2017 (8) TMI 571 - DELHI HIGH COURT
Principal Commissioner of Income-Tax (Central) Versus T.S. Pulses Pvt. Ltd.
Assumption of jurisdiction and the scope of the additions u/s 153C - Held that - In the absence of any incriminating material qua the Assessee, the applicability of the decision of this Court in CIT v. Kabul Chawla (2015 (9) TMI 80 - DELHI HIGH COURT) is not in doubt. No substantial question of law - Decided against revenue........ + More
2017 (8) TMI 570 - DELHI HIGH COURT
Pr. Commissioner of Income Tax-6, New Delhi Versus Modi Industries Ltd.
Income from three properties given on rent - business income or income from house property - Held that - ITAT has taken note of the fact that income from at least two of the three properties in question had been consistently treated as income from house property and accepted as such by the Revenue. Regarding the income from the third of those properties, although a remand was ordered by the ITAT to the AO for redetermination, the Assessee has cho....... + More
2017 (8) TMI 569 - MADRAS HIGH COURT
Mrs. Begum Pasha Bee Versus The Principal Chief Commissioner And Others
Private parties seeking information u/s 138(1)(b) of the Income Tax Act, 1961 about the assessee trust - Disclosure of information respecting assessee - petitioner s grievance appears to be with regard to functioning of a public charitable trust - Held that - The petitioner has filed an application under Section 138 (b) of the Income Tax Act, dated 21.03.2016. This application is stated to have been sent by sped post and shown to have been receiv....... + More
2017 (8) TMI 568 - GUJARAT HIGH COURT
Devdip Malls Developers Pvt. Ltd. Versus Secretary, & 1
Levy of interest chargeable under Section 234B - Settlement Commission charging the interest on the difference of the amount disclosed at the time of making application under Section 245C(1) and the amount determined while passing the order under Section 245D(4) - Held that - As per subsection (4) of section 245D, after examination of the records and the report of the Commissioner, received under subsection (1), and the report, if any, of the Com....... + More
2017 (8) TMI 567 - BOMBAY HIGH COURT
Smt. Suman W/o. Keshaorao Burde Versus The Income Tax Officer Ward 1 (1) , Nagpur
Reopening of assessment - time to issue notice under Section 143(2) to complete the regular assessment under Section 143(3) has not expired - Held that - Merely because no assessment has been made even after filing a return, it will not be open to suggest that no income chargeable to tax has escaped assessment. This covers issue where there is no possibility of making an assessment on the date when the notice under Section 147/148 of the Act is i....... + More
2017 (8) TMI 538 - BOMBAY HIGH COURT
The Commissioner of Income-Tax, Vidarbha, Nagpur Versus M/s. Ballarpur Industries Ltd.
Scope of revision orders u/s 263 - AO allowing the taking of unabsorbed depreciation to determine WDV of assets of amalgamating Company - Held that - Where two views are possible and the Assessing Officer has taken one of the two possible views, then it is not open to treat such a view as an order which is erroneous or prejudicial to the interest of the Revenue. Merely because the Commissioner of Income Tax takes a different view to that of the A....... + More
2017 (8) TMI 535 - GUJARAT HIGH COURT
Aryan Arcade Ltd. Versus Commissioner of Income Tax-I
Revision u/s 263 - claim of deduction for interest paid on Optionally Fully Convertible Debentures in terms of section 24(b) - debatable issue - Held that - We find that the petitioner had issued debentures. The funds raised through such debentures were utilised for repayment of past loans. These loans were taken for the purpose of construction of building. This aspect, the petitioner pointed out to the Assessing Officer during the original asses....... + More
2017 (8) TMI 534 - GUJARAT HIGH COURT
Adani Wilmar Limited Versus Deputy Commissioner of Income Tax
Reopening of assessment - Reasons for the belief that income has escaped assessment - claim of expenditure in course of trading of crude and refined edible oil on settlement basis as allowable business expenditure - AO held this not an allowable business expenditure but was a speculative loss and therefore not allowable under section 73 - Held that - all these observations and formation of belief by the Assessing Officer are based on documents on....... + More
2017 (8) TMI 533 - JAMMU & KASHMIR HIGH COURT
Vijay Kumar Versus Commissioner of Income Tax
Claim u/s 80-IB denied - proof of business activity as manufacture or production of articles or things - scope of activity undertaken by assessee - activity of supplying the audio of the back ground sound to the film already shot by the customers - Held that - The activity of Video Software Generation has been recognized as Small Scale Industries by Government of India, Ministry of Industry vide order dated 04.03.1993, as well as 03.11.1993. It i....... + More
2017 (8) TMI 532 - RAJASTHAN HIGH COURT
Commissioner of Income Tax (TDS) , NCRB, Jaipur Versus Jaipur Development Authority, JLN Marg, Jaipur And Pr. Commissioner of Income Tax (TDS) , Jaipur Versus Rajasthan Housing Board
Agricultural or non agricultural land - ascertainment of nature of land - proof of agricultural operation - TDS u/s 194LA - TDS determined only on the basis of records furnished by assessee and no inquiry, investigation, physical verification is permissible/desirable at the end of assessing officer - Held that - The assessee is the Urban Development Authroity which requires the amount for the purpose of paying compensation to the agriculturists. ....... + More
2017 (8) TMI 531 - BOMBAY HIGH COURT
DIT (Exemptions) Versus Credit Guarantee Fund Trust for Micro and Small Enterprises
Cancellation of registration of assessee trust invoking power u/s 12AA(3) - Director of Income Tax (Exemptions) jurisdiction invoking its powers under section 12AA(3) - Held that - As decided in CIT vs. the Mumbai Metropolitan Regional Iron and Steel Market Committee 2017 (7) TMI 920 - BOMBAY HIGH COURT Commissioner has invoked its powers under Section 12(AA)(3) of the Act. The said powers are circumscribed by the limitations imposed under Sub Se....... + More
2017 (8) TMI 530 - BOMBAY HIGH COURT
The Commissioner of Income Tax, Nagpur Versus M/s Ballarpur Industries Limited
Revision u/s 263 - grant of benefit under Section 80 HHC - Held that - It appears from the decision of the Apex Court in Max India Ltd. (2007 (11) TMI 12 - Supreme Court of India) that the Assessing Officer had taken one of the two views of the word profit as occurring in Section 80 HHC of the Act. Therefore, it was in that context that the Apex Court held that Section 263 of the Act would not be attracted particularly when the view of the Assess....... + More
2017 (8) TMI 490 - GUJARAT HIGH COURT
Income Tax Officer (Investigation) Versus Deputy Superintendent of Police & 2
Powers to requisition u/s 132A - failure of the Income Tax department to exercise its requisition powers u/s 132A - police authorities had informed the Income Tax Department about the seizure of the cash - Held that - When no such requisition was made, the police authority had no business to withhold the cash, if the same was not required for police parties and could not have been withheld under the powers of Criminal Procedure Code. So far as th....... + More
2017 (8) TMI 489 - GUJARAT HIGH COURT
Krupesh Ghanshyambhai Thakkar Versus Deputy Commissioner of Income Tax
Reopening of assessment - Deemed dividend u/s 2(22)(e) - Held that - The petitioner has produced the audited accounts in the balancesheet which we have perused. The amount in question is shown as a demand to the said company. Loan is an advance made by the petitioner to the said company. The stand taken by the Assessing Officer in the reasons recorded that such sum was received by the petitioner from the company by way of a loan, is thus even oth....... + More
2017 (8) TMI 488 - DELHI HIGH COURT
LG Electronics India Private Limited Versus Pr. Commissioner of Income Tax & Others
Stay of the demand - Levying a penalty under Section 271(1)(c) - Held that - Petitioner, has produced before this Court a copy of OM dated 31st July, 2017 which modifies the earlier OM, dated 29th February, 2016, issued by the Central Board of Direct Taxes ( CBDT ) stating that standard rate for grant of stay had been revised from 15 to 20 of the disputed demand. - The impugned order clearly makes no reference to the central issue in the pending ....... + More
2017 (8) TMI 487 - GUJARAT HIGH COURT
Allahabad Bank Versus Union of India
Tax Recovery proceedings - priority over other dues / secured creditors - attaching a particular immovable property for the pending dues of the Income Tax department - Held that - The facts are not seriously in dispute. The borrower had created security interest in an immovable property by executing an equitable mortgage for availing cash credit facility from the petitioner bank. This was done on 24.11.2010. At that time, neither the assessment n....... + More
2017 (8) TMI 486 - MADRAS HIGH COURT
M/s. Misons Leathers Limited Versus The Commissioner of Income Tax, The Assistant Commissioner of Income Tax
Kar Vivadh Samadhan Scheme (KVSS) benefit eligibility - withdrawing the benefit of KVSS alleging that the petitioner has not paid the amount demanded within due date - Held that - Admittedly, the declaration filed by the petitioner was processed and an order in Form No.3 dated 06.05.1999 was issued, certifying that the petitioner paid the full tax arrears. On account of some mistakes, committed in the calculation, Revision Form 2A, dated 28.07.20....... + More
2017 (8) TMI 452 - GUJARAT HIGH COURT
Ghanshyambhai Ambalal Thakkar Versus Deputy Commisioner of Income-Tax
Reopening of assessment - loan received by the petitioner from private company to be treated as a deemed dividend in terms of section 2(22)(e) - Held that - In neither of the two documents, he has dealt with the factual assertion made by the petitioner viz. that the sum in question was advanced by the petitioner to the company and was not received by the petitioner from the company by way of a loan. The petitioner has produced the audited account....... + More
2017 (8) TMI 451 - GUJARAT HIGH COURT
Commissioner of Income Tax IV Vodafone Essar Gujarat Ltd.
MAT computation - Provision for bad and doubtful debts - to be treated as provision for liability or not - computation of book profit for the purpose of MAT liability u/s 115JB - Held that - Referring to statutory provisions, the situation that arises is that prior to the introduction of clause(i) to the explanation to section 115JB, as held in case of HCL Comnet Systems and Services Ltd. (2008 (9) TMI 18 - SUPREME COURT) the then existing clause....... + More
2017 (8) TMI 450 - DELHI HIGH COURT
Commissioner of Income Tax Versus D.K. Garg
Addition on account of unexplained deposits in the bank accounts of the assessee - addition u/s 68 - basis of peak credit theory - Assessee is a Chartered Accountant - Assessee does not deny that he is an accommodation entry provider - Held that - Where an Assessee was unable to explain the sources of deposits and the corresponding payments then he would not get the benefit of peak credit . - The legal position in respect of an accommodation entr....... + More
