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Income Tax - Tribunal - Case Laws

Showing 1 to 20 of 54305 Records

  • 2018 (5) TMI 1488

    Disallowance of Employees Contribution to PF & ESI u/s 36(1)(va) - Held that - no disallowance can be made towards PF/ESI contributions made by the assessee within the FY or before filing of the return - here the assessee has remitted the employees contribution to PF & ESI before the filing of the return u/s 139(1) - thus the assessee was entitled to deductions under sections 43B and 36(1)(va) - Decided in favor of assessee........ + More


  • 2018 (5) TMI 1487

    Jurisdiction of ITAT to entertain the appeal against the penalty order u/s 271F - Held that - in the case of the Citizen Cooperative Society Ltd, Hyderabad vs. DIT (I&CI) 2018 (2) TMI 426 - ITAT HYDERABAD has observed that, since a penalty order u/s. 271FA is not directly appealable order before this forum, the appeal preferred by assessee is liable to be dismissed. - In the course of arguments, assessee s counsel was advised to prefer an appeal ....... + More


  • 2018 (5) TMI 1486

    Whether the delay of 1142 days in filing of the appeal before CIT(A) can be condoned - order passed u/s 200A(1) was appealable before 1.6.2015 or not - Held that - When a case with arguable points is shut on presumptions of limitation, it results in throwing out a good case at the threshold with only a necessary implication of justice being propagated and justice being denied. - the delay in filing of appeal before CIT(A) is to be condoned in the....... + More


  • 2018 (5) TMI 1485

    Applicability of section 13(1)(b) - claim for the benefit of exemption u/s 11 & 12 - trust created for the benefit of a particular religious community - Held that - as per decision in case of CIT vs Dawoodi Bohara Jamat 2014 (3) TMI 652 - SUPREME COURT - It is only the objects of a trust as declared in the trust deed which would govern its right of exemption u/s 11 or 12 - thus the case is remitted back to the authority to consider the law on....... + More


  • 2018 (5) TMI 1484

    Deposits in the bank accounts by both cheques and cash - unexplained cash income U/s 68 - cheque deposits were accepted as business turnover u/s 44AD - none appeared on behalf of assessee - appeal by the CIT(A) was also determined ex-parte - Held that - there is no reason why the cash deposits should be assessed u/s 68 when cheque deposits were accepted as business turnover - assessee has not co-operated in the proceedings - order of CIT(A) is co....... + More


  • 2018 (5) TMI 1482

    Exemption u/s 11 - charitable purpose u/s 2(15) - Whether or not the activity of running school buses exclusively for the facility of the students and staff, is an intrinsic part of the activity of running a school? - Held that - the transport facility is not provided to the outsider - the transport activities of the assessee trust are not in the nature of business, inasmuch as the transport is also incidental to the attainment of the main object....... + More


  • 2018 (5) TMI 1481

    Application of section 40(a)(ia) - additions made for expense common area maintenance and rent for non deduction of TDS - Held that - if a person furnishes a declaration in writing in prescribed Form and verified in the prescribed manner to the effect that tax on his estimated total income is to be included in computing his total income will be nil there is no need to deduct tax - here assessee has not filed such Form 26A with Director General of....... + More


  • 2018 (5) TMI 1480

    Disallowance of bad debts due to failure of rental payments - disallowance of amount paid on out of court settlement by the assessee on behalf of the subsidiary company - set off and carry forward of unabsorbed depreciation- Held that - assessee is a NBFC and was advancing loans to its customer as one of its objects - the decision of the assessee to write off ₹ 4. 71 crores was a commercial/business decision - The AO cannot question the bus....... + More


  • 2018 (5) TMI 1432

    Failure to produce the books of account and audit report u/s 44AB - penalty proceedings u/s 271B - Held that - P & L A/c filed by the assessee with return indicates that he was liable to get his books of account audited u/s 44AB - assessee deliberately did not get his books of account audited - the contentions of the assessee that since no books of account have been prepared, therefore could not be audited is not accepted - hence assessee is ....... + More


  • 2018 (5) TMI 1431

    Penalty under Section 271(1)(c) - concealment of income or furnishing of inaccurate particulars of income - Held that - The learned CIT(A) is directed to consider the additional ground and pass appropriate order on the ground after giving the assessee an opportunity of being heard - deciding only part of the appeal leads to multiplication of proceedings at different levels and forums which is not desirable - appeal stand allowed for statistical p....... + More


  • 2018 (5) TMI 1430

    Stay on the disputed demand - disallowance of interest expenditure - due to subsequent amendment made by the state government to the scheme of trifurcation of Maharashtra State Electricity Board, the loan liability corresponding to the impugned disallowance of interest has been taken over by the State Government from the assessee with retrospective effect - thus claim for deduction of interest expenditure while calculating the final taxable incom....... + More


  • 2018 (5) TMI 1385

    Validity of assessment order - absence of notice under section 143 (2) as alleged to have been not issued by Ld.AO.- Held that - The notice issued by Ld.AO dated 08/10/10 amounts to be the notice issued under section 143 (2) of the Act. Assessee therefore cannot take the pretext of 143(2) notice being not issued by Ld.AO since the notice dated 08/10/10 makes it amply clear that the assessment proceedings have been initiated in the case of assesse....... + More


  • 2018 (5) TMI 1384

    Addition on account of materials purchased - bogus purchases - Held that -Details of these parties were properly provided before the AO and the existence of those parties cannot be questioned. The statement made by the AO in this regard that the assessee did not furnish the evidence/bills and vouchers in respect of materials purchased is not tenable. In fact when the details of the required documents were furnished the disallowance of 20% of the ....... + More


  • 2018 (5) TMI 1383

    Validity of re-assessment proceedings - remuneration paid to the three members were disallowed - case reopened after the end of four years from the relevant assessment year - Held that - There is no failure on the part of assessee in furnishing full and true disclosure of the information. The assessment U/s. 143(3) was completed after survey proceedings on the assessee s business premises. In view of that, it cannot be stated that assessee has no....... + More


  • 2018 (5) TMI 1382

    Computation of income - rejection of books of accounts - estimation of NP - Held that - Department in its circular have emphasized time to time that the Income Tax Authorities should not try to extract the admission of the assessee and should bring some concrete material on record for the purpose of estimating the undisclosed income of the assessee. In these circumstances, particularly when contradictory order has been passed by the A.O. without ....... + More


  • 2018 (5) TMI 1381

    TPA - Exclusion of foreign exchange fluctuation loss from the operating expenses - Held that - We find that the foreign exchange fluctuation loss is not abnormal only to the assessee. Such fluctuation would affect the margins of the comparable companies as well as long as the transactions are in the same currency. In a number of cases, we have already held that the foreign exchange fluctuation profit or loss is also part of the operating revenue........ + More


  • 2018 (5) TMI 1380

    Income accrued in India - period of stay in India - Stay in India for 181 days - NRI status of assessee - rectification application - salary income was wrongly offered in the return of income - Held that - Assessee is a NRI, worked as a crew member of foreign ships during the previous year relevant to the assessment year 2011-2012 and was not disputed by the AO and CIT(A). In the rectification proceedings the assessee as required by the AO has pr....... + More


  • 2018 (5) TMI 1379

    Rejection of books of accounts - estimation of income - rejection of trading results - Held that - The trading result declared in previous years based on the accounts maintained in the same fashion, has been accepted by the department either under section 143(3) or 143(1) of the Income Tax Act. Moreover, once the account books were rejected under section 145 of the Act, no show cause notice was issued to the assessee to make the best judgment ass....... + More


  • 2018 (5) TMI 1378

    Deemed dividend u/s 2(22)(e) - earnest money paid by the company on behalf of the directors - money was not returned after cancellation of sell agreement - collateral security given by the Director of the company in individual capacity - Held that - Perusal of the correspondence between assessee and Director of M/s. Alpex Exports Pvt. Ltd. & M/s. Karishma Machine Tools apparently shows that the huge amount of ₹ 1,28,52,217/- alleged to ....... + More


  • 2018 (5) TMI 1377

    Disallowance of various expenses like, conveyance, travelling, foreign travelling, telephone and electricity etc. - Held that - Disallowance has been made on ad-hoc basis without pointing out any defects in the books of accounts or vouchers maintained for these expenses, thus, addition to be deleted - Decided in favour of assessee. - TDS u/s 194C/194I - non-reduction of TDS on monthly maintenance charges paid to housing societies - Held that - Fo....... + More


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