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Income Tax - Case Laws



Commissioner of Income Tax, Kol-II Versus M/s Moran Tea Co. Ltd.

Addition of cess on green leaf - whether production of green leaf which is 100 agricultural activity and not an admissible deduction under income chargeable ? - Held that - In Jorehaut Group Ltd. -Vs- Assistant Commissioner of Income-Tax reported in (2006 (12) TMI 98 - GAUHATI High Court) followed the view expressed in Assam Co. Ltd. v. Union of India, 2005 (3) TMI 63 - GAUHATI High Court wherein it was held that the deduction on cess paid on gre.....

2016 (2) TMI 277 - DELHI HIGH COURT

Pr. Commissioner of income tax-12 Versus RL Allied Industries

Validity of assessment u/s 153 C - Held that - In the present case, there is no doubt that it was only on 24th March 2009 that the AO of the Assessee received the documents seized and it was on that date a notice under Section 153C (1) was issued and served upon the Assessee. Consequently, this Court finds no legal error in the conclusion of the ITAT that notice under Section 153C (1) could not have been issued for AYs 2001-02 and 2002-03. - Decided in favour of assessee.

2016 (2) TMI 276 - BOMBAY HIGH COURT

The Commissioner of Income Tax-15 Versus M/s Sai Shraddha Construction

Addition on account of excess allotment of area while purchasing development rights from Hindustan Candle Manufacturing Co.Pvt.Ltd. - eligibility of sec 80IB - ITAT upholding the deletion the addition by CIT(A) - Held that - As both the CIT (Appeals) and the Tribunal, have in their orders, rendered a finding that the Respondent Assessee had fulfilled all conditions laid down in Section 80 IB(10) of the Act for housing project. Consequently, the e.....


Late Shri Narinder Singh through his wife and L/H Smt. Shiv Dev Kaur Versus DCIT circle, Sangrur

Scope of Section 2(47)(v) r.w.s. 53-A of the Transfer of Property Act, 1882 - JDA entered by assessee - Whether possession as envisaged by Section 2(47) (v) and Section 53A of the Transfer of Property Act, 1882 was delivered, and if so, its nature and legal effect? - Held that - The issues involved herein have already been decided by this Court in C.S.Atwal vs. The Commissioner of Income Tax, Ludhiana and another 2015 (7) TMI 878 - PUNJAB & H.....


Sri Suresh Sharma Versus The Assistant Commissioner Of Income Tax

Interest under Section 234A determined before taking notice of self assessment payment under Section 140A - Held that - In the absence of any statutory provision made for reducing such amount paid towards self assessment tax, the Authorities proceeded to levy interest on the entire amount de hors the payment of ₹ 40 lakhs made by the Assessee towards the self assessment tax before the due date of filing of return of income. A similar questi.....



Settlement Commissioner adjudication - whether the Settlement Commission on receipt of an application under Section 245C, and on receipt of the report called for from the Commissioner of Income Tax, adjudicate on the report so filed and assign reasons in order to allow the application to be proceeded with? - Held that - Settlement Commission has satisfied itself that the application of the assessee has made, what is claimed as, a full and true di.....


Girraj Mehta, Proprietor, M/s. Oswal Udyog Versus The Commissioner of Income Tax

Penalty notice u/sec. 271(1)(c) - Held that - Non initiation of proceedings u/sec. 271(1)(c) of the Act or non imposition of penalty u/sec. 271(1)(c) for concealment and furnishing of inaccurate particulars of income as they are independent and separate proceedings. The AO had also found as a finding of fact that it was established on record that the assessee has shown a bogus liability in the books of account and even the AO was able to go into .....


M/s Shubhankar Estates Pvt Ltd Versus The Senior Sub-Registrar, Union Bank Of India And The Chief Commissioner Of Income Tax, Bangalore-01

TDS u/s 194-IA - Payment on transfer of certain immovable property other than agricultural land - Held that - If the provision contained in Section 194-IA as extracted noticed, the obligation on the transferee to deduct 1 of the sale consideration towards TDS had come into effect only on 01.06.2013. If that be the position, as on 02.03.2012 when the petitioner in the instant case as the transferee had paid the amount to the transferor, there was .....

2016 (2) TMI 270 - ITAT MUMBAI

Office of the DCIT-20 (2). Mumbai Versus Shri. Manish Rajnikant Desai

Addition on account of short term capital on sale of gala - Held that - The factory gala sold by the assessee was part of the blocked assets in the business of the assessee who was engaged in the business of manufacturing of self adhesive labels and stickers. The said gala remained the part of the block of fixed assets of the assessee. However, the assessee did not claim and depreciation on the said gala because the same was given on rent during .....

2016 (2) TMI 269 - ITAT MUMBAI

M/s DHFL Venture Capital Fund Versus Income Tax Officer, Ward 19 (3) (4) , Mumbai

Claim of exemption u/s 10(23FB) - Held that - In the instant case, there is no dispute with regard to the fact that the Registration granted to the assessee as Venture Capital Fund has not been withdrawn by the SEBI. Further, there is no material to show that the SEBI has alleged or stated that the assessee has not fulfilled any of the prescribed conditions. Hence, we are of the view that the tax authorities are not justified in rejecting the cla.....

2016 (2) TMI 268 - ITAT MUMBAI

Infomedia Press Ltd (Formerly known as Infomedia 18 LTD) Versus Addl. Commissioner of Income tax, Range 6 (1) , Mumbai. and Dy. Commissioner of Income Tax, Circle 6 (1) , Mumbai Versus Infomedia Press Ltd (Formerly known as Infomedia 18 LTD)

Deemed dividend u/s 2(22)(e) - Held that - As first appellate authority has examined the meaning of the expression a company in which the public are substantially interested within the meaning of the provisions of sec. 2(18) of the Act read with the relevant provisions of the Companies Act. There should not be any dispute that the provisions of sec 2(22)(e) are attracted only if the loan or advance is received from a company in which public are n.....

2016 (2) TMI 267 - ITAT MUMBAI

Fugro Rovtech Limited Versus Asstt. Director of Income Tax (International Taxation) -3 (2) , Mumbai

Inclusion of demobilization revenue in gross receipts for the purpose of computing tax u/s 44BB - Held that - The view taken by the AO that the demobilisation revenue pertaining to the entire period of 36 days is includible in the revenue u/s 44BB of the Act is supported by the two decisions EMGS Project Office Vs. DDIT 2012 (11) TMI 584 - ITAT DELHI and CIT Vs. Sedco Forex International Drilling Inc 2007 (9) TMI 196 - UTTARAKHAND HIGH COURT . Ac.....

2016 (2) TMI 266 - ITAT KOLKATA

Income Tax Officer, Ward-12 (3) , Kolkata Versus M/s UMT Investment Ltd.

Foreign exchange gain taxability - restatement of foreign currency loan - foreign currency loan which has been recognized in the profit and loss account in accordance with Accounting Standard 11 (AS 11) issued by the Institute of Chartered Accountants of India (ICAI) - Held that - The Loan agreement clearly mentions that the loan is meant for general corporate purposes only which means it is meant for revenue account. If it is meant for any capit.....

2016 (2) TMI 265 - ITAT AHMEDABAD

Bapashri Mahotsav Smruti Trust Versus Dy. Commissioner of Income-tax

Levy of fees under section 234E - intimation issued under section 200A in respect of processing of TDS - Held that - As decided in case of Wonder Waves Entertainment Pvt Ltd 2015 (10) TMI 2477 - ITAT AHMEDABAD the issue in all these appeals is now squarely covered in favour of the assessee by the decision of ITAT Amritsar Bench in the case of Sibia Healthcare Private Limited vs. DCIT 2015 (6) TMI 437 - ITAT AMRITSAR adjustment in respect of levy .....

2016 (2) TMI 264 - ITAT HYDERABAD

Dy. Commissioner of Income Tax Versus M/s Suven Life Sciences Ltd, Hyderabad

Interest under S.234B and S.234C - non payment of advance tax - whether CIT(A) has erred in deleting the interest charged u/s. 234B ? - Held that - We are concerned with the previous year commencing on 1.4.2009 and ending on 31.3.2010. As per the decision in the case of Ajantha Pharma Ltd. V/s. CIT (2010 (9) TMI 8 - SUPREME COURT) assessee was entitled to deduction under S.80HHC for the purpose of computation of book profit under S.115JB of the A.....

2016 (2) TMI 263 - ITAT MUMBAI

Syncom Formulations (I) Ltd. Versus DCIT-8 (3) , Mumbai and Vica-Versa

Disallowance of sales promotion expenses - AO disallowed by invoking Explanation to Section 37(1) and CBDT Circular dated 1-8-2012 - Held that - As receiving of gifts by doctors was prohibited by MCI guidelines, giving of the same by manufacturer is not prohibited under any law for the time being in force. Giving small gifts bearing company logo to doctors does not tantamount to giving gifts to doctors but it is regarded as advertising expenses. .....

2016 (2) TMI 262 - ITAT CHENNAI

M/s G.V.G Paper Mills Pvt. Ltd. Versus The Dy. Commissioner of Income-tax

Allowability of deduction u/s 80IA - Held that - We find that the assessee company commenced a distinct industrial undertaking for the generation of power. It is an undisputed fact that the premises of this undertaking are distinct from the paper unit as separate building was constructed vide approval No.TM/9997/6 dated 4.4.2001 issued by the Chief Inspector of Industries, Chennai, at S.F.No.279, 277, 278 and 276 at Nallur Village, Pushpathur Pan.....

2016 (2) TMI 261 - ITAT MUMBAI

Tata Motors European Technical Centre Plc. Versus Deputy Commissioner of Income-tax (IT) 4 (1) (2) , Mumbai

Use of Foreign Comparables - TPA - Held that - Foreign comparables (i.e. UK comparables) can be taken into account for carrying out FAR analysis and benchmarking of the assessee s international transactions with its Associated Enterprise s for determining those Arm s Length Price. It is also accordingly held that the selection of Indian comparables by the Transfer Pricing Officer is not accepted. In view of the fact that the Transfer Pricing Offi.....


M/s. P.S.R. Associates Versus Addl. CIT, Kakinada Range, Kakinada and DCIT, Circle-1, Kakinada Versus M/s. P.S.R. Associates

Disallowance of hire charges under sec. 40(a)(ia) - non deduction of tds - CIT(A) deleted the addition - Held that - The assessee has deducted TDS and deposited the same with the Central Govt. account as prescribed under the Act. The provisions of sec. 40(a)(ia) of the Act is applicable, in case there is a failure on the part of the assessee to deduct TDS and remit the same to the government account. There is nothing in the said section to treat .....


DCIT, Circle-2 (1) , Vijayawada Versus Sri Tirumalaraju Trinadha Raju

Penalty u/s 271D - whether the loan accepted by the assessee is a loan or deposit within the meaning of sec. 269SS - Held that - Assessing Officer issued show-cause notice to levy penalty under sec. 271E of the Act, but finally levied penalty under sec. 271D of the Act. Sec. 271E deals with levy of penalty for violation of the provisions of sec. 269TT of the Act. In the present case on hand, the Assessing Officer initiated the penalty under sec. .....


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