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2015 (7) TMI 931 - BOMBAY HIGH COURT

Commissioner of Income Tax, ThaneII Versus M/s. SMC Ambika JV

Liability to deduct TDS for the payments made to subcontractors u/s 194C - Tribunal merely relied upon the absence of a written contract to hold that there is no relationship of a subcontractor between the assessee and M/s. SMC Infrastructure Pvt. Lt.....


2015 (7) TMI 922 - DELHI HIGH COURT

Mool Chand Khairati Ram Trust Versus Director of Income Tax (Exemptions)

Denial of exemption under Section 11 - Assessee contended that the Assessee was a charitable institution engaged in running a hospital (both Allopathic and Ayurvedic) and the same constituted a charitable purpose within the meaning of Section 2(15) o.....


2015 (7) TMI 921 - BOMBAY HIGH COURT

Vascon Engineers Limited Versus Income Tax Settlement Commission, Commissioner of Income Tax (Central) , Deputy Commissioner of Income Tax, Union of India

Application for settlement of pending proceedings rejected - application for settlement as filed is not valid for failure to pay taxes on the additional declared income as contended by the Commissioner of Income Tax(Central) (Commissioner) resulted i.....


2015 (7) TMI 920 - BOMBAY HIGH COURT

Panchratna Co-op. Housing Society Ltd. Versus The Assessing Officer 16 (3) (1) , The Addl/Joint Commissioner of Income Tax, Union of India

Validity of reopening of assessment - Held that - Firstly, there is no failure to make full and true disclosure of necessary facts which is the jurisdictional requirement for initiating reopening proceedings after period of four years as per the prov.....


2015 (7) TMI 919 - BOMBAY HIGH COURT

Ajay R. Dhoot Versus The Deputy Commissioner of Income Tax, Mumbai And Others

Addition under section 69A - unaccounted jewellery - Held that - Section 69A of the Act provides that where in any financial year, an assessee is found to be the owner of any jewellery which is not recorded in the books of account and the explanation.....


2015 (7) TMI 918 - DELHI HIGH COURT

Commissioner of Income Tax-IV Versus DPA Finvest Services Ltd.

Unexplained credit under Section 68 - Penalty proceedings under Section 158BFA (2) initiated - Held that - In order to undertake a proper exercise in terms of Section 158BB(1), the AO will have to come to a definite conclusion that what emerges durin.....


2015 (7) TMI 917 - BOMBAY HIGH COURT

Sant Trust (Since Dissolved) Versus Asstt. Commissioner of Income Tax 19 (3) , Mumbai And Others

Reopening of assessment - validity of notice - assessee has not offered any income arisen by way of transfer of capital asset on dissolution of Sant Trust for taxation - whether the sanction was not accorded by the Joint Commissioner but by officer s.....


2015 (7) TMI 916 - BOMBAY HIGH COURT

The Commissioner of Income Tax-II, Thane Versus SMC Rohit JV

Liability to deduct tax at source - whether Tribunal is correct in holding that no contract has existed between assessee AOP and its members and there was no liability on the part of the assessee to deduct tax at source on payment to it members? - He.....


2015 (7) TMI 915 - ITAT DELHI

Marubeni Itochu Steel India Pvt. Ltd., New Delhi Versus DCIT, Circle 16 (1) , New Delhi

Transfer pricing adjustment - addition on account of alleged understatement of arm s length price in respect of commission income earned by the appellant from its AEs - according to the Ld DR, the TPO rightly rejected the Berry Ratio (PLI) adopted by.....


2015 (7) TMI 914 - ITAT AHMEDABAD

Dy. Commissioner of Income-tax, Circle-8, Surat Versus Smt. Rajeshwari Mehta, Surat

Transaction of shares - business income instead of short term capital gain - Held that - In the immediately subsequent year, ld. Assessing Officer has treated the asssessee as an investor. Similarly, in Assessment Year 2010-11 again, ld. Assessing Of.....


2015 (7) TMI 913 - ITAT AHMEDABAD

Shri Monal Y. Thakkar, Ahmedabad and others Versus ACIT, Cent. Cir. 1 (3) , Ahmedabad and others

Profit resulted to the assessee on share transactions through IPOs, - whether is to be assessed as business income or under the head Capital Gains ? - Held that - From the findings of the SEBI, it is implicit clear that both the assessees have indulg.....


2015 (7) TMI 912 - ITAT DELHI

Somya Salwan, New Delhi and others Versus Income-tax Officer, Ward 31 (4) , New Delhi

Eligibility of deductions allowable u/s 24 - Computation of income - AO assessed the contractual receipts of ₹ 11,50,000/- as income from other sources and not as income from house property as claimed by assessee - Held that - There is marked c.....


2015 (7) TMI 911 - ITAT DELHI

Income-tax Officer, TDS Ward 2 (2) , [Intl. Taxn.] , New Delhi Versus M/s Santur Developers P. Ltd., New Delhi

Liability to deduct tax u/s 195 - AO had levied interest u/s 201(1A) in respect of capital gain accrued to assessee on 8-6-2005 till the date on which capital gain tax was deposited i.e. 28-9-2007 - CIT(A) upheld the assessee s contention that in vie.....


2015 (7) TMI 910 - ITAT MUMBAI

The Bombay Dyeing & Mfg. Co. Ltd. and others Versus Jt. CIT (OSD) Range (2) (1) , MUMBAI and others

Disallowance of provision made for a loss on account of a firm purchase contract - Held that - Prudence only implies that even though the amount cannot be determined with certainty, and represents only a best estimate in light of the available inform.....


2015 (7) TMI 909 - ITAT KOLKATA

Deputy Commissioner of Income Tax, Circle-9, Kolkata Versus M/s. Ritona Vinimay Pvt Ltd

Disallowance of speculation loss by invoking the provisions of Explanation to Sec. 73 - CIT(A) deleting the addition - Held that - Assessee filed complete details of deployment of fund during last three years including the position of income and turn.....


2015 (7) TMI 908 - ITAT BANGALORE

Karnataka Forest Development Corporation Ltd. Versus Income Tax Officer, Tds Ward, Davangere

Default under section 206C(6A) - short collection of tax at source (TCS) - goods for use in manufacturing, processing or producing articles or things. - Held that - Section 206C(1A) mandates that any person responsible for collecting tax under sectio.....


2015 (7) TMI 907 - ITAT MUMBAI

M/s IMA PG India Pvt. Ltd. (Formerely known as Precision Gears Ltd.) Versus ACIT Range 5 (2) , Mumbai

Disallowance for excess remuneration paid to the Directors - A.O. made the disallowance simply relying on the erroneous Remark in Auditors Report - Held that - The assessee had made excessive payment of remuneration to the Director. but same was appr.....


2015 (7) TMI 906 - ITAT MUMBAI

M/s Precision Gears Ltd. (Now IMA PG India Pvt. Ltd.) Versus CIT Range 5 (2) , Mumbai

Disallowance of provision made for doubtful advance paid for advancement of existing soft ware - Capital expenditure or revenue expenditure - assessee had made a claim u/s.37 stating that expenditure incurred by it on account of upgradation of ERP so.....


2015 (7) TMI 905 - ITAT MUMBAI

Pegasus Stocks And Shares Pvt Ltd Versus Asstt. Commissioner of Income Tax -4 (2) , Mumbai

Disallowance u/s.14A(1) - applicability of rule 8D - Held that - The reference to the turnover ratio, which it says would easily be at 4 to 5, stands made by it only toward assigning a weight to this predominant intent for acquiring shares, and no ot.....


2015 (7) TMI 904 - ITAT KOLKATA

Philips India Ltd. (Earlier Known As. Philips Electronics India Ltd) Versus Commissioner of Income-tax, Kolkata-IV, Kolkata

Revision u/s 263 - claim of the assessee on account of lease rental to be disallowed as per CIT(A) - Held that - Considering the facts of the present case, it is noticed that the AO before allowing the claim of the assessee on account of lease rental.....


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