2018 (7) TMI 1324
Order of furnishing a bank guarantee to get release the entire stock of sugar seized in search - Settlement commission orders - refund claim - Held that - It is well settled that the Department is entitled to secure the tax liability by keeping the goods seized. The petitioner was directed to furnish a bank guarantee of ₹ 63,85,000/-, but instead of complying the aforesaid direction, the petitioner furnished bank guarantee of only ₹ 4....... + More
2018 (7) TMI 1323
CIT s power of revision u/s 263 - fulfillment of two conditions on the material available on record to exercise power under Section 263 - Held that - It is clear that suo motu power under Section 263 of the Act can be exercised by the Commissioner if two conditions; firstly the assessment order passed is erroneous; and secondly the order is prejudicial to the interest of Revenue are satisfied. - Commissioner, while exercising power under Section ....... + More
2018 (7) TMI 1322
Powers of revision u/s 264 - condonation of delay - Held that - It was only after Assessing Officer, by his order dated 25th March, 2016 held that, this deduction of ₹ 4.25 crores relates to Assessment Year 2012-13 and therefore could not be allowed in the Assessment Year 2013-14 that the petitioner was compelled to file the Revision Petition so as to claim the deduction. This to ensure that, in atleast one of the two assessment years it ge....... + More
2018 (7) TMI 1321
Grant of relief to the assessee u/s.80IA(4) - whether income of the assessee from the Industrial Park whether to be assessed under the head Income from Business, without going into admissibility of the claim on merits - Held that - Apex Court reported in COMMR. OF INC. TAX v. COCANADA RADHASWAMI BANK LTD 1965 (4) TMI 11 - SUPREME COURT held that the head under which income is assessed is not relevant for the purpose of claiming exemption under th....... + More
2018 (7) TMI 1320
Rejecting the application for settlement for all the Assessment Years on the ground that the petitioner had not made true and full disclosures - Held that - The Supreme Court in the case of Ajmera Housing Corporation and another v. Commissioner of Income Tax, 2010 (8) TMI 35 - SUPREME COURT OF INDIA had emphasized the requirement of true and full disclosure in settlement proceedings and high lighted that such disclosures should be made at the out....... + More
2018 (7) TMI 1259
Depreciation on building held on long term lease for 99 years - Held that - We find on an examination of the subject order of the tribunal that in legal principle the tribunal has not been able to deny the claim that a lessee of over 12 years of a place of business is deemed to be the owner under the Income Tax Act, 1961 and can claim depreciation. But as far as the case of the assessee is concerned, we find that the Tribunal has not been able to....... + More
2018 (7) TMI 1258
TPA - exclude the expenditure in foreign currency from the export turnover and the total turnover for provision in section 10A - searching for comparable companies of the assessee under TNMM - substantial question of law - Held that - This Court in Prl.Commissioner of Income Tax & Anr. Vs. M/s.Softbrands India Pvt. Ltd. (2018 (6) TMI 1327 - KARNATAKA HIGH COURT ) has held that in these type of findings of the learned Tribunal remained final f....... + More
2018 (7) TMI 1257
Denial the benefit under Section 80P(2) - co-operative banks or not - Held that - It is not in dispute that the assesses/respondents herein are engaged in providing credit facilities to its members and have not obtained any banking licence to deny the benefit under Section 80P(2) of the Act as falling under Section 80P(4) of the Act, as a co-operative bank. The position of these assesses as co-operative societies being clear they cannot be constr....... + More
2018 (7) TMI 1256
Assessment of foreign company - Non adherence to mandatory requirements of Section 144C - assessment order passed without having passed the necessary draft Assessment Order under Section 144C(1) - mandations applicable to a Foreign Company such as the petitioner - Held that - Fresh adjudication itself would imply that it would be an order which would decide the lis between the parties, may not be entire lis, but the dispute which has been restore....... + More
2018 (7) TMI 1255
Accrual of income - Nature of Lease Finance by hire purchase lease whether the transaction is only a finance lease? - accounting standards - Held that - The impugned order is squarely covered by the judgment of this Court in Simpson and General Finance Co. Ltd., Vs. Deputy Commissioner of Income Tax 2014 (4) TMI 215 - MADRAS HIGH COURT as held there was no justifiable ground to accept the case of the assessee that based on AS19 only that the agre....... + More
2018 (7) TMI 1175
Benefit of exemption under Section 10(10C) - assessee as retirees of the ICICI Bank under Early Retirement Option Scheme, 2003 as filed a revised return well beyond the period stipulated under Section 139(5) - Held that - All the contentions which were advanced by the second respondent in the counter affidavit have been dealt with by this Court and thereafter, the writ petition has been allowed. I find that there is absolutely no ground made out ....... + More
2018 (7) TMI 1174
Addition u/s 68 - Held that - As noticing the fact that the assessees are Institutions in the Co-operative sector and taking note of its members who are from the general public as also from the marginalised sections, we are of the opinion that an opportunity could be afforded to the assessees to produce the details of deposits. - To avoid any recalcitrant attitude by the assesses, we directed the learned Counsel to file an affidavit of undertakin....... + More
2018 (7) TMI 1173
Revision u/s 263 - affirmation made by the Tribunal of the electricity charges for the period prior to the purchase being taken as capital expenditure - Order erroneous and prejudicial to revenue - Held that - No discussion by the AO of having accepted the claim of the assessee that the remittance of prior electricity charges under One Time Settlement Scheme was a revenue expenditure. The learned counsel for the assessee has relied on Annexure-C ....... + More
2018 (7) TMI 1172
Validity of reopening of assessment - Assessing Officer empowered to reopen an assessment based on a subsequent Supreme Court decision - Section 80 HHC denied for tyre retreating charges - whether reopening of the assessments both within four years and beyond four years could have been done for the reasons assigned by the Revenue? - Held that - As pointed out in the preceding paragraphs, the Assessing Officer, while reopening the assessment, has ....... + More
2018 (7) TMI 1171
TDS liability on assessee society - rectification application filed as found that the Demand as per Traces for the Financial Year 2010-11 for the petitioner Mission amounts to ₹ 3,54,120 but, the respondent Income Tax department in the impugned order dated 27.3.2018 for the Financial Year 2010-11 have assessed an amount of ₹ 6,84,60,590/- which is almost double of the said amount which is still pending for disposal - Held that - The m....... + More
2018 (7) TMI 1095
Transfer of case u/s 127 - Held that - Revenue has not placed anything on record to show, that CCIT, Pune has given a consent to request of CCIT (Central), Mumbai so as to constitute agreement as a pre-condition for invoking powers under Section 127. Absence of dissenting note from officer of equal rank who has to agree to the proposed transfer would not constitute Agreement, envisaged under Section 123(2)(a) of the Act. Thus, making the impugned....... + More
2018 (7) TMI 1094
TPA - comparable selection - ALP - substantial question of law or fact - Held that - The controversy involved herein is no more res integra in view of the decision of this Court in M/S. SOFTBRANDS INDIA P. LTD. 2018 (6) TMI 1327 - KARNATAKA HIGH COURT , wherein it has been observed that unless the finding of the Tribunal is found ex facie perverse, the Appeal u/s. 260-A of the Act, is not maintainable....... + More
2018 (7) TMI 1093
Disallowance made u/s 40A(3) - whether a payment of about ₹ 56 lakh made by the assessee to a country liquor vending centre would fall under the exception contained in Rule 6DD(b) - Held that -Tribunal noticed the matter in the appropriate perspective and referred to a judgment rendered by the same Tribunal in another case pertaining to country-spirit. Tribunal referred to a notification published in the Kolkata Gazette on September 20, 200....... + More
2018 (7) TMI 1023
Transfer of case u/s 127 - petitioner has raised the objections - respondent did not consider the objections - authority of Centralisation Committee u/s 127(2) - Held that - Revenue has not placed anything on record to show, that CCIT, Pune has given a consent to request of CCIT (Central), Mumbai so as to constitute agreement as a pre-condition for invoking powers under Section 127 of the Income-Tax Act. Absence of dissenting note from officer of....... + More
2018 (7) TMI 955
Entitled to claim deduction u/s. 80IA - claim on the total income after excluding profits ( deduction ) derived from export business of the two new industrial undertakings where 80HHC claim is allowed - Held that - For the period prior to Assessment Year 1999-2000, the appellant would be entitled to claim deduction under Section 80IA of the Act on its entire profits without excluding the deduction available under other heads of Chapter VI A Part ....... + More
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