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Showing 1 to 20 of 53726 Records

  • 2018 (4) TMI 1217 - ITAT MUMBAI

    Shri Suman Gupta Versus ACIT 12 (1) , Mumbai And Vice-Versa

    Addition on account of bogus purchases - CIT(A) restricted the addition to the extent of 12.5 - Held that - In respect of the goods purchased from Sai International and sold by the assessee, the assessee had shown GP rate 0.15 , however, in respect of purchases other than from Sai International, the assessee has disclosed same GP of 0.15 . Thus, it is not the case where assessee has shown lower G.P. in respect of alleged bogus purchases. In the i....... + More

  • 2018 (4) TMI 1209 - ITAT AHMEDABAD

    Shri Ishwarbhai Maganbhai Desai L/h. Of Late Shri Maganbhai Nagjibhai Desai Versus ITO, Ward-3, Patan

    Reopening of assessee - notice in the name of deceased person - Held that - The assessee is not harping upon any irregularity in the notice, rather he is challenging the very jurisdiction over the assessee, on account of issuance of notice in the name of a deceased person, and further, even after coming to know about status of the assessee as a deceased, passing of an assessment order in the name of deceased person would not be sustainable. There....... + More

  • 2018 (4) TMI 1208 - ITAT CUTTACK

    Mr Gagan Bihari Satrusalya Versus DCIT, Circle 2 (1) , Bhubaneswar

    Penalty u/s 271(1)(C) - non specification of charge - Held that - Omission by the AO to explicitly specify in the penalty notice as to whether penalty proceedings are being initiated for furnishing of inaccurate particulars or for concealment of income makes the penalty order liable for cancellation. CIT vs. SSA s. Emarld Meadows 2016 (8) TMI 1145 - SUPREME COURT followed - In the present case having regard to the manner in which the Assessing Of....... + More

  • 2018 (4) TMI 1207 - ITAT DELHI

    M/s GE Capital Services India Versus Additional Commissioner of Income Tax, Range-12, New Delhi

    Revision u/s 263 - Deduction wrongly allowed in respect of provisions for nonperforming assets, even though it was a mere contingent liability - deduction towards loss of interest rate swap was incorrectly allowed - Held that - For provisions for nonperforming assets as out of total provision of ₹ 1114.68 lacs, a sum of ₹ 7,60,76,105/- was suo moto added back in the computation of income and a further sum of ₹ 73,46,160- was dis....... + More

  • 2018 (4) TMI 1206 - ITAT COCHIN

    The Income Tax Officer, Ward 2, Kottayam Versus M/s. Kidangoor Service Co-operative Bank Ltd.

    Entitlement to deduction u/s 80P(2) - assessee is a primary agricultural credit society - Held that - As relying on case of Chirakkal Service Co-Operative Bank Ltd. Versus CIT 2016 (4) TMI 826 - KERALA HIGH COURT CIT(A) was justified in directing the A.O. to grant deduction u/s 80P(2) of the I.T.Act to the assessee wherein held Tribunal erred in law in deciding the issue regarding the entitlement of exemption under section 80P against the appella....... + More

  • 2018 (4) TMI 1205 - ITAT MUMBAI

    M/s. Virgo Engineering Ltd. (Now merged with Virgo Valves And Controls Pvt. Ltd.) Versus Addl. CIT 10 (3) , Mumbai

    Disallowance made u/s. 14A - Held that - As own funds available with the assessee is in far excess of the value of investments and hence as per the decision rendered by Hon ble Jurisdictional Bombay High Court in the case of HDFC Bank Ltd. (2014 (8) TMI 119 - BOMBAY HIGH COURT), no disallowance out of interest expenditure is called for. Thus direct the Assessing Officer to delete the disallowance under rule 8D(2)(iii) out of interest expenditure........ + More

  • 2018 (4) TMI 1204 - ITAT MUMBAI

    DCIT-14 (3) (2) , Mumbai Versus M/s. Sundaram Multipap Limited And Vice-Versa

    Disallowance u/s. 14A - reduction of disallowance voluntarily made by the assessee - Held that - The assessee has made voluntary disallowance u/s 14A of the Act even though it did not receive any dividend income. As per the decisions rendered by various courts, no disallowance is required to be made in the absence of exempt income. Hence the assessee has filed CO with the plea to delete the voluntarily disallowance made by it, which is supported ....... + More

  • 2018 (4) TMI 1203 - ITAT MUMBAI

    Shri Kamleshkumar P. Jain Versus ITO 30 (2) (1) , Mumbai

    Addition u/s 41(1) in respect of M/s Suryalakshmi Garments - Held that - The provisions of sec. 41(1) shall apply only in case of ceased trading liability. As the assessee has demonstrated that M/s Suryalaxmi Garments is having running account and the balance outstanding in its name has been paid in the succeeding years. Hence we are of the view that the provisions of sec. 41(1) shall not apply to the facts of this issue. Accordingly we set aside....... + More

  • 2018 (4) TMI 1202 - ITAT MUMBAI

    Vaishali Prakash Muni Versus ITO 27 (3) (5) , Mumbai

    Addition of 12.5 in respect of alleged bogus purchases - Held that - Considering circumstances of the case vis- -vis gross profit and net profit declared by the assessee during the years under consideration and cases of Geolife Organics (2017 (5) TMI 1101 - ITAT MUMBAI) and Suman Gupta 2018 (4) TMI 1217 - ITAT MUMBAI we direct the AO to restrict the addition to the extent of 2 of such alleged bogus purchases in all the three years under considera....... + More

  • 2018 (4) TMI 1201 - ITAT CUTTACK

    Sri Rajendra Kumar Kar Versus ACIT, Circle 5 (1) , Bhubaneswar

    Levy of penalty u/s.271(1)(c) - non specification of charge - Held that - Levy of penalty has to be clear as to the limb under which it is being levied. See Manjunatha Cotton & Ginning Factory (2013 (7) TMI 620 - KARNATAKA HIGH COURT) - Omission by the AO to explicitly specify in the penalty notice as to whether penalty proceedings are being initiated for furnishing of inaccurate particulars or for concealment of income makes the penalty orde....... + More

  • 2018 (4) TMI 1200 - ITAT HYDERABAD

    Sanghi Industries Ltd. Versus The Asst. /Deputy Commissioner of Income Tax And The Deputy Commissioner of Income Tax, Hyderabad

    Sales tax subsidy treated as capital receipt - nature of receipt - Held that - In view of the scheme of Government of Gujarat which set up to provide employment opportunities to the unemployed youth, the subsidy is to be considered as capital receipt only. Respectfully following the case of CIT Vs. M/s. Lincon Polymers Pvt. Ltd.(2006 (12) TMI 549 - GUJARAT HIGH COURT) which directly applies to the scheme, we hereby affirm the order of CIT(A) and ....... + More

  • 2018 (4) TMI 1199 - ITAT DELHI

    ACIT, Circle 8 (2) , New Delhi Versus M/s. Evergreen International Ltd.

    Non-deduction of TDS payment made under the head Sales Commission to foreign Agents - Held that - When a sales commission has been made by the assessee company on export orders from the buyers abroad and services have not been rendered by the payee in India, no part of the said income has arisen in India and as such, TDS is not required to be deductible at source and disallowance u/s 40(a)(i) of the Act made by the AO is not sustainable in the ey....... + More

  • 2018 (4) TMI 1198 - ITAT DELHI

    Association of Third Party Administrators C/o Sarkar & Associates Versus CIT (E) (Hqrs.) , Delhi

    Refusing to grant registration u/s 12AA (1)(b) r.w.s. 12A - Trust engaged engaged only for TPA members - proof of charitable activities - Held that - The applicant trust cannot be said to be engaged only for TPA members and their employees and working for mutual benefits of its members, but its objects are certainly aimed at providing benefit to the general public in the field of insurance and health facilities. - No doubt, activities of the TPA ....... + More

  • 2018 (4) TMI 1197 - ITAT DELHI

    Shri Navneet Jhanb Versus ACIT, Central Circle 1, Faridabad

    Penalty u/s 271(1)(c) - income surrendered during the search and seizure operation - Held that - The assessee has paid tax on the income surrendered as per statement recorded u/s 132 (4) at the time of search and seizure operation together with interest before the completion of assessment. See CIT vs. Radha Kishan Goel 2005 (4) TMI 47 - ALLAHABAD High Court and CIT vs. Mahendra C. Shah (2008 (2) TMI 32 - GUJARAT HIGH COURT). - When the assessee h....... + More

  • 2018 (4) TMI 1180 - ITAT KOLKATA

    M/s Style Gems and Jewells Versus ITO, Ward- 31 (4) , Kolkata

    Bogus transaction/bogus purchase - maintenance of books of accounts - not allowing the assessee to cross-examine the witness - Held that - The assessee under consideration is maintaining proper books of account including cash book, bank book, journal register, stock register and the assessing officer has failed to bring any cogent evidence on record to establish that the purchases made from M/s Sparsh Exports Pvt. Ltd. is not properly recorded in....... + More

  • 2018 (4) TMI 1179 - ITAT KOLKATA

    Ananda Paul Versus ACIT, Circle-50, Kolkata

    Validity of re-assessment proceeding u/s 147 - exemption claimed by the assessee u/s 10(38) of the Act on the sale of shares but the fact is that no STT was paid by the assessee on the sale of shares - Held that - Assessee has furnished the details of the investment in the form of some chart as evident from the order sheet entry of the AO relating to assessment proceedings under section 143(3) of the Act. - The assessee has duly disclosed its exe....... + More

  • 2018 (4) TMI 1178 - ITAT COCHIN

    The Income Tax Officer Ward 3, Kottayam Versus M/s. Manjoor Service Cooperative Bank Ltd. And Vice-Versa

    Benefit of deduction u/s 80P2)(a)(i) - interest received on deposits with Sub-Treasuries - whether interest received on investments with sub-treasury is liable to be assessed under the head income from other sources or income from business - Held that - In view of the decision of the co-ordinate Bench of the Tribunal in the case of The Padne Service Co-operative Bank Ltd. (2018 (1) TMI 602 - ITAT COCHIN), we hold that the CIT(A) is justified in d....... + More

  • 2018 (4) TMI 1177 - ITAT MUMBAI

    Tata Motors Finance Limited (Formerly known as Sheba Properties Limited) Versus Dy. CIT (OSD) , 2 (3) And Dy. CIT, Circle-2 (3) (2) , Mumbai

    Income from house property - Municipal lettable value disregarded - enhancement made in the annual letting value - valuation was based on the expert opinion of the Government Registered valuer and market trend - rejecting the municipal lettable value by AO - Held that - As referring to the decision of the Tip Top Typography (2014 (8) TMI 356 - BOMBAY HIGH COURT) wherein held that the municipal lettable value cannot be disregarded straight away, f....... + More

  • 2018 (4) TMI 1176 - ITAT HYDERABAD

    Ghansham Lekhraj Rupani Versus ITO, Intl. Taxation-1, Hyderabad

    Genuineness of the value assessed / adopted in respect of the building as on 01.04.1981 - value adopted by the Stamp Valuation Authority - Held that - Assessee has taken support from the approved Valuer s report and also the value on which the A.P. State Government has purchased the property in 1980 in near vicinity. The approved Valuer has also determined the cost of built up area by giving reasons thereof. On the other hand, the Assessing Offic....... + More

  • 2018 (4) TMI 1130 - ITAT KOLKATA

    M/s. Word For the World Fellowship Versus C.I.T Exemption, Kolkata

    Rejecting registration u/s 12AA - denying of approval u/s 80G - part of the donations received from the donors have not been routed through Income & Expenditure Account but directly taken to the Balance Sheet - donation received throughout the year have been deposited in Bank account during demonetization period amounting to more than ₹ 1,00,000 with no reasonable explanation - Held that - Going by the specific words in section 12AA wha....... + More

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