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Income Tax - High Court - Case Laws

Showing 21 to 40 of 47863 Records

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  • 2018 (10) TMI 809

    Refund claim - deduction of tax known as security transaction tax by BSE - ED directed the BSE to annul the trade in the shares of KRBL Limited and refund the money back to the petitioners - Held that - The refund was made of the amount and forwarded for trading in the shares by the petitioners, by the BSE. It is the BSE, who, according to the petitioners, deducted the tax known as security transaction tax and refunded the balance amount to the p....... + More


  • 2018 (10) TMI 808

    Ad-hoc disallowance of expenditure - Held that - Assessing Officer had made similar disallowances in other years. The Tribunal has held that the respondent-assessee had filed complete details of the said vendors, including their PAN, invoices raised, ledger accounts, etc. The Tribunal in these circumstances had followed earlier decision of the Coordinate Bench of the Tribunal in the case of the respondent-assessee for the Assessment Years 2006-07....... + More


  • 2018 (10) TMI 807

    Nature of expenditure - revenue or capital - capital loss suffered by the assessee for failure to perform its part of the concessionaire agreement with the Delhi Transport Corporation - Held that - The respondent-assessee was to construct, operate and maintain bus shelters. The respondent-assessee was also under an obligation to pay ₹ 4.09 crores per month to the Delhi Transport Corporation. The shelters were not owned by the respondent-ass....... + More


  • 2018 (10) TMI 806

    Assessment u/s 153A r.w.s. 254 - period of limitation u/s 153 - Starting point of limitation with respect to any proceedings which are to be initiated by the revenue or any steps to be taken by it - Held that - It is quite evident from the decision in Odeon Builders 2017 (3) TMI 1266 - DELHI HIGH COURT that limitation begins (for any purpose under the Act) from the point of time when the departmental representative receives the copy of a decision....... + More


  • 2018 (10) TMI 741

    Non disbursal of refund amount - delay in refund - Held that - Petitioner in all these Petitions would submit that the substantive prayers in the Petitions stand granted and the Petitioner would accept the amounts as disbursed under protest and without prejudice to their legal rights and contentions, particularly to claim interest on delayed refund. - The Writ Petitions are, therefore, disposed off by keeping open the issue and controversy in rel....... + More


  • 2018 (10) TMI 615

    Addition u/s 40(a)(ia) for non deduction of TDS - Commission paid to no-resident - income deemed to accrue or arise in India - Held that - The prime requirement therefore for applicability of the section is that the payment to the nonresident should be a sum chargeable under the provisions of the Act. In other words, the payment is not an income which is chargeable to tax in India. Requirement of deducting tax at source under section 195 of the A....... + More


  • 2018 (10) TMI 614

    Re-opening of the assessment u/s 147 - failure to provide reason to belief despite written request - failure to issue notice u/s 143(2) - Held that - t by taking note of the insertion of the new proviso with retrospective effect and noticing the law laid down in the case of C.Pananappan 2011 (3) TMI 589 - MADRAS HIGH COURT , the Substantial Question of Law has to be answered in favour of the Revenue and against the assessee. - However, as inspite....... + More


  • 2018 (10) TMI 613

    Business expenditure - commercial expediency - dealer s termination compensation - reimbursement of advertisement expenses - Tribunal confirmed the additions - Held that - The Tribunal pointed out that there is no doubt the assessee as well as DEL were closely associated and there is nexus between the two and that the assessee was about to approach the BIFR for revival in the year 1997 and there was no eminent cause or reason for the assessee to ....... + More


  • 2018 (10) TMI 612

    Deduction u/s 80I - Rectification of mistake u/s 154 - material available on record - Held that - First of all, the facts of the case clearly show that the assessee did not make any claim for deduction under Section 80-I of the Act, for the relevant assessment year. Secondly, as pointed out by us in the preceding paragraph, while discussing about the applicability of the decision in Chokshi Metal Refinery 1976 (3) TMI 35 - GUJARAT HIGH COURT , if....... + More


  • 2018 (10) TMI 611

    Certificate of exemption from TDS u/s 197 - AO allowed TDS @1% at concessional rate as against 10% - Assessee incurs huge loss and sought full exemption - Department has allowed for lower deduction of tax for last two years - Held that - Under subsection (1) of Section 197 it is an Assessing Officer who can entertain and decide an application of an assessee for either total exemption or permission for reduced tax deduction at source. The statute ....... + More


  • 2018 (10) TMI 610

    Transfer pricing - determination of Arm s Length Price (ALP) - OFCD - Corporate Guarantee fee - Claim of expenditure u/s 37(1) incurred on behalf of others - disallowance of R&D expenditure after excluding export turnover for the purpose of computing allocation of R& D expenses. - Appeal admitted.


  • 2018 (10) TMI 609

    Levy of penalty 271(1)(c) - under valuation of closing stock - ITAT deleted the penalty - Held that - Tribunal deleted the penalty imposed by the Assessing Officer and confirmed by the CIT (Appeals) on the ground that the issue was highly debatable a....... + More


  • 2018 (10) TMI 608

    Whether on facts and circumstances of the case Appellate tribunal is justified in law on facts in holding that such assessment or reassessment u/s. 153A is to be restricted only to the incriminating materials found during the search and no cognizance can be given to subsequent inquiries u/s 131(1A)? - Appeal admitted.


  • 2018 (10) TMI 607

    Transaction in shares - Business income or capital gains - AO was of the opinion that the amount claimed as short-term capital gains really ought to be treated as business income - CIT(A) and ITAT confirmed the additions - Held that - AO was cognizant of the CBDT s circular which outlined no less than ten elements which the Revenue authorities are to consider in appreciating, whether or not, capital gains reported by the assessee are in fact so o....... + More


  • 2018 (10) TMI 606

    Registration u/s 12AA - CIT(E) refused the registration to the trust on the ground that it not a legal trust in the State of Rajasthan in view of section 17(1) of the Rajasthan Public Trust Act, 1959? - ITAT allowed the registration - Held that - the issue is squarely covered by the decision of this court in case of Commissioner of Income Tax (Exemptions) vs. M/s Arihanth Charitable Trust 2018 (7) TMI 1815 - RAJASTHAN HIGH COURT - As per the prov....... + More


  • 2018 (10) TMI 589

    Disallowance of interest - investment made in the 100% subsidiary companies - proof of commercial expediency warranting no interest disallowance - Held that - In view of concurrent finding of both the authorities and in view of the fact that 86,08,460/- deduction which was allowed by the CIT (A) after following the detail reasoning and the matter was remitted to verify the accounts, in that view of the matter, the first question is answered in fa....... + More


  • 2018 (10) TMI 508

    Deduction u/s 80IB 10 - assessee developer of the Housing Project - 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 - As decided in assessee s own case 2018 (9) TMI 1181 - GUJARAT HIGH COURT held that the assessee had undertaken the development of housing project at their own risk and cost. The owner of the land had accepte....... + More


  • 2018 (10) TMI 507

    Status of the erstwhile ruler - treatment of property in the hands of successors - late Sawai Man Singh, the ruler, was filing the return in his individual capacity - rule of lineal primogeniture - individual or joint family status - whether Sawai Man Singh filed his income tax returns in his capacity as sole and exclusive owner of impartible properties, or he did so, for and on behalf of his joint family? - theory of ownership - Individual or HU....... + More


  • 2018 (10) TMI 506

    Claim of refund - Delay in processing of centralized returns - AO expressed difficulty in computation of Income - Prima facie adjustments u/s 143 - time barring - Held that - Prima facie, we see some substance in this complaint of Mr. Pardiwala. We do not think that the draft assessment can be delayed and in the manner stated before us. We direct that even the draft assessment for the assessment year 2015-2016 shall be completed by 30th November,....... + More


  • 2018 (10) TMI 505

    Disallowance u/s 36(1)(iii) - interest incurred for the purpose of making investments in subsidiary companies - Held that - The Tribunal correctly affirmed findings of the Commissioner of Income Tax (Appeals) deleting addition made by the Assessing Officer as being contrary to law and in particular Section 36(1)(iii) of the Act. The Tribunal observed that investment in subsidiaries/ joint venture companies was one of the main objects of the respo....... + More


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