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Income Tax - Case Laws


2016 (2) TMI 198 - ITAT AHMEDABAD

Dy. CIT, Circle-5, Ahmedabad Versus Relish Pharmaceuticals Ltd. and Vica-Versa

Disallowance of Directors remuneration - CIT(A) deleted the addition - Held that - A.O had disallowed the expenses on comparing the expenses with that of earlier year. We further find that apart from the absolute increase in terms of expenses no material has been brought on record to demonstrate the excessiveness of remuneration. We also find that ld. CIT(A) while deleting the addition has noted that the two Directors to whom the remuneration was.....

2016 (2) TMI 197 - ITAT DELHI

Dharampal Premchand Ltd. Versus DCIT, Cent. Circle-4, New Delhi

Assessment under Section 153 A - Eligibility of deduction u/s 80IB and 80IC denied - Held that - None of the material seized during the search relates to the year under appeal.None of the material found relate to the goods transfer to one unit from other for the period. BR BR None of the material relates to the purchases from sister concerns.None of the material suggest that the material transferred to eligible undertaking is less than the market.....

2016 (2) TMI 196 - ITAT DELHI

UFO Movies India Limited Versus Assistant Commissioner of Income Tax Circle 18 (1) , New Delhi

Transfer pricing adjustment - advance to subsidiary - addition on interest charged on advances to the subsidiaries - Held that - It cannot be said that the advance to subsidiary, at 247 basis points above the LIBOR, is not at an arm s length price. In any event, once DRP itself states that the Indian banks are charging 250 basis above LIBOR on similar loans, even though this interest rate could reach upto 400 basis points in some cases, there can.....

2016 (2) TMI 195 - ITAT DELHI

Central Bank of India Versus Addl. CIT (TDS) , Ghaziabad

Penalty u/s 271C - non deduction of tds u/s 194A by the banks including the assessee bank with respect to interest paid to NOIDA - Held that - In the present case it is apparent that belief of the assessee was reasonable to not to deduct tax at source which is also based upon the notification issued by CBDT u/s 194A(3)(iii)(f) of the Act as well as several judicial precedents. In our view, it cannot be said that Hon‟ble Allahabad High Court.....

2016 (2) TMI 194 - ITAT DELHI


Disallowance u/s 14A - Held that - Rule 8D of the I.T. rules is applicable only from the assessment year 2008-09 and is not applicable to the earlier assessment year. Applying the aforesaid legal position to the facts of the assessee s case, it is noticed that the assessee has, as stated above, claimed expenditure of only ₹ 5,32,48,929 out of the total expenditure of more than ₹ 27 crores. The composition of the said administrative ex.....

2016 (2) TMI 193 - ITAT JAIPUR

The DCIT, Circle-2, Jaipur Versus M/s Goenka Jewellers

Entitlement to deduction u/s 10AA - Held that - Given the consistent decisions of the Coordinate Bench where the deduction has been allowed to the assesee u/s 10AA of the Act in respect of profit earned on trading of re-export of imported goods, respectfully following the said decisions, the assessee in the instant case shall be eligible for deduction u/s 10AA of the Act. See M/s Goenka Diamond & Jewellers Lt. 2012 (3) TMI 258 - ITAT JAIPUR - Decided in favour of assessee

2016 (2) TMI 192 - ITAT AHMEDABAD

The D.C.I.T., Circle-6, Surat Versus M/s. Radhekrishna Developers C/o. Dipak Naginbhai Chauhan and Vica-Versa

Addition made in respect of partners remuneration u/s. 40b - CIT(A) deleted the addition - Held that - CIT(A) while deleting the addition has noted that Assessee had only one source of income being construction activity and in the statement recorded during the course of survey, it was categorical mentioned that the income was from construction project, it was disclosed in the Profit and Loss account of the firm and was offered to tax and the quan.....

2016 (2) TMI 191 - ITAT AHMEDABAD

The ACIT, Circle-5, Surat Versus Shri Shankar U. Jatwani Prop. Of M/s. Amar Coal Traders.

Addition on account of bogus/non existing liabilities - CIT(A) deleted the addition - Held that -CIT(A) while deleting the addition has noted that he has gone through the copies of truck rent payment and it mentioned the name of the persons, truck numbers, weight of material, amount paid to such persons and the complete details. He has also given a finding that on the verification of the LRs, he found them it to be duly stamped and acknowledged b.....

2016 (2) TMI 190 - ITAT JAIPUR

Vijay Kumar Saxena Versus The ACIT, Circle-2, Kota.

Rejection of books of accounts - adoption of NP rate of 9 - Held that - As ample opportunities have been given to the assessee to produce the books of accounts, the assessee being contractor, is statutorily bound to maintain bills, vouchers, cash book, stock register etc. and in the absence of maintenance of the said records, the AO is left with no option but to invoke section 145(3) of the IT Act and estimate the income of the assessee. Even oth.....

2016 (2) TMI 189 - ITAT CHENNAI

The Asstt. Commissioner of Income-tax, Chennai Versus M/s Carborandum Universal Ltd and M/s Carborandum Universal Ltd Versus The Addl. Commissioner of Income-tax, Chennai

Deduction u/s 80HHC without reducing the deduction allowed u/s 80IB - Held that - The material available on record. Sec. 80IA(9) is very clear that where any amount of profits and gains of an undertaking is claimed and allowed, deduction to the extent of such profits and gains shall not be allowed under any other provisions of Chapter VI of the Act. It further says that the deduction shall not exceed the profits and gains of such eligible busines.....

2016 (2) TMI 188 - ITAT CHENNAI

M/s. Sundaram Medical Foundation Versus Deputy Director of Income Tax (Exemptions) I, Chennai

Denial of the benefit of Section-11 of the Act and thereby taxing the corpus donation received - Held that - The assessee trust engaged in running of hospitals would be entitled for the benefit of Section-11 of the Act even though it is incidentally generating surplus, since it is running a hospital and thereby providing medical relief, however subject to the compliance of the other provisions of the Act. Thus this issue is decided in favour of t.....

2016 (2) TMI 187 - ITAT PUNE

Asstt. Commissioner of Income Tax, Raigad Versus Johnson Matthey Chemicals India Pvt. Ltd. and Vica-Versa

Deduction u/s. 35D(2)(c)(iv) - CIT(a) allowed the claim - Held that - It is a well settled law that the expenditure incurred on issue of fresh share and expansion of capital base is capital in nature. Thus, in view of the law laid down in the case of Brooke Bond India Ltd. Vs. Commissioner of Income Tax reported as 1997 (2) TMI 11 - SUPREME Court we are of the view that the Commissioner of Income Tax (Appeals) has erred in allowing deduction clai.....

2016 (2) TMI 171 - BOMBAY HIGH COURT

M/s. Sunflag Iron & Steel Co. Ltd. Versus The Central Board of Direct Taxes, Ministry of Finance, Govt. of India, New Delhi and The Dy. Commissioner of Income Tax, Special Range2, Nagpur.

Interest u/s 244A - from what date the respondents should be directed to pay the interest? - Held that - Undisputedly, though the TDS was deducted and deposited at earlier point of time, the agreement between the petitioner and the German company was executed only on 1.7.1992 wherein the German company waived the instalment. However, even after that date, the petitioner waited till 31.1.1994 to make an application for refund. It is only when the .....

2016 (2) TMI 170 - ITAT MUMBAI

A.C.I.T. 19 (3) , Mumbai Versus M/s Pahilajrai Jaikishin and M/s Pahilajrai Jaikishin Versus D.C.I.T. 19 (3) , Mumbai

Disallowance u/s 14A - whether interest payable to partners on their capital u/s. 40 (b) is an expenditure of the firm instead of holding same as an allowance claimed by the assessee & therefore and does not fall within the ambit of section 14-A. ? - Held that - We hold that expenditure as envisaged by Section 14A of the Act, duly include interest paid to the partners by the assessee firm if the same is incurred in relation to the income whic.....

2016 (2) TMI 169 - ITAT MUMBAI

M/s Crompton Greaves Ltd. Versus CIT 6, Mumbai

Revision u/s 263 - improper enquiry on provisions for warranty, excise duy,sales tax and liquidated damages - Held that - CIT has rightly invoked the provisions of section 263 of the Act as the A.O. failed to make proper enquiry, examination and verifications as warranted for the proper completion of the assessment, with respect to claim of deduction of ₹ 17.72 crores with respect to the provisions for warranty, excise duy,sales tax and liq.....

2016 (2) TMI 168 - ITAT CHENNAI

The Assistant Commissioner of Income Tax, Central Circle IV (2) , Chennai Versus Shri Mustaq Ahmed and The Assistant Commissioner of Income Tax, Central Circle IV (2) , Chennai Versus Shri Ishtiaq Ahmed

Deemed dividend addition u/s 2(22)(e) - CIT(A) deleted the addition - whether the advance made by M/s Adampur Distributors Pvt. Ltd. is for business transaction or it is a loan or advance? - Held that - The ledger extract of M/s Adampur Distributors Pvt. Ltd. clearly establishes that M/s Adampur Distributors Pvt. Ltd. purchased gold from M/s Mustafa Gold Mart, a proprietary concern of the assessee. It is also not in dispute that upto 2007-08, M/s.....

2016 (2) TMI 167 - ITAT CHENNAI

M/s ICICI Bank Ltd., (erstwhile Bank of Madura Ltd.) Versus The Assistant Commissioner of Income Tax, Company Circle I (2) , Chennai

Penalty under Section 271(1)(c) - bogus transaction of sale and purchase of asset - Held that - The assessee is a banking company and claimed before the Assessing Officer that it entered into the sale and lease back transaction. The claim of the assessee that the asset was originally belonged to a particular person, was proved to be wrong. In fact, the invoices were forged in the name of the assessee. On examination, the suppliers of the asset co.....

2016 (2) TMI 166 - ITAT MUMBAI

M/s. Meta Tiles Private Limited Versus Income Tax Officer 1 (2) 3, Mumbai

Penalty u/s 271(1)(c) - addition made u/s 41(1)(a) - Held that - There was no cessation of trading liability during the year and the assessee had even denied the difference in its books of accounts and the reasons of difference were explained through reconciliation and also filed the copies of the bills of the said party and details of vouchers qua payments made. In our opinion the case of the assessee is squarely covered by decision of COMMISSIO.....

2016 (2) TMI 165 - ITAT DELHI

ACIT, Circle-32 (1) , New Delhi. Versus Ajay Kalia and Vica-Versa

Lease rentals - falling under the head Income from other sources OR Income from house property - Held that - As, admittedly, the assessee earned rental income from letting out of building, furniture & fixtures and electrical installations in a composite manner which are inseparable from each other, such income specifically falls under the head Income from other sources and is liable to be taxed accordingly. The Hon ble Supreme Court in a cele.....

2016 (2) TMI 164 - ITAT DELHI

Smt. Achla Sabharwal Versus Asst. CIT, Circle 29 (1) , New Delhi

Accrual of income - AO was of the view that the income arising out of the contract should be taxed as income during the current A.Y - Held that - A.O. was in error in his conclusions that, whenever Rule 9B is applied for claims of expenditure, the income should also be accounted for and offered to tax in the year of receipt. Rule 9B of the Income Tax Rules, 1962 is a special rule which provides for claims of deduction in respect of expenditure, i.....


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