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Income Tax - Case Laws

Showing 1 to 20 of 104819 Records

  • 2018 (5) TMI 1534

    Disallowance of foreign exchange loss - whether the loss is speculative loss or normal business loss - loss due to forward contract cancellation - Held that - assessee has given bill wise detail of the exchange loss suffered by it due to forward contract cancellation - since foreign exchange gains has taxed, the loss shall also be allowed - they are the part of the chain of similar transactions - activity of entering into forward contract was in ....... + More

  • 2018 (5) TMI 1533

    Transfer pricing addition - comparable selection criteria - functional similarity - Held that - The assessee is engaged in rendering research, management consultancy and advisory services to clients interested in investing in India, thus companies functionally dissimilar with that of assessee need to be deselected from final list. - Treatment of certain expenses not related to the transaction with AE as part of the operating cost - Held that - DR....... + More

  • 2018 (5) TMI 1532

    Levy of penalty u/s 271D and 271E - violation of provisions of section 269SS and 269T - grant of stay - Held that - The payer has issued cheque to the bank clearly mentioning the cheque no. and cheque amount and thereafter transaction happened between payer banker and the payee banker. - Advancement in the banking system these type of RTGS payments are done electronically in order to get instant realization of the amount from the account of the p....... + More

  • 2018 (5) TMI 1492

    Scope of the scrutiny assessment - Jurisdiction to assess the income u/s 143(3) as per the CBDT circular - Whether the funds received in the form of share premium are from disclosed sources - additions u/s 56(2)(viib) - the issue whether the funds received by a company in the form of share premium have been correctly offered for tax has to be determined and assessed in accordance with the said provision. - Held that - the assessee cannot be heard....... + More

  • 2018 (5) TMI 1491

    Stay of recovery of demand - Taxation of unexplained cash credits u/s 68 - whether assessee is entitled for exemption u/s 80P - the assessee has has credited in their books of account cash receipts and despite of several notices, the assessee has not divulged the source thereof - Held that - if the asessee divulged the sources of the cash credits referred to by the assessing officer when called for, a situation of this nature would not have arise....... + More

  • 2018 (5) TMI 1490

    Revision u/s 263 - doctrine of merger - Whether the purchases were bogus - Held that - The entire issue was at large before the Appellate Commissioner. It is well known that the Commissioner (Appeals) while hearing the assessee s appeal has powers to even enhance the assessment. If he was of the opinion that not only limited additions made by the Assessing Officer but much larger additions were justified, he could have certainly exercised such po....... + More

  • 2018 (5) TMI 1489

    Reopening the assessment u/s 147 after processing of return u/s 143 - assessee is a broker and has made Client Code Modification CCM - normally a broker charges 0.5% to 1% of losses/profits - as per AO CCM were not genuine and from which the assessee would have earned sizeable unaccounted income as a broker - Held that - the reasons recorded by the AO does not lack validity and AO have reason to form belief that income chargeable to tax had escap....... + More

  • 2018 (5) TMI 1488

    Disallowance of Employees Contribution to PF & ESI u/s 36(1)(va) - Held that - no disallowance can be made towards PF/ESI contributions made by the assessee within the FY or before filing of the return - here the assessee has remitted the employees contribution to PF & ESI before the filing of the return u/s 139(1) - thus the assessee was entitled to deductions under sections 43B and 36(1)(va) - Decided in favor of assessee........ + More

  • 2018 (5) TMI 1487

    Jurisdiction of ITAT to entertain the appeal against the penalty order u/s 271F - Held that - in the case of the Citizen Cooperative Society Ltd, Hyderabad vs. DIT (I&CI) 2018 (2) TMI 426 - ITAT HYDERABAD has observed that, since a penalty order u/s. 271FA is not directly appealable order before this forum, the appeal preferred by assessee is liable to be dismissed. - In the course of arguments, assessee s counsel was advised to prefer an appeal ....... + More

  • 2018 (5) TMI 1486

    Whether the delay of 1142 days in filing of the appeal before CIT(A) can be condoned - order passed u/s 200A(1) was appealable before 1.6.2015 or not - Held that - When a case with arguable points is shut on presumptions of limitation, it results in throwing out a good case at the threshold with only a necessary implication of justice being propagated and justice being denied. - the delay in filing of appeal before CIT(A) is to be condoned in the....... + More

  • 2018 (5) TMI 1485

    Applicability of section 13(1)(b) - claim for the benefit of exemption u/s 11 & 12 - trust created for the benefit of a particular religious community - Held that - as per decision in case of CIT vs Dawoodi Bohara Jamat 2014 (3) TMI 652 - SUPREME COURT - It is only the objects of a trust as declared in the trust deed which would govern its right of exemption u/s 11 or 12 - thus the case is remitted back to the authority to consider the law on....... + More

  • 2018 (5) TMI 1484

    Deposits in the bank accounts by both cheques and cash - unexplained cash income U/s 68 - cheque deposits were accepted as business turnover u/s 44AD - none appeared on behalf of assessee - appeal by the CIT(A) was also determined ex-parte - Held that - there is no reason why the cash deposits should be assessed u/s 68 when cheque deposits were accepted as business turnover - assessee has not co-operated in the proceedings - order of CIT(A) is co....... + More

  • 2018 (5) TMI 1482

    Exemption u/s 11 - charitable purpose u/s 2(15) - Whether or not the activity of running school buses exclusively for the facility of the students and staff, is an intrinsic part of the activity of running a school? - Held that - the transport facility is not provided to the outsider - the transport activities of the assessee trust are not in the nature of business, inasmuch as the transport is also incidental to the attainment of the main object....... + More

  • 2018 (5) TMI 1481

    Application of section 40(a)(ia) - additions made for expense common area maintenance and rent for non deduction of TDS - Held that - if a person furnishes a declaration in writing in prescribed Form and verified in the prescribed manner to the effect that tax on his estimated total income is to be included in computing his total income will be nil there is no need to deduct tax - here assessee has not filed such Form 26A with Director General of....... + More

  • 2018 (5) TMI 1480

    Disallowance of bad debts due to failure of rental payments - disallowance of amount paid on out of court settlement by the assessee on behalf of the subsidiary company - set off and carry forward of unabsorbed depreciation- Held that - assessee is a NBFC and was advancing loans to its customer as one of its objects - the decision of the assessee to write off ₹ 4. 71 crores was a commercial/business decision - The AO cannot question the bus....... + More

  • 2018 (5) TMI 1443

    Reopening of assessment u/s 147 - sale of immovable property - capital gain or capital loss - assessee produced purchase and sale deeds alongwith approved valuer s report assessing the value of property - The impugned notice was issued beyond the period of 4 years - notice must be quashed on the ground of change of opinion - thus reopening of the assessment is wholly impermissible - decided in favor of assessee....... + More

  • 2018 (5) TMI 1442

    Recovery of tax dues - Withdrawal of amount from the petitioner s Bank account - Held that - even if the Department has such powers it must be realized that the powers are drastic and would result into extremely harsh consequences to the assessee - merely because the statute authorizes the Government agency to carry out coercive recovery - it would not permit such an authority to access individual s bank account - even without his knowledge - the....... + More

  • 2018 (5) TMI 1441

    Reopening of assessment u/s 147 - Original Assessment was made u/s 143(3) after scrutiny - validity of notice beyond the period of 4 -years - disallowance of expenses in relation to the exempt income - Held that - disallowance of expenditure in relation to earning tax exempt income is not valid by AO - reopening of assessment is sought to be made beyond the period of four years - also there being no element of failure of the assessee, disclosing ....... + More

  • 2018 (5) TMI 1440

    Reopening of assessment u/s 147 - As per AO share application has been received by the assessee - Held that - In absence of any evidence on records merely on the basis of hearsay information - AO can not derive satisfaction to reopen the assessment - this being a disputed question of fact - Decided in favor of assessee........ + More

  • 2018 (5) TMI 1439

    Whether the income generated through sale of shares should be taxed as capital gain or business income of the assessee - Held that - the declaration made by an assessee with respect to its intention in buying and selling shares would be accepted - where the assessee itself, irrespective of the period of holding the listed shares opts to treat them as stock-in-trade - the income arising from transfer of such shares would be treated as its business....... + More

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