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Income Tax - Case Laws

Showing 1 to 20 of 101575 Records

  • 2018 (1) TMI 1048 - MADRAS HIGH COURT

    Anbuchezhian, S/o. Neelamegam Versus Income Tax Settlement Commission, Assistant Commissioner of Income Tax

    Validity of settlement commission order - as per assessee proper appreciation of the documents filed by the assessee was not done by the Settlement Commission - Held that - Application is at the stage of admission and the petitioner should satisfy the Settlement Commission that there has been full and true disclosure. At that stage of the matter, the Settlement Commission cannot be expected to or cannot be compelled to utilize the machinery avail....... + More


  • 2018 (1) TMI 1047 - DELHI HIGH COURT

    Commissioner of Income Tax Versus M/s Hind Nihon Proteins P. Ltd.

    Justification of payment of commission - parties related to directors - correctness of the finding of the ITAT that the commission agents of the assessee had rendered services to the assessee so as to justify payment - CIT had affirmed the additions made by the AO by merely recording that exact nature of services rendered and the volume of orders procured etc. were not elucidated. - Held that - Reasoning given by the ITAT and the factual matrix b....... + More


  • 2018 (1) TMI 1046 - KERALA HIGH COURT

    The Commissioner of Income Tax, Kottayam Versus M/s. Malayala Manorama Co. Ltd.

    Sustainability of deduction u/s 80Q - Held that - Since there was no appeal against the earlier years, the Revenue cannot deny the claim of the Assessee. In this view of the matter, we find force in the contention of the learned representative of the Assessee that for all the earlier years prior to assessment year 1995-96, similar method was followed by the Assessee and which had been accepted by the Assessing Officer himself or on direction by t....... + More


  • 2018 (1) TMI 1045 - BOMBAY HIGH COURT

    Konark Structural Engineering Pvt. Ltd. Versus Dy. Commissioner of Income Tax-9 (2) , & Anr.

    Addition u/s 68 - Held that - The cheque numbers have been mentioned in the said affidavits. The dates of cheques mentioned in all affidavits are 23rd August, 2006 and cheques had been drawn on Vijaya Bank, Borivali branch. The last digit of cheque numbers is 1 and that is how a finding has been recorded that cheque books issued to all the 23 persons were of the same series and first leaf was used by all of them for allegedly making payment of th....... + More


  • 2018 (1) TMI 1044 - ITAT HYDERABAD

    Srini Pharmaceuticals Ltd., Versus Dy. Commissioner of Income tax, Circle 3 (2) , Hyderabad

    TPA - ALP determination - comparable selection criteria - whether the quantum of turnover of non-AE i.e. uncontrolled transactions with total turnover has to be considered for treating as comparables? - non-adoption of internal TNMM - Held that - Profitability of the organization will have an impact when there is huge underutilization of the capacity. There has to be an adjustment internally within the organization by allocating overhead to the s....... + More


  • 2018 (1) TMI 1043 - ITAT MUMBAI

    Booz & Company (ME) FZ-LLC Through the official liquidator Businessi Middle East C/o. Booz & Company (India) Private Limited (now known as PWC Strategy India P. Ltd.) Versus DDIT (International Taxation) -3 (2) , Mumbai

    Assessment of fees received by the assessee from its Indian AE as business income - existence of PE in India - Held that - The assessee has given working of mandays of employees provided by the assessee to M/z Booz India at page 53 of the paper book. As per the said working the employees have worked for an aggregate period of 156 solar days (on all projects taken together), meaning thereby, the period of working is less than 9 months. - There is ....... + More


  • 2018 (1) TMI 1042 - ITAT BANGALORE

    Oaknet Healthcare Pvt. Ltd., (formerly known as M/s. Adcock Ingram Healthcare Pvt. Ltd.) , Versus The Deputy Commissioner of Income Tax, Circle 5 (1) (2) , Bangalore.

    Disallowance of the depreciation claimed on intangibles being excessive - Held that - Assessee company is engaged in providing transactional support services to its parent company. In January, 2013 the assessee has purchased intangible assets like trademarks, brand, goodwill, technical know-how, etc. from Cosme group based in Goa. With the purchase of intangible assets, the assessee has entered into manufacturing, marketing and distribution of br....... + More


  • 2018 (1) TMI 1041 - ITAT DELHI

    DCIT, Circle 1 (1) , Gurgaon Versus Sh. Deepak Bansal

    Non deduction of tds - invoking provisions of Section 40(a)(ia) - additions made under the heads wages and salary, site preparation, shuttering material, machinery maintenance, sanitary and plumbing material, cartage inwards, freight cartage and transport expenses - CIT-A allowed the claim - Held that -CIT(A) has rightly deleted the addition in dispute, because the details given by the assessee in the voluminous paper book along with other eviden....... + More


  • 2018 (1) TMI 1040 - ITAT HYDERABAD

    M/s. Vigilance Security Services (P) Ltd. Versus Asst. Commissioner of Income Tax (OSD) , Range-3, Hyderabad

    Levy of penalty u/s. 271(1)(c) - Long Term Capital Gain exemption from computation under Section 115JB - mere making of a claim - Held that - Assessee was on the bonafide impression that Long Term Capital Gain was also exempt from computation under Section 115JB as well, as there is no dispute that the Long Term Capital Gain was exempt from levy of income tax under the normal provisions, thus there can be a bonafide mistake. Moreover, as seen fro....... + More


  • 2018 (1) TMI 1039 - ITAT MUMBAI

    M/s. Sathidham Syntex Ltd. Versus Assistant Commissioner of Income Tax-Circle 5 (3) , Mumbai

    Rejecting the Books of Accounts u/s. 145(2) - addition by estimating the Gross Profit - contention of the assessee is that it is maintaining the Books of Accounts mostly in the electronic form - Held that - Simply because the books were not produced in physical Form the same cannot be rejected especially when the books were audited and the assessee is a limited company. Therefore, taking the totality of facts and circumstances into consideration,....... + More


  • 2018 (1) TMI 1038 - ITAT VISAKHAPATNAM

    Bhavanasi Anjaneyulu Guntur Versus ACIT, Central Circle Vijayawada And DCIT, Central Circle Vijayawada Versus Bhavanasi Anjaneyulu Guntur

    Assessment u/s 153A - addition u/s 68 - additions made without the incriminating material - Held that - As per the information available on record from the assessment order as well as the Ld.CIT(A) order, the addition was not made on the basis of any incriminating material but on the basis of the returns already filed. In this case, the return of income was filed on 31.03.2006 and the time limit for issue of notice u/s 143(2) has already been exp....... + More


  • 2018 (1) TMI 1037 - ITAT DELHI

    ITO, Company Ward 25 (4) New Delhi Versus True Zone Buildwell P Ltd.

    Penalty u/s 271(1)(c) - addition u/s 69C - Held that - In the light of the records placed before us and the orders submitted by Ld.AR in assessee s case for the year under consideration by this Tribunal as well as by Hon ble High Court in quantum appeal. 2014 (4) TMI 536 - DELHI HIGH COURT - Since the addition no longer sustains, penalty appeal cannot survive. - Decided in favour of assessee....... + More


  • 2018 (1) TMI 1036 - ITAT DELHI

    Wellworth Developers Pvt. Ltd. Versus Dy. CIT, Circle 32 New Delhi

    Assessment under section 153A - Disallowance u/s 40A(3) - Held that - It is observed that in the assessment under section 153A for the year under consideration Ld.AO should have started the assessment from the last assessed income, instead of starting with the returned income. It is observed that assessing officer in the proceedings under section 153A of the Act again made same disallowance, made by his predecessor in original assessment proceedi....... + More


  • 2018 (1) TMI 1035 - ITAT LUCKNOW

    Dy. C.I.T., Range-2, Lucknow Versus Shri Sudhir Shankar Halwasiya

    Unexplained cash deposits - proof of actual withdrawal and actual deposits - Held that - Assessing Officer just disbelieved the cash deposits and cash withdrawal on the basis of surmises and conjectures. Nowhere he doubted the actual withdrawal and actual deposits. He merely held that is an unusual phenomenon to make withdrawal from the bank and deposit into the bank. Learned CIT(A) has recorded complete and detailed findings and after obtaining ....... + More


  • 2018 (1) TMI 1034 - ITAT JAIPUR

    Shri Yogendra Khandelwal Prop. M/s Steel Syndicate of India Versus Asstt. Commissioner of Income Tax, Circle-3, Jaipur And Vice-Versa

    Addition being commission paid - allowable business expenditure - discharge of initial onus - Held that - We don t agree with the contention of the ld AR that the assessee was never asked the name and address of persons to whom the sales were effected during the year. Once a specific show-cause has been issued by the AO, it is incumbent on the assessee to provide all relevant details and documentation in support of his claim of expenditure and th....... + More


  • 2018 (1) TMI 1033 - ITAT MUMBAI

    India Medtronic Private Limited Versus DCIT-10 (1) (1) , Mumbai

    TPA - AMP expenses compensation - whether AE and the assessee had to share AMP expenses? - Held that - We find that the TPO had held that assessee should have been compensated by its AE for the AMP expenditure incurred by it. We have gone through the agreements entered in to by the AE s with the assessee, that in the agreements there is no condition about sharing of AMP, that the agreements talks of using best efforts to market and distribute the....... + More


  • 2018 (1) TMI 1032 - ITAT DELHI

    The ACIT, Central Circle-17, New Delhi Versus M/s. Spectrum Coal & Power Limited, M/s. ACB India Limited, M/s. Shyam Indus Power Solutions Pvt. Ltd. And M/s. Global Coal and Mining Pvt. Ltd. And Vice-Versa

    Assessment u/s 153A - addition u/s 68 - Held that - A.O. made the addition under section 68 of the I.T. Act only on the basis of facts already on record which has also been considered in original assessment proceedings under section 143(3) of the I.T. Act and claim of assessee has been accepted by the A.O. prior to the search. Therefore, no assessment was pending against the assessee on the date of search. The completed assessments can be interfe....... + More


  • 2018 (1) TMI 1031 - ITAT AHMEDABAD

    Mukeshbhai Vitthalbhai Patel, C/o V.P. Patel And Co. Adv. Versus Income-tax Officer, Ward 3, Gandhinagar

    Deduction u/s 80IB(10) denied - non submission of documentary evidence - Held that - Learned counsel is very fair in the beginning itself in submitting that both the lower authorities have followed their respective orders for assessment years 2005-06 denying a similar claim qua the very residential project. He states that assessee s appeal for preceding assessment year 2005-06 is pending before this tribunal. - As directed the registry to find ou....... + More


  • 2018 (1) TMI 1030 - ITAT KOLKATA

    Shri Amit Kumar Gope Versus D.C.I.T., Circle-25, Kolkata

    Penalty u/s 271(1)(c) - non specification of charge against the assessee - Held that - The show cause notice issued in the present case u/s 274 of the Act does not specify the charge against the assessee as to whether it is for concealing particulars of income or furnishing inaccurate particulars of income. The show cause notice u/s 274 of the Act does not strike out the inappropriate words. In these circumstances, we are of the view that imposit....... + More


  • 2018 (1) TMI 1029 - ITAT KOLKATA

    M/s IMC Ltd. Versus ACIT, Range-11, Kolkata

    Disallowance u/s 14A r.w.r. 8D(2) of the Rules - Held that - It is the duty of the Ld. AO first to record satisfaction having regard to accounts of the assessee that the claim made by the assessee with regard to non-incurrence of any expenditure for the purpose of earning income, is incorrect with cogent reasons thereon. Without recording such satisfaction, the Ld. AO cannot proceed to make disallowance u/s14A of the Act read with Rule 8D of the ....... + More


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