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Income Tax - High Court - Case Laws

Showing 1 to 20 of 46614 Records

  • 2018 (5) TMI 1389

    Penalty u/s 271(1)(c) - discretion to impose penalty ranges between equivalent to amount of tax sought to be evaded to three times that much - Held that - We may record our disapproval of the approach adopted by the Tribunal while reducing the penalty. In plain terms, statutory provisions contained in section 27 envisage penalty which would be 100% of the tax sought to be evaded and which may go up to 300% thereof. The Tribunal, however, found a ....... + More


  • 2018 (5) TMI 1388

    Eligibility to scheme known as Income Declaration Scheme, 2016 - charges framed by the Special Judge, Anti Corruption, CBI against the petitioner - Held that - Admittedly Section 420 of IPC is an offence which comes under Chapter XVII of the IPC. The Scheme, of which the petitioner is seeking benefit, categorically stipulates that in case prosecution is going on against a person for any offence punishable under Chapter IX or Chapter XVII of the I....... + More


  • 2018 (5) TMI 1387

    Reopening of assessment - original return filed by the assessee was accepted without scrutiny - Held that - AO had analyzed the voluminous material collected by the Revenue during the search operations in connection with Venus Group. This material prima facie suggested huge cash transactions in connection with sale of lands against the total declared sale consideration of ₹ 8.21 Crores rounded off . The material prima facie suggests that th....... + More


  • 2018 (5) TMI 1386

    Reopening of the assessment u/s 147 - as per AO income chargeable to tax had escaped the assessment - the assessee had already tabulated necessary details as were required by the Assessing Officer at the time of original assessment - there was no failure on the part of the assessee to disclose fully and truly any material facts which were necessary for assessment - Held that - reopening is not permissible after lapse of 4 years from the end of th....... + More


  • 2018 (5) TMI 1369

    Reopening of assessement - case of petitioner is that Since amalgamation, the company had no legal existence - also, it was claimed that M/s. Dharmanath Share & Services Private Limited was subjected to assessment under Section 153 C of the Act in which entire transactions; including the commission amount, have been taxed. The same cannot now be taxed in the hands of assessee - Held that - Division Bench of this Court in case of Khurana Engin....... + More


  • 2018 (5) TMI 1327

    Reopening of assessment - objections filed by the petitioner pursuant to the notice issued u/s 148 not been disposed of by the respondent-Authority - non passing a speaking order - Held that - Passing of the assessment order sans disposing of the objections raised subsequent to issuance of the notice under Section 148 of the Act is untenable and accordingly, the impugned assessment order as well as the demand notice are set-aside. See M/S. DEEPAK....... + More


  • 2018 (5) TMI 1277

    Exemption u/s 11 - income of the assessee trust being diverted for non-charitable purposes - Held that - Appellate Tribunal interpreted the relevant provisions to imply that it is only if a person contributes more than ₹ 50,000/- to the assessee charitable trust and the trust makes some payment to such person, would the transaction fall within the mischief of the relevant provisions. Appellate Tribunal found, as a matter of fact, that the R....... + More


  • 2018 (5) TMI 1276

    Loss in connection with the hedging contract - business loss or speculative loss - Held that - Similar issue was considered by this Court in case of this very assessee for earlier years 2018 (5) TMI 1240 - GUJARAT HIGH COURT as held admittedly, the assessee is not a dealer in foreign exchange. For the purpose of hedging the loss due to fluctuation in foreign exchange while implementing the export contracts, the assessee had entered into forward c....... + More


  • 2018 (5) TMI 1275

    Entitlement to benefit of deduction u/s 54F - construction of the flats for personal use was completed before the sale of the capital asset - Held that - The assessee s claim for deduction u/s.54F of the Act cannot succeed except in relation to the transfer of a flat in favour of Kankuben Mansingbhai Patel, which had happened before the completion of construction. In such a case, since construction can be stated to have been carried out after the....... + More


  • 2018 (5) TMI 1274

    Addition of suppressed sale - additions of income made on the basis of SCN issued under the Central Excise - assessee contended that - Proceedings under cental excise could not be finalized - Held that - Assessing Officer cannot be expected to defer completion of assessment awaiting final order of adjudication in excise proceedings at the risk of his assessment getting time barred. Even otherwise, in a given case, the material that may be brought....... + More


  • 2018 (5) TMI 1273

    Contributions towards Provident Fund made beyond the due date specified in section 36(1)(va) - whether no disallowance u/s. 43B can be made if the same is made before due date of filing of return? - Held that - Since the question, whether such disallowance should be sustained or not depends on this crucial fact, we would place the matter before the Assessing Officer for giving effect to this order after ascertaining such fact. We make it clear th....... + More


  • 2018 (5) TMI 1272

    Claim of deduction u/s 35(1) - expenditure of capital nature on scientific research related to the business carried on by the assessee - Tribunal remanded the proceedings for fresh disposal in view of the fact that the opinion of the prescribed authority under the said section was not still available - Held that - It can be seen from the record that over 10 years since the completion of the assessment year and the filing of the return, the report....... + More


  • 2018 (5) TMI 1271

    Addition u/s 69 - unexplained investment in the property - difference in purchase consideration as per the banakhat and the final Conveyance Deed found during the course of search - Held that - Only component principally missing was the furniture and fixtures which the owners were themselves allowed to sale which fetched a sum of ₹ 90 lakhs. There still remained a shortfall of ₹ 2.20 crores which had to be explained by the assessee. H....... + More


  • 2018 (5) TMI 1270

    Capital gain computation - ITAT not accepting cost of acquisition as on 01.04.1981 of the land sold - in the present case as per the certificate of the Mamlatdar (S), Diu & Dadaranagar Haveli submitted by the assessee herself in the assessment proceedings showing the Fair Market Value at ₹ 50/per sq. mtrs.- Held that - AO has without any other reference, compared the sale instance of another village and arrived at the valuation of ͅ....... + More


  • 2018 (5) TMI 1269

    Allowability to exemption u/s. 11 & 12 - rent paid by the assessee to the trustees or to the HUF where the karta was the trustee of the respondent-trust - as per AO payment of such rent would fall foul of section 13(1)(c) income of the trust not qualify for exemption - Held that - A total amount of valuation of land and building came to ₹ 25.66 crores. It was pointed out that the current fair market value of the property would come to &....... + More


  • 2018 (5) TMI 1268

    Tax liability arising due to MAT provisions - Levy of interest u/s 234B and 234C, while computing the MAT under the deeming provisions of Section 115J - Held that - The Hon ble Supreme Court, in the case of Rolta India Ltd., (2011 (1) TMI 5 - SUPREME COURT OF INDIA) considered the correctness of an order passed by the Karnakata High Court in the case of Kwality Biscuits (supra) and took into consideration various decisions of the other High Court....... + More


  • 2018 (5) TMI 1267

    Recovery of dues - Justification issuing notice u/s 226(3) - Held that - The appeal time for preferring an appeal against the order passed by the CIT (A) dated 15.03.2018 expires only on 18.05.2018, if in the meantime, the demand is enforced and the tax is recovered then the very purpose of filing an appeal will be negated and such an appeal is liable to become infractuous. Therefore, the Authority has to necessarily wait till the the expiry of a....... + More


  • 2018 (5) TMI 1266

    Validity of reference made by AO to the TPO of the petitioner s specified domestic transactions - safe harbour rule application - Held that - In the present case, admittedly, after the petitioner exercised option for application of safe harbour rules in accordance with the provisions of rule 10THC the Assessing Officer passed no order under subrule( 4) of rule 10THD declaring that the exercising of option was invalid. In terms of subrule( 7) and ....... + More


  • 2018 (5) TMI 1265

    Reopening of assessment - Jurisdiction of the Assessing Officer at Mumbai to initiate proceedings under Sections 147 and 148 - Held that - Plea of assessee that jurisdiction of the Assessing Officer at Mumbai was that as he has not filed returns and was not assessed at Mumbai, the Assessing Officer concerned at Mumbai had no jurisdiction is wholly without any merit. The jurisdiction of an Assessing Officer does not depend upon the fact whether a ....... + More


  • 2018 (5) TMI 1240

    Loss in connection with the hedging contract - business loss or speculative loss - Held that - Admittedly, the assessee is not a dealer in foreign exchange. For the purpose of hedging the loss due to fluctuation in foreign exchange while implementing the export contracts, the assessee had entered into forward contract with the banks. In some cases, the export could not be executed and the assessee had to pay certain charges to the Bank and thereb....... + More


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