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Income Tax - High Court - Case Laws

Showing 21 to 40 of 46607 Records

  • 2018 (5) TMI 1173

    Deduction incurred as product development expenses - revenue deduction - whether it has enduring benefits to the assessee and hence was capital expenditure in nature? - Held that - Assessee who was engaged in manufacturing textile products, had expended the amount in question for product development undertaken by a sister concern of the assessee on its behalf. The research work did not involve development of a new product or even a new technique ....... + More


  • 2018 (5) TMI 1172

    Higher rate of depreciation on dumpers - @ 30% OR 15% - nature of business of the assessee as transporter - Tribunal confirming the findings of the CIT A that the assessee is entitled to higher rate of depreciation @ 30% - Held that - From the material available on record though the assessee essentially was awarded contract for providing specialized equipments and trained manpower for mining and transportation of excavated minerals on hire, the t....... + More


  • 2018 (5) TMI 1171

    Reopening of assessment - Whether no additions are made by the AO in the order of assessment, he cannot make additions on some other grounds which did not form part of the reasons recorded by him? - Reasons to believe - Held that - In the present case, the reason for reopening the assessment was described in the stock reported by the assessee in its books of account, as compared to the stock reported to the bank. Assessee s contention before the ....... + More


  • 2018 (5) TMI 1170

    Interest levied u/s 201 1A - non deduction of tds on interest on Deep Discount Bonds to HDFC Bank - Held that - Following additional issues that the Tribunal may examine upon remand, which we propose to provide, are as under - - A Whether the HDFC Bank as a payee has deposited entire tax arising out of such payment in advance, and therefore, the ratio laid down in a decision of this Court in case Commissioner of Income-Tax v. Rishikesh Apartments....... + More


  • 2018 (5) TMI 1169

    Disallowance under section 40A(3) - AO s opinion that the assessee would have inflated the purchase expenditure by raising bogus claims - Bogus purchases - gp ratio determination - Held that - When the Assessing Officer had doubted the genuineness of the expenditure, he would require bringing to tax the profit element so avoided by the assessee. As noted, the Commissioner of Income Tax (Appeals) while limiting the additions, brought the assessee ....... + More


  • 2018 (5) TMI 1168

    Admit Tax Appeal for consideration of the following substantial question of law - A Whether the Appellate Tribunal was justified in allowing the claim of additional depreciation u/s.32(1)(iia) solely on the ground that allowance u/s.32 was to be provided as per Section 57( ii) and (iii) even though the assessee was not engaged in the manufacture or production of article or things after 30.09.2005, which is a condition precedent to allowance of ad....... + More


  • 2018 (5) TMI 1167

    Penalty u/s 271(1)(c) - non specification of charge - defective notice - Held that - It cannot be disputed and indeed it is not disputed that Annexure-E notice dated 19.12.2011 has been issued by the assessing officer alleging concealment of particulars of income or furnishing inaccurate particulars of income as ground for initiating proceedings for which purpose the appellant was called upon to appear and defend the proceedings under Section 271....... + More


  • 2018 (5) TMI 1166

    TDS u/s. 195 - payment of legal professional fees to non resident - non deduction of tds - Held that - Tribunal noted that the assessee had made payments to professional law firms by way of Consultancy Fees. Such firms did not have any fixed base available in India. The Tribunal, therefore, had recorded that under such circumstances, looking to the Double Taxation Avoidance Agreement between the two countries, the recipient of the fees had no tax....... + More


  • 2018 (5) TMI 1165

    Transfer Pricing Adjustment - interest on loan to Sun Pharma Global Inc (AE) at London Inter Bank Offer Rate (LIBOR) Plus 2% Rate which is almost equal to the Prime Landing Rate or American Bank lending rate - Held that - We notice that the amount involved is merely ₹ 40,000/-. Looking to the smallness of claim, the question is not considered. - Addition u/s 14A - Held that - CIT (A) gave partial relief but made disallowance under section 1....... + More


  • 2018 (5) TMI 1164

    Addition made in respect of investment in land - ITAT deleted the addition - Held that - Assessee had paid through cheques a total sum of ₹ 22,02,100/to one Sherin Co. Op. Hsg. Soc. Ltd. during the period between 28. 7. 2003 to 31. 1. 2005. CIT(Appeals) also noted that entire amount was repaid by Sherin Co. Op. Hsg. Soc. Ltd. in different cheques during the period between 2.6.2005 to 5.12.2005. The Revenue did not have any further material ....... + More


  • 2018 (5) TMI 1163

    Revision u/s 263 - capital gain - did assessee receive sale consideration of ₹ 4,43,52,100/- out of such sale? - Held that - In the sale deed, the assessee did pose as a seller and sale consideration stated to have been paid by the purchaser Gatil Properties Ltd was undoubtedly ₹ 4,43,52,100/-. However the entire amount was never received by the assessee. It was a confirming party- Melody Complex Pvt. Ltd which, under the agreement to....... + More


  • 2018 (5) TMI 1162

    Addition u/s 40A - excessive or unreasonable expenditure - Deduction from the income of payments of commission made to the Directors/Managing Director of the respondent assessee - Held that - Right of appeal is not automatic. Right of appeal is conferred by statute. When statute confers a limited right of appeal only in a case which involves substantial questions of law, it is not open for this Court to sit in appeal over the factual findings arr....... + More


  • 2018 (5) TMI 1161

    Penalty u/s 271(1)(c) - undisclosed bank accounts and sizeable cash deposits in such bank accounts - Held that - The assessee virtually admitted that cash deposits were undisclosed. The assessee only argued that not the entire tally of cash deposited in different accounts during the year but the peak credit thereof could be added under section 68 of the Act. The Assessing Officer accepted such a contention and added a sum of ₹ 19,55,500/to ....... + More


  • 2018 (5) TMI 1160

    Defective return 139(9) - return was filed by the assessee without accompanying completed audit report and its accounts - Held that - Tribunal noted that the assessee presented the audit report only on 9.3.2000 along with what the assessee described was a revised return which was beyond the time permitted for such purpose. The Tribunal also noted that under proviso to subsection( 9) of section 139, the Assessing Officer would have the power to co....... + More


  • 2018 (5) TMI 1159

    Deduction u/s 80IB(10) r.w.s. 80IB(1) - profits derived from sale of unutilized FSI - element of profit derived from the business activity of development and construction of housing project - Held that - For the reasons recorded in case of Moon Star Developers 2014 (4) TMI 1042 - GUJARAT HIGH COURT wherein held if there has been considerable underutilization, if the assessee can point out any special grounds why the FSI could not be fully utilize....... + More


  • 2018 (5) TMI 1158

    Deduction u/s 80IB(10) - income from sale of unutilized FSI - substantial portion of the assessee s profit was not derived from development of housing project - Held that - As already noticed that the assessee was in the process of developing three housing projects viz. Subhlaxmi, Samruddhi, Bhagyalaxmi. In such projects, considering the land area and the permissible FSI of 1.6, the assessee was entitled to carry out total construction of 20198 s....... + More


  • 2018 (5) TMI 1157

    Interest u/s 234B - Interest for defaults in payment of advance tax - whether interest should be charged on the amount after considering refund which was issued on passing intimation u/S.143(1)(a) - Held that - In order to address the mischief as in the present case, the legislature found it necessary to insert section 234D to the Act. - Reference is made to subsection (4) of section 143 providing that where a regular assessment under section 143....... + More


  • 2018 (5) TMI 1148

    TDS u/s 194C OR 194J - disallowance of Channel Placement Fee - tds liability - disallowance u/s. 40(a)(ia) - Held that - The amendment by introduction of Explanation 6 to Section 9(1)(vi) of the Act took place in the year 2012 with retrospective effect from 1976. This could not be have been contemplated by the Respondent when he made the payment which was subject to tax deduction at source under Section 194C during the subject Assessment Year, wo....... + More


  • 2018 (5) TMI 1101

    TPA - Preoperative expenditure treated as deferred revenue expenditure to be written off over a period of five years - Held that - Tribunal was influenced by the fact that the assessee had started commercial production in the month of January 2002. The assessee had incurred preoperative expenditure of ₹ 5.29 crores upto 31.12.2001, which was prior to the commencement of commercial production. Out of this amount, an expenditure of ₹ 3........ + More


  • 2018 (5) TMI 1100

    Allowing deduction u/s. 10B on export profit of EOU before setting off carried forward unabsorbed depreciation of earlier years as provided u/s. 32(2) - Held that - We record the statement of counsel for the assessee that there was no question of set off of unabsorbed depreciation during the year under consideration and all that the assessee had proposed before the Assessing Officer was that the deduction under section 10B has to be granted witho....... + More


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