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Income Tax - Case Laws


2016 (2) TMI 308 - BOMBAY HIGH COURT

The Commissioner of Income Tax, Sesa Goa Limited Versus V.S. Dempo & Co. Pvt. Ltd., The Commissioner of Income Tax

Allowability of expenditure under section 40(a)(i) - scope of the term non resident - whether the status of a person making the expenditure has to be a non-resident before the provision to section 172 of the Act can be invoked ? - Held that - To our mind, the Division Bench judgment in Commissioner of Income-tax vs. Orient (Goa) Pvt. Ltd. 2009 (10) TMI 575 - Bombay High Court seen in this light does not, with greatest respect, take into account t.....



Reopening of assessment - valuation of stock questioned - Held that - As during the original scrutiny assessment, the issue of valuation of stock had been examined at length. We may recall that the assessee is engaged in the business of jewelery. During a survey operation conducted on 3.2.2010, unaccounted cash was found and difference in stock in the books and physical verification were revealed. During the assessment proceedings, there was cons.....

2016 (2) TMI 306 - DELHI HIGH COURT

B.P. Jain And Assoc And Another Versus Commissioner of Income Tax

Determination of the tax to be paid in terms of the Kar Vivad Samadhan Scheme 1998 (KVSS) - Held that - As regards the instructions issued, there are two aspects - one regarding the calculation of the disputed income with reference to the unpaid tax. The other is in relation to the application of the marginal rate. At the outset it requires to be noticed that the Finance Act, 1998 does not talk of any marginal rate to be applied. Also, it appears.....

2016 (2) TMI 305 - BOMBAY HIGH COURT

The Commissioner of Income Tax9 Versus M/s. Russan Pharma Ltd.

Computation of deduction u/s 10A - whether loss of another unit of the assessee company cannot be set off against the profit of the unit eligible for deduction u/s 10A as held by ITAT - Held that - No fault can be found with the impugned order of the Tribunal, inasmuch as it follows the order of this Court in Black and Veatch Consulting Pvt. Ltd. (2012 (4) TMI 450 - BOMBAY HIGH COURT ) wherein held Section 10A is a provision which is in the natur.....

2016 (2) TMI 304 - BOMBAY HIGH COURT

The Commissioner of Income Tax-15, Mumbai Versus M/s Sai Shraddha Construction

Accepted method of accounting - assessment on Best Judgment basis - Held that - As project completion method is one of the accepted method of accounting and the same was regularly followed by the respondent-assessee in computing it s taxable income. It is for the assessee to choose the method of accounting and employ it regularly. It is not the case of the revenue that the project completion method of accounting is not regularly employed by the a.....

2016 (2) TMI 303 - DELHI HIGH COURT

Pr. Commissioner of income tax Versus Gillette Diversified Operations Pvt. Ltd.

Addition on account of inventory written off - Held that - As far as the present case is concerned, the CIT (A) having noted categorically that the complete details of inventory were furnished by the Assessee together with evidence of persons before whom the items were disposed of, and with the inventory clearly not being available for any verification, no purpose will be served by remanding the matter to the AO for that exercise. - Decided against revenue

2016 (2) TMI 302 - MADRAS HIGH COURT

M/s Premier Distilleries P. Ltd Versus The Principal Commissioner of Income Tax, The Joint Commissioner of Income Tax And The Deputy Commissioner of Income Tax

Penalty imposed u/s 221 (1) - self assessment tax under Section 140A remained payable - denial of natural justice - Held that - Considering the assessee s submission that the 1st respondent is erred in sustaining the levy of penalty under Section 221(1) without considering sufficient cause shown for the belated payment of self assessment tax under Section 140A for the assessment year in question and without assigning proper reasons and that the 1.....

2016 (2) TMI 301 - ITAT DELHI

DDIT, Circle-3 (2) , New Delhi Versus Egis Bceom Intl. S.A.

Service tax collected in relation to projects where the income was being offered to tax on gross basis u/s 44D r.w.s. 115A - CIT(A) held that the service tax was not the part of the gross receipts to be taxed u/s 44D r.w.s 115A - Held that - Service tax being a statutory liability, would not involve any element of profit and accordingly, the same could not be included in the total receipts for determining the presumptive income. In the light of v.....

2016 (2) TMI 300 - ITAT MUMBAI

M/s. Finestar Jewellery And Diamonds Pvt. Ltd. Versus Income Tax Officer And Vica-Versa

Deduction under section 10A - Interest on Fixed Deposits - Held that - As the interest earned from fixed deposits kept apart for the purposes of business is to be treated under the head Income from Business and not under the head Income from other sources and is to be treated as profits of the business while calculating the deduction under section 10A of the Act. BR BR Exchange difference on EEFC - Held that - Following the decision of the Coordi.....

2016 (2) TMI 299 - ITAT AHMEDABAD

Varun Radiators Pvt. Ltd. Versus The Deputy Comm. of Income Tax, CPC TDS, Gaziabad

Levy of fee under section 234E in the order u/s 200A - Held that - The adjustment in respect of levy of fees under section 234E was indeed beyond the scope of permissible adjustments contemplated under section 200A. BR BR In view of these discussions, as also bearing in mind entirety of the case, the impugned levy of fees under section 234 E is unsustainable in law. We, therefore, uphold the grievance of the assessee and delete the impugned levy of fee under section 234E of the Act. - Decided in favour of assessee

2016 (2) TMI 298 - ITAT AHMEDABAD

The Samarpan Co-op. Credit Society Ltd. Versus The ACIT

Deduction u/s.80P(2)(a)(i) - Held that - Issue in dispute is purely covered in favour of the assessee partly by the decision of Hon ble Karnataka High Court in the case of Guttigedarara Credit Co-operative Society Ltd. vs. ITO 2015 (7) TMI 874 - KARNATAKA HIGH COURT wherein it has been specifically held that interest income earned by the Credit Co-operative Society from deposits made with scheduled bank would also qualify for grant of deduction u.....

2016 (2) TMI 297 - ITAT HYDERABAD

Deputy Commissioner of Income Tax Versus M/s Bhanu Automobiles Ltd.

Disallowance of claim of discount to customers on sale of two wheelers - Held that - The genuineness is not established by the evidence that assessee sought to rely upon. We are of the opinion that on the basis of the sample evidences furnished by assessee, in the absence of any policy of discount or acknowledgement by the customers in the invoices, the Modus Operandi adopted by assessee seems peculiar. BR BR Therefore, in the interest of justice.....

2016 (2) TMI 296 - ITAT KOLKATA

Bansilal Leisure Parks Ltd, Barik & Associates Versus Income Tax Officer (TDS) , Kolkata

Default for noncollection of tax at source as per the provisions of Section 206C(6A) - sale of the timber - Held that - The assessee should not be treated as assessee in default in terms of the amended provisions of the law. From the order of the ld. CIT(A) we find that all the parties to whom the sales were made have furnished their respective returns of income. We also find that the ld. DR has not brought anything contrary to the argument of th.....

2016 (2) TMI 295 - ITAT DELHI

Asstt. Commissioner of Income-tax Circle-32 (1) , New Delhi Versus Sh. Saidan Kapoor,

Reopening of assessment - basis of the valuation report received from the office of the DVO - Held that - As decided in ACIT Vs Dhariya Construction Company 2010 (2) TMI 612 - Supreme Court of India the opinion of the DVO per se is not an information for the purposes of reopening assessment under section 147 of the Income-tax Act, 1961. The Assessing Officer has to apply his mind to the information, if any, collected and must form a belief thereo.....

2016 (2) TMI 294 - ITAT CHANDIGARH

The DCIT, Solan Versus Bio Veda Action Research Pvt Ltd And Vica-Versa

Entitlement to deduction under section 80IC - CIT (Appeals) deleted the disallowance - that - No infirmity in the finding given by the learned CIT (Appeals) as the kit for which registration fee is received by the assessee contains the products of the assessee in which the assessee deals together with the literature explaining the use of the product. By no stretch of imagination, this kit can be said to be not related to the business of the asses.....

2016 (2) TMI 293 - ITAT BANGALORE

Sami Labs Ltd. Versus The Deputy Commissioner of Income Tax, Circle 12 (3) , Bangalore.

Adjustment of total turnover while allowing deduction u/s. 10B - Held that - In light of the decisions in CIT v. Tata Elxsi Ltd., 2011 (8) TMI 782 - KARNATAKA HIGH COURT and CIT v. Samsung Electronics Co. Ltd. (2011 (11) TMI 429 - KARNATAKA HIGH COURT) it is very clear that, the deduction claimed u/s 10B should not be restricted by not reducing the freight and forwarding and insurance from total turnover. Hence we direct the AO to follow the deci.....

2016 (2) TMI 292 - ITAT DELHI

HCL Comnet Ltd. Versus Deputy CIT, Circle 12 (1) , New Delhi.

Penalty u/s 271(1)(c) - disallowance made on account of expenditure towards payments made to Globextech India (P) Ltd. by the assessee on the basis that due to search and seizure operation conducted at the premises of S.K. Gupta Group of Companies - Held that - Under the circumstances, it cannot be held beyond doubt that there was concealment of particulars of income or furnishing inaccurate particulars thereof on the part of the assessee towards.....

2016 (2) TMI 291 - ITAT CHANDIGARH

Ms. Nirmal Rani Versus The ACIT, Ambala

Disallowance u/s 40A(3) - Held that - The assessee had made payments to small time venders who supplied hides and skins on vehicles such as cycles, rickshawalas and rehris. The payments were being made to them against kacha bills because the purchases were made from unorganized sectors and the butchers do not have printed bills. It is also clear from the statements of Shri Ram Kumar and Shri Harish Kumar that they confirmed having purchased kucha.....


Commissioner of Income Tax, Kol-II Versus M/s Moran Tea Co. Ltd.

Addition of cess on green leaf - whether production of green leaf which is 100 agricultural activity and not an admissible deduction under income chargeable ? - Held that - In Jorehaut Group Ltd. -Vs- Assistant Commissioner of Income-Tax reported in (2006 (12) TMI 98 - GAUHATI High Court) followed the view expressed in Assam Co. Ltd. v. Union of India, 2005 (3) TMI 63 - GAUHATI High Court wherein it was held that the deduction on cess paid on gre.....

2016 (2) TMI 277 - DELHI HIGH COURT

Pr. Commissioner of income tax-12 Versus RL Allied Industries

Validity of assessment u/s 153 C - Held that - In the present case, there is no doubt that it was only on 24th March 2009 that the AO of the Assessee received the documents seized and it was on that date a notice under Section 153C (1) was issued and served upon the Assessee. Consequently, this Court finds no legal error in the conclusion of the ITAT that notice under Section 153C (1) could not have been issued for AYs 2001-02 and 2002-03. - Decided in favour of assessee.


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