2018 (4) TMI 1078 - SUPREME COURT
Mahaveer Kumar Jain Versus Commissioner of Income Tax, Jaipur
Income from Sikkim State Lottery - taxability under the Income Tax Act, 1961 - deduction u/s 80TT is applicable on the net winning amount received by the assessee and not on the gross amount of the winning prize? - place of residence - taxability in India - income accrued in India - Held that - The appellant, being a resident of Rajasthan, received the income arising from winning of lotteries from Sikkim during the Assessment Year in question was....... + More
2018 (4) TMI 1071 - BOMBAY HIGH COURT
The Pr. Commissioner of Income Tax-5 Versus Spicer India Ltd.
Gain / loss in the foreign exchange fluctuation on loan liability - Disallowance of depreciation - assessee was liable to reduce due to exchange gain from the cost of machinery and subsequent depreciation on it - Section 43A applicability - Held that - As no payment was made during the previous year relevant to the subject assessment year. The Apex Court in Woodward Governor India P. India, (2009 (4) TMI 4 - SUPREME COURT ) while dealing with the....... + More
2018 (4) TMI 1070 - KERALA HIGH COURT
Kerala State Beverages (Manufacturing And Marketing) Corporation Ltd. Versus Assistant Commissioner of Income Tax, Circle 1 (1) And Commissioner of Income Tax (Appeals) , Thiruvananthapuram
Stay petition - whether levies are not exclusive levies falling within the scope of Section 40(a)(iib) of the Act? - Held that - A reading of Section 40(a)(iib) of the Act indicates that exclusivity in terms of the said provision is not to be determined with reference to the issue as to whether anybody else is also being levied the same fee or charge, but it has to be determined having regard to the object of the provision. Two views are possible....... + More
2018 (4) TMI 1069 - BOMBAY HIGH COURT
Commissioner of Income Tax-8 Versus Lionbridge Technologies Pvt. Ltd.
Computing the value of Fringe benefit for the purpose of FBT - marketing and support service charges considered for FBT - Held that - The intention of the FBT is to tax the collective benefits given to employees as a group where such benefits cannot be attributed to any single employee. Since such collective benefits, earlier, were neither taxed in the hands of employee nor in the hands of employer, the FBT was introduced. At the end it is to be ....... + More
2018 (4) TMI 1068 - ITAT KOLKATA
ACIT, Central Circle-2 (3) , Kolkata Versus M/s. Hi-life Traders Pvt. Ltd. And Vice-Versa
Penalty u/s 271(1)(c) - non specification of charge - defective 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. Thus imposition of penalty cannot be sustained. See Jeetmal C....... + More
2018 (4) TMI 1067 - ITAT KOLKATA
Abhijit Ghosh Dastidar Versus Income Tax Officer Ward 13 (1) , Kolkata
Penalty u/s 271(1)(c) - non specification of charge - defective 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. Thus imposition of penalty cannot be sustained. See Jeetmal C....... + More
2018 (4) TMI 1066 - ITAT CHENNAI
The Deputy Commissioner of Income Tax (Exemptions) , Chennai Versus M/s The Willingdon Charitable Trust And Vice-Versa
Reopening of assessment under Section 147 - Set off excess application brought forward - Held that - Identical question was considered in TANMAC India v. DCIT 2017 (1) TMI 122 - MADRAS HIGH COURT as held when the entire material was available before the Assessing Officer, in the absence of any new material, the Assessing Officer cannot reopen the assessment under Section 147 of the Act. Section 147 of the Act is not to extend the period of limita....... + More
2018 (4) TMI 1065 - ITAT AHMEDABAD
DCIT, Cir. 5, Ahmedabad Versus M/s. Nirma Limited And Vice-Versa
Disallowance out of depreciation on brands and trademark - Held that - As in the Asstt.Year 2001-02 of assesse s own case held even after invoking this Exp.(3) to Section 43(1) rightly or wrongly, the A.O. has not worked out the value of the asset in question in the proper manner. He has ignored the valuation report of various technical experts such as RSML & Co. C.A. and others and instead of obtaining the departmental valuation report or an....... + More
2018 (4) TMI 1064 - ITAT MUMBAI
ACIT 15 (2) (2) And Addl. CIT, Range 15 (2) (2) , Mumbai Versus Maersk Global Services Centre (I) P. Ltd.
TPA - Comparable selection criteria - Functional profile of the Assessee - Held that - Assessee could be said to be engaged in the business of being a captive contracts services provider rendering services to its AE s which are in the nature of providing back office support services which are low end in nature, thus companies functionally dissimilar with that of assessee need to be deselected from final list........ + More
2018 (4) TMI 1063 - ITAT MUMBAI
M/s. Shivshambho Narayan Trust, Geetai CHS Ltd. Versus DDIT (Exmp) 1 (2) , Mumbai
Reopening of assessment - non obtaining of the requisite prior permission u/s 151 - donations as capital receipt - Held that - Neither the orders of the authorities below had mentioned about the prior approval u/s 151 having been obtained or not before reopening of the concluded assessment u/s 147 nor the assessee could obtain the said information under RTI Act,2005 and it is quite strange that the assessee is making allegations against the Reven....... + More
2018 (4) TMI 1062 - ITAT COCHIN
M/s. Abad Trust C/o. Kaimal And Co. Versus The Asst. Director of Income-tax (Exemption) , Kochi
Reopening of assessment - income assessable in the hands of trust - income of the trust liable for tax at the maximum marginal rate OR normal rate applicable to an AOP - apportionment and determination of proportionate tax attributable to the beneficiary - Held that - The beneficiaries are the owners of the property of the trust and the trustees have only the duty and responsibility to manage the same in accordance with the power granted to the t....... + More
2018 (4) TMI 1061 - ITAT DELHI
Smt. Sarita Sandhu Versus A.C.I.T., Circle 30 (1) , New Delhi
Exemption u/s 54F - separate and independent residential units having separate entrances and cannot be considered as one unit to enable the assessee to claim the deduction - Held that - We find that the assessee purchased two units, property No. 1601 and 1602 by one sale agreement with the builder, which are situated opposite to each other on the same floor. As per submissions of the assessee, it is observed that the assessee had purchased proper....... + More
2018 (4) TMI 1060 - ITAT CHENNAI
M/s. P.P. Dass And Sons Versus The Assistant Commissioner of Income Tax, Chennai
Addition being a loan claimed to have been received from one Mrs. Kamala N. Katri - undisclosed income - Held that - It is an admitted position that Trial Balance as on 31.03.1982 of Mrs. Kamal N. Katri, available with the Department, clearly reflected assessee as a debtor for ₹ 35,000/-. Hence it is of the opinion that the addition that could have been made was no more than ₹ 55,000/-. Assessee had also filed a confirmation which was....... + More
2018 (4) TMI 1059 - ITAT KOLKATA
DCIT, Circle-5 (2) , Kolkata Versus The Orissa Minerals Development Co. Ltd. And Vice-Versa
Allowability of prior period expenses - Held that - We hold that the allowability of prior period expenses had to be made based on the finding that no deduction was claimed in the earlier years after recording the finding that the said expenditure had indeed been crystallized during the year. However, the method of accounting followed by the assessee also needs to be taken into consideration for the same. These findings are conspicuously absent i....... + More
2018 (4) TMI 1058 - ITAT PUNE
Minilec India Pvt. Ltd. Versus The Asst. Commissioner of Income Tax, Circle 11 (2) , Pune
Disallowance of weighted deduction u/s 35(2AB) - non receipt of form No.3CM - expenditure incurred on Research & Development activity - where facility has been approved by prescribed authority, but no form No.3CM issued, can the assessee be denied deduction? - Held that - Recognition given by the prescribed authority which is mandate of section 35(2AB) is maintained and once the recognition is so maintained, the assessee has to be accorded de....... + More
2018 (4) TMI 1057 - ITAT PUNE
Narendra Ramswarup Shakadwipi Versus The Assistant Commissioner of Income Tax, Central Circle-1, Nashik
Unexplained investment in property u/s 69 - Held that - As per CIT(A) Assessee had not filed his return of income from A.Y 2007-08 - though Assessee has not filed return of income from A.Y 2007-08 onwards, yet his submission of maintaining books of accounts & further the preparation of cash book after the search has little credibility and is against human probabilities. He has also noted that in the absence of any contemporaneous evidences of....... + More
2018 (4) TMI 1056 - ITAT CHENNAI
M/s Ponmudi Muthusamy Gounder Trust Versus The Income Tax Officer, Ward – 1 (6) , Tirupur
Denial of exemption u/s 11 - payment made to the persons are related to the trustee or founder of the institution? - Held that - No violation of Section 13(1) as in this case, it is not the case of the Revenue that the payment made to contractor was excessive and above market rate. Ms. Savitha and Ms. Swatika appear to be the daughters of the trustees. There was a payment said to be made to them. - From the material available on record, it appear....... + More
2018 (4) TMI 1055 - ITAT KOLKATA
DCIT, Circle-26, Kolkata Versus M/s Tewari Warehousing Co. Hide Shed Dump
Treating the rental as business receipts - assessee has been showing income derived from the warehouse under the head of Income from Business & Profession - Held that - The prime object in the case before us was to provide the commercial services as discussed. No reason to interfere in the judgment of CIT(A) and accordingly conclude that the rental income in the aforesaid facts and circumstances should be treated as business income. Hence, th....... + More
2018 (4) TMI 1054 - ITAT AHMEDABAD
Shri Samir S. Sheth Versus The ACIT., Cent. Circle-2, Baroda
Acquisition of foreign currency from undisclosed sources - addition u/s 69A - Held that - The assessee has given an initial explanation and he himself abandoned this explanation later and came out with an altogether different theory. Applying the dictum falsus in uno. Johns in omnibus , even subsequent explanation does not have any credence. Thus the explanation of the assessee with respect to receipt of gifts of US 22,000 does not deserve to be ....... + More
2018 (4) TMI 1005 - DELHI HIGH COURT
Pr. Commissioner of Income tax Delhi-18 Versus M/s. N.S. Software (Firm)
Assessment u/s 153C r.w.s.143(3) or only under Section 143(3) - function served by a satisfaction note under Section 153C - Held that - The failure of the AO to record a specific satisfaction as to how the recovered material belonged to the assessee in the note that preceded the notice issued under it, vitiates the assessments. - As far as the pending assessment year is concerned, the return was filed on 29.09.2009. No notice in terms of Section ....... + More
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