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Income Tax - Tribunal - Case Laws

Showing 1 to 20 of 56983 Records

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  • 2018 (10) TMI 866

    Addition u/s. 68 of customer s Advances received against booking of motor cycles - Held that - At the time of hearing before us, the Ld. AR of the assessee brought to our notice that the books of account duly audited by assessee has not been rejected by the AO and the AO has made the ad hoc disallowance u/s. 68 of the Act, which is arbitrary exercise of power and has to be deleted. Moreover, it has been brought to our notice that in assessee s ow....... + More


  • 2018 (10) TMI 865

    Capital Gain on compulsory acquisition of urban Agricultural Land - Whether interest awarded u/s.28 of the Act of 1894 is akin to compensation and chargeable to tax u/s.45(5) of the Act or under the head Income from other sources u/s.57(iv) read with Sec.56(2)(viii) and 145A(b)? - Held that - Interest under section 28 of the Act of 1894 is an accretion to compensation and forms part of the compensation and, therefore, exigible to tax under sectio....... + More


  • 2018 (10) TMI 864

    Penalty levied u/s. 271(1)(c) - order imposing penalty does not contain the specific charge against the assessee - defective notice - Held that - As decided in case of DR. MURARI MOHAN KOLEY 2018 (9) TMI 1 - CALCUTTA HIGH COURT we find that there was no specific charge against the assessee in the notice. Revenue has missed out their opportunity to subject the assessee to the penalty proceeding by not issuing a proper notice. No specific case has ....... + More


  • 2018 (10) TMI 863

    Addition u/s 69A - unexplained cash balance - Held that - We find the assessee, during the course of assessment proceedings, has shown opening cash balance of ₹ 13,48,852/- and the same has not been disputed by the Assessing Officer. We further find that the Assessing Officer has not considered the sale proceeds of the two properties which were deposited in the bank account as argued by the assessee. Further, the rectification application f....... + More


  • 2018 (10) TMI 862

    Assessment u/s 153A - compensation received represents the investments which are not recorded in the books of account of the assessee and, therefore, are hit by the provisions of section 69B - Held that - Since the addition made by the Assessing Officer is also based on the same agreement which was found from the premises of M/s Aarti Infrastructure & Buildcon Ltd. and since the Tribunal after considering the various submissions made by both ....... + More


  • 2018 (10) TMI 861

    Purchases disallowance - Held that - We find no merit in the instant argument as the Assessing Officer himself has made it clear in his remand report dated 25.05.2016 (supra) that assessee successfully verified the relevant purchase vouchers with the originals. He appears to have concluded that only vouchers of ₹2,99,461/- and tools amounting to ₹1,40,200/- could not be produced or were found to have been claimed as damaged / scrap. -....... + More


  • 2018 (10) TMI 860

    Levy of penalty u/s 271(l)(c) - non-striking off of the inappropriate words - Sustainable of penalty levied u/s 271(1)(c) when the inappropriate words in the notice issued u/s 274 r.w.s. 271 of the Act have not been struck off - Held that - A perusal of the notice issued u/s 274 r.w.s. 271 dated 28.11.2011 shows that the inappropriate words in the said notice have not been struck off and it is a printed notice. Even the last line of the said noti....... + More


  • 2018 (10) TMI 859

    TDS u/s 194J - Non-deduction of TDS @ 10% on pollution control expenses payments made in the relevant accounting period - Held that - This tribunal s decision in Hindustan Aeronautics Ltd. vs. ITO 2008 (3) TMI 408 - ITAT BANGALORE-A holds that subject-matter of the contract in these circumstances is of equipment purchase only. We take into account all the above narrated facts in light of foregoing judicial precedent to conclude that assessee had ....... + More


  • 2018 (10) TMI 858

    Addition u/s 68 unexplained cash credits - share subscription amounts received - identity, genuineness and creditworthiness - Held that - AO(s) made u/s 68 unexplained cash credits additions of share premium in case of first four entities and accepted similar credits of ₹20,45,00,000/- to be genuine satisfying all parameters of identity, genuineness and creditworthiness. It can therefore be safely assumed that all these additions sums formi....... + More


  • 2018 (10) TMI 857

    TDS u/s 194C - genuineness of transactions and the payments made for booking/hiring truck - additions/disallowance u/s 40(a)(ia) on account of non deduction of tax at source - Held that - When on the basis of the record it is not disputed that the requirements of further proviso were fulfilled, the assessee was not required to make any deduction at source on the payments made to the sub-contractors. If that be our conclusion, application of secti....... + More


  • 2018 (10) TMI 856

    Penalty u/s 271(1)(c) - addition for bogus purchase - Held that - The instant appeal before us relates to penalty levied on the alleged addition of ₹ 21,64,100/-. The basis of calculating the penalty is the alleged addition. As Co-ordinate bench has deleted the addition to the extent of 75% of the alleged bogus purchases and the remaining addition is only at ₹ 5,41,025. We are of the considered view that the alleged penalty of ₹....... + More


  • 2018 (10) TMI 855

    Addition on account of share capital/premium received - unexplained share Premium Received by the assessee - unexplained unsecured loans received by the assessee - Held that - After pointing out all these defects, CIT(A) directed the AO to file its remand report. On perusal of the remand report, we find that none of the above defects, stand meet out in the remand report. AO has only referred to some ITI report stating that none of the four compan....... + More


  • 2018 (10) TMI 854

    Disallowance on account of Repair and Maintenance expenses - nature of expenses - revenue or capital - Held that - We find that assessee has incurred expenditure on repairs and renovation in its existing premises. 76 existing make-up rooms have been repaired and renovated. From this it is evident that no new asset has come into existence. The existing make-up rooms have been renovated. The authorities below have found that the repairs are substan....... + More


  • 2018 (10) TMI 853

    Allowability of deduction u/s 80P - denial of claim by CIT-A solely on the ground that the assessee had not made a claim in the original or in the revised return of income - Held that - The reasoning of the CIT(A) cannot be appreciated in the light of law laid down by several High Courts wherein it was held that there is no embargo on the powers of the CIT(A) to entertain the legal claim which the assessee is entitled to. As in the case of CIT vs....... + More


  • 2018 (10) TMI 852

    Entitled to the benefit of section 10(37) - nature of land - acquisition of the urban agricultural land as a compulsory acquisition - Held that - The assessee s 70 cents of land at Vizhinjam Village was notified for compulsory acquisition by Government of Kerala for developing Vizhinjam International Seaport. Though the acquisition proceedings were taken under the Land Acquisition Act, the final price was fixed upon negotiated sale agreement. - A....... + More


  • 2018 (10) TMI 851

    Revision u/s 263 BY CIT-A - addition u/s 68 - disallowance on account of cessation & remission of liability u/s 41(1) - Held that - In the present case, the AO had made the additions of 10% of the creditors for the reason that the assessee could not produce the creditors although a request was made by the assessee to issue the commission to the respective AO s having the jurisdiction over those creditors or issue the summons u/s 131(1) of the....... + More


  • 2018 (10) TMI 850

    Disallowance u/s 14A in computation of book profit u/s 115JB - Held that - Hon ble Supreme Court rendered in Apollo Tyres Ltd. Vs. CIT 2002 (5) TMI 5 - SUPREME COURT which held that the Assessing Officer did not have the jurisdiction to go behind the....... + More


  • 2018 (10) TMI 849

    Eligibility for netting the interest received from the interest expenditure incurred by the assessee - Net interest income included in the income of the assessee - Held that - The total interest has been received from the booking to the date of cancellation by the HUF of ₹ 20,71,233/- which is eligible for deduction for the payment of interest of ₹ 34,32,926/- as per section 57 of the Act because this interest has been received out of....... + More


  • 2018 (10) TMI 848

    Disallowance U/s.14A - exclude the investments made from own interest free funds and the investment which did not earn dividend income while computing disallowance - Held that - We find that with respect to disallowance U/s.14A of the Act, we held that application of Rule 8D is not automatic. If the assessee computes to the satisfaction of the Ld.Revenue Authorities the expenses incurred by it with respect to investments earning exempt dividend t....... + More


  • 2018 (10) TMI 847

    Allowing mark to market loss on account of outstanding forward contract liability - Held that - Issue under consideration is squarely covered by the decision of jurisdictional High Court in case of D. Chetan & Co. 2016 (10) TMI 629 - BOMBAY HIGH COURT and also by London Star Diamonds Co. (India) Pvt. Ltd. 2016 (10) TMI 1110 - BOMBAY HIGH COURT . We also found that CIT(A) has dealt with the issue threadbare and after giving detailed finding re....... + More


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