2018 (9) TMI 1328
Claim of weighted deduction under Section 35 (2AB) - Disallowance made under section 14A - assessing officer failure to record his satisfaction in terms of Section 14A(2)/(3) and establish direct/ proximate nexus of expenses with the earning of exempt dividend income? - Held that - Special Leave Petition is dismissed.
2018 (9) TMI 1327
Rejection of books of accounts - assessee has failed to produce the complete bills & vouchers for expenses many of them being unverifiable - Held that - No material is commended at to dispel the findings arrived by the Assessing Officer as regard to the defective unidentified, unverified method of accounting adopted by the assessee, which led the Assessing Officer to apply the best judgment assessment. - Presently, the entire case turn on fac....... + More
2018 (9) TMI 1326
Addition of suppressed sale - additions of income made on the basis of SCN issued under the Central Excise - assessee contended that - Proceedings under central excise could not be finalized - Held that - Similar issue came up for consideration before this Court in 2018 (5) TMI 1274 - GUJARAT HIGH COURT AO cannot be expected to defer completion of assessment awaiting final order of adjudication in excise proceedings at the risk of his assessment ....... + More
2018 (9) TMI 1325
Block Assessment - Undisclosed income u/s 158BA - whether in the course of search under Section 132, the material throwing new light on otherwise concluded assessments are disclosed and seized? - Held that - Referring to the mandate of Section 158B(b), the sum of ₹ 42 lakhs brought to tax by the AO in the entire circumstances of the case was reasonable given the materials seized, the survey conducted and the statements recorded during the c....... + More
2018 (9) TMI 1324
Penalty u/s. 271AAA - undisclosed income - failure to prove the manner in which income has been earned - disclosure made with the consent of the family members and all partners - Held that - Answer of partner to the addition to confirming the disclosure of undisclosed income, further stated that the income was earned by the group out of land related transactions which was not previously recorded in the books. This was thus specifically in complia....... + More
2018 (9) TMI 1323
Revision u/s 263 - as assessee itself having offered net profit at 27.48%, the Assessing Officer could not have computed profit at the rate of 15% of the total receipt - Held that - AO had after detailed inquiry, come to the conclusion that the assessee s projection of 12.5% of profit on the gross receipts was not substantiated. He therefore rejected the assessee s accounts and proceeded to estimate the net profit independently. That is how he ca....... + More
2018 (9) TMI 1322
Determination of compounding fee u/s 279 - Penalty under section 271(1)(c) - disallowance of claim of deduction for the provisions of income tax - Wilful attempt to evade tax - what would be the basic compounding charges that the petitioner must pay in order to avail the offer for compounding the offense? - Held that - Section 279 of the Act pertains to the prosecution to be at instance of the Principal Chief Commissioner or Chief Commissioner or....... + More
2018 (9) TMI 1321
Scrutiny assessment - notice u/s 143(2) was issued to the petitioner - Held that - With regard to status of the order of assessment dated 21.01.2016. It is for the petitioner to approach the Tribunal once again, by challenging the present impugned order, by raising all these contentions, so that the Tribunal will be in a position to clarify the effect of the earlier order passed, while considering the appeal to be filed against the present impugn....... + More
2018 (9) TMI 1320
TPA - exclusion of Media Research Users Council ( MRUC ) from the list of comparables for making transfer pricing adjustment - Held that - The reasons recorded for excluding MRUC from the list of comparables are multiple and not confined and restricted to the fact that MRUC was a not-for-profit organization. Reference to not for profit , motive was to show that major source of income earned by MRUC was in form of membership and subscription fee f....... + More
2018 (9) TMI 1319
Claim of expenditure as provision for warranty - whether provision was made on a scientific basis on the basis of actual warranty cost incurred in the year and the outstanding warranty risk and not an adhoc estimate? - Held that - Assessee filed a paper book containing the movement in provision for warranty and note on allowability of provision for warranty with annexures, which were placed before the Assessing Officer, CIT(A) as well as the Trib....... + More
2018 (9) TMI 1318
Revision under Section 264 - Held that - Though an exception is taken by the petitioner against the affidavit filed by the Revisional Authority justifying the order, which as per the petitioner is impermissible, as the order under challenge has been passed by the Authority concerned in her capacity of quasi-judicial Authority. - Respondents fairly submits that the petitioner/assessee had raised a ground regarding non-service of notice under Secti....... + More
2018 (9) TMI 1317
Ad-hoc disallowance at 10% on account of personal use - Held that - The present assessee before us is a company and is an entity recognised by law, as a legal person, that exist in eyes of law independently with rights and liabilities. Thus no element of personal expenses by the Directors/Office bearers can be attributed, without, there being sufficient evidence in support. Admittedly, Ld.AO neither pointed out any instance of inflation in expend....... + More
2018 (9) TMI 1316
Addition of low house hold withdrawals - Held that - The assessee has disclosed total income of ₹ 4,59,640/- against total turnover of ₹ 10.28 crores (approx) and no cash has been withdrawn by her towards household expenses. The contention of the Ld. Counsel that assessee s husband took care of total household expenditure cannot justify that the assessee was not required to make any withdrawal for household expenses. In this give fact....... + More
2018 (9) TMI 1315
Addition against commission payments on sale - Commission paid was for marketing and increase of sales and sales has increased due to commission Paid for marketing efforts - allowable expenses - Held that - In fact the HUF has not deployed any asset towards earning commission income. It has further been noted that the resultant tax paid by HUF is nominal and on the other hand substantial tax has been saved by the appellant, who falls in the highe....... + More
2018 (9) TMI 1314
Revision u/s 263 - erroneous claim of depreciation @ 30% instead of 15% - Held that - We find that the assessment order was completed u/s 143(3) of the Act and the AO had called for certain details in his questionnaire, but the details with regard to the issues pointed out by the Pr. CIT in his order u/s 263 were not called for and verified by the AO. Assessee, in fact, in reply to the notice u/s 143(3) rws 263 had admitted that it had made an er....... + More
2018 (9) TMI 1313
Addition towards write off of rent deposits - whether not in the nature of a revenue loss allowable as a deduction? - Held that - Rental advance in the given case, is not unrecoverable but it was adjusted towards agreed rent for lock in period as per agreement between the assessee and landlord. Therefore, in our considered view, the assessee has taken conscious decision to vacate the leased property and as per agreement, assessee has obligation t....... + More
2018 (9) TMI 1312
Difference between the figure in the profit & loss account and in Form 26AS - Held that - The amount of sundry debtors as on 31/03/2009 tallies with the amount of bills raised at the close of earlier year except for a small difference in the amount of Birla Sunlife Insurance Co. This information also supports the contentions of assessee. AO has partly utilized this information to allow part relief and has conveniently ignored the part reply w....... + More
2018 (9) TMI 1311
Denial of benefit of section 11 and 12 - denial on the ground that the activities of the assessee are commercial in nature and proviso to section 2(15) are attracted - assessee association is receiving income from corporate boxes, Champion League T-20 matches, income from IPL matches, membership subscription fee, tournament subsidy and sponsorship money. It is also receiving income from sale if liquor etc. - Held that - Since the Assessing Office....... + More
2018 (9) TMI 1310
Short Term Capital Gain addition applying provisions of Section 50C - FMV determination - calculating the sale consideration of the industrial land sold by the assessee on the basis of the value adopted by the stamp valuation authorities - Held that - Direct the CIT(A) to adjudicate this issue afresh after procuring the valuation report from the Departmental Valuation Officer about the fair market value of the impugned industrial land situated at....... + More
2018 (9) TMI 1309
Penalty u/s. 271(1)(c) - invalid of notice - Held that - 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. Imposition of penalty cannot be sustained. The assessee which is based on the decisions r....... + More
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