2018 (9) TMI 1393
Addition of suppressed sale - additions of income made on the basis of SCN issued under the Central Excise - assessee contended that - Proceedings under cenrtal excise could not be finalized - Held that - We noticed that previously such an issue had come up for consideration before this Court in THE PRINCIPAL COMMISSIONER OF INCOME TAX RAJKOT-3 VERSUS VRUNDAVAN CERAMICS PVT. LTD. 2018 (5) TMI 1274 - GUJARAT HIGH COURT as held AO cannot be expecte....... + More
2018 (9) TMI 1392
TPA - exclusion/inclusion of comparables - Held that - Exclusion of companies of high brand value and operated on an economic upscale. Assessee is into performing medical transcription services thus companies functionally dissimilar with that of assessee need to be deselected from final list.
2018 (9) TMI 1327
Rejection of books of accounts - assessee has failed to produce the complete bills & vouchers for expenses many of them being unverifiable - Held that - No material is commended at to dispel the findings arrived by the Assessing Officer as regard to the defective unidentified, unverified method of accounting adopted by the assessee, which led the Assessing Officer to apply the best judgment assessment. - Presently, the entire case turn on fac....... + More
2018 (9) TMI 1326
Addition of suppressed sale - additions of income made on the basis of SCN issued under the Central Excise - assessee contended that - Proceedings under central excise could not be finalized - Held that - Similar issue came up for consideration before this Court in 2018 (5) TMI 1274 - GUJARAT HIGH COURT AO cannot be expected to defer completion of assessment awaiting final order of adjudication in excise proceedings at the risk of his assessment ....... + More
2018 (9) TMI 1325
Block Assessment - Undisclosed income u/s 158BA - whether in the course of search under Section 132, the material throwing new light on otherwise concluded assessments are disclosed and seized? - Held that - Referring to the mandate of Section 158B(b), the sum of ₹ 42 lakhs brought to tax by the AO in the entire circumstances of the case was reasonable given the materials seized, the survey conducted and the statements recorded during the c....... + More
2018 (9) TMI 1324
Penalty u/s. 271AAA - undisclosed income - failure to prove the manner in which income has been earned - disclosure made with the consent of the family members and all partners - Held that - Answer of partner to the addition to confirming the disclosure of undisclosed income, further stated that the income was earned by the group out of land related transactions which was not previously recorded in the books. This was thus specifically in complia....... + More
2018 (9) TMI 1323
Revision u/s 263 - as assessee itself having offered net profit at 27.48%, the Assessing Officer could not have computed profit at the rate of 15% of the total receipt - Held that - AO had after detailed inquiry, come to the conclusion that the assessee s projection of 12.5% of profit on the gross receipts was not substantiated. He therefore rejected the assessee s accounts and proceeded to estimate the net profit independently. That is how he ca....... + More
2018 (9) TMI 1322
Determination of compounding fee u/s 279 - Penalty under section 271(1)(c) - disallowance of claim of deduction for the provisions of income tax - Wilful attempt to evade tax - what would be the basic compounding charges that the petitioner must pay in order to avail the offer for compounding the offense? - Held that - Section 279 of the Act pertains to the prosecution to be at instance of the Principal Chief Commissioner or Chief Commissioner or....... + More
2018 (9) TMI 1321
Scrutiny assessment - notice u/s 143(2) was issued to the petitioner - Held that - With regard to status of the order of assessment dated 21.01.2016. It is for the petitioner to approach the Tribunal once again, by challenging the present impugned order, by raising all these contentions, so that the Tribunal will be in a position to clarify the effect of the earlier order passed, while considering the appeal to be filed against the present impugn....... + More
2018 (9) TMI 1320
TPA - exclusion of Media Research Users Council ( MRUC ) from the list of comparables for making transfer pricing adjustment - Held that - The reasons recorded for excluding MRUC from the list of comparables are multiple and not confined and restricted to the fact that MRUC was a not-for-profit organization. Reference to not for profit , motive was to show that major source of income earned by MRUC was in form of membership and subscription fee f....... + More
2018 (9) TMI 1319
Claim of expenditure as provision for warranty - whether provision was made on a scientific basis on the basis of actual warranty cost incurred in the year and the outstanding warranty risk and not an adhoc estimate? - Held that - Assessee filed a paper book containing the movement in provision for warranty and note on allowability of provision for warranty with annexures, which were placed before the Assessing Officer, CIT(A) as well as the Trib....... + More
2018 (9) TMI 1318
Revision under Section 264 - Held that - Though an exception is taken by the petitioner against the affidavit filed by the Revisional Authority justifying the order, which as per the petitioner is impermissible, as the order under challenge has been passed by the Authority concerned in her capacity of quasi-judicial Authority. - Respondents fairly submits that the petitioner/assessee had raised a ground regarding non-service of notice under Secti....... + More
2018 (9) TMI 1252
Discretionary power u/s 197 r.w.r. 28AA of the Income Tax Rules - whether it is the Assessing Officer who has to be satisfied that the tax is to be deducted at Nil or Zero rate or Reduced rate and that satisfaction of the Assessing Officer must be reflected from his order? - Held that - The apprehension of the petitioner is that there was an exercise of a discretionary power in terms of subsection (1) of Section 197 and the deduction of income ta....... + More
2018 (9) TMI 1251
Addition u/s 68 - Held that - The assessee cannot simply provide some details such as Permanent Account Number, business address, the account which was maintained and a Bank Statement, or a Company s Master Data maintained by the Registrar of Companies. The assessee is obliged to explain the surrounding circumstances and the backdrop in which the transactions took place. In the case of five entities, the Tribunal referred to these details and con....... + More
2018 (9) TMI 1250
Gain arising on account of securitization of lease receivables and credited to the Profit & Loss Account - whether a taxable receipt in the current assessment year? - assessee also contended that this notional income was in the nature of a capital receipt, and therefore, could not be subjected to tax - Held that - We fail to see how the questions of law reproduced by us above, give rise to any substantial question of law. The finding given by....... + More
2018 (9) TMI 1249
Rectification of mistake u/s 154 - whether the issue of exclusion of export incentive from total turnover for the purpose of deduction under Section 80HHC is not a debatable issue and is rectifiable under Section 154? - Held that - In the instant case, it is only a computation error and it is not an omission to make a claim for deduction. Furthermore, the identical relief was granted in respect of the assessment year 2000-2001 at the stage, when ....... + More
2018 (9) TMI 1248
Revision u/s 263 - undisclosed hawala trading - Held that - We do not find that in this case there is any substitution of the views of the Assessing Officer, but there was a clear failure to abide by the statutory mandate and by making an estimate so also accepting a vague and general explanation of the assessee, the assessment has been made, then, it will undoubtedly be erroneous insofar it is prejudicial to the interest of the Revenue. - It is ....... + More
2018 (9) TMI 1247
Set off of MAT Credit - MAT credit set off from the tax payable before setting off the Tax Deducted at Source and Advance Tax paid - Held that - The issue has no longer res integra and has been settled by the Hon ble Supreme Court in the case of CIT V. Tulsyan NEC Ltd.(2010 (12) TMI 23 - SUPREME COURT OF INDIA). The issue involved in the batch of appeals before the Supreme Court filed by the Department was relating to the question as to whether M....... + More
2018 (9) TMI 1182
TPA - Comparable selection criteria - including Motilal Oswal Investment Advisors Pvt. Ltd. in the final set of comparables - Held that - Tribunal concluded that though Motilal Oswal Investments Advisory Pvt. Ltd. was declaring a solitary stream of operating income under the head advisory fee , but un-disputedly it was engaged in diversified fields and the financial results for each segment were not seperately available. - Considering that it eng....... + More
2018 (9) TMI 1181
Deduction under section 80IB(10) - assessee is engaged in the business of housing development - AO disallowed the claim mainly on the ground that the assessee was not the owner of the land and the approval of the project was not in the name of the assessee - Held that - Various issues arising out of the claim of different assessee s under section 80IB(10) came to be thrashed out in case of Commissioner of Income Tax vs. Radhe Developers 2011 (12)....... + More
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