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HC has no jurisdiction in penalty imposition case, if on cogent reasons by ITAT.
Nov. 02, 2015
Penalty was imposed on non production of books of accounts. On appeal HC dismissed the appeal holding that where appellant challenged sufficiency of evidence only & there is some material, justifying order once passed by Tribunal, HC not to interfere in matter where penalty has been imposed legally on basis of cogent reasons. In this case question of law is not involved but the appellant challenged the sufficiency of evidence only.-010553
Loss from speculative transactions not on higher footing than business loss.
Nov. 03, 2015
Assessee derived income from business, house property as also from speculative transactions. It claimed set off of loss suffered on sale & purchase of shares u/s 43(5) against income from property. AO denied it. On appeal Tribunal held, loss from speculative transactions could not stand on higher footing than business loss so as to qualify for set off against other income. On appeal HC held, Tribunal justified in rejecting assessee's claim.-010562
Contingent liability w/r/o unexpired risk, not "accruing liability" u/r 2. SC
Oct. 30, 2015
Assessee-Co. ran different insurance business. On question whether amounts shown by insurance company as reserves for unexpired risks on pending policies were liable to be deducted u/r 2, HC held against assessee. On appeal SC held, reserve liability can't have contributed to running of business. Can't be held to be "accruing liability" within rule 2. Hence, contingent liability in respect of unexpired risk is not "accruing liability" u/r 2.-010425
Entire Mobilization on oil & gas exploration services held taxable by HC.
Nov. 02, 2015
On Q., If mobilization revenues taxable in India limited only to revenues attributable to distance traveled in Indian territorial waters as compared to total distance travelled from India. HC held, if part of income falls under royalties/fees for technical services, no scope to assess receipts under these heads, once it is held that income is from its oil exploration & production activities as envisaged u/s 44BB. Entire mobilization taxable.-01…
Collector has power to release defaulter if amount due is paid.
Oct. 30, 2015
Assessee was arrested on ground of will fully with holding payment of arrears of tax & for tax evasion. On appeal HC set him free. On appeal SC held against HC decision stating that, Collector has power to release defaulter if amount due is paid. One of conditions precedent to action u/s 48 is existence of arrears of revenue. On payment of arrears, that condition no longer exists & debtor must clearly be entitled to release & freedom from arrest.-0…
Official liquidator held entitled to claim amount of income-tax paid by firm.SC
Nov. 02, 2015
HC held, official liquidator not entitled to claim amount of income-tax paid by firm. On appeal SC held, scheme of Act that deductions are to be made out of "salaries", "interest on securities" & other heads of "income, profits & gains". Official liquidator of appellant was entitled to claim amount of tax paid by firms. As between parties tax paid by agent had to be taken into account irrespective of ultimate result of assessment on non-resident.-0…
Tax claim allowed as evidence of estimated expenditure duly led by assessee. SC
Nov. 02, 2015
Assessee was land developer. ITO disallowed its claim. On appeal Tribunal & HC disallowed assessee's claim. On appeal SC held, appellant had led evidence before Income-tax authorities with regard to estimated expenditure & no exception was taken to same in regard to quantum, though permissibility of such deduction was questioned by them relying upon provisions of Sec.10(2) of I.T. Act. Hence, HC has wrogly concluded regarding disallowance of sum.-0…
Singular act of oppression is enough to grant appropriate reliefs held CLB.
Nov. 04, 2015
Petition alleging oppression & mismanagement committed by 2nd & 3rd Respondent in affairs of first Respondent company. Held, shares were gifted by petitioner has not been proved by respondents. Therefore, depriving petitioner from his shares with mala fide motive & for no valid reason, amounts to grave act of oppression. It is continuous wrong & is still persisting. Thus, this singular act of oppression is enough to grant appropriat…

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Here is business page of Rajeev, with all his work

About Portfolio

My dear ,

My dear ,

Do you want to subscribe ? I would give you a free coupon to help you start calling.

Ok , no issues, if you have a question then you can try the search feature at quaremon.

Hi Thakurani,I want to deposit in my accountThanks,

Hi Thakurani,
I want to deposit in my account
Thanks,