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2015 (8) TMI 20 - BOMBAY HIGH COURT

Sun Tan Trading Co. Pvt. Ltd. Versus The Deputy Commissioner of Income Tax, 1 (3) (1) , Mumbai And Others

Reopening of the assessment - disallow an expenditure claimed for the Assessment Year 2005-06 to 2010-11 under Section 37 as advertisements, sales promotions expenses, etc. on the ground that it was incurred for the exporter of the liquor and appropr.....


2015 (8) TMI 19 - BOMBAY HIGH COURT

The Commissioner of Income Tax-8, Mumbai Versus Perfect Thread Mills Pvt Ltd, Mumbai

Principal amount of loans waived off by the financial institutions / banks - whether do not represent the assessee s taxable income in terms of Section 41(1) r.w.s.28(iv) as the loans were taken for the purpose of acquisition of capital assets? - Hel.....


2015 (8) TMI 18 - DELHI HIGH COURT

The Commissioner of Income Tax Central-III Versus PACL India Ltd

Disallowance of Land development expenditure - CIT(A) allowed claim confirmed by ITAT - Held that - ITAT in the impugned order noted that the contractors named by the Assessee had in fact been assessed by the Department and in many cases refund had b.....


2015 (8) TMI 17 - KARNATAKA HIGH COURT

Sri Narayana Guru Prasaditha Sangha Versus The Commissioner of Income Tax

Continuation of the approval granted under Section 80G(5)(vi) rejected - assessee submision that Commissioner as well as Tribunal erred in not considering the fact that assessee - Trust had not carried on any activity which was hit by proviso to Sect.....


2015 (8) TMI 16 - RAJASTHAN HIGH COURT

Commissioner of Income Tax-II Versus Shri Ramesh Chandra Bhati

Deduction on account of payment of interest on interest - whether was allowable under section 36(i)(iii) and Section 37(1)? - Held that - In the present case, there is an additional feature that assessee failed to explain the amount which was claimed.....


2015 (8) TMI 15 - KARNATAKA HIGH COURT

Shree Siddeshwar Souhardhana Sahakari Niyamit Versus The Income Tax Officer, Ward-1, Bagalkot

Exemption under Section 80P(2)(a)(i) - interest received from investments of its surplus funds made with the members of the Society - whether the interest income received by the appellant from investments/deposits of its surplus fund with the Member .....


2015 (8) TMI 14 - MADRAS HIGH COURT

M/s Natya Sankalpaa Versus Director of Income Tax (Exemptions) , Chennai

Exemption under Section 11 denied - construction activity on the land belong to the trustee and used by the trust - whether application of income for the benefit of trustee u/s 13 (1)(c) - Held that - Department while accepting that the Trust has not.....


2015 (8) TMI 13 - ITAT DELHI

Almora Urban Co-Operative Bank Ltd Versus Income Tax Officer (Tds) , Kashipur

TDS liability on term deposits - assessee is a Co-operative society engaged in Co-operative business of banking which was registered under Uttarakhand Sahkari Samiti Adhiniyam 2003 - Held that - As far as the applicability of the relevant provision i.....


2015 (8) TMI 12 - ITAT KOLKATA

Kartik Mehra Versus Deputy Commissioner of Income Tax Central Circle-XVII, Kolkata

Penalty under section 271(1)(c) - Held that - In this case, the Assessing Officer has not brought out any specific charge for which the penalty has been imposed on the assessee u/s 271(1) (c) of the Act. He has not brought out whether the assessee ha.....


2015 (8) TMI 11 - ITAT DELHI

DCIT Circle 6 (1) , New Delhi Versus Medsave Healthcare (TPA) Ltd., New Delhi

Disallowance u/s 40(a) - CIT(A) deleted disallowance - Held that - The issue under consideration is squarely covered in favour of the assessee as relying on the case of ADIT, International Taxation vs. Express Drilling Systems LLC. .. and M/s. S.K.Te.....


2015 (8) TMI 10 - ITAT DELHI

DCIT Central Circle-1, New Delhi and others Versus Aggarwal Entertainment Pvt. Ltd., New Delhi and others

Addition u/s. 68 - CIT(A) deleted the addition - validity of proceedings initiated under section 153A - Held that - The assessee has discharged the initial onus of establishing the bona-fides of the transactions and the AO was not justified in ignori.....


2015 (8) TMI 9 - ITAT DELHI

DCIT Central Circle-1, New Delhi and others Versus Aggarwal Plaza Pvt. Ltd., New Delhi and others

Addition u/s. 68 - CIT(A) deleted the addition - validity of proceedings initiated under section 153A - Held that - The assessee has discharged the initial onus of establishing the bona-fides of the transactions and the AO was not justified in ignori.....


2015 (8) TMI 8 - ITAT DELHI

Dy. Commissioner of Income Tax, Central Circle 21, New Delhi and others Versus Smt. Vinita Chaurasia, New Delhi and others

Disallowance of freehold charges - CIT(A) deleted the addition - Held that - AO has not brought out any fact to support this allegation that the assessee made payment of freehold charges over and above the payment which was actually recorded in the b.....


2015 (8) TMI 7 - ITAT AHMEDABAD

Safal Construction Pvt. Ltd., Ahmedabad Versus A.C.I.T. (OSD) Circle-8, Ahmedabad

Disallowance u/s. 14A - Held that - With respect to disallowance of indirect interest as per Rule 8D(2)(ii) we find that the CIT(A), after considering the submissions of the Assessee has directed the A.O to work out the disallowance as directed by hi.....


2015 (8) TMI 6 - ITAT HYDERABAD

Granules India Limited Versus Dy. Commissioner of Income Tax, Circle-2 (3) , HYDERABAD

TP adjustments - selection of tested party in determination of Arm s Length Price (ALP) - Held that - Profitability of the selected Comparable companies in domestic market may vary with the profit margins available abroad, particularly in the USA mar.....


2015 (8) TMI 5 - ITAT MUMBAI

ITO, 8 (1) (2) , Mumbai Versus M/s. Clublink (India) Pvt Ltd

Sale of land - Revaluation Reserve - land and building was transferred to Malhotra Group for ₹ 5 crore, the book value of which was ₹ 1,12,98,740/- Held that - The main dispute revolves around the land shown in the Revaluation Reserve Acc.....


2015 (8) TMI 4 - ITAT DELHI

ITO, Ward 11 (3) New Delhi Versus FX Enterprises Solutions India Pvt. Ltd.

Penalty u/s 271(1)(c) - disallowance of interest paid and disallowance of the expenditure claimed - CIT(A) deleted penalty levy - Held that - Expenditure of interest payment claimed by the appellant was not fictitious or bogus. It was a genuine expen.....


2015 (8) TMI 3 - ITAT DELHI

Agnity India Technologies P. Ltd. Versus DCIT, Circle 1 (2) , New Delhi

Transfer pricing adjustment - international related party transaction of the Appellant with respect to the provision of software development services - selection of Wipro Technology Services Ltd. as comparable - Held that - We uphold that the submiss.....


2015 (8) TMI 2 - ITAT MUMBAI

M/s Satellite Cable TV Network Pvt Ltd Versus Income Tax Officer 10 (2) (4) , Mumbai

Addition as deemed dividend u/s 2(22)(e) - AO noticed that the assessee has taken a loan from M/s Wire & Wireless Satellite Network Pvt. Ltd. and that the shareholdings of assessee and M/s. Wire & Wireless Satellite Network Pvt. Ltd., is with.....


2015 (8) TMI 1 - ITAT KOLKATA

Income Tax Officer Ward-6 (2) , Kolkata Versus Ishanika Securities Pvt Ltd

Disallowance of expenses relatable to exempt income by invoking the provisions of section 14A of the Act read with Rule 8D - CIT(A) deleted the addition - Held that - The provisions of section 14A read with Rule 8D of the Rules will not apply to the .....


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