filed an appeal under Section 260-A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal (ITAT) which had de...

High Court

High Court of Karnataka Allows Writ Petition Against Authority for Advance Rulings for Dismissal of Application for Non-Prosecution Without Considering Merits. The court held that the Authority must decide the application on merits and not dismiss for non-prosecution when the petitioner seeks an adjournment.

6 Mar 2015

The petitioner, M/s OnMobile Global Limited, a company engaged in Telecommunication Value Added Services, had entered into a partnership agreement wit...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Penalty Case — Penalty Under Section 271(1)(c) Cannot Be Imposed When Assessment Appeal Is Pending on Substantial Questions of Law. The court held that when the assessment order is under challenge and the appeal has been admitted on substantial questions of law, the issue is debatable and penalty under Section 271(1)(c) of the Income Tax Act, 1961 cannot be imposed.

3 Mar 2015

The Revenue filed an appeal under Section 260-A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal (ITAT) which had di...

High Court

Karnataka High Court Dismisses Revenue Appeal in Income Tax Penalty Case — No Concealment of Facts Found. Tribunal's cancellation of penalty under Section 271(1)(c) of the Income Tax Act, 1961 upheld as assessee had disclosed all material facts and claimed deduction under Section 54F.

10 Mar 2015

The Revenue filed an appeal under Section 260-A of the Income Tax Act, 1961, against the order of the Income Tax Appellate Tribunal (ITAT) dated 21/03...

High Court

High Court of Karnataka Dismisses Revenue Appeal in Income Tax Penalty Case — No Concealment Found. Tribunal's cancellation of penalty under Section 271(1)(c) of the Income Tax Act, 1961 upheld as assessee had disclosed all material facts and claimed deduction under Section 54F in good faith.

10 Mar 2015

The Revenue filed an appeal under Section 260-A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal (ITAT) dated 21/03/...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Penalty Case — Penalty Under Section 271(1)(c) Cannot Be Imposed When Assessment Appeal Is Pending on Substantial Questions of Law. The court held that when the assessment order is under challenge and the appeal has been admitted on substantial questions of law, the issue is debatable and penalty under Section 271(1)(c) of the Income Tax Act, 1961 cannot be imposed.

3 Mar 2015

The Revenue filed an appeal under Section 260-A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal (ITAT) which had di...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — Unexplained Cash Credit Addition Deleted as Assessee Proved Identity, Creditworthiness, and Genuineness of Transaction Under Section 68 of Income Tax Act, 1961. The court held that once the assessee provides evidence of identity, creditworthiness, and genuineness, the onus shifts to the revenue to prove that the amount represents the assessee's own income.

19 Mar 2015

The revenue (Commissioner of Income Tax and Assistant Commissioner of Income Tax) filed appeals under Section 260-A of the Income Tax Act, 1961, chall...

High Court

High Court of Karnataka Allows Appeal in Income Tax Case Due to Non-Application of Mind by ITAT — Reassessment Based on Revised Return Under Immunity Scheme Held Invalid Without Proper Examination of Section 143(1) Acceptance. The court held that the Assessing Officer must have independent reasons to believe income escaped assessment, and the revised return under the Immunity Scheme could not be the sole basis for reopening under Section 147 of the Income Tax Act, 1961.

20 Apr 2015

The case pertains to an appeal filed by the assessee, Sri K Nagesh, against the order of the Income Tax Appellate Tribunal (ITAT), Bangalore, dated 29...

High Court

High Court of Karnataka Dismisses Revenue's Appeal in Income Tax Case — No Substantial Question of Law Arises. The court held that the ITAT's concurrent findings on the genuineness of share capital transactions and the applicability of Section 68 of the Income Tax Act, 1961, did not give rise to any substantial question of law.

20 Apr 2015

The case involves two appeals filed by the Revenue under Section 260-A of the Income Tax Act, 1961, against the common order of the Income Tax Appella...

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