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Showing 1 to 20 of 49061 Records

  • 2017 (8) TMI 529 - ITAT MUMBAI

    M/s. Jagmohan Kabra HUF Versus The Pr. CIT-31, Mumbai

    Revision u/s 263 - adherence to time limit prescribed by the provisions - limitation period - the issue was under revision was not part of assessment u/s 143(3)/147 which was within 2 years - an addition was made u/s. 40A(3) on account of cash purchases from one of the three parties, that the assessment order also recorded the fact that there were no purchases from the other two parties - Held that - the revisionary order of the CIT, was not pass....... + More

  • 2017 (8) TMI 528 - ITAT MUMBAI

    ACIT Central Circle-8 (4) , Mumbai Versus Shri Viren Ahuja, Mumbai

    Addition found in entries found in a seized document - presumption placed on the seized documents u/s 132(4A) - cash found during the search - such cash belongs to assessee as personal cash or belongs to the company - Held that - Some figures have been noted in a columnar form. It is not clear as to whether they pertained to receipt or payment . The AO also could not bring any material on record to understand the meaning and nature of entries. He....... + More

  • 2017 (8) TMI 527 - ITAT MUMBAI

    DCIT-2 (3) , Mumbai Versus M/s. Tata Steel Ltd. And Vice-Versa

    Power of AO to withdraw the interest granted u/s 244 by way of rectification of mistake u/s 154 - Held that - Interest u/s. 244 could not be withdrawn in absence of clear cut provision in the section for the year under consideration. It is also a fact that the proceedings to withdraw the interest were initiated u/s. 244(1A) whereas vide rectification order dated 28/03/2014 the Assessing Officer had withdrawn the interest invoking provision of sec....... + More

  • 2017 (8) TMI 526 - ITAT JAIPUR

    Hanumant Lal Sharma, Prop. - M/s Survey Tubewell Consultancy Centre Versus Income Tax Officer, Ward-7 (3) , Jaipur

    Validity of reopening of assessment u/s 147/143(3) - difference in the sales/receipt figures declared in the P&L account and sales as per Form 26 AS - Held that - The pleadings of the ld AR are not supported by the facts of the case. The discrepancy was noted between the books of account and form 26 AS. On that basis, the additions have been made. Therefore, the contention of the ld AR that no addition was made on the basis on which the reopening....... + More

  • 2017 (8) TMI 525 - ITAT MUMBAI

    M/s. V.R. Construction P. Ltd. Versus DCIT - 8 (3) And ACIT - 11 (3) (2) , Mumbai

    Grant of deduction u/sec. 80IB(10) on pro-rata basis - exceeding maximum area requirement - blocks which are of less 1500 square feet area - Held that - The issue in controversy is covered by the decision of Viswas Promoters Ltd. vs. ACIT 2012 (11) TMI 1117 - MADRAS HIGH COURT wherein the High Court has set aside this issue in favour of the assessee stating that the assessee is entitled to succeed both on the principle of proportionality as well ....... + More

  • 2017 (8) TMI 524 - ITAT MUMBAI

    Income Tax Officer-19 (2) (5) , Mumbai Versus Shri Pritendra C. Jhaveri

    Re-computation of capital gains - inheritance of property - adopting year for the indexed cost of acquisition of the capital asset - reference to the year in which the previous owner first held the assessee and not the first year in which the asset was held by the assessee - Held that - This issue is squarely covered in favor of the appellant by the decision of Bombay High Court in the case of Mainjula. J Shah (2011 (10) TMI 406 - BOMBAY HIGH COU....... + More

  • 2017 (8) TMI 523 - ITAT MUMBAI

    TATA AIG General Insurance Company Ltd. Versus DCIT - 2 (3) , Mumbai

    Validity of revised return u/s 139(5) - return was revised after issuance of intimation u/s 143(1) - Whether the return filed by the assessee u/s 139(5) after processing of the return u/s 143(1) is a valid return? - claim of benefit of excess set off of losses and carry forward of the same as per the revised return filed by the assessee - Held that - Similar issue has come in the case of Tarsem Kumar vs. Income Tax Officer 2013 (1) TMI 456 - PUNJ....... + More

  • 2017 (8) TMI 485 - ITAT VISAKHAPATNAM

    Andhra School of Preaching Rajahmundry Versus CIT (A) -2, Guntur

    Validity of intimation / adjustment u/s 143(1) - Exemption u/s 11A denied - Registration no. u/s 12AA was not mentioned in the ITR - Held that - In this case, there was an evidence having filed application for registration but there was no evidence with the income tax department to show whether the revenue has rejected the assessee s application for registration or not but allowed the exemption claimed by the assessee. Therefore, it is evident th....... + More

  • 2017 (8) TMI 484 - ITAT MUMBAI

    ACIT - 17 (2) , Mumbai Versus Shri Nimish S. Joshi

    Admission of additional evidences in violation of Rule 46A of the Income Rules, 1962 - allowing the earlier year peak while considering the computation of peak credit in respect of the impugned assessment year - Held that - So far the submission of the additional evidence are concerned, the learned D.R. even though referred to the ground of appeal could not convinced as to how the CIT(A) had admitted the additional evidence in violation of Rule 4....... + More

  • 2017 (8) TMI 483 - ITAT DELHI

    M/s. Perfect Homfin Private Limited Versus DCIT, Circle 14 (1) , New Delhi

    Penalty u/s 271(1)(c) - disallowing the commission payment challenging the capabilities of Ms. Divya Khanna to provide tips for purchasing shares etc. to assessee - subjective satisfaction - Held that - In the instant case, when the AO has not disputed the particulars of income furnished by the assessee nor he has disputed the amount on which commission is claimed to have been paid by the assessee, the disallowance on the ground of challenging th....... + More

  • 2017 (8) TMI 482 - ITAT DELHI

    Sushil Gaur, Shelly Agarwal Versus ITO, Ward 2 (3) , Ghaziabad

    Reopening of assessment - Assessment u/s 153A relied upon - Held that - It is an admitted fact, as also evident from the reasons recorded and the assessment order that the initiation of reopening proceedings was made by the Assessing Officer on the basis of information available with the AO. Thus respectfully following the decision of Co-ordinate Bench of the ITAT, Amritsar in the case of ACIT vs. Arun Kapur (2012 (6) TMI 403 - ITAT AMRITSAR) and....... + More

  • 2017 (8) TMI 481 - ITAT MUMBAI

    Samsara Hospitality Pvt. Ltd. Versus ITO-1 (3) (2) , Mumbai

    Disallowance of expenditure - business setting up in the year under consideration or not - proof of commencement of business - accrual or receipt of income - Held that - AO and the FAA had taken note of expenditure incurred only they had dealt with the concept of setting up of business and commencement of business. We find that after getting approval from FIPB the assessee had made downstream investments of ₹ 22.3 crores in a Bangalore base....... + More

  • 2017 (8) TMI 480 - ITAT DELHI

    ACIT, Circle-27 (1) , New Delhi Versus Sh. Mohinder Kumar Jain

    Deduction u/s 54F - satisfaction of relevant conditions - owning more than one house - another house was under construction - Held that - What is relevant is whether the assessee satisfies the conditions of section 54F of the Act in the year under consideration. Before us, the Ld. senior DR could not controvert findings of the Ld. CIT-(A). In view of the facts and circumstances of the case, we are of the view that the assessee is entitled for ded....... + More

  • 2017 (8) TMI 479 - ITAT DELHI

    DDIT, Circle-1 (1) , Intl. Taxation, New Delhi Versus The Bank of Tokyo Mitsubishi UFJ Ltd.

    Accrual of income - Addition on Deferred Bank Guarantee Commission - method of accounting - Held that - As part of the banking activities, the assessee gives guarantee on behalf of its customers and in consideration thereof, the assessee charged commission from such customers. The commission income arising from the guarantee given on behalf of the customer has been recognized by the assessee over the life of the bank guarantee. - On perusal of th....... + More

  • 2017 (8) TMI 478 - ITAT VISAKHAPATNAM

    D Veerabhadra Reddy (HUF) Versus Dy. Commissioner of Income-Tax Circle I, Kakinada

    Disallowance u/s 14A - revision u/s 263 - Held that - When the assessee has no exempt income, the question of disallowance u/s14A r.w.Rule 8D is not called for. The same view is expressed by the decision of Hon ble Madras High Court in Redington (India) Ltd. Vs. Addl.CIT, 2017 (1) TMI 318 - MADRAS HIGH COURT , Hon ble Delhi High Court in Chem Investments Vs. CIT, 2015 (9) TMI 238 - DELHI HIGH COURT and Principal CIT Vs. Sintex Industries Ltd., 20....... + More

  • 2017 (8) TMI 477 - ITAT PUNE

    Hotel Sai Siddhi Pvt. Ltd. Versus Assistant Commissioner of Income Tax, Central Circle-1, Nashik

    Reopening of assessment - assessee s failure to file the return of income u/s 139 - Held that - As the validity of the notice issued u/s 148 and reassessment order made u/s 143(3) r.w.s 147 are concerned, we find, notice issued and reassessment made should be upheld considering assessee s failure to file the return of income in time as provided u/s 139(1) of the Act. Regarding grant of adequate opportunity of the Commissioner of Income (Appeals),....... + More

  • 2017 (8) TMI 476 - ITAT VISAKHAPATNAM

    Bheemarasetty Sunitha Versus Dy. Director of Income Tax, (IT&TP) Visahapatnam

    TDS u/s 195A - assessee in default u/s 201(1)/201(1A) - non deduction of tds - period of limitation - Held that - In the instant case the property was registered on 18.7.2007 and the assessee is liable to deduct the TDS during the F.Y.2007-08 and the 4 years time limit for initiating action u/s 201/201A expires before March 2012. - In the instant case, notice u/s 195 treating the assessee as assessee in default was issued on 11.08.2013 beyond the....... + More

  • 2017 (8) TMI 475 - ITAT VISAKHAPATNAM

    U.V. Ramanamurthy Raju Versus CIT-1, Visakhapatnam

    Revision u/s 263 - unexplained investments - A.O. in the re-assessment order did not initiate penalty proceedings u/s 271(1)(c) - Held that - In this case, the assessment was completed u/s 143(3) r.w.s. 147 of the Act. A survey u/s 133A of the Act was conducted and during the course of survey, evidence was found regarding unexplained investment in the form of deposits made in the bank account. Consequently re-assessment was made by the A.O. The A....... + More

  • 2017 (8) TMI 474 - ITAT PUNE

    Suma Shilp Limited Versus JCIT, Range-6, Pune

    Set-off of losses - assessee installed tall windmills relevant to the Assessment Year 2007-08 - assessee opted 2010-11 as the initial assessment year - losses pertain to AY 2007-08 to 2009-10 - eligibility for set off against the profits of the other income of the ineligible units - Held that - Tribunal in Poonawalla Estates Stud & Agro Farm Pvt. Ltd. Vs. ACIT 2010 (9) TMI 1080 - ITAT PUNE was approved by the Hon ble Madras High Court in the ....... + More

  • 2017 (8) TMI 473 - ITAT PUNE

    DCIT, Circle-14, Pune Versus K.F. Bioplant Private Limited

    Claim of exemption u/s.10(1) - agricultural nature of the income earned out of the sale of the flowering plants developed out of imported mother plants in Tissue Culture Laboratory - Held that - As decided in assessee s own case for earlier AYs 2017 (8) TMI 445 - ITAT PUNE the authorities belong indeed erred in law and on facts of this case in holding that the impugned income is not agricultural income. We, therefore, direct the Assessing Officer....... + More


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