2014 (7) TMI 861 - ITAT MUMBAI
Manohar Manak Alloys P. Ltd. DC. Bothra & Co. Chartered Accountants Versus ACIT 4(2), Mumbai
Proportionate interest disallowed – Interest free loans and advances given to sister concern - Held that:- The assessee has taken a plea that the total interest free funds available to the assessee company are sufficient to make the interest free adv ......
2014 (7) TMI 561 - GUJARAT HIGH COURT
Commissioner of Income Tax Versus MP. Scrap Traders
Unexplained investment in stock - Whether the Tribunal is justified in coming to the conclusion that retraction made by the assessee from the statement u/s 133(A) of the Act is legal and proper – Held that:- The AO solely relied upon the statement of ......
2014 (5) TMI 772 - ITAT DELHI
Cheil India Pvt. Ltd. Versus DCIT, Circle 3(1), New Delhi
Transfer pricing adjustment – Determination of ALP – Held that:- The assessing authority issued notice u/s 133(6) to M/s Magnum Interior P. Ltd. on 28-1-2014 - the party did not furnish any detail except balance confirmation, the AO proceeded to add ......
2014 (5) TMI 397 - ITAT DELHI
Income Tax Officer Versus Shri Sandeep Aggarwal
Disallowance of bogus lorry hire expenses – Failure to produce documents – Information u/s 133(6) of the act cannot called - Held that:- If the broker has not replied to the letter of the AO, no adverse inference can be drawn against the assessee - t ......
2014 (5) TMI 73 - ITAT MUMBAI
Nimbus Communication Ltd Versus Addl. Commissioner of Income Tax
Transfer pricing adjustment – Determination of ALP of International License Revenue - Cost of international rights – Held that:- What is the exact amount which is payable to the BCCI in the relevant financial year because this is the only basis of th ......
2014 (4) TMI 240 - MADRAS HIGH COURT
KULATHUPUZHA SERVICE CO-OPERATIVE BANK LTD. Versus THE INCOME TAX OFFICER (INTELLIGENCE) AND UNION OF INDIA
Powers available to assessing officer u/s 133(6) of the Act – Held that:- The decision in Kathiroor Service Co-operative Bank Ltd. and Others vs. Commissioner of Income Tax and Others [2013 (11) TMI 728 - SUPREME COURT] followed - The opinion of the ......
2014 (2) TMI 1118 - KARNATAKA HIGH COURT
COMMISSIONER OF INCOME TAX AND ASSISTANT COMMISSIONER OF INCOME TAX Versus M/s VASUDEV CONSTRUCTION
Search u/s 132 of the Act - Block Assessment – Reference made to DVO for valuation u/s 133(6) of the Act - Notice under Section 158-BD of the Act issued – Held that:- During the course of search, no incriminating documents were traced – As on the da ......
2014 (2) TMI 135 - DELHI HIGH COURT
The Commissioner of Income Tax-IV Versus Empire Builtech Pvt. Ltd.
Deletion made u/s 68 of the Act – Notices issued u/s 133(6) of the Act – Burden to prove – Held that:- The investors not only did not submit any confirmation and had concededly reported far less income than the amounts invested, the assessee could no ......
2014 (1) TMI 1489 - ANDHRA PRADESH HIGH COURT
Kernex Micro Systems (India) Ltd. Versus Deputy Commissioner of Income Tax, Hyderabad
Retraction of admission / statement - at the time of assessment the assessee did not retract the aforesaid admission making voluntary disclosure - Held that:- We fail to understand from where the case of retraction has been discovered by the Commiss ......
2014 (1) TMI 1224 - ITAT HYDERABAD
The Income Tax Officer Versus M/s. Trident Shelters Pvt. Ltd.
Deletion made u/s 68 of the Act – Purchase of land from unsecured loans - Held that:- The assessee stated that the company purchased land in earlier years with unsecured loans - During this assessment year, the assessee-company allotted shares with p ......
2014 (1) TMI 1139 - ITAT KOLKATA
ACI. T- Cirle-2, Durgapur Versus Sri Rajan Kumar Srivastava
Supressed purchases – Held that:- The ld. AO has issued notice u/s 133(6) of the IT Act to M/s. Hadia Steel Limited - A perusal of the information as provided by the seller when compared to the ledger account maintained by the assessee clearly show t ......
2013 (12) TMI 655 - ITAT KOLKATA
DCIT., Kolkata Versus Shri Amar Nath Banerjee
Calculation of value of stock – Addition on account of labour charges - Held that:- When both expense and income elements are included in the manufacturing account the balance in manufacturing account cannot be further reduced – The valuation of clos ......
2013 (11) TMI 728 - SUPREME COURT
Kathiroor Service Cooperative Bank Ltd. Versus Commissioner of Income Tax (CIB) & Others
Powers available to assessing officer under 133(6) of the Income tax act – Power of enquiry, when the cases are not pending - In the instant case, by the impugned notice the assessing authority sought for information in respect of its customers which ......
2013 (10) TMI 314 - GUJARAT HIGH COURT
COMMISSIONER OF INCOME TAX VI. Versus HEENA SHARMA.
Genuineness of gifts received from different sources - Respondent assessee had shown receipt of gifts to the tune of Rs. 65,75,272/- from 12 different persons received through 11 demand drafts issued on a single day i.e. on 21.3.2003. One of the gift ......
2013 (9) TMI 300 - ITAT AHMEDABAD
Pino Bisazza Glass Private Limited Versus Asstt. Commissioner of Income Tax (OSD)
Transfer pricing - ALP - Shifting of profit outside India - Associate Enterprise suffered losses - Held that:- entire Chapter X in I.T.Act is devoted to determine Arms Length Price in respect of a cross border transaction made by an Indian entity, wh ......