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Income Tax - Tribunal - Case Laws

Showing 1 to 20 of 50052 Records

  • 2017 (10) TMI 727 - ITAT KOLKATA

    Sreema Mahila Samity Versus Deputy Commissioner of Income-tax, Circle-Nadia

    Exemption u/s 12AA denied - Income from micro finance and provision for doubtful debts - Held that - Prior to adding proviso to section 2(15), the entities which got registration u/s. 12AA engaged in commercial activity claimed exemption on the ground that such activities were for advancement of objects of general public utility in terms of 4th limb of definition to section 2(15) of the Act. We find that the said benefit was taken away by adding ....... + More

  • 2017 (10) TMI 726 - ITAT BANGALORE

    The Income-tax Officer, TDS Ward-2 (1) , Bangalore Versus M/s Karnataka Legislature Secretariat Employees Housing Co-operative Society Ltd.

    TDS u/s 194C - Liability to deduct tax at source on payments made to the developers - Held that - As observed by the AO, the agreement/MOU s entered into by the assessee society with the other developers/contractors also contain clauses similar to the above. On appeal, the ld CIT(A) on perusal of the aforesaid clauses of the agreements has arrived at the conclusion that the payments for the purchase of the sites was calculated on sq. ft. area of ....... + More

  • 2017 (10) TMI 725 - ITAT JAIPUR

    Assistant Commissioner of Income Tax, Circle-1, Kota Versus M/s Naresh Kumar Manoj Kumar

    Addition u/s 14A read with Rule 8D - Held that - Where no exempt income has been earned by the appellant to warrant disallowance as per the provisions laid down u/s 14A rwr 8D, the addition accordingly directed to be deleted. - Decided in favour of assessee........ + More

  • 2017 (10) TMI 724 - ITAT AMRITSAR

    Sh. Saket Mehra Versus Income Tax Officer, Ward- 5 (4) Amritsar

    Deemed dividend addition u/s 2(22)(e) - proof of business transaction - Held that - Assessing Officer had accepted the transaction of ₹ 1,20,00,000/- in the hands of B. B. Overseas Pvt. Ltd. as business transaction and therefore not accepting the same transaction in the hands of second party which is assessee is not correct. Therefore we hold that the said transaction of ₹ 1,20,00,000/- was a business transaction and for a business tr....... + More

  • 2017 (10) TMI 723 - ITAT JAIPUR

    Dinesh Kumar Vijay Versus The ITO, Ward 5 (2) , Jaipur

    Penalty u/s 271(1)(c) - AO did not strike off the inappropriate portion of the notice - Held that - The initiation of penalty proceedings has happened by recording of satisfaction in the assessment order and the issuance of notice u/s 274 is thus in continuation of recording of such satisfaction and has thus to be read along with the assessment order and not disjoint of the assessment order. It is not a case where the penalty has been initiated f....... + More

  • 2017 (10) TMI 722 - ITAT MUMBAI

    ACIT 1 (2) -1, Mumbai Versus M/s. Kotak Mahindra Old Mutual Life Insurance Ltd.

    Income from share holders account - whether to be treated on par with the income from the insurance business under the policy holders account taxable u/s 44 - Held that - This issue is squarely covered in assessee s own wherein the tribunal has considered that the shareholders funds constituted an integral and indivisible part of assessee s Life Insurance Business and assessee s sole business purpose was to carry on Life Insurance Business as per....... + More

  • 2017 (10) TMI 721 - ITAT DELHI

    DCIT (E) , New Delhi Versus DLF Qutab Enclave Complex Educational Charitable Trust

    Denying the benefit of exemption under sections 11 & 12 - Held that - Undisputedly, in AY 2009-10, the coordinate Bench of the Tribunal vide an order dated 20.08.2014 passed in assessee s own rejected the appeal filed by the Revenue denying the benefit of exemption under sections 11 & 12 of the Act. It is also not in dispute that there is no change in the facts and circumstances of the case during the year under assessment. - In the backd....... + More

  • 2017 (10) TMI 720 - ITAT MUMBAI

    M/s. Metacaps Engineering & Mahendra Construction Co. (J.V) Versus The Commissioner of Income-tax-18, Mumbai

    Revision u/s 263 - Held that - We are of the considered view that in the backdrop of the explanation/objections filed by the assessee during the course of revisional proceedings in respect of certain issues on which the CIT had sought to revise the order passed by the A.O under Sec. 143(3), the CIT had failed to point out as to how the order of the A.O was found to be erroneous . We are of the considered view that in the absence of clear observat....... + More

  • 2017 (10) TMI 688 - ITAT DELHI

    Deputy Commissioner of Income Tax, Circle-16 (1) , New Delhi Versus M/s Tianjin Tianshi India Pvt. Ltd. And Vice-Versa

    TPA - selection of MAM - addition by applying RPM instead of TNMM - Held that - DRP rightly directed the AO/TPO to consider the RPM as the most appropriate method instead of TNMM proposed by the TPO. Accordingly, we do not see any merit in this appeal of the department........ + More

  • 2017 (10) TMI 687 - ITAT DELHI

    M/s. Stryker Global Technology Center Private Limited Versus DCIT, Circle 9 (1) , New Delhi

    TPA - ALP determination - Comparable selection procedure - Held that - Stryker Technology started its business from October 1, 2006 as a global technology centre for the Stryker Group in India. The taxpayer operates as a technology support centre for the group and provides Computer Aided Designing (CAD) / engineering, contract software development, and IT Enabled back office support services to the Stryker Group. According to TP report, Stryker T....... + More

  • 2017 (10) TMI 686 - ITAT BANGALORE

    The Assistant Commissioner of Income Tax, Circle -2 (1) , Bangalore Versus Smt. Bhoote Meenakshi And Vice-Versa

    Computation of long term capital gain on sale of a property at Koramangala, Bangalore by the assessee - determination of FMV as on 01.04.1981 - Held that - We find lot of loose ends in the statement given by the approved valuer before the AO. In this regard the Assessee has in her submissions dated 30.9.2013 specifically pointed out that the AO did not afford opportunity of cross-examination of the Registered Valuer and therefore the evidence in ....... + More

  • 2017 (10) TMI 685 - ITAT DELHI

    ITO, Ward-10 (1) , New Delhi Versus Delhi Press Samachar Patra Pvt. Ltd, C/o. Shri Harvinder Singh Sahota

    Addition of expenditure on subscription deposit scheme - addition as sales with regard to the magazine were not included on credit in the profit and loss account - Held that - It is not denied that such deposits are refundable. These are refundable as and when demanded by the subscribers and from that date the supply of magazine is discontinued. Merely because the relevant income on receipt according to the ld Assessing Officer is not credited to....... + More

  • 2017 (10) TMI 684 - ITAT DELHI

    M/s. Globerian India Pvt. Ltd. Versus DCIT, Circle 12 (1) , New Delhi

    Failure by the AO to adhere to the mandatory requirement of Section 144C (1) - non passing the draft assessment order - Held that - Passing assessment order straightway without passing the draft assessment order would take away the enforceable right of the assessee company to approach the ld. DRP by way of filing objection to the draft assessment orders. Since the factum of not passing a draft assessment order by the AO as required u/s 144C is a ....... + More

  • 2017 (10) TMI 683 - ITAT VISAKHAPATNAM

    Sri Pydi Giridhar Babu, Sri Pydi Venkata Ramana Versus The Income Tax Officer Ward-4 (2) Visakhapatnam

    Admission of additional evidence - valuation of property - Held that - The powers are vested in Tribunal in the matter of admission of additional evidence and the additional evidence produced by the assessee is crucial to decide the appeal as discussed in detail in the submissions of the Ld.A.R. From computation of the capital gains of assessee s share was ₹ 6,47,86,542/- and the tax demanded was at ₹ 1,78,32,460/- against actual sale....... + More

  • 2017 (10) TMI 682 - ITAT DELHI

    M/s. Akums Drugs & Pharmaceuticals Ltd. Versus JCIT, New Delhi

    Penalty u/s 271(1)(c) - non-deducting and non-depositing the TDS - Held that - Omission for non-deduction of the TDS was not intentional rather due to bonafide mistake as immediately after pointing out by the tax auditors, TDS was deposited by the assessee company out of its own pocket without collecting it from the deductee. Assessee company has even deposited the TDS even before deduction made by the revenue authorities. - So, we are of the con....... + More

  • 2017 (10) TMI 681 - ITAT DELHI

    ACIT (TDS) , Gurgaon Versus Artemis Medicare Service Pvt. Ltd.

    TDS treatment given in respect of categories of doctors as Consultants - deduction of tax at source has been made u/s 192 in respect of employee doctors while the tax deduction u/s 194J has been made in respect of five categories of medical consultants - Held that - The issue has been decided by the ITAT for financial year 2009-10, in favour of the assessee, therefore, the tax has been deducted under the correct provisions of law. In view of the ....... + More

  • 2017 (10) TMI 680 - ITAT MUMBAI

    Solarfield Energy Two Pvt. Ltd. Versus Income Tax Officer Ward–2 (3) (3) , Mumbai

    Interest earned on fixed deposit - whether to be treated as capital receipt, hence, not taxable? - assessee claimed such interest as capital receipt and set it off against pre operative expenditure - Assessing Officer assessed the interest as income from other sources - Commissioner (Appeals) having found that interest earned was inextricably linked with the setting up of the power plant allowed the claim of the assessee - Held that - Undisputedl....... + More

  • 2017 (10) TMI 679 - ITAT MUMBAI

    Dockendale Shipping Company Ltd. Versus ASST DIT (IT) 1 (2) , Scinida house, Mumbai

    Validity of the notice u/s 147 & 148 - income accrued in India - PE in India - whether Assessee company has established the permanent establishment and the office of the Assessee was attribution of the income to the Assessee company - Held that - The activity of the Assessee company was commercial in nature and these companies were paying consultation fees while in the instant case, nothing was found contrary to the subject approved by the RB....... + More

  • 2017 (10) TMI 678 - ITAT BANGALORE

    The Assistant Commissioner of Income-tax, Central Circle 2 (2) , Bangalore Versus M/s. Cornerstone Properties Private Limited

    Assessment proceedings u/s. 153A - deduction u/s 80IB (10) claim - JDA copy relied upon - Held that - The JDA copy found in the course of search was the basis of deduction claimed by the assessee u/s 80IB and this claim was very much examined by the AO by making belated enquiry as per the enquiry letter available in respect of the claim of the assessee for deduction u/s. 80IB. Hence in the present case, we are of the considered opinion that the J....... + More

  • 2017 (10) TMI 677 - ITAT BANGALORE

    Captronic Systems Pvt. Ltd. Versus The Deputy Commissioner of Income Tax, Bengaluru

    Interest expenditure proportionately addition u/s. 36(1)(iii)/37(1) - advances given to subsidiary companies - Held that - All advances given to subsidiary companies cannot be considered as diversion of interest bearing funds. We further observe that the assessee has sufficient interest free funds in the form of share capital to explain the advances given to its subsidiaries. Though assessee is having borrowings from banks and financial instituti....... + More

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