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Income Tax - Case Laws

Showing 161 to 180 of 182 Records

• 2009 (3) TMI 46
  

  Whether Tribunal was justified in rejecting the claim of assessee-company for weighted deduction u/s 35C on Expenses incurred on provision of Distillation services, Expenses on transportation services provided to farmers, Expenses incurred on Mentha Administration Services, Expenses on distillation services including depreciation on assets used for distillation services and on assets used for Mentha Research Centre – questions are answered in the affirmative and against the assessee

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• 2009 (3) TMI 45
  

  Whether Tribunal was justified in rejecting the claim of the assessee company for weighted deduction u/s 35C on expenses incurred under the head provision of tools and implements for use by farmers, expenses under the head transportation services provided of farmers and depreciation on Distillation assets – question is answered in the affirmative and against the assessee

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• 2009 (3) TMI 41
  

  Agreement between applicant (Foreign Co.) & Reliance industry for providing services got terminated in mid-way - Held that Engineering and Procurement services rendered fall within scope of “royalties” as defined in the DTAA and receipts are taxable in India by virtue of Art. XII(2). Under the Act too, they are taxable - However, receipts from Project & Management Services, shall be treated as business income & be taxable only to the extent they are attributable to the operations of PE in India

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• 2009 (3) TMI 40
  

  Long-term capital gains arising to applicant (non-resident) from transfer of shares held in Indian listed company – revenue seek to deny indexation benefit provided u/s 112(1) on ground that 2nd proviso to s. 48 is not applicable to a non-resident – revenue plea rejected – applicant can avail relief of lower rate of tax of 10% u/s 112(1) – hold that as per S. 55(2)(b)(i), FMV prevailing on April 1, 1981 ought to be taken as cost of acquisition when bonus shares held by applicant on April 1, 1981

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• 2009 (3) TMI 39
  

  Claim for requisite deduction u/s 36(1)(viii) on the profits derived from the business of long-term finance for rural electrification - applicant has created Special Reserve out of the current year’s profit chargeable to tax for a specific purpose of availing allowance u/s 36(1)(viii), so assessee’s claim for deduction is acceptable – since assessee has made reserve for the bad and doubtful debts, deduction claimed u/s 36(1)(viia)(c)) cannot be denied mere for debit in the appropriation account

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• 2009 (3) TMI 38
  

  Applicant (Foreign Co.) had contract with Indian Company for providing engineering services but were not provided completely because of termination of agreement in mid-way - applicant submission that services provided were performed mostly outside India are in the nature of ‘royalty’ & he did not have PE in India, is acceptable – but entire receipts representing royalty income are liable to be taxed in India, both under the IT Act, 1961 as well as DTAA - splitting up of income not permissible

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• 2009 (3) TMI 36
  

  Addition u/s 69C - construction of house - assessee failed to establish source of expenditure - whether such expenditure be deemed to be the income of assessee – explanation by the appellant was repayment of loans– since there was nothing to suggest receipt of loans and utilization thereof for construction, they cannot be accepted as withdrawn for construction of house - claim that calendar year 1991 had two financial years and as such the deemed income should be bifurcated, is not acceptable

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• 2009 (3) TMI 35
  

  Losses suffered on account of book valuation – explanation to S. 73 will cover both shares which are stock in trade and shares which are traded in the F.Y. for purpose of considering the loss and profit for that year – there can be no difference between the losses suffered in the course of trading by delivery and losses in terms of the book value - Tribunal rightly hold that the loss of profit on account of valuation amounts to revenue losses or revenue receipt – assessee’s appeal dismissed

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• 2009 (3) TMI 33
  

  TDS on salary paid in foreign country by foreign company to its employees working in India - S. 192(1) has to be read with S. 9(1)(ii) read with the Explanation. Therefore, if any payment of income chargeable under the head “Salaries” falls within S. 9(1)(ii) then TDS provisions would stand attracted, on account of services rendered in India - however SC gave relief where tax has been paid in India on such foreign income. Since issue is a nascent, penalty waived – 104 civil appeals disposed

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• 2009 (3) TMI 28
  

  Validity of notice issued u/s 148 to reopen the assessment – AO rejecting the objections raised by the petitioner regarding the reopening of assessment - assessment is sought to be reopened on the basis of the material based on which a final decision has already been taken, and therefore, the reopening of the assessment based on the very same materials to take a contrary view constitutes reopening on account of change of opinion which is not permissible u/s 147 - notice is quashed and set aside

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• 2009 (3) TMI 17
  

  Assessee, a Japanese Organization set up for transmission of news/broadcasting – whether subjected to deduction of tax - controversy is that Citizens Tax is a statutory levy in Japan on the Japanese Citizens constituting an overriding charge - emoluments paid by the assessee was subject to deduction of tax as per applicable laws -CIT (A) ought to have examined the provisions of Citizens Individual Inhabitant Tax Act which is a Japanese - no opinion on the merits – matter remanded to tribunal

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• 2009 (3) TMI 16
  

  Revenue contend that “loss” did not include depreciation debited in books and by ignoring the figure of depreciation in the books, there was no loss, then nothing was to be deducted - held that the word loss in proviso to S. 205(1) (b) of the Companies Act signifies the amount arrived at after taking into account amount of depreciation and it has to be so read in the context of S. 115 J – so, tribunal rightly allowed further deduction on account of unabsorbed depreciation, from the book profit

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• 2009 (3) TMI 15
  

  Loans borrowed - scope of Sec.68 - After analysing the entire evidence regarding grant of impugned loans, there is a concurrent finding of fact of CIT(A) as well as ITAT that the loans were genuine loans - Tribunal is right in deleting the addition being the disallowance consisting of fresh loans & interest on old loans - Assessee had claimed deduction u/s 57 (iii) - scope of Sec.57 - Tribunal is right in deleting the disallowance being the interest and finance charges paid on impugned loans

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• 2009 (3) TMI 14
  

  Reopening of assessment u/s 148 – income escaping assessment – speculation profit - from the reasons recorded, it is seen that there is no material to hold that any income chargeable to tax has escaped assessment - entire case of the revenue is based only on conjectures - it is not evident that there is any failure on the part of the assessee to disclose fully and truly all material facts - impugned notice being beyond four years from the end of the relevant assessment year, is quashed

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• 2009 (3) TMI 11
  

  Tribunal has once again failed to apply its mind to the issues raised and the submissions made before it – before tribunal submission of assessee was that AO had made certain additions and disallowances mechanically while computing the income without issuing a SCN or providing an opportunity of hearing - observations made in the Tax Audit Report could not have formed the basis of additions/disallowances – impugned judgment of the Tribunal is set aside - Tribunal will re-hear the parties

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• 2009 (3) TMI 10
  

  Disallowance u/r 6D should be recomputed by aggregating the expenditure of all tours - Addition on account of duty drawback & cash assistance on accrual basis was not justified - Canteen located in factory is part and parcel of factory building, so entitled to higher rate of depreciation - Assessee entitled to deduction u/s 80G of Rs.2,50,000 instead of 5,00,000 - expenditure incurred on advertisement for appointment/termination of dealers is not recruitment of personnel hence allowable u/s 37

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• 2009 (3) TMI 9
  

  Rectification u/s 154 (2) (b) – ITO passed order adding profits u/r 3(6) but suo moto increasing liabilities u/s 3(4) - ITO was required to calculate the benefits grantable to assessee u/s 15-C of IT Act 1922 and this calculation was required to be done as per rule-3 of Indian Income Tax (Computation of Capital of Indistrial Undertakings) Rules 1949 - No distinction was made by ITO to categorise the debts into “debts due” and “debts owed” - held that mistake rectified was not mistake apparent

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• 2009 (3) TMI 8
  

  Validity of the CBDT circular No.681 dated 8/3/94 - said circular provides that all service contracts are covered u/s 194C – petitioner, a hotel - whether the services rendered by the petitioner to its customers is covered u/s 194C – as facilities/amenities made available by petitioner do not constitute ’work’ within the meaning of section 194C, consequently, the circular No.681 to the extent it holds that the services made available by a hotel are covered u/s 194C must be held to be bad in law

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• 2009 (3) TMI 7
  

  Allegation that assessee had failed to deduct tax u/s 194J in respect of payments made to its subsidiary - order passed by AO u/s 201(1) and 201(1A) has been set aside by ITAT - As found by the Tribunal, the assessee had only acquired rights in the TV serial & there is nothing to suggest that the payments made by the assessee to subsidiary was a fee for technical services within the meaning of Section 194J - Tribunal rightly set aside the orders concluding that Section 194J was not applicable

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• 2009 (3) TMI 6
  

  Cash found during search – source of the cash - explanation of the assessee - there are concurrent findings against the Appellant that the explanation tendered by him that the cash belonged to Cain Technology India Pvt. Ltd. was an afterthought - there is no perversity in the findings of the fact arrived at in the impugned Judgment - No substantial question of law arises for our consideration

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