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Income Tax - Case Laws

Showing 1 to 20 of 106579 Records

  • 2018 (7) TMI 1259

    Depreciation on building held on long term lease for 99 years - Held that - We find on an examination of the subject order of the tribunal that in legal principle the tribunal has not been able to deny the claim that a lessee of over 12 years of a place of business is deemed to be the owner under the Income Tax Act, 1961 and can claim depreciation. But as far as the case of the assessee is concerned, we find that the Tribunal has not been able to....... + More


  • 2018 (7) TMI 1258

    TPA - exclude the expenditure in foreign currency from the export turnover and the total turnover for provision in section 10A - searching for comparable companies of the assessee under TNMM - substantial question of law - Held that - This Court in Prl.Commissioner of Income Tax & Anr. Vs. M/s.Softbrands India Pvt. Ltd. (2018 (6) TMI 1327 - KARNATAKA HIGH COURT ) has held that in these type of findings of the learned Tribunal remained final f....... + More


  • 2018 (7) TMI 1257

    Denial the benefit under Section 80P(2) - co-operative banks or not - Held that - It is not in dispute that the assesses/respondents herein are engaged in providing credit facilities to its members and have not obtained any banking licence to deny the benefit under Section 80P(2) of the Act as falling under Section 80P(4) of the Act, as a co-operative bank. The position of these assesses as co-operative societies being clear they cannot be constr....... + More


  • 2018 (7) TMI 1256

    Assessment of foreign company - Non adherence to mandatory requirements of Section 144C - assessment order passed without having passed the necessary draft Assessment Order under Section 144C(1) - mandations applicable to a Foreign Company such as the petitioner - Held that - Fresh adjudication itself would imply that it would be an order which would decide the lis between the parties, may not be entire lis, but the dispute which has been restore....... + More


  • 2018 (7) TMI 1255

    Accrual of income - Nature of Lease Finance by hire purchase lease whether the transaction is only a finance lease? - accounting standards - Held that - The impugned order is squarely covered by the judgment of this Court in Simpson and General Finance Co. Ltd., Vs. Deputy Commissioner of Income Tax 2014 (4) TMI 215 - MADRAS HIGH COURT as held there was no justifiable ground to accept the case of the assessee that based on AS19 only that the agre....... + More


  • 2018 (7) TMI 1254

    Penalty u/s 271(1)(c) - Held that - Learned Departmental Representative s only argument is that the assessment order duly clarified that the impugned penalty had been initiated for processing inaccurate particulars of income. We find no merit in Revenue s above plea since it is only the relevant notice issued u/s. 274 of the Act that carries prime significance in the penalty proceedings in question. We therefore accept assessee s argument on meri....... + More


  • 2018 (7) TMI 1253

    Expenditure under the head power and fuel - Held that - Assessing Officer after considering the explanation of the assessee, came to a conclusion that the entire amount of ₹ 3, 84, 60, 222/- is not exclusively incurred for the purpose of business and only expenditure incurred as per the Director s Report (Form-A) of ₹ 1, 80, 66, 693/-, is allowed by treating it as exclusively incurred for the purpose of business. The remaining balance....... + More


  • 2018 (7) TMI 1252

    Addition u/s 68 - AO has asked the assessee to furnish the details and complete addresses of the buyers, the assessee has not responded and no details were furnished - CIT(A) by considering the GPA directed the AO to delete the addition made by him - Held that - It is a fact that the assessee has not filed GPA before the AO. He has only filed unregistered sale deed dated 23. 08. 2011. The Ld. CIT(A) before taking into consideration of the GPA dat....... + More


  • 2018 (7) TMI 1251

    Penalties u/s 271D and 271E - period of limitation - penalty imposed in a wrong assessment year - Held that - From the records, it is undisputedly established that the Assessing officer was very well aware about the receipt of alleged loan in cash during the Assessment Years 2004-05 and 2002-03 and the repayment of the loan and but had wrongly initiated the earlier penalty proceedings for A.Y. 2005-06. The Assessment order was passed on 5.10.2007....... + More


  • 2018 (7) TMI 1250

    Penalty u/s 271(1)(c) - admitting the additional ground - invalid notice - Held that - In the present case, the notice is not clear, whether the penalty is levied for concealment of income or for furnishing inaccurate particulars of income. See THE PRINCIPAL COMMISSIONER OF INCOME-TAX-I, VISAKHAPATNAM VERSUS SMT. BAISETTY REVATHI 2017 (7) TMI 776 - ANDHRA PRADESH HIGH COURT - decided against revenue....... + More


  • 2018 (7) TMI 1249

    Disallowance of expenditure u/s. 40(a)(ia) - due date for payment into the account of Central Government - explanation to section 40(a)(ia) added on 1.4.2005 to be applied retrospectively - Held that - SLP dismissed........ + More


  • 2018 (7) TMI 1248

    Disallowance of expenditure u/s. 40(a)(ia) - due date for payment into the account of Central Government - Held that - SLP dismissed........ + More


  • 2018 (7) TMI 1247

    Surplus arising from sale of shares and securities - short terms capital gains OR income from business - period of holding - Held that - SLP Dismissed........ + More


  • 2018 (7) TMI 1246

    Capital gain on revaluation of partnership - Tax the consideration received by assessee as partner of the two firms upon reevaluation and distribution of the partnership assets as short-term capital gain - Held that - There is a delay of 159 days delay in filing the present petition which is not satisfactorily explained. - Notwithstanding the same, we have gone into the merits of the case and do not find any substance in the special leave petitio....... + More


  • 2018 (7) TMI 1245

    Deduction u/s 80IB(10) - reason for holding assessee as the developer - whether specific development agreement entered into by assessee merely as land owner with another developer to execute and construct the flats on the land of the assessee? - Held that - SLP dismissed........ + More


  • 2018 (7) TMI 1244

    Sums received upon encashment of bank guarantees - additions were unjustified because the income could not be approved as the dispute is pending litigation and final adjudication before the Court - Depreciation of claim in respect of assets not registered in the name of the assessee - assessee had paid all amounts to the transferor and had obtained possession - Exemption under Section 80IA - exemption claimed for the Inland Container Depot (ICD),....... + More


  • 2018 (7) TMI 1243

    Disallowance u/s 40(a)(ia) - Tax Deducted at Source deposited after the due date - Enhancement under Section 40 (a) (ia) - TDS liability on charges paid to the truck owners for transportation of the goods - Held that - The special leave petition is dismissed on the ground of delay as well as on merits........ + More


  • 2018 (7) TMI 1242

    Exemption u/s 10A manner of computation treatment of interest income for the purpose of section 80HHC exclusion of interest and not gross interest for the purpose of section 80HHC Impact of disallowance of expenses in computation of deductions / exemptions Held that - SLP dismissed........ + More


  • 2018 (7) TMI 1241

    Disallowance u/s 40(a)(ia) - Tax Deducted at Source deposited after the due date - Enhancement under Section 40 (a) (ia) - TDS liability on charges paid to the truck owners for transportation of the goods - Held that - The special leave petition is dismissed on the ground of delay as well as on merits........ + More


  • 2018 (7) TMI 1240

    Invocation of Section 145 - interpretation to Section 80IA (8) and (10) - ITAT concluded that the AO had arbitrarily made the addition by rejecting the books of accounts and the additions made by the AO were rightly deleted by the CIT(A) - Held that - SLP dismissed........ + More


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