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Income Tax - High Court - Case Laws

Showing 1 to 20 of 47324 Records

  • 2018 (8) TMI 990

    Levy of penalty u/s 271(1)(c) - ITAT deleted the penalty - voluntary disclosure by the assessee to buy peace - additions were made on account of gift - assessee had not given details like name of the donor, mode of receipt, etc. - Additions towards unsecured loans - Additions were made on account of undisclosed rental income - Held that - Under Section 271(1)(c) of the 1961 Act, the imposition of penalty is not automatic whenever there is less in....... + More


  • 2018 (8) TMI 989

    Search and seizure u/s 132 - reason to believe - whether the search and seizer is arbitrary, illegal and violative of fundamental rights of the petitioner - the petitioner society is one of the largest Multi State Cooperative Societies in the field of the Credit. - an order was passed u/s 133A(3)(ia) of the Act, by which, the documents as well as electronic media in the form of hard disk/CD/ Pen Drive etc. seized during the course of survey proce....... + More


  • 2018 (8) TMI 988

    Reopening of assessment - error committed by the original assessing officer (AO) - Prior period depreciation - Prepayment premium on IDFC Term Loan - Excess depreciation on Plant and Machinery - Excess depreciation on the intangible asset Brand Name by wrongly adopting the WDV - Held that - The depreciation Schedule as per the IT Rules was shown to us by the AO as available in the records. It contains the depreciation for plant and machinery and ....... + More


  • 2018 (8) TMI 987

    Capital Gains - sale of agricultural land - scope of capital asset u/s 2(14) - AO rejected the claim of the assessee of exempt profit mainly on the ground that the land in question was sold to an industrial unit and had potential to be used for industrial purpose and therefore, the same was held as business profit - ITAT deleted the additions and allowed the benefit of exemption - Held that - the land was sold as an agricultural land and in fact,....... + More


  • 2018 (8) TMI 986

    Deduction u/s 80HHC / 010A, - supporting manufacturer and the export house - Held that - The Tribunal found that since both the supporting manufacturer and export house had profits in the relevant year, there is no question of application of IPCA Laboratory Ltd. (supra) and the assessee was entitled to the deduction. We agree with the finding on principle. - But, the learned Senior Counsel, Government of India (Taxes), however, would contend that....... + More


  • 2018 (8) TMI 985

    Deduction u/s 10A - eligible activity - Whether the processing of prawns undertaken by the assessee under IQF (Individual Quick Freezing) can be termed to be a manufacture or production - Claim of expenditure/ deduction towards contribution made in the Fishermen s Welfare Fund, which Fund - Fund was declared unconstitutional by the judgment of the Honourable Supreme Court - Held that - Any assessee, who was entitled to the benefit prior to the su....... + More


  • 2018 (8) TMI 984

    Exemption u/s 11 - Charitable activity - whether the activities of the assessee authority are covered by first and second proviso to section 2(15) of the Act and thus not entitled to exemption u/s. 11 and 12 as per provisions of section 13(8) of the Act? - Held that - as the issues involved in the present Tax Appeal/s are now not res integra and since the decision of the Division Bench of this Court is against the Department, in view of the afore....... + More


  • 2018 (8) TMI 927

    Validity of notice issued u/s 148 - reopening of an assessment - notice was served at a wrong address - presumption related to address - address collected by the department from the bank, whereas known address was available with the department on Saral Form-5 of the petitioner - The assessee took the specific plea that he had filed his return of income for the year under consideration i. e. 1999-2000 on the changed address i.e. 2, Rishi Marg, Sha....... + More


  • 2018 (8) TMI 926

    Levy of penalty u/s 271(1)(c) - appellant wrongly claimed loss by debiting it to P & L Account on account of loss on sale of assets whereas the same was capital loss and not business loss. - The Tribunal had held that the claim of the assessee to treat loss on sale of assets as business loss was not a bona-fide mistake and, therefore, the penalty under Section 271(1)(c) of the Act was imposable. - Held that - In order to attract the provision....... + More


  • 2018 (8) TMI 925

    Partial disallowance on ad-hoc basis without rejecting books of accounts - disallowance to consumable stores - ad-hoc disallowance solely by taking percentage basis of consumption stores consumed in succeeding year - Held that - the issues raised in the appeal are only questions of fact and no question of law is involved. All three authorities have concurrently held after examining the facts, evidence and material on record that the assessee was ....... + More


  • 2018 (8) TMI 924

    Reopening of assessment u/s 147 - claim of deprecation u/s 32 while claiming exemption u/s 11 - double claim of deduction / eemption - Held that - this writ petition is allowed and the impugned proceedings are set aside, since the impugned reopening was made only on the ground that depreciation claimed by the petitioner was not allowable, while the said question was answered against the Revenue in the above said ruling of the Supreme Court 2017 (....... + More


  • 2018 (8) TMI 923

    Assessment in the hands of representative / agent - Chief Financial officer (CFO) of the non-resident assessee - According to the appellant, the Chief Financial Officer was questioned about transfer of shares of the appellant by Clayton Dewandre to WABCO, Singapore, even though the Chief Financial Officer was not employed with the appellant during the Financial Year 2013-14 and had no knowledge of the transaction. - Whether the writ petition ough....... + More


  • 2018 (8) TMI 922

    Disallowance made u/s. 14A - maintaining mix funds - claim for deduction u/s. 80IA - Held that - it is required to be noted that in the earlier years also more particularly, even in the Assessment Year 2004-2005, the assessee was also having mixed funds and still considering the fact that the assessee was already having sufficient surplus interest free funds, the Division Bench of this Court has held that the disallowance under Section 14A of the....... + More


  • 2018 (8) TMI 921

    Valuation of stock - addition made on account of opening stock - disallowance in respect of provisions of interest liability of central excise refund - disallowance of interest being on funds utilized for giving interest free loans to sister concerns - disallowance of expenditure on issue of non-convertible and fully convertible debenture - ITAT deleted all the additions made by the AO - Held that - No substantial question of law arises. - The de....... + More


  • 2018 (8) TMI 920

    Deemed dividend u/s 2(22)(e) - ITAT refused to decide the issue with regard to the claim of the appellants for deemed dividend because it was raised at the appellate stage - Held that - After considering the entire facts of the case, we are of the opinion that legal issue can be raised at any point of time - Order of the ITAT quashed and set aside - Matter restored before ITAT - Decided in favor of assessee........ + More


  • 2018 (8) TMI 868

    Deduction u/s 80O - reassessment - jurisdiction to categorize a portion of the receipts of the Appellant for professional services as attributable to alleged routine services - Appellant was rendering a consolidated report - indivisible part of the professional work - Held that - The jurisdiction to reopen an assessment is a very limited jurisdiction hemmed in by various limitations, amongst them being no notice for reopening can be issued only o....... + More


  • 2018 (8) TMI 867

    Assessment u/s 153A - allegation of generation of unaccounted money and also transfer of such money in exchange of share capital - proving any accommodation entry - reliance on third party statement - CIT(A) and ITAT deleted the additions - Held that - The ITAT on a very detailed examination was satisfied about identity, creditworthiness and genuineness of the investor companies and held that there the assessee had discharged the primary onus to ....... + More


  • 2018 (8) TMI 866

    Additions u/s 68 - allotment of share capital - It is stated that when liability has been created equal to amount of assets transferred and shares allotted in settlement of this liability, there can be no addition under Section 68 of the said Act as unexplained cash credit - tribunal further held that, value of shares allotted to individuals would amount to unexplained cash credit - Held that - Additions confirmed by the tribunal deleted - Decide....... + More


  • 2018 (8) TMI 865

    Settlement of case - power of commission u/s 254F to rectify an order - levy of interest liability u/s 234B which was not levied in the original order - Section 245F(1) of the 1961 Act confers on the Settlement Commission all powers which are vested in an Income Tax Authority under the 1961 Act. The Settlement Commission, therefore, has power to rectify an order. The powers under Section 154 of the 1961 Act can be exercised by the Settlement Comm....... + More


  • 2018 (8) TMI 864

    Exemption/ deduction u/s 54 - Purchase of land with superstructure - After demolishing the existing superstructure, the appellant assessee constructed a residential house - assessee submitted that the new residential property had been constructed within a period of three years from the date of sale of the old property. He argued that construction of a property cannot be done without land underneath it and, therefore, the cost of construction of t....... + More


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