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Income Tax - Tribunal - Case Laws

Showing 1 to 20 of 52525 Records

  • 2018 (2) TMI 1283 - ITAT KOLKATA

    Shib Shankar Mondal And Ors. Versus I.T.O. Ward 1 (4) , Hooghly

    Addition on account of mileage rebate - AO rejected the claim of the assessee on the basis of the earlier years figures as well as the statement of three dealers without verifying the documentary evidence filed by the assessee - Held that - The documentary evidence placed on record by the assessee is very much relevant to decide the issue relating to the assessee s claim that the entire mileage rebate having been distributed to the concerned deal....... + More


  • 2018 (2) TMI 1282 - ITAT DELHI

    M/s H & S Software Development And Knowledge Management Centre Pvt. Ltd. Versus Income Tax Officer, Ward-12 (4) And Deputy Commissioner of Income Tax, Circle-11 (1) , New Delhi

    Addition on account of arm s length price adjustment - selection of comparable - Held that - The assessee is responsible for processing informations contained in the resumes according to the pre-set criteria developed by AEs and including it into Search Palace. The database of resumes and Search Palace are accessible by AE s global operations. The assessee is also responsible for ensuring quality and consistency in data entry for Search Palace, d....... + More


  • 2018 (2) TMI 1281 - ITAT COCHIN

    The Dy. Commissioner of Income-tax, Circle 2 (1) , Trivandrum Versus M/s. Navaikulam Service Co-operative Bank Ltd.

    Entitlement for exemption u/s. 80(P)(2) - assessee being a Primary Agricultural Credit Co-operative Society registered under the Kerala Co-operative Society Act - Held that - Hon ble jurisdictional High Court in the case of Chirakkal Service Cooperative Bank Ltd vs. CIT 2016 (4) TMI 826 - KERALA HIGH COURT has held that the primary agricultural credit society registered under the Kerala Cooperative Societies Act, 1969, is entitled to the benefit ....... + More


  • 2018 (2) TMI 1280 - ITAT DELHI

    M/s. India Yamaha Motor Private Ltd. Versus ACIT, LTU, New Delhi

    Determination of ALP of international transaction qua payment of royalty - TPO has disallowed the royalty payment on the ground that the taxpayer has not been able to prove any real tangible benefit that has passed to him by technology received from its AE - Held that - When AE has granted exclusive nontransferable and non-divisible licence to use the technical information for manufacture, to use Yamaha trademark and permit the company dealers to....... + More


  • 2018 (2) TMI 1279 - ITAT DELHI

    DCIT, Circle-5 (2) , New Delhi Versus Cedar Support Services Ltd.

    Addition u/s 14A r.w.r. 8D - proof of having any exempt income - Held that - In the present case, it is an admitted fact that the assessee was not having any exempt income which is evident from para 3.2.4 of the impugned order passed by the learned CIT(A) wherein it has been categorically stated that the assessee company had not earned any exempt income during the year. The said observation of the learned CIT(A) was not rebutted. - As decided in ....... + More


  • 2018 (2) TMI 1278 - ITAT AHMEDABAD

    Shri Sandip Shantilal Mehta Versus ITO, Ward 7 (4) , Ahmedabad

    Penalty u/s 271(1)(c) - addition for outstanding expenses for purchase of goods and expenses u/s. 68 and addition of opening balance of Deposits - summons u/s.131 - Held that - A.O. had issued summons u/s.131 to (1) Vikibhai M. Raval (2) Bakulbhai Panchal and (3) Vijay Mahasan and had recorded their statements. On the basis of such statements addition of ₹ 7,50,572/- was made. The appellant was not informed about the statements recorded u/s....... + More


  • 2018 (2) TMI 1277 - ITAT PUNE

    Associated Dairy Fab Pvt. Ltd. Versus The Jt. Commissioner of Income Tax And Vice-Versa

    Claim of depreciation in respect of vehicles which were registered in the name of directors of the assessee company - Held that - The assessee is entitled to claim of depreciation on cars which are registered in the name of directors, where the funds for purchase of the said vehicles has been paid by the assessee company and the same have been shown as asset of the assessee company and also the vehicles were used by the assessee company. In view ....... + More


  • 2018 (2) TMI 1276 - ITAT MUMBAI

    Benite Steels Limited Versus Income Tax Officer-1 (1) (1) Mumbai

    Reopening of assessment - receipt of certain information from Sales Tax Department, Maharashtra regarding dealers indulging in bogus purchase bills and it was noted that the assessee stood beneficiary of such bogus purchase bills - CIT(A) restricted the disallowance to 12.5 . - Held that - Tribunal already 2018 (2) TMI 1201 - ITAT MUMBAI found the addition as estimated by Ld. CIT(A) to be reasonable one and dismissed the revenue s appeal and ther....... + More


  • 2018 (2) TMI 1275 - ITAT RAIPUR

    DCIT-1 (1) , Raipur-1 Versus Navbharat Press

    Disallowance of interest u/s.36(1)(iii) - CIT-A deleted the addition as interest bearing funds were used for non-business purposes - Held that - The finding of CIT(A) that the assessee had sufficient non-interest bearing funds available with it for partners withdrawals, was not controverted by the DR by bringing any cogent and positive material on record. Further, the finding of CIT(A) that the payment of interest was commercially expeditent was ....... + More


  • 2018 (2) TMI 1274 - ITAT JAIPUR

    The ACIT, Circle -2, Alwar Versus M/s Safe Decore Pvt. Ltd. And Vice-Versa

    Addition u/s 56(2)(vii)(b) r.w.r. 11UA of the IT Rule, in respect of the equity shares issued by the assessee company - Held that - In view of the statutory provisions giving options to assessee to adopt any of the methods which can be compared with the Net Asset Value Method and the AO shall adopt the value whichever is higher. In the case of the assessee the Fair Market Value determined as per the discounted cash flow method at ₹ 54.98 pe....... + More


  • 2018 (2) TMI 1273 - ITAT DELHI

    Ridge View Developers Pvt. Ltd. Versus The D.C.I.T, Central Circle-18, New Delhi

    Validity of Assessment u/s 143(3) - assessment for Assessment year 2009-10 has been framed by an order dated 31.12.2010 u/s 143(3) instead of section 153C - Held that - since the date of satisfaction note is 4.10.2010, the year of search would be Assessment year 2011-12 and as such, based on the said note, six assessment years for framing assessment u/s 153C of the Act would be assessment year 2005-06 to assessment year 2010-11. In the instant ca....... + More


  • 2018 (2) TMI 1272 - ITAT KOLKATA

    M/s Vodafone Essar East Ltd. formerly known as Hutchison Telecom East Ltd. Versus JCIT, Range-7, Kolkata And Vice-Versa

    Adjusting the unabsorbed depreciation while computing the book profit u/s 115JB - MAT application - Held that - We find that the amounts of brought forward losses are greater than the amount of unabsorbed depreciation. The assessee is entitled for unabsorbed depreciation amounting to ₹37,35,12,000/- only. There was a profit in the assessment year 2002-03 for ₹ 2,79,09,000/- before the claim of the depreciation pertaining to that AY 20....... + More


  • 2018 (2) TMI 1212 - ITAT AHMEDABAD

    Smt. Kantaben Ramjibhai Chaudhari C/o. Jay Prabhu Seeds & Ginning Factory Versus ITO, Ward-2 Gandhinagar

    Rejection of books of accounts - profit estimation - Held that - Income has to be computed in accordance with the method of accountancy followed by an Assessee i.e. cash or mercantile, such method has to be followed keeping in view the Accounting Standard notified by the Central Government from time to time. Sub clause 3 provides a situation, that is, if the Assessing Officer is unable to deduce the true income. On the basis of method of accounta....... + More


  • 2018 (2) TMI 1211 - ITAT AMRITSAR

    M/s. Raga Motors P. Ltd. Versus Deputy CIT, Circle-IV, Jalandhar

    Disallowance of commission expenses - Held that - A customer intending to purchase a vehicle would visit an auto dealer directly, and on the basis of discussions, including demonstration, as well as other relevant factors, viz. past experience, reputation of the manufacturer, etc., take a decision, also co-opting the information gathered from other such dealers of the same or different manufacturers, i.e., as per his needs and budget. Why, then, ....... + More


  • 2018 (2) TMI 1210 - ITAT DELHI

    DCIT, Circle-4 (2) , New Delhi Versus M/s. Bestexx MM India Pvt. Ltd.

    Transfer pricing adjustment - assessee s payment of royalty to its AE - MAM selection - ALP determination - Held that - The assessee s payment of royalty to its AE was justified by using the external CUP, that is, by placing catena of comparable uncontrolled transaction of the third parties. TPO without actually carrying out any analysis of the comparables during the remand proceedings or assigning any basis had simply held that royalty should be....... + More


  • 2018 (2) TMI 1209 - ITAT MUMBAI

    Ashok Keshavlal Tejuja Versus ACIT, CIR 18 (1) , Mumbai

    Deduction u/s 54F - new residential flat is situated outside India and hence deduction u/s 54F is not available - Held that - There is an amendment by Finance Act 2014 in Section 54F, with effect from 01.04.2015 wherein the benefit of deduction u/s 54F will be allowed only when reinvestment in residential house property is made within India. Prior to the aforesaid amendment , there was no bar for the taxpayer making investments outside India in r....... + More


  • 2018 (2) TMI 1208 - ITAT KOLKATA

    Arunashis Sarkar Versus Income Tax Officer And Vice-Versa

    Validity of return - it was submitted by the assessee that the original return on 29.09.2010 in physical form was filed by him and since the subsequent return in electronic form on 26.05.2011 was not filed by him, the same should be ignored. It was also submitted by the assessee that the said return was filed by somebody else with ill intention giving higher figures of sale, purchase and other expenses. - Held that - We find merit in this content....... + More


  • 2018 (2) TMI 1207 - ITAT CHENNAI

    M/s. PNN Steel Pvt. Ltd. Versus The Income Tax Officer, Corporate Ward-5 (2) , Chennai

    Unexplained cash credit u/s.68 - proof of the claim of the share application money received - Held that - Perusal of the bank accounts shows that in all the cases, transactions are with identical companies, from where, the money is coming and it is received either on the same day or immediately previous day to the date of transfer of the funds through RTGS. Admittedly, these evidences need to be examined in detail. This being so, the issues in th....... + More


  • 2018 (2) TMI 1206 - ITAT DELHI

    M/s D.S. Realtors Pvt. Ltd. C/o RRA Taxindia, New Delhi Versus DCIT, Central Circle-04, New Delhi

    Assessment u/s 153A - disallowance u/s. 40A(3) - Held that - Since assessee has not claimed any expenditure, therefore, no disallowance can be made during the year under consideration. See M/s Galaxy Dwellers (P) Ltd. vs. DCIT 2017 (11) TMI 112 - ITAT DELHI . - Hon ble Punjab & Haryana High Court in the case of Gurdas Garg vs. CIT (2015 (8) TMI 569 - PUNJAB & HARYANA HIGH COURT) has held that where genuineness of transactions made in cash....... + More


  • 2018 (2) TMI 1205 - ITAT LUCKNOW

    M/s Agrahari Builders Pvt. Ltd. Versus Dy. C.I.T., Range-VI, Kanpur

    Penalty u/s 271(1)(c) - depreciation claim - Held that - Assessee had filed complete particulars with respect to assets on which depreciation was claimed. The assessee has also filed chart of fixed assets placed at page No. 3 of the paper book showing claim of the said depreciation. From the above documents itself, the Assessing Officer has observed that the assessee has claimed depreciation to the extent of ₹ 2,57,677/- and therefore, it c....... + More


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