|
Advanced Search Options
Income Tax - Case Laws
Showing 161 to 180 of 687 Records
-
2012 (10) TMI 1044 - ITAT JAIPUR
... ...
... ... ..... see claim. The assessee has disclosed the facts relating to the income before the AO. As penalty u/s 271(1)(c) is having quasi criminal nature, the burden lies on the department to establish that assessee has concealed income or furnish inaccurate particulars. In penalty proceedings the matter must be considered afresh from an angle different from assessment. The AO did not gather any incriminating material during the course of survey or during post survey inquiry. By mere surrendering the additional income does not amount to concealed income or inaccurate particulars. Therefore, penalty imposed by the AO of ₹ 50,77,800/- is deleted. “ Neither the above finding could be controverted which, in our view, are finding of fact nor any other material was brought on record to establish otherwise. Therefore, in view of the reasoning given by ld. CIT (A), we confirm his order. 8. In the result, appeal of the department is dismissed. 9. The order is pronounced on 18.10.12.
-
2012 (10) TMI 1043 - ITAT CHANDIGARH
Necessary conditions for registration u/s 12A - Running of hospital - charitable purpose - massive contribution from individuals/entities - Held that:- Mere earning of surplus income in carrying out charitable activities would not render the activities of the society, non-charitable - while considering granting of registration u/s 12AA CIT should satisfy himself only about genuineness of activities of the trust, in accordance with objects and not about credential, capacity and qualification - assessee society has fulfilled statutory conditions for grant of registration, as the society is carrying out its activities, in pursuance of its objects
To provide something more for nothing or for less than it costs or less than its ordinary value, is not contemplated under the definition of ‘charitable purpose’ as provided u/s 2(15) of the Act. - Decided in favor of assessee
-
2012 (10) TMI 1042 - ITAT MUMBAI
... ...
... ... ..... tion amounting to ₹ 7.63 Lakhs made by the AO. 3. Before us, Departmental Representative (DR) relied upon the orders of the AO. Authorised Representative (AR) relied upon the order of the CIT(A) and submitted a copy of the order delivered by ‘A’ Bench of Pune in the case of Latur Urban Co-op. Bank Ltd., (ITA No. 778/PN/2011 AY 2007-08 dt. 31-08-2012). 4. We have heard the rival submissions and gone through the material placed before us. From the circular issued by the RBI dt. 28-03-2005 and the guide lines of 16-10-2008, it is clear that assessee was following mandatory directives of RBI and the loss suffered by it was a result of trading in Government securities. We are of the opinion that the order passed by the FAA does not suffer from any legal infirmity or illegality. Therefore, upholding the order of the FAA, we reject Ground Nos. 1 to 4 filed by the AO. Appeal filed by the AO stands dismissed. Order pronounced in the open court on 17th October, 2012.
-
2012 (10) TMI 1040 - ITAT CHANDIGARH
Penalty u/s 271(1)(c) - assessee filed return of income, in response to the said notice u/s 153A - Held that:- In the present case, the normal return of income, for the assessment year 2007-08 was filed by the assessee, on 31.3.2007 i.e. the date of search itself. The assessee filed his return of income in response to notice dated 27.1.2009 issued u/s 153A of the Act, on 23.7.2009, declaring income of ₹ 3,27,01,440/-, including the additional amount of ₹ 2,00,60,000/-, declared by the assessee, in the statement recorded u/s 132(4) of the Act. The assessee filed return of income, in response to the said notice u/s 153A of the Act, on 23.7.2009 and on the date of filing the return, the Explanation 5A inserted by the Finance (No.2) Act of 2009, with retrospective effect from 1.6.2007, was on the Statute. In the present case, return of income was filed in response to notice u/s 153A of the Act, which is covered by Explanation 5A to Section 271(1)(c) of the Act, inserted by Finance (No.2) Act of 2009
The assessee has declared undisclosed income, in the return filed, in response to notice u/s 153A of the Act and the CIT(Appeals), having regard to the facts of the case, invoked the currently applicable Explanation 5A Section 271(1)(c) of the Act and upheld the penalty, levied by the AO. In such a fact-situation, the CIT(Appeals) has acted in accordance with the currently operative and relevant penal provisions, with reference to the return of income, filed in response to Section 153A of the Act.
In view of the above legal and factual discussions, and having regard to the express statutory provisions of Section 271(1)(c) of the Act read with Explanation 5A thereunder, as inserted by the Finance (No. 2) Act, 2009, with retrospective effect from 01.06.2007, we do not find any infirmity, in the findings of ld CIT(Appeals) - Decided against assessee
-
2012 (10) TMI 1039 - SC ORDER
Undisclosed Income - non disclosure of capital gain - additions were deleted by the ITAT - However HC in [2010 (11) TMI 93 - DELHI HIGH COURT] has confirmed the additions - SC dismissed the SLP by observing that, "No ground is made out for our interference with the impugned judgment" - Decided against the assessee.
-
2012 (10) TMI 1038 - ITAT AGRA
... ...
... ... ..... etails etc. found that no payments in cash have exceeded ₹ 20,000/- on any single day. Consolidated entry is passed at the end of the financial year and accordingly, addition was deleted. 12. On consideration of the rival submissions, we do not find any justification to interfere with the order of the ld. CIT(A) in deleting the addition. The ld. CIT(A) found in his findings that no payment made in cash exceeded ₹ 20,000/- on any single day. It is the departmental appeal and no material is produced before us to contradict the findings of the ld. CIT(A). Therefore, this ground of appeal of the Revenue is dismissed. In the result, ground No. 2 of appeal of the Revenue is dismissed. 12.1 There is no other point raised in the departmental appeal. In the result, the departmental appeal is partly allowed. 13. In the result, the appeal of the assessee is partly allowed for statistical purposes and departmental appeal is partly allowed. Order pronounced in the open court.
-
2012 (10) TMI 1037 - ITAT PUNE
Transfer of shares - long term capital gain - exemption u/s. 10(38) - date of acquisition of the shares - interest under section 234B - Held that:- Purchase and sale of shares outside the floor of stock exchange is not an unlawful activity. Off-market transactions are not illegal - book entries reflects the purchase and sale of shares and support the money received on sale of shares and finally investing the same in the purchase of flat. The chain of transactions entered into by the assessee have been properly accounted, documented and supported by evidences - allowing the benefit of the exemption u/s. 10(38) - Decided in the favor of assessee.
-
2012 (10) TMI 1036 - ITAT MUMBAI
... ...
... ... ..... in the case of Meenakshi amma Endowment Trust (supra) and also decision of Hon’ble Allahabad High Court in the case of Fifth Generation Education Society (supra), we hold that refusal of registration u/s.12A of the Act by DIT (Exemption) is not justified. Therefore, we direct that the assessee be registered under section 12A of the Act because merely by registration u/s.12A of the Act, assessee does not become entitle to get exemption u/s.11 and 12 of the Act. Moreover, if the assessee does not carry out activities as per its object clause or the activities are not genuine and charitable in nature, section itself provides that DIT can cancel registration after due opportunity of hearing to the assessee. Hence, in the facts of the case, we direct the DIT (Exemption) to grant registration to the assessee. Accordingly, grounds of appeal taken by assessee is allowed. 11. In the result, appeal filed by assessee is allowed. Pronounced in the open court on 10th October, 2012
-
2012 (10) TMI 1035 - ITAT JAIPUR
Addition u/s 14A - deduction under section 80IB on direct trading of mustard oil - addition after resorting the provision of section 145(3) - disallowance on account of interest expenses - disallowance under section 80IA on Wind Mills - addition under section 40A - addition on account of interest expenditure.
-
2012 (10) TMI 1034 - ITAT PUNE
Genuineness of purchase of shares - notice u/s.153A - Held that:- Since the assessee was not able to satisfy the revenue authorities with the distinctive numbers of the original shares which were subsequently dematerialised and sold, the lower authorities had doubted the genuineness of the transactions. It is the submission of the learned counsel for the assessee that he is in a position to demonstrate before the AO that the consolidated share certificates received on purchase of the shares in physical form were subsequently splitted into smaller denomination and the splitted shares were sent for dematerialisation and the shares bearing the same distinctive numbers were later sold. In other words, the distinctive number of the shares sold and the shares purchased are the same.
Therefore, we, in the interest of justice, deem it proper to restore the issue to the file of the AO with the direction to give an opportunity to the assessee to substantiate with evidence to his satisfaction that the assessee has infact sent the consolidated share certificates to the respective companies for splitting and the distinctive numbers of such splitted share certificates which has gone to the DMAT account and subsequently sold are same. We accordingly restore the issue to the file of the AO for deciding the issue afresh in the light of our above observations and in accordance with law after giving due opportunity of being heard to the assessee. We hold and direct accordingly. The grounds raised by the assessee are accordingly allowed for statistical purposes.
-
2012 (10) TMI 1033 - ITAT DELHI
Assessment framed u/s 153C - satisfaction of the AO was not recorded before initiating proceedings u/s 153 C read with Section 153A
-
2012 (10) TMI 1032 - DELHI HIGH COURT
Addition u/s 69 - addition of the amounts directed by the AO, were the documents obtained by the income tax authorities in the course of a search conducted in the premises of Manav Rachna Group - Held that:- The claim of on money transactions has not at all proved in this case. As held the onus is that of revenue to prove the same and as clearly found by us above the revenue has failed to do so the same. See CIT Versus. M/s INDICATION INSTRUMENTS LTD. & vice versa [2010 (9) TMI 1112 - ITAT DELHI]
-
2012 (10) TMI 1030 - ITAT DELHI
Sale of ESOP shares - LTCG or STCG - Date of acquisition - date of allotment - Held that:- The undisputed fact is that the assessee acquired the right in the form of employees stock option plan (ESOP) from Gillette Co. ESOPs are cashless. The assessee surrendered these rights and obtained certain amount, being the difference of the price of shares between the date of grant and the date of surrender. On these facts, in our opinion the issues are covered in favour of assessee by the decision of the Delhi Bench of the Tribunal in the case of Abhiram Seth (2011 (9) TMI 186 - ITAT, New Delhi)wherein held that the right of shares constitute capital assets and the gains should be taxed as “Long Term Capital Gains” as the holding period is more than 3 years. - Decided in favor of assessee.
-
2012 (10) TMI 1029 - ITAT BANGALORE
Disallowance of communication, travel and onsite expenses - Determination of Arms Length Price for international transactions - Held that:- decision of the Hon’ble Karnataka High Court in the case of Tata Elxsi and the CIT(A) has followed the same in granting relief from disallowance u/s 10A to the assessee - Decided in favor of assessee
Held that:- No bench marking for super profit making companies is prescribed by the law - as long as two companies are functionally similar, they are to be considered as comparables - The factor of loss in the parent company would not be a guiding factor for making any adjustment to the ALP of the international transaction - If the parent company is making any losses, then the said company to claim the losses in accordance with the laws of the country in which it is taxable - the working capital adjustment is accordingly allowed for statistical purpose - Partly in favor of revenue
-
2012 (10) TMI 1028 - GUJARAT HIGH COURT
Profit on sale of shares - busniss income or capital gain - Held that:- Looking to the relevant factors including the amount of share holding of the assessee, the volume and the frequency of the purchase and sale of shares etc., it cannot be stated that the assessee was in the business of trading of shares. More significantly, we find that the assessee had sold shares only worth ₹ 83,712/- during the year under consideration inviting short term capital gain. As against that, bulk of the shares were held by the assessee for a long period of time inviting long term capital gain for a total sum of ₹ 53,84,239/-.
-
2012 (10) TMI 1027 - ITAT AMRITSAR
... ...
... ... ..... easons as mentioned hereinabove. We find support from the decisions of various courts of law relied upon by the ld. counsel for the assessee, Mr. Sandeep Vijh in this regard. Therefore, in the facts and circumstances of the case, we allow the legal grounds No. 1 & 2 of the assessee. 7.3. Having decided the legal grounds in favour of the assesse, we do not consider to decide grounds No. 3 & 4 on facts of the case. Thus, the appeal of the assessee is allowed. 8. As regards ITA No. 523(Asr)/2011, the facts in the present case are identical to the facts in assessee’s appeal in ITA No.522(Asr)/2011 as mentioned hereinabove, except the amount of interest is ₹ 82,347/- and we do not consider to decide grounds No. 3 & 4 of the assessee on facts. Thus, appeal of the assessee in ITA No.523(Asr)/2011 is allowed. 9. In the result, the appeals of the assessee in ITA Nos. 522 & 523(Asr)/2011 are allowed. Order pronounced in the open court on 31st October, 2012.
-
2012 (10) TMI 1026 - ITAT HYDERABAD
Deduction u/s. 80IA - Formation of a new plant by splitting up of the existing business - whether the new undertaking is identifiable undertaking separate and distinct from the existing business - Held that:- generation of power unit is separate and distinct undertaking for which separate approval was obtained and recognised by the IREDA and it cannot be said that splitting of existing business structure. - Deduction u/s 80IA allowed by following earlier decision in assessee's own case [2012 (2) TMI 483 - ITAT HYDERABAD]- Decided in favor of assessee
Deduction of cost of steam - whether value can be attributed to steam - Tax evasion by inter-unit transaction of sale of steam at inflated rate - Held that:- steam produced by the assessee is eligible unit is a by-product and income from sale of steam is the income derived from industrial undertaking - deduction u/s 80-IA is allowable - Assessee to furnish necessary records for the purpose of determining the value of the steam produced and transferred to sugar unit - Decided partly in favor of assessee
Interim order of the Appellate Tribunal for Electricity - Held that:- Assessee is not the party to the proceedings - Electricity fixed rate ₹ 3.25 p.u in place of which ₹ 3.48 p.u is adopted by the assessee - AO to disallow ₹ 0.23 and calculate the disallowance based on the units supplied by the assessee to Sugar and Cement units - Decided in favor of revenue
-
2012 (10) TMI 1025 - ITAT DELHI
Deduction u/s 10A - TPA - Comparability analysis - functional dissimilarity - analysis of functions performed - assessee engaged in providing Information Technology (IT) enabled back office services and contract software development services to COLT Group of companies.
-
2012 (10) TMI 1024 - ITAT DELHI
... ...
... ... ..... within the meaning of sec. 269SS and hence in view of the divergence of judicial opinion, the plea of the assessee to this effect that receipt of money in cash against allotment of share capital cannot be termed as loans or deposits would be sufficient to drop the penalty. Against that order of the Tribunal the Revenue went in appeal before the Hon’ble Delhi High Court and Hon’ble Delhi High Court has been pleased to decline to admit the appeal preferred by the revenue against the order of the Tribunal. We thus do not find infirmity in the first appellate order and respectfully following the decision of Hon’ble High Court of Delhi in the case of I.P. India (P) Ltd. (supra) in the present case as facts of both the cases are similar and the issues raised are identical, the first appellate order is thus upheld. The grounds involving the issue are thus rejected. 6. Consequently the appeal is dismissed. 7. Order pronounced in the Open Court on 8th October, 2012.
-
2012 (10) TMI 1023 - PUNJAB AND HARYANA HIGH COURT
Grant of registration to assessee u/s 12AA - Held that:- Object of Section 12AA of the Act, is to examine the genuineness of the objects of the Trust, but not the income of the Trust for charitable or religious purposes. The stage for application of income is yet to arrive i.e. when such Trust or Institution files its return. Therefore, we find that the judgments referred to by the learned counsel for the appellant are not applicable to the facts of the present case arising out of the question of registration of the Trust and not of assessment
............
|
