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Income Tax - Case Laws

Showing 1 to 20 of 86931 Records

  • 2016 (7) TMI 1214 - MADRAS HIGH COURT

    Ashok Kumar Sethi Versus The Deputy Commissioner of Income Tax

    Levy of interest under Section 158BFA - Block assessment - Held that - We are unable to accept the contention of the appellant that levy of interest can be adjusted from the seized amount which was lying in the P.D.Account in the absence of any provision to grant such claim. - Decided against the assessee.


  • 2016 (7) TMI 1213 - PUNJAB AND HARYANA HIGH COURT

    Commissioner of Income-tax (Central) , Ludhiana Versus M/s Maheshwari Synthetics Pvt. Ltd. and Others

    Validity of order of tribunal remanding the matter back to AO - undisclosed income for the block period 01.04.1986 to 30.08.1996 - Held that - a mere order of remand does not raise a question of law much less a substantial question of law. We will assume that to be correct. However, when an order of remand is made with a direction or an order specifying the manner in which or the principles upon which the order ought to be passed, it is not a simplicitor order of remand. If a question of law ari... ... ...


  • 2016 (7) TMI 1212 - GUJARAT HIGH COURT

    THE COMMISSIONER OF INCOME TAX-IV Versus RAMANBHAI B PATEL

    Additions on the basis of statement recorded u/s 131 - Tribunal deleted the additions - AO has rejected the retracted statement of the assessee with a reasoning that the same has been furnished after two months and the statement was recorded in the presence of assessee s Advocate and also the fact that the detailed breakup submitted by the assessee with respect to earning of income cannot be put into the mouth of the assessee and thereby additions were made. - Held that - the assessee was not al... ... ...


  • 2016 (7) TMI 1211 - GUJARAT HIGH COURT

    PR. COMMISSIONER OF INCOME-TAX Versus DESAI CONSTRUCTION PVT. LTD

    Claim of deduction u/s 80IA in the reassessment u/s 153A as there was no incriminating document found during the search - The assessee contested such claim mainly on the ground that no incriminating material was found during the search which would enable the Assessing Officer to reexamine assessee s claim for deduction under section 80IA, which was part of the original assessment proceedings and such assessments had abated. The Tribunal upheld the assessee s contention referring to the decision ... ... ...


  • 2016 (7) TMI 1210 - GUJARAT HIGH COURT

    PR. COMMISSIONER OF INCOME TAX-2 VADODARA Versus SUN PHARMACEUTICAL INDUSTRIES LTD

    MAT - computation of the book profit under explanation to section 115JA - addition made on account of lease equalization charges - in the nature of reserve or not - Held that - The lease equalization fund is not in the nature of a reserve - the lease equalization charge would not fall within the ambit of clause (b) of the Explanation to sub-section (2) of section 115JA of the Act. Under the circumstances, while computing the book profit under section 115JA of the Act, the question of increasing ... ... ...


  • 2016 (7) TMI 1188 - ITAT DELHI

    New Okhla Industrial Development Authority Versus CIT (E) , Lucknow

    Grant of registration under Section 12A - Held that - We are in agreement with the contention of the Ld Senior Counsel of the appellant that the activities of the appellant are under complete control of State Government having no profit motive and for the purpose of charitable activities of general public utilities therefore, the CIT(E) was not justified and correct in dismissing application of the assessee. - CIT(E) dismissed application of assessee for grant of registration under section 12A o... ... ...


  • 2016 (7) TMI 1187 - ITAT KOLKATA

    Indian Oil Corporation Ltd. Versus DCIT, Circle-58 (TDS) , Kolkata

    TDS liability - tds on terminalling charges - segregation of agreement into purchase and works contract - Held that - From the facts we find that in the instant case the assessee was buying the petroleum products from BRPL. Besides the above the loading services were also provided by BRPL in connection with the purchase of the petroleum product. For the loading services the assessee was making the payment separately to BRPL. The petroleum products were purchased by the assessee in bulk and regul... ... ...


  • 2016 (7) TMI 1186 - ITAT DELHI

    Shri Prem Nath Versus ITO, Ward 37 (3) , New Delhi

    Capital gains computation - whether on actual amount received or on the deemed amount accrued to the assessee - Held that - . AO without disputing the fact that the actual cost of consideration of the property in question was ₹ 5,00,000/- computed the capital gains on the basis of circle rate which were at ₹ 16,43,000/-. Ld. CIT (A) has also perpetuated the error committed by the AO which is not sustainable in the eyes of law. We are of the view that on the basis of actual sale consi... ... ...


  • 2016 (7) TMI 1185 - ITAT JAIPUR

    The ACIT, Circle- 1, Kota Versus M/s. Associated Engineers and Allied Products

    Disallowance on account of remuneration to partners - Held that - We find that the assessee computed the remuneration as per Section 40(b) of the Act and credited 50 each to both the partners. The AO did not dispute the fact that remuneration was paid to the partners. Secondly, this amount was taxable in the hands of partners and if the same is disallowed in the hands of assessee firm then it would be result in double taxation. In view of the above facts and circumstances of the case and the cas... ... ...


  • 2016 (7) TMI 1184 - ITAT JAIPUR

    Santosh Ahluwalia and MJS Ahluwalia Versus A.C.I.T., Circle-2, Jaipur

    Addition in the hands of assessee s husband on protective basis - cash available on the date of search - Held that - The authorities below have failed to apply their mind and appreciate the evidence available with it. Paragraph No. 2 of 4.3 of CIT(A) s order clearly points out that there is a hard disk and hard disk was found during the course of search and on the basis of hard disk, the brought forward cash of ₹ 50,88,408/- was available on 11/11/2009. If the cash of ₹ 50,88,408/- w... ... ...


  • 2016 (7) TMI 1183 - ITAT JAIPUR

    Shri Manoj Kumar Johari Versus Assistant Commissioner of Income Tax, Circle, Sikar.

    Penalty u/s 271(1)(c) - eligibility of deduction under section 10BA - Held that - All the material facts were duly disclosed by the assessee in its return of income. The revenue has not disputed this fact. The assessee under the bona fide belief was of the view that it was eligible for deduction under section 10BA of the Act. Under these facts, when revenue has not pointed out the deliberate act on the part of the assessee which demonstrates furnishing of inaccurate particulars or concealment of... ... ...


  • 2016 (7) TMI 1182 - ITAT DELHI

    M/s. M.K. Cycle Industries Pvt. Ltd. Versus ITO, Ward 6 (1) , New Delhi

    Reopening of assessment - undisclosed cash credit - Held that - The information available with Assessing Officer was sufficient to form a primary belief that income had escaped assessment and, therefore, we don t find any infirmity in the finding of the learned Commissioner of Income-tax (Appeals) in dismissing the ground challenging the jurisdiction in reopening the assessment. - From the finding of the learned Commissioner of Income-tax(Appeals), it is evident that the assessee was provided en... ... ...


  • 2016 (7) TMI 1181 - ITAT MUMBAI

    M/s. Dhanraj Dhadda Exports Versus DCIT, Range 16 (3) , Mumbai

    Claim for deduction u/s. 80HHC in respect of the gains arising on maturity of foreign contracts - Held that - As by following the decision of Hon ble jurisdictional High Court rendered in the case of M/s Shah Originals (2010 (4) TMI 216 - BOMBAY HIGH COURT ), we hold that the Ld CIT(A) was justified in holding that the income arising from foreign exchange forward contract is not eligible for deduction u/s 80HHC of the Act, since it cannot be considered to be an income derived from export of goods or merchandise. - Decided against assessee.


  • 2016 (7) TMI 1180 - ITAT MUMBAI

    ITO-9 (2) (2) , Mumbai Versus M/s Kalypto Risk Technologies P. Ltd. And Vice-Versa

    Disallowance of depreciation on capitalization of software development - Held that - As the assessee is a software development company and the cost of the development of the software is an intangible asset and the product license are IPR s. In view of the provision of the Act and AS-26 and further the fact that the cost of development of the software is an intangible asset and the IPR s is the product, license is not in dispute, therefore, we find no infirmity in the conclusion drawn by the ld. ... ... ...


  • 2016 (7) TMI 1179 - ITAT KOLKATA

    D.C.I.T., Circle-4, - Kolkata Versus M/s. RBA Exports Pvt. Ltd.

    Disallowance of depreciation - CIT(A) delted the addition admitting additional evidence - Held that - A reading of Rule 46-A(2) & (3) of the Rules shows that it was mandatory on the part of the CIT(A) before admitting additional evidence as well as before taking into account any additional evidence produced before CIT(A) to afford opportunity to examine the evidence so produced and to allow opportunity to produce any evidence in rebuttal of such evidence. We are of the view that there was vi... ... ...


  • 2016 (7) TMI 1178 - ITAT MUMBAI

    Shri Ramesh D Murpana M/s. Dhanraj Jewellers Versus The Assistant Commissioner of Income Tax Circle 19 (3) , Mumbai

    Disallowance of Interest on borrowings - Held that - The assessee s borrowing was for the purposes of business as the same were utilised for advancing security deposit of ₹ 2,00,00,000/- for taking on leave and license basis shop on monthly license fee by the assessee for setting up jewellery outlet as an expansion of the existing business of dealing in gold and diamond jewellery , and interest of ₹ 7,23,050/- incurred on the said borrowings is incurred wholly and exclusively for the... ... ...


  • 2016 (7) TMI 1135 - ITAT MUMBAI

    ADIT (IT) -3 (2) , Mumbai and Others Versus M/s Baan Global BV now known as Information Global Solution (Barneveld) BV, and Others

    Taxability of sale of software as Royalty - consideration received on sale of computer software programme i.e. C D Rom as business income OR Royalty Income - P.E. in India - Held that - DIT vs M/s Nokia Networks, reported in (2012 (9) TMI 409 - DELHI HIGH COURT) concluded that, when assessee supplies the software which is incorporated on CD, it has applied only a tangible property and payment made for acquiring such a property cannot be regarded as payment by way of royalty. - We uphold the orde... ... ...


  • 2016 (7) TMI 1134 - ITAT NAGPUR

    The Income-tax Officer Versus Sant Amardas Urban Credit Co-op. Society Ltd.

    Nature of income - interest income treated as business income - Held that - Considering the submissions of the assessee s counsel is that the assessee society is maintaining operational funds and to meet any eventuality towards repayment of deposit the cooperative society is maintaining some liquidated funds as short term deposits with banks. Hence adhering to the doctrin stair desises, we hold that the assessee should be granted benefit of deduction under section 80P(2)(a)(i). Accordingly, the ... ... ...


  • 2016 (7) TMI 1133 - ITAT MUMBAI

    DCIT-17 (2) , Mumbai Versus M/s Damania and Sons

    Penalty u/s 271(1)(c) - Held that - As the quantum addition is deleted, there remains no basis at all for levying the penalty for concealment or furnishing inaccurate particulars. The penalty cannot stand on its legs when addition on the basis of which the penalty was imposed remains no more in existence, thus, appeal allowed in favour of assessee.


  • 2016 (7) TMI 1132 - ITAT MUMBAI

    M/s Silvassa Estates Pvt. Ltd. Versus The Income Tax Officer, Ward 8 (3) (2) , Mumbai

    Disallowance u/s 14A - Double deduction - Held that - As observed that the assessee company has made investments of ₹ 1.47 crores in shares yielding exempt income which is same as in the preceding year as no fresh investment has been made during the year, while net owned funds of the assessee company comprising share capital and reserves are to the tune of ₹ 1.86 crores as on 31-03-2009 and ₹ 1.91 crores as on 31-03-2008 which are far in excess of the investments made by the as... ... ...


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