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Income Tax - High Court - Case Laws

Showing 61 to 80 of 45965 Records

  • 2018 (2) TMI 1159 - GUJARAT HIGH COURT

    Registration u/s. 12AA denied - Respondent did not have a registered trust deed - Held that - From the materials on record, it can be seen that the Tribunal had gone through the registration details of the respondent trust contained in the order of Wakf Board and was satisfied that full details of the functions of the trust were available which would establish the existence of the trust, its registration by the Gujarat State Wakf Board which also....... + More


  • 2018 (2) TMI 1158 - BOMBAY HIGH COURT

    Additions u/s. 14A in respect investments in subsidiary company - application of Rule of consistency - sufficiency of own funds - Held that - For the relevant Assessment Year, Assessee has not earned any tax free income, the corresponding expenditure incurred cannot be taken into consideration for dis-allowance. See Pr. CIT Vs. M/s. Rivian International (P.) Ltd. 2017 (12) TMI 811 - BOMBAY HIGH COURT - Decided against revenue........ + More


  • 2018 (2) TMI 1157 - KERALA HIGH COURT

    Depreciation allowability - tribunal restricting the depreciation allowed to the amount worked out on the written down value of the assets as against the original cost of the assets claimed by the assessee - Income from the manufacture of rubber which was earlier treated as agricultural income was made assessable to the extent of 35 of the income derived from the business - Held that - As has been held in J.K.Synthetics Ltd. Vs. C.T.O 1994 (5) TM....... + More


  • 2018 (2) TMI 1156 - CHHATTISGARH HIGH COURT

    Grant of registration u/s 12A - respondent has failed to produce books of accounts for FY 2013-14 - Held that - The provision contained under Section 12A nowhere empowers the CIT to assess the objects vis-a-vis the books of accounts. Even otherwise, it is not to be seen at this stage as to whether the fulfillment of the charitable trust would eventually benefit the members of the society. If the constituent of the trust engage in some genuine cha....... + More


  • 2018 (2) TMI 1155 - BOMBAY HIGH COURT

    Amortization of premium on securities held by the bank under category of Held Till Maturity - whether a revenue expenditure? - Held that - Issue urged herein stands concluded against the Revenue and in favour of the Respondent Assessee by virtue of the decision of this Court in CIT Vs. Thane Bharat Sahakari Bank Ltd. 2015 (3) TMI 1026 - BOMBAY HIGH COURT - Addition of excess provisions made which remained a provision and not utilized even in the ....... + More


  • 2018 (2) TMI 1154 - BOMBAY HIGH COURT

    Capital gain computation - year of assessment - transfer within the meaning of Section 2(47)(v) - development agreement by way of Power of Attorney, based on which transfer of possession and development have taken place - reopening of assessment - Held that - Tribunal has committed no illegality in reversing the order of the Commissioner by holding that the transfer within the meaning of Section 2(47)(v) had taken place only in the Assessment Yea....... + More


  • 2018 (2) TMI 1153 - BOMBAY HIGH COURT

    Addition u/s 14A r.w.r. 8D(ii) - part of interest payable on the loan attributable to the investment made to earn exempt income - sufficiency of own funds - Held that - This Court in CIT Vs. HDFC Bank Ltd. 2014 (8) TMI 119 - BOMBAY HIGH COURT has held that where Assessee s own funds are in excess of the investment made, then it shall be presumed that investments are made out of own funds. In the present case it is found on facts that the interest....... + More


  • 2018 (2) TMI 1094 - GUJARAT HIGH COURT

    Reopening of assessment - Deduction u/s. 80IA in respect of three Windmills situated at Bogat - eligibility of reasons to believe - Held that - Assessee s claim for deduction under section 80IA of the Act was examined by the Assessing Officer minutely during the scrutiny assessment proceedings. He has given detailed reasons for reducing the claim by ₹ 3.8 lacs and accepting the rest of the claim. Any attempt now on part of the Assessing Off....... + More


  • 2018 (2) TMI 1093 - DELHI HIGH COURT

    Validity of reopening of assessment - notice against non existent entity - eligibility of reasons to believe - notice not addressed in the correct name - Held that - When notice is issued under Section 147/148 of the Act, firm and conclusive findings are not required for merits would be examined and thereafter final finding recorded in the assessment order. As long as, there is honest and reasonable opinion formed by the Assessing Officer and the....... + More


  • 2018 (2) TMI 982 - PUNJAB AND HARYANA HIGH COURT

    Validity of reopening of assessment - A.O. power to review in the absence of any fresh tangible material - eligible reason to believe - disallowance u/s 40(a)(ia) for non-compliance of the provisions of section 194(c) Held that - Assessing Officer raised a specific query regarding the nature of the assessee s business and the same was answered in writing by the assessee. The nature of the transaction was spelt out in detail. On the basis thereof ....... + More


  • 2018 (2) TMI 981 - PUNJAB AND HARYANA HIGH COURT

    Addition on account of investment from undisclosed source - assessee was unable to furnish any sustainable documentary evidence with regard to his contention of being a farmer and that the purchase consideration was out of his agricultural income though his returns did not reflect any agricultural income - ITAT deleted the addition - Held that - Land in the name of the assessee and Shri Niwas Thakur was shown in the audited balance sheet of the C....... + More


  • 2018 (2) TMI 980 - DELHI HIGH COURT

    Assessment against non existent company - validity of reopening of assessment - Held that - It is evident from the narration of facts that in the first instance the assessment was conducted in the name of a non existing entity. The DRP to whom the matter was directed by the first remand of the ITAT, was not directed to, in turn, require the AO to better the original incurable illegality and here the DRP clearly did that. The fact that the matter ....... + More


  • 2018 (2) TMI 979 - RAJASTHAN HIGH COURT

    Penalty u/s 271(1)(c) - concealment of income on the amount offered in the returns filed under section 153 (A) - undisclosed income - Held that - We find that all the three conditions in the present case have been fulfilled because after the search and seizure, the assessee had admitted in his statement that income has been derived from the land deals in the present case and thereafter, he filed returns in pursuance of the notice issued to him un....... + More


  • 2018 (2) TMI 882 - DELHI HIGH COURT

    Income from sale of shares - busniss income or capital gain - Held that - The decisions of the Court have emphasized five broad tests whether the income bears the character of business income or capital gain firstly, whether the company or concern is authorized in its Memorandum of constituting documents to deal with shares; (2) whether the entity had shown the shares under the head Investment ; (3) whether the assessee/entity utilized its own fu....... + More


  • 2018 (2) TMI 881 - DELHI HIGH COURT

    Rejection of books of accounts - G.P. Rate determination - Held that - In the present case, it is quite evident that the Assessee had maintained the books of accounts. On that score, the ITAT is correct, however, the proceedings before the Assessing Officer and his order would reveal that there are gaps with respect to the materials sought but omitted to be produced. These related to various aspects of the Assesee s road contract construction act....... + More


  • 2018 (2) TMI 880 - KARNATAKA HIGH COURT

    Tribunal exercise of it s power u/s 254(2A) - whether tribunal could not have directed the petitioner to make additional payments to furnish bank guarantees or to maintain balance in the bank account - Held that - The Hon ble Single Judge has recorded a finding that the Tribunal, while passing orders under Section 254 (2A) has followed this Court s order 2017 (11) TMI 1609 - KARNATAKA HIGH COURT , wherein, petitioner was directed to retain 20 of ....... + More


  • 2018 (2) TMI 879 - GUJARAT HIGH COURT

    Power of High court to grant interim relief to the appellant - Held that It is an undisputed fact that the demands in relation to the above referred two assessment years are outstanding. The applicant, however, has shown willingness to deposit the entire amount on such terms and conditions as may be deemed fit by this court. Moreover, under the relevant provisions of the Act, the revenue is entitled to statutory rate of interest on any delay in m....... + More


  • 2018 (2) TMI 878 - MADRAS HIGH COURT

    Recovery of income tax dues - Priority of Charge - mortgage of property - Secured creditor priority over the dues payable to the Income Tax Department - attachments made by the Income Tax Department over the said property - Held that - The issue is no longer res integra and has been considered in The Assistant Commissioner (CT) Versus The Indian Overseas Bank, M/s. Super Recording Co. Ltd. 2016 (12) TMI 373 - MADRAS HIGH COURT . Question No.(i) w....... + More


  • 2018 (2) TMI 877 - MADRAS HIGH COURT

    Reopening of assessment - Privilege fee paid by the petitioner/Corporation to the State Government to enjoy the exclusive privilege to sell liquor in the State of Tamil Nadu - allowable deduction in terms of Section 37 - change of opinion - Held that - Impugned reopening proceedings and the consequential assessment orders pertain to the very same assessment years, which were subject matter of appeals before the Tribunal, in which the assessee has....... + More


  • 2018 (2) TMI 876 - MADRAS HIGH COURT

    TDS u/s 194(A)(1) - non deuction of tds on interest payments exceeding ₹ 10,000/- - provisions under Section 40(a)(ia) invoked - assessee contended that the co-operative bank was not required to deduct tax at source from the payment of interest on time deposits of its members paid or credited before 01.06.2015 - Held that - There has not been due application of mind to the stand taken by the petitioner in their reply dated 04.12.2017. The r....... + More


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