2018 (4) TMI 1217 - ITAT MUMBAI
Shri Suman Gupta Versus ACIT – 12 (1) , Mumbai And Vice-Versa
Addition on account of bogus purchases - CIT(A) restricted the addition to the extent of 12.5 - Held that - In respect of the goods purchased from Sai International and sold by the assessee, the assessee had shown GP rate 0.15 , however, in respect of purchases other than from Sai International, the assessee has disclosed same GP of 0.15 . Thus, it is not the case where assessee has shown lower G.P. in respect of alleged bogus purchases. In the i....... + More
2018 (4) TMI 1216 - KERALA HIGH COURT
K.C. Pappu & Sons Versus State of Kerala, The Assistant Sales Tax Officer, State Good & Services Tax
Release of detained goods - Section 129 of the Central Goods and Services Tax Act - Held that - identical matter has been disposed of by a Division Bench of this Court in The Commercial Tax Officer And The Intelligence Inspector Versus Madhu. M.B. 2017 (9) TMI 1044 - KERALA HIGH COURT , directing expeditious completion of the adjudication of the matter and permitting release of the goods detained pending adjudication, in terms of Rule 140(1) of t....... + More
2018 (4) TMI 1215 - ALLAHABAD HIGH COURT
Rasik Products Pvt. Ltd. Versus Union of India
Extension of time period for filing of GST Tran-1 - despite making several efforts on the last date for filing of the application, the electronic system of the respondent no.2 did not respond - Held that - the respondents are directed to reopen the portal within two weeks from today. In the event they do not do so, they will entertain the application of the petitioner manually and pass orders on it after due verification of the credits as claimed....... + More
2018 (4) TMI 1214 - ALLAHABAD HIGH COURT
Puneet Automobiles Limited through Its Director Versus State of U.P. And 3 Others
Detention and seizure of goods with vehicle - non furnishing of the E-Way Bill immediately at the time of detention - Section 129(1) of U.P. GST Act - Held that - the loader/tipper were duly supported by other documents including temporary registration number ensuring no possibility of evasion of tax, as provided in other matters of the similar nature. - The respondent is directed to release the loader/tipper without demanding any security from t....... + More
2018 (4) TMI 1213 - ALLAHABAD HIGH COURT
M/s. Hind Logistic Versus State Of U.P. And 2 Others
Seizure of goods with vehicle - Section 129(3) of the U.P. GST Act - penalty - Held that - petitioner has equally efficacious remedy of filing an appeal against the penalty order under Section 107 of the U.P. GST Act, 2017 - the vehicle may be released - petition disposed off........ + More
2018 (4) TMI 1212 - BOMBAY HIGH COURT
The Pr. Commissioner of Income Tax-26 Mumbai Versus R.F. Nangrani HUF
Addition u/s 45(1) under the head long term capital gains - Whether right of partner in the partnership firm is a capital asset u/s 2(14) and retirement of partner lead to extinguishment of such right in the firm amounting to transfer u/s 2(47) giving rise to capital gains exigible to tax? - amount received as goodwill on retirement is taxable in the hands of the retiring partner as capital gain - Held that - There is nothing on record to indicat....... + More
2018 (4) TMI 1211 - BOMBAY HIGH COURT
EDC Limited, Versus The Commissioner of Income Tax, Panaj-Goa.
Disallowance u/s 14A - Held that - We are of the opinion that the Income Tax Appellate Tribunal should reconsider the issue after taking note of the decision of the Special Bench in case of Assistant Commissioner of Income-tax, Circle 17(1), New Delhi v. Vireet Investment (P.) Ltd. 2017 (6) TMI 1124 - ITAT DELHI . Accordingly, the question of law as framed is answered as above........ + More
2018 (4) TMI 1210 - GUJARAT HIGH COURT
Principal Commissioner of Income Tax-4 Versus Prakashkumar Bhagchandbhai Khatri
Deemed dividend u/s 2(22)(e) - Tribunal confirming the view of the CIT (Appeals) opined that the amount in question was in the nature of trade advances to the assessee made by the company and not a loan - Held that - The assessee had entered into an agreement with the company for development and consideration of the land which was owned by the assessee. Various transactions of such agreement pertain to the negotiation of sale price to be received....... + More
2018 (4) TMI 1209 - ITAT AHMEDABAD
Shri Ishwarbhai Maganbhai Desai L/h. Of Late Shri Maganbhai Nagjibhai Desai Versus ITO, Ward-3, Patan
Reopening of assessee - notice in the name of deceased person - Held that - The assessee is not harping upon any irregularity in the notice, rather he is challenging the very jurisdiction over the assessee, on account of issuance of notice in the name of a deceased person, and further, even after coming to know about status of the assessee as a deceased, passing of an assessment order in the name of deceased person would not be sustainable. There....... + More
2018 (4) TMI 1208 - ITAT CUTTACK
Mr Gagan Bihari Satrusalya Versus DCIT, Circle 2 (1) , Bhubaneswar
Penalty u/s 271(1)(C) - non specification of charge - Held that - Omission by the AO to explicitly specify in the penalty notice as to whether penalty proceedings are being initiated for furnishing of inaccurate particulars or for concealment of income makes the penalty order liable for cancellation. CIT vs. SSA s. Emarld Meadows 2016 (8) TMI 1145 - SUPREME COURT followed - In the present case having regard to the manner in which the Assessing Of....... + More
2018 (4) TMI 1207 - ITAT DELHI
M/s GE Capital Services India Versus Additional Commissioner of Income Tax, Range-12, New Delhi
Revision u/s 263 - Deduction wrongly allowed in respect of provisions for nonperforming assets, even though it was a mere contingent liability - deduction towards loss of interest rate swap was incorrectly allowed - Held that - For provisions for nonperforming assets as out of total provision of ₹ 1114.68 lacs, a sum of ₹ 7,60,76,105/- was suo moto added back in the computation of income and a further sum of ₹ 73,46,160- was dis....... + More
2018 (4) TMI 1206 - ITAT COCHIN
The Income Tax Officer, Ward – 2, Kottayam Versus M/s. Kidangoor Service Co-operative Bank Ltd.
Entitlement to deduction u/s 80P(2) - assessee is a primary agricultural credit society - Held that - As relying on case of Chirakkal Service Co-Operative Bank Ltd. Versus CIT 2016 (4) TMI 826 - KERALA HIGH COURT CIT(A) was justified in directing the A.O. to grant deduction u/s 80P(2) of the I.T.Act to the assessee wherein held Tribunal erred in law in deciding the issue regarding the entitlement of exemption under section 80P against the appella....... + More
2018 (4) TMI 1205 - ITAT MUMBAI
M/s. Virgo Engineering Ltd. (Now merged with Virgo Valves And Controls Pvt. Ltd.) Versus Addl. CIT 10 (3) , Mumbai
Disallowance made u/s. 14A - Held that - As own funds available with the assessee is in far excess of the value of investments and hence as per the decision rendered by Hon ble Jurisdictional Bombay High Court in the case of HDFC Bank Ltd. (2014 (8) TMI 119 - BOMBAY HIGH COURT), no disallowance out of interest expenditure is called for. Thus direct the Assessing Officer to delete the disallowance under rule 8D(2)(iii) out of interest expenditure........ + More
2018 (4) TMI 1204 - ITAT MUMBAI
DCIT-14 (3) (2) , Mumbai Versus M/s. Sundaram Multipap Limited And Vice-Versa
Disallowance u/s. 14A - reduction of disallowance voluntarily made by the assessee - Held that - The assessee has made voluntary disallowance u/s 14A of the Act even though it did not receive any dividend income. As per the decisions rendered by various courts, no disallowance is required to be made in the absence of exempt income. Hence the assessee has filed CO with the plea to delete the voluntarily disallowance made by it, which is supported ....... + More
2018 (4) TMI 1203 - ITAT MUMBAI
Shri Kamleshkumar P. Jain Versus ITO 30 (2) (1) , Mumbai
Addition u/s 41(1) in respect of M/s Suryalakshmi Garments - Held that - The provisions of sec. 41(1) shall apply only in case of ceased trading liability. As the assessee has demonstrated that M/s Suryalaxmi Garments is having running account and the balance outstanding in its name has been paid in the succeeding years. Hence we are of the view that the provisions of sec. 41(1) shall not apply to the facts of this issue. Accordingly we set aside....... + More
2018 (4) TMI 1202 - ITAT MUMBAI
Vaishali Prakash Muni Versus ITO – 27 (3) (5) , Mumbai
Addition of 12.5 in respect of alleged bogus purchases - Held that - Considering circumstances of the case vis- -vis gross profit and net profit declared by the assessee during the years under consideration and cases of Geolife Organics (2017 (5) TMI 1101 - ITAT MUMBAI) and Suman Gupta 2018 (4) TMI 1217 - ITAT MUMBAI we direct the AO to restrict the addition to the extent of 2 of such alleged bogus purchases in all the three years under considera....... + More
2018 (4) TMI 1201 - ITAT CUTTACK
Sri Rajendra Kumar Kar Versus ACIT, Circle 5 (1) , Bhubaneswar
Levy of penalty u/s.271(1)(c) - non specification of charge - Held that - Levy of penalty has to be clear as to the limb under which it is being levied. See Manjunatha Cotton & Ginning Factory (2013 (7) TMI 620 - KARNATAKA HIGH COURT) - Omission by the AO to explicitly specify in the penalty notice as to whether penalty proceedings are being initiated for furnishing of inaccurate particulars or for concealment of income makes the penalty orde....... + More
2018 (4) TMI 1200 - ITAT HYDERABAD
Sanghi Industries Ltd. Versus The Asst. /Deputy Commissioner of Income Tax And The Deputy Commissioner of Income Tax, Hyderabad
Sales tax subsidy treated as capital receipt - nature of receipt - Held that - In view of the scheme of Government of Gujarat which set up to provide employment opportunities to the unemployed youth, the subsidy is to be considered as capital receipt only. Respectfully following the case of CIT Vs. M/s. Lincon Polymers Pvt. Ltd.(2006 (12) TMI 549 - GUJARAT HIGH COURT) which directly applies to the scheme, we hereby affirm the order of CIT(A) and ....... + More
2018 (4) TMI 1199 - ITAT DELHI
ACIT, Circle 8 (2) , New Delhi Versus M/s. Evergreen International Ltd.
Non-deduction of TDS payment made under the head Sales Commission to foreign Agents - Held that - When a sales commission has been made by the assessee company on export orders from the buyers abroad and services have not been rendered by the payee in India, no part of the said income has arisen in India and as such, TDS is not required to be deductible at source and disallowance u/s 40(a)(i) of the Act made by the AO is not sustainable in the ey....... + More
2018 (4) TMI 1198 - ITAT DELHI
Association of Third Party Administrators C/o Sarkar & Associates Versus CIT (E) (Hqrs.) , Delhi
Refusing to grant registration u/s 12AA (1)(b) r.w.s. 12A - Trust engaged engaged only for TPA members - proof of charitable activities - Held that - The applicant trust cannot be said to be engaged only for TPA members and their employees and working for mutual benefits of its members, but its objects are certainly aimed at providing benefit to the general public in the field of insurance and health facilities. - No doubt, activities of the TPA ....... + More
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