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Income Tax - Tribunal - Case Laws

Showing 1 to 20 of 55819 Records

  • 2018 (8) TMI 972

    Estimation of Income - Low Gross Profit (GP) rate - assessee expressed inability to furnish all supporting bills for purchase of materials and complete address and details of sundry creditors and also assessee failed to furnish supporting bills and vouchers in respect of transportation charges and wages. - Held that - rate of net profit at 5. 35%, 5. 16% and 5. 15% has been accepted by the department in the case of the assessee itself for the pre....... + More

  • 2018 (8) TMI 971

    Levy of penalty u/s 271(1)(c) - Assessment u/s 153A - revised return - Assessee contended that, when the assessee filed the return pursuant to notice u/s 153A of the Act and validly revised it, such return takes the place and deemed to have been filed the return u/s 139(1) of the Act and since the assessment is complete accepting the revised return, no penalty could be levied. - Held that - the return of income filed pursuant to the notice u/s 15....... + More

  • 2018 (8) TMI 970

    Exemption u/s 11 - Charitable activity - last limb of proviso to section 2(15) - activities carried out by the society which yielded income to the society are commercial in nature - CIT(A) has allowed the benefit of exemption by observed that, the assessee is purely a charitable and non-profit organization and I do not find that the assessee is involved in any trade, commerce or business and accordingly the AO is directed to allow the exemption t....... + More

  • 2018 (8) TMI 969

    Capital Gains - Valuation of sale of property - As the assessment was getting time barred the ld AO passed assessment order without waiting for the report of DVO taking the circle rate for stamp duty purposes as deemed sales consideration. - There is no specific manner provided by the act for making a claim before the Ld. assessing officer under section 50 C of the income tax act. Such claim can also be made in the return of income as well as in ....... + More

  • 2018 (8) TMI 968

    Long Term Capital Gain (LTCG) on sale of property - determination of ownership - Power of attorney (POA) holder of the non-resident assessee - Held that - the copy of the purchase agreement, Power of Attorney and the Sale Deeds of those immovable properties were duly produced by the assessee before the Ld. AO during the assessment proceedings. It appears from those documents that nowhere it is mentioned the assessee is the real owner of the prope....... + More

  • 2018 (8) TMI 919

    Nature of sale of Hotel premises - whether the sale of land and building of hotel is to be treated as slump sale or not - Scope of section 50B - Held that - The mistake committed in the return of income cannot be the basis of assessment of non-taxable receipt as income. - In order to understand whether the sale was a slump sale or sale of independent items of assets, necessary we have to examine the intention of the parties to the sale agreement........ + More

  • 2018 (8) TMI 918

    Short term or long term capital gain - determination of period of holding of property - the assessee has purchased the long term capital assest being godown as per agreement dt. 24-04-2008 - assessee has paid the Stamp Duty on the said agreement dt 20/04/2008 - part payment was made at the time of agreement - substantial and remaining payment was made as on 11-07-2008 and property got registered with the registrar. - Held that - In the instant ca....... + More

  • 2018 (8) TMI 917

    Assessment u/s 153A - undisclosed income - addition based on statement of the assessee during search which was not retracted - incriminating material - Although, the assessee has admitted undisclosed income for AY 2012-13, failed to disclose such income in the return of income; however, disclosed the same in the assessment year 2013-14. According to the assessee, it has admitted undisclosed income for AY 2012-13 by mistaken understanding of facts....... + More

  • 2018 (8) TMI 916

    Revision of assessment order u/s 263 - an order which is erroneous or detrimental to the interest of the revenue - invoking the provisions of section 36(1)(ii) - Commission paid to directors for services rendered - performance bonus paid to directors for services rendered to the company in terms of the board resolution. - Payment to avoid payment of dividend distribution tax (DDT) - Held that - The AO has called for necessary enquiries during the....... + More

  • 2018 (8) TMI 915

    Levy of fee u/s 234E - Late of submission of TDS returns - all the intimations under section 200A of the Act were issued before June 1, 2015 - Held that - When the intimations were issued before June 1, 2015, this Tribunal is of the considered opinion that the Assessing Officer has no jurisdiction to levy fee under section 234E of the Act. - this Tribunal is of the considered opinion that before June 1, 2015, the Assessing Officer cannot levy fee....... + More

  • 2018 (8) TMI 914

    Disallowing the expenses u/s 37(1) - After obtaining the Certificate of Commencement, the assessee company had taken several steps in connection with the setting up of a five star hotel - taxability of interest income derived from Fixed Deposits (FDs) and mutual funds under the head of other sources - Held that - we find more merit in the assessee s alternative plea for netting off the interest income against pre-operative expenses. On this alter....... + More

  • 2018 (8) TMI 913

    Disallowance made under section 14A on account of interest - assessee suo moto disallowed a certain sum - AO observed that, claim of the assessee of having earned the substantial income by way of dividend by incurring a nominal expenditure was not correct. - Held that - for the purpose of applying Rule 8D(2)(ii) prior to its amendment with effect from 02.06.2016, what would be considered as amount of expenditure by way of interest would be the in....... + More

  • 2018 (8) TMI 912

    Ad hoc disallowance of expenses on estimated basis - telephone expenses, deepawali expenses, rent, miscellaneous expenses and travelling expenses - whether expenses were incurred wholly and exclusively for the purpose of business - Held that - Assessing Officer has verified all the vouchers with the ledger account of these expenses but he could not be able to pinpoint any defect in such bills and vouchers maintained by the assessee, except expres....... + More

  • 2018 (8) TMI 911

    Income received from undivided share in I.T.Park - income from business or house property - Held that - the assessee may not have constructed the I.T.Park he is a developer of the I.T.Park. From the Memorandum of Association of the assessee company he has found that the main object of the assessee company is to carry on all or any of the business as estate builders of residential, office or any other type of accommodation and for that purpose to ....... + More

  • 2018 (8) TMI 910

    Assessee in Default u/s 201(1) - Failure to deduct tax at source (TDS u/s 192) - The assessee (KPTCL) paid cash equivalent to its employees at the time of their retirement - Exemption u/s 10(10AA) in respect of payment in lieu of leave period not availed by the employee - Sec.10(10AA) does not define as to who is to be regarded as employee of Central or a State Government. The revenue s case is KPTCL is not State Government but a statutory corpor....... + More

  • 2018 (8) TMI 857

    Disallowance of expenditure u/s 14A read with Rule 8D - assessee has made investments, which has resulted tax free income to the assessee - Held that - Hon ble Court have laid down that if there be funds available; both interest free, overdrafts and loans taken, then a presumption would arise that investment would be out of interest free funds generated or available with the company. The ld.DRP has failed to take note of the ratio laid down in th....... + More

  • 2018 (8) TMI 856

    Taxability of income of the appellant - permanent establishment ( PE ) in India - Royalty - supply of software - taxability of entire receipts from supply of software under section 44D read with section 115(l)(b)(A) of the Act - attribution of profit - Held that - since it has already been held in the hands of Reliance Communications 2018 (4) TMI 80 - ITAT MUMBAI by the elaborate order referred above that the payment made by it was not royalty in....... + More

  • 2018 (8) TMI 855

    Exigibility of tax of the profits of the assessee from the operation of ships in international traffic - Article-22 of DTAA - the phrase other than the profits from the operation of the ships in international traffic occurring in Article-7 - Double Taxation Avoidance Agreement between India and Switzerland ( Tax Treaty ) - Held that - the issue involved in revenue s appeal is squarely covered in favour of the assessee by a series of the decision ....... + More

  • 2018 (8) TMI 854

    Reopening of assessment - Taxability of deemed interest income on deposits - DTAA between India and Singapore - it is claimed that, operations of the said banking company had been wound up in December 2003 - further, the amount on which interest was earned was in the nature of a fixed deposit and not a loan prescribed as per Article 11(2)(a) of the India-Singapore DTAA . - Held that - once the reopening has been held to be invalid and the revenue....... + More

  • 2018 (8) TMI 853

    Accrual of income in India - managed hosting services - Royalty and / or Fees for Included Services under section 9(i)(vi) / (vii) - India- USA Double Taxation Avoidance Agreement ( DTAA ). - CIT(A) observed that, the income earned by the Appellant from customers for providing managed hosting services constituted consideration for use or right to use equipment. - Held that - A payment cannot be said to be consideration for use of scientific equip....... + More

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