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Income Tax - Case Laws

Showing 1 to 20 of 99699 Records

  • 2017 (11) TMI 922 - SUPREME COURT

    Pr. Commissioner of Income Tax Versus Ranjit Kaur C/o Basra Nursing Home

    Validity of reopening of assessment - addition on account of long term capital gains taxable in the hands of the assessee - JDA - transfer within the meaning of sub sections (ii) and (vi) of Section 2(47) - Held that - The special leave petition is dismissed. HC order hereby confirmed 2017 (5) TMI 260 - PUNJAB AND HARYANA HIGH COURT - HC has held that the possession delivered, if at all, was as a licencee for the development of the property and n....... + More


  • 2017 (11) TMI 921 - MADRAS HIGH COURT

    Karti P. Chidambaram, Srinidhi Karti Chidambaram, P. Chidambaram Versus The Assistant Commissioner of Income Tax And Nalini Chidambaram Versus The Assistant Commissioner of Income Tax, The Joint Commissioner of Income Tax, The Principal Commissioner of Income Tax

    Reopening of assessment - obligation on the part of the assessee does not extend beyond fully and truly disclosing all primary facts - Held that - On a mere reading on the reasons for reopening clearly show that there is no allegation against the petitioner that there has been omission or failure on the part of the assessee to disclose fully and truly all material facts necessary for assessment for that year. The so called reason to believe that ....... + More


  • 2017 (11) TMI 920 - MADHYA PRADESH HIGH COURT

    Madhya Pradesh Audyogik Kendra Vikas Nigam Ltd., SEZ Indore Ltd. Versus Deputy Commissioner of Income Tax

    Recovery of dues - Obligation to pay only 20 of the outstanding dues - validity of garnish notice to the ICICI Bank - Held that - The assessee in light of the circulars issued by CBDT was under an obligation to pay only 20 of the outstanding dues and as the same was not done, the department has started proceeding under Section 226(3) of the Income Tax Act, 1961. In the considered opinion of this Court, the department has rightly raised a demand b....... + More


  • 2017 (11) TMI 919 - RAJASTHAN HIGH COURT

    Commissioner of Income Tax, Jaipur-II, Jaipur Versus M/s Gad Fashion

    Monetary limit for filing an appeal - power of CBDT u/s 119 - retrospective effect - Department acted contrary to the Circular issued by CBDT in pursuance of Section 268A - scope of amendment - Held that - From the policy which has been referred by different High Courts and the intention of the legislation to reduce the pendency of the tax appeal and to have a uniform policy for the department through-out the Country, therefore, the direction iss....... + More


  • 2017 (11) TMI 918 - DELHI HIGH COURT

    Principal Commissioner of Income Tax, Delhi Versus Bharti Enterprises (Holding) Pvt. Ltd.

    Disallowance u/s 14A - Held that - ITAT noticed the decision of this Court in Maxopp Investment Ltd. v. Commissioner of Income Tax, (2011 (11) TMI 267 - Delhi High Court) that Rule 8D of the Income Tax Rules does not have retrospective operation. In this case, the lower authority had ruled that the provision did have retrospective operation. No question of law, therefore, arises since the ITAT merely followed the ruling of this Court in Maxopp (s....... + More


  • 2017 (11) TMI 917 - KERALA HIGH COURT

    The Commissioner of Gift Tax, Kottayam Versus Smt. Bindu Joseph, Leo Rubbers

    Taxability of gifts - Transaction involved gift in terms of Section 4(1) (a) of the Gift Tax Act 1958 to attract any tax liability - Held that - In the present case, over and above the additional capital contribution of ₹ 1,23,750/- the partner Suman Vijoo, who got more shares pursuant to the reduction of shares of the assessee, on reallocation, had admittedly provided collateral security to the financial transactions of the firm. It is als....... + More


  • 2017 (11) TMI 916 - GUJARAT HIGH COURT

    Principal Commissioner of Income Tax-1, Rajkot Versus Kutch District Central Co-Op. Bank Ltd.

    Addition u/s. 36(1)(viia) - Held that - Entire issue is covered by the judgment of this Court in case of Shri Mahila Sewa Sahakari Bank Ltd. (2016 (8) TMI 377 - GUJARAT HIGH COURT). In the said case, the Court has considered following substantial question of law - Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is right in law and on facts in holding that interest on non performing assets is not taxabl....... + More


  • 2017 (11) TMI 915 - BOMBAY HIGH COURT

    The Commissioner of Income Tax, TDS 2 Mumbai Versus M/s. UTV Entertainment Television Ltd.

    TDS u/s 194C OR 194J - TDS liability carriage fees, editing charges and dubbing charges - Held that - Revenue has not made any grievance regarding applicability of Section 194C to dubbing charges. The finding of fact recorded by the Commissioner (Appeals), which is confirmed by the Appellate Tribunal, is that work of subtitling will be covered by the definition of work in clause (iv) of explanation to Section 194C. Reliance is placed by the Commi....... + More


  • 2017 (11) TMI 914 - GUJARAT HIGH COURT

    Pr. Commissioner of Income Tax-3 Versus Laxmi Shelters, Laxmi Residency

    Deductions u/s.80IB(10) - income computed as income from other sources - Held that - From the materials on record, it can be seen that the assessee s sole business of real estate development, in the material collected by the Revenue during survey on which the Revenue heavily relies, there was sufficient indication that the amount of ₹ 1.01 crores was the assessee s income from such business. In the statement of the partner of the firm, the ....... + More


  • 2017 (11) TMI 913 - RAJASTHAN HIGH COURT

    M/s Krishna Villa Apartment Versus The Commissioner of Income Tax (Central)

    Revision u/s 263 - income chargeable under the head Capital gains - Held that - The appeal stands allowed and the issue is answered in favour of the assessee. However, it is made clear that as and when valuation of the land will be considered, the acquisition of price of ₹ 2 crores will not be considered, only the difference of ₹ 9 crores will be considered for any other purpose or for giving him benefit under the Income Tax Act........ + More


  • 2017 (11) TMI 912 - ITAT MUMBAI

    Dy. CIT-Central Circle-1 (3) , Mumbai Versus Studio Aethetic Health & Hospitality Pvt. Ltd And Vice-Versa

    Undisclosed income worked out in sheets seized during the search - whether the addition is not based upon incriminating material found during search and, hence, the same is bad in law? - statement obtained u/s.133A in case of a survey - Held that - There was clear admission and statement of oath u/s. 132(4) by the director of the company that the assessee was receiving income which was not disclosed in the books of account. Furthermore, the Asses....... + More


  • 2017 (11) TMI 911 - ITAT MUMBAI

    M/s. Rushabh Enterprises Versus Asst. CIT CIR 4, Mumbai

    Addition u/s 68 - unexplained loans - not allowing Assessee to cross-examine witnesses by adjudicating authority - violation of principles of natural justice - Held that - To substantiate the loan transaction, assessee has filed confirmation with respect to the loan received through cheque. This loan was already repaid by cheque. Also found that AO has issued summon u/s.131 to the creditor who filed letter dated 28/02/2015 alongwith copy of ledge....... + More


  • 2017 (11) TMI 910 - ITAT DELHI

    Rakesh Mahajan And Iftikhar Ahmed Versus DCIT, Central Circle – 3, New Delhi

    Unexplained cash found during the course of search - whether the cash found from the residence of two directors is from the source of cash-in-hand of the company M/s.Nirala Developers Pvt. Ltd. in which these two person were directors? - Held that - The payment of advance tax on 6.8.2011 is merely utilisation of cash for the payment of tax for the amount offered by the company during the course of the search. He has not rebutted that on date of s....... + More


  • 2017 (11) TMI 909 - ITAT DELHI

    Adarsh Kumar Versus DCIT, Central Circle-19, New Delhi

    Notice issued under section 153C - satisfaction note has not been recorded by the AO in his capacity as AO of the searched person - whether there is no satisfaction that documents belonging to the assessee were found? - Held that - Assessing Officer in the capacity of the searched person only examines the records seized and come to the conclusion as to which of the such money, bullion jewellery or documents belongs to the searched person and to t....... + More


  • 2017 (11) TMI 908 - ITAT DELHI

    Agilis Information Technologies India Pvt. Ltd. (Now known as Infogix International Pvt. Ltd.) Versus ACIT Cirlc-12 (1) , New Delhi

    TPA - selection of comparable - Held that - Assessee is engaged in rendering of services i.e. Software Development Services . It is also engaged in the business of rendering technical services related to tabulation, coding and software development. It is established to undertake and engaged in export of software, computer skilled manpower and other computer related activities to carry out development in the area of information technology, compute....... + More


  • 2017 (11) TMI 907 - ITAT KOLKATA

    Income Tax Officer Versus M/s Liver Foundation

    Penalty u/s 271C - non deduction of tds u/s 194J / 194C by assessee charitable organization - CIT(A) reversed the order of AO by observing that the assessee has deposited the amount of TDS in the account of Government Exchequer with the delay of few months, therefore there was no default on the part of the assessee under the provisions of TDS - Held that - From the above discussion, it is clear that the assessee has deposited the amount of TDS wi....... + More


  • 2017 (11) TMI 906 - ITAT KOLKATA

    I.T.O., Ward-11 (3) Kolkata Versus M/s. Kesoram Textile Mills Ltd.

    Disallowance of depreciation on plant and machinery and on Factory Building - business assumed to be shut down - Held that - After hearing the rival contentions we find that the First Appellate Authority has recorded that the assets in question is part of the block of assets . He held that once the asset merges with the existing block of assets, which carry the same rate of depreciation and one asset of the block is put to use then the entire blo....... + More


  • 2017 (11) TMI 905 - ITAT MUMBAI

    Mumbai International Airport P Ltd. Versus Addl. CIT Range 8 (2) And Dy CIT Range 8 (2) , Mumbai

    Passenger Service Fee whether Security Component PSF (SC) is not the income of the appellant - Held that - The assessee has not utilized any amount of PSF-SC for its own purposes or for any purposes which are not permitted by MOCA/other competent authorities, we, therefore, respectfully following the decision of this Tribunal for A.Y. 2008-09, hold that the said amount is not taxable in the hands of the assessee and direct the Assessing Officer t....... + More


  • 2017 (11) TMI 904 - ITAT KOLKATA

    I.T.O., Ward-32 (4) , Kolkata Versus Shaleen Khemani

    Denial of exemption for long term capital gains treating the same as unexplained cash credit - CIT-A allowed the claim - rejecting the claim of the assessee on the basis of theory of surrounding circumstances, human conduct, and preponderance of probability - Held that - Donor confirmed the fact of making the gift and delivering the shares by transfer to the Demat Account of the assessee. The copy of the demat account of the Donor are also availa....... + More


  • 2017 (11) TMI 903 - ITAT KOLKATA

    ACIT, Circle-30, 2, Kolkata Versus M/s Tapasya Enterprises

    Disallowance for the business expenses including the depreciation - assessee has not carried out any activity under the head business or profession during the year under consideration as well as subsequent year - Held that - It is the disputed fact that no income whatsoever has been shown by the assessee in the financial year which beginning from 2003-04 to 2005-06 and 2008-09 as evident from the order of Authorities Below. It is also disputed fa....... + More


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