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Income Tax - High Court - Case Laws

Showing 61 to 80 of 47834 Records

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  • 2018 (10) TMI 71

    Recovery of dues - attachment of property - Period of limitation - Restraining respondents from proceeding to sell the attached agricultural land by auction - notice for auction barred by limitation because of Rule 68B of Second Schedule of Income Tax Act, 1961 - Held that - The steps are initiated by department in present matter on 18.11.2004 i.e. after expiry of period of three years but before expiry of period of four years. The judgment of Ap....... + More


  • 2018 (10) TMI 65

    Allowable expenditure u/s 37 - Distributable Surplus payment - application of income OR allowable expenditure - diversion of income by overriding title at source - taxable income of the assessee from the business under section 10(1) - Held that - In the present case, the entire income from manufacture and sale of Liquor in the present case by CHAMUNDI was taxable in the hands of the Assessee CHAMUNDI and the application of income in the form of d....... + More


  • 2018 (10) TMI 64

    Revision u/s 263 - disallowance under Section 40(a)(ia) on royalty - Held that - We find that there is no discussion on the said aspect in the order passed by the Tribual, except one line finding or conclusion that the question of royalty was examined by the Assessing Officer. We also find that the Tribunal has not discussed and gone into the question of disallowance under Section 40(a)(ia) of the Act on royalty, an aspect/question mentioned and ....... + More


  • 2018 (10) TMI 63

    Rejection of books of accounts - GP estimation - difference in net loss of ₹ 16.41 lacs as compared to net profit of ₹ 1.34 crores in the Assessment Year 2006-07. Held that - Reasons given by the Assessing Officer for rejecting the book results have not been accepted by the appellate authorities. Reasons and explanation given by the respondent-assessee regarding opening/closing stock, amount written back etc. have been accepted. It is....... + More


  • 2018 (10) TMI 62

    Lase rent / land premium received by the assessee Nigam - business receipt or capital receipt - Nature of income - assessee company is in the business of Industrial and Infrastructure development - Held that - The assessee has been acting independent / equivalent to the owner of the land which is clear from the Clause 22 of the Memorandum where it is clearly brought out that the object of the MPAKVN and SEZ shall be to sell, improve, manage, deve....... + More


  • 2018 (9) TMI 1761

    Entitlement to deduction of advertisement and sales promotion expenses under Section 37(1)- addition made by the Assessing Officer by applying Bright Line Method - Held that - We have examined the Assessment Order and do not find any good ground and reason given therein to treat advertisement and sales promotion expenses as a separate and independent international transaction and not to regard and treat the said activity as a function performed b....... + More


  • 2018 (9) TMI 1760

    Deduction under Section 80IA - computation of taxable total income comprised and derived from establishing, operating and maintaining the power plant engaged in generation or generation and distribution of power - Held that - The term generating company can only refer to the SPCL and not the appellant, since the Assessing Officer, the First Appellate Authority and the Tribunal, after considering the scope of the agreement entered into between the....... + More


  • 2018 (9) TMI 1703

    Reopening of assessment - non disclosure of capital gain arising out of the sale transaction in question - Held that - The return filed by the petitioner was accepted without scrutiny. It is by now well settled that in such a situation, the Assessing Officer would have much wider latitude to reopen the assessment. Since in the original assessment no scrutiny was undertaken, the Assessing Officer cannot be stated to have formed an opinion. The pri....... + More


  • 2018 (9) TMI 1702

    Assessment in the hands of representative assessee - Validity of reopening of assessment - income made by the nonresident Cricket Boards arise in India - Income deemed to have arisen to the non-resident in this country - Held that - Section 9 merely tries to classify the income which is deemed to accrue or arise in India by saying that it should inter alia arise from business connection of the non-resident with India. Section 160 makes it abundan....... + More


  • 2018 (9) TMI 1701

    Rectification of mistake - assessment of income - Held that - Tribunal s previous order in the tax appeals of Shri M. N. Patel and the company it can be seen that the Tribunal was acutely conscious about three aspects of the matter. (i) Firstly, whether the entire amount of ₹ 2.27 lacs could be stated to be the income of Shri M. N. Patel and could be taxed in his hands. (ii) Having held that only 6.25% of such amount which came to ₹ 1....... + More


  • 2018 (9) TMI 1700

    Eligibility for deduction u/s. 54F - investment in new asset was not in the name of assessee HUF contrary to provisions of section 54F but in the name of two of the members of the HUF.- Held that - The materials on record would suggest that there was no dispute at the hands of the Revenue that the sale consideration arising out of the sale of the capital asset was used for acquisition of a new asset and that such newly acquired asset was also sho....... + More


  • 2018 (9) TMI 1699

    Reopening of assessment u/s 147 - bogus purchases - Held that - We are not inclined to interfere. According to Assessing Officer, VAS Infrastructure Limited is a shell company and the purchase and sale of shares in such company by investors was only for the purpose of showing profit or loss, which had actually not occurred. There was prima-facie information at the command of the Assessing Officer that the fluctuation in share price was not justif....... + More


  • 2018 (9) TMI 1698

    Addition u/s 68 for having unexplained income - guienity of creditors - Held that - If the creditors are genuine and the transactions between those creditors and the assessee have been clean and honest, there is no need for the Court or any authority to try to unearth the source of the creditors funds from which he repaid the assessee. But when elements like collusion between the assessee and the so called creditors or setting up funds with the s....... + More


  • 2018 (9) TMI 1697

    Settlement applications u/s 245C(1) - rejection of application - Abatement of proceeding before Settlement Commission - Held that - Considering the Scheme of Section 245HA and the object and purpose of proceedings before the Settlement Commission under Section 245 we are of the opinion that against the order passed by the Settlement Commission either rejecting and/or declaring the application invalid and/or considering the application for some of....... + More


  • 2018 (9) TMI 1648

    Appeal admitted for the following question - (d) Whether on the facts and in circumstances of the case, the learned ITAT has erred in law and on facts in considering the interest earned on inter-corporate deposits by the assessee to the tune of ͅ....... + More


  • 2018 (9) TMI 1638

    Grant of credit of the tax deducted at source - refund such excess tax to the petitioner with statutory interest - Held that - In the first of the two reasons leading to mismatch, as noted, the ground was that the fixed deposits offered by the firm by way of security to cover defect liability for specified period, the authorities not permit substitution of the FDs even though the firm had ceased to be in existence. The Banks of which such FDs wer....... + More


  • 2018 (9) TMI 1637

    Suo motu rectification by the department - main grievance of the petitioner is that the first respondent has chosen to pass the present impugned order only by considering its own suo motu rectification application without considering the rectification application filed by the petitioner also under Rule 13 of the said Rules and passing an order on such application as well - Held that - The respondents admitted to the position that the application ....... + More


  • 2018 (9) TMI 1636

    Proceedings under section 158BC and 158BD - proceedings against Karta of HUF - seizure of several cheques belonging to Rakesh K. Shah HUF drawn on Catholic Syrian Bank - petitioner right to maintain petition on behalf of karta - Held that - The petitioner cannot maintain this litigation. The petitioner is a member of HUF. His father Rakesh K. Shah was a Karta of HUF, as stated in the petition, had taken appropriate steps at the relevant time to p....... + More


  • 2018 (9) TMI 1635

    Claim of credit of TDS deducted on salary - Employer failed to deposit the TDS amount with the Department - Denial of benefit of tax deducted at source by the employer of the petitioner during the relevant financial years - Department seek to recover such amount from the petitioner or whether the petitioner is correct in contending that he had already suffered the deduction of tax, the mere fact that the deductee did not deposit such tax with the....... + More


  • 2018 (9) TMI 1634

    Disallowance of a part of repair and maintenance expenditure u/s 37 - fact recorded by the AO that neither vendor nor confirmation were produced during the course of assessment proceedings - ITAT deleted the addition for the reasons that the assessee had furnished PAN of venders - Held that - The finding of the Tribunal deleting disallowance of 50% by the Assessing Officer is primarily factual. We have quoted the reply filed by the respondent/ass....... + More


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