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Income Tax - Tribunal - Case Laws

Showing 1 to 20 of 55408 Records

  • 2018 (7) TMI 1254

    Penalty u/s 271(1)(c) - Held that - Learned Departmental Representative s only argument is that the assessment order duly clarified that the impugned penalty had been initiated for processing inaccurate particulars of income. We find no merit in Revenue s above plea since it is only the relevant notice issued u/s. 274 of the Act that carries prime significance in the penalty proceedings in question. We therefore accept assessee s argument on meri....... + More


  • 2018 (7) TMI 1253

    Expenditure under the head power and fuel - Held that - Assessing Officer after considering the explanation of the assessee, came to a conclusion that the entire amount of ₹ 3, 84, 60, 222/- is not exclusively incurred for the purpose of business and only expenditure incurred as per the Director s Report (Form-A) of ₹ 1, 80, 66, 693/-, is allowed by treating it as exclusively incurred for the purpose of business. The remaining balance....... + More


  • 2018 (7) TMI 1252

    Addition u/s 68 - AO has asked the assessee to furnish the details and complete addresses of the buyers, the assessee has not responded and no details were furnished - CIT(A) by considering the GPA directed the AO to delete the addition made by him - Held that - It is a fact that the assessee has not filed GPA before the AO. He has only filed unregistered sale deed dated 23. 08. 2011. The Ld. CIT(A) before taking into consideration of the GPA dat....... + More


  • 2018 (7) TMI 1251

    Penalties u/s 271D and 271E - period of limitation - penalty imposed in a wrong assessment year - Held that - From the records, it is undisputedly established that the Assessing officer was very well aware about the receipt of alleged loan in cash during the Assessment Years 2004-05 and 2002-03 and the repayment of the loan and but had wrongly initiated the earlier penalty proceedings for A.Y. 2005-06. The Assessment order was passed on 5.10.2007....... + More


  • 2018 (7) TMI 1250

    Penalty u/s 271(1)(c) - admitting the additional ground - invalid notice - Held that - In the present case, the notice is not clear, whether the penalty is levied for concealment of income or for furnishing inaccurate particulars of income. See THE PRINCIPAL COMMISSIONER OF INCOME-TAX-I, VISAKHAPATNAM VERSUS SMT. BAISETTY REVATHI 2017 (7) TMI 776 - ANDHRA PRADESH HIGH COURT - decided against revenue....... + More


  • 2018 (7) TMI 1170

    Validity of assessment u/s 153A - Held that - Impugned assessment year involved 2008-09 for which the return was filed under section 139(1) on 29.09.2008 and the due date for issue of the notice under section 143(2) of the Act was up to 30.09.2009, no such notice was issued to the assessee. On 6.11.2009 search under section 132(1) was carried out at the residence of the assessee. Admittedly during the course of search some cash seizure was made. ....... + More


  • 2018 (7) TMI 1169

    Rent received - treated as income from house property and the assessee s treatment of crediting the same towards work-in-progress is justified - Held that - We note that the assessee s business is development of property. For the same property, for getting vacation, the sums paid are being debited to the work-in-progress which is being accepted by the Assessing Officer. However, pending vacation, the rent receipt from the tenants of the said prop....... + More


  • 2018 (7) TMI 1168

    Disallowance made u/s 40A(3) - purchases of country spirit in cash - revised procedure prescribed by the Excise Department, for lifting country spirit - Held that - There could be no disallowance u/s 40A(3) of the Act in the facts and circumstances of the case and accordingly we direct the ld AO to delete the same. We also find that this issue is recently decided in favour of the assessee by the Hon ble Jurisdictional High Court in the case of CI....... + More


  • 2018 (7) TMI 1167

    Rejecting the books of account u/s 145(2) - addition on estimation basis @7% on account of construction receipts - Held that - The undisputed fact remain that the assessee has failed to submit the quantitative details of the trading operations as well as details of construction activities carried out by him during the impugned AY. AR is merely harping on the point that the assessee was a listed public company and therefore, the books could not be....... + More


  • 2018 (7) TMI 1166

    Disallowance of depreciation on fixed asset acquired by the assessee-society - Held that - In the instant case, the provisions of section 11(6) are not applicable as the same will be applicable from AY 2015-16. For the impunged assessment year, respectively following the decision case of Commissioner of Income Tax-III, Pune vs. Rajasthan & Gujarati Charitable Foundation Poona 2017 (12) TMI 1067 - SUPREME COURT the assessee trust is held eligi....... + More


  • 2018 (7) TMI 1165

    TDS u/s 195 - payments of transponder fees by the Appellant to MEASAT Satellite Systems Snd. Bhd, Malaysia ( MEASAT ) are taxable under the Income tax Act, 1961 and under the India-Malaysia Tax Treaty - Held that - The present issue in the appeal as to whether the assessee was liable for deducting the TDS on transponder fee payable to MEASAT Malaysia has to be decided against the assessee by following the decision of the ITAT in assessee s own ca....... + More


  • 2018 (7) TMI 1164

    Penalty u/s 271(1)(c) - whether the notice issued by the Assessing Officer dated 26/12/2011 is valid or not? - non striking irrelevant portion of notice - Held that - The assessing officer did not strike off the irrelevant column in the notice and made known the assessee whether the penalty was initiated for the concealment of income or for furnishing the inaccurate particulars. In the assessment order also the AO simply recorded that the penalty....... + More


  • 2018 (7) TMI 1163

    Rectification of mistake - taxability of interest on enhanced compensation - Held that - The proposition laid down in Ghanshyam, HUF (2009 (7) TMI 12 - SUPREME COURT) remains and which having been laid down by the Hon ble Apex Court is the law of the land and has to be followed by all lower authorities. The interest received by the assessee during the impugned year on the compulsory acquisition of its land u/s 28 of the Land Acquisition Act, is i....... + More


  • 2018 (7) TMI 1162

    Revision u/s 263 - directing the AO to disallow the short term capital loss and instead assess short term capital gain - Held that - In the audited financial statements of the appellant/assessee, the assessee had made appropriate disclosure which established that the assessee had sold both the plant and machinery and Capital WIP for a composite consideration of ₹ 27,50,00,000/- and the resultant loss of ₹ 12,65,47,945/- was declared i....... + More


  • 2018 (7) TMI 1092

    Unexplained cash deposit in the bank account - Held that - The cash in hand of the earlier year is available to assessee for making cash deposit in bank account in year under appeal. Similarly, the assessee has withdrawn ₹ 2,00,000/- on 5th March, 2005 from his bank account which is available to assessee to make re-deposit on 21st March, 2005 and 23rd March, 2005 in a sum of ₹ 1,00,000/- each. AO has not brought any evidence on record....... + More


  • 2018 (7) TMI 1091

    Addition of Short term capital gains under Section 45 - land sold as capital asset - Held that - The entire chain of events and the material available on record viz. (i). that prior to purchase of land the Government of Maharashtra had vide a notification dated 05.08.2009 accorded permission to M/s Prakhyat Infra Projects Pvt. Ltd (in which company the spouse of the assessee was a director) to purchase the said land for establishing an industrial....... + More


  • 2018 (7) TMI 1090

    Disallowance of reimbursement of expenses incurred by assessee on behalf of its AE pertaining to travel cost, marketing cost etc. - Held that - Assessee has paid for the cost incurred and that these amounts were charged to AE as reimbursements for actual cost incurred by assessee. We do not find any infirmity in the directions issued by DRP and direct Ld.TPO to compute the adjustment if any by considering actual reimbursement received from AE and....... + More


  • 2018 (7) TMI 1089

    Addition of gift received by the assessee from the wife of the elder brother of the assessee s husband (Jethani) - Held that - CIT(A) has simply brushed aside the documentary evidence filed by the assessee, observing that the affidavit, or confirmation, or transaction of cheque just explained the receipt of the amount by the assessee, but not the genuineness of the gift. The contents of the documentary evidence filed and the statement of the dono....... + More


  • 2018 (7) TMI 1088

    Validity of the proceeding initiated u/s 158BD - main grievance of the assessee company is that sec. 158BD proceeding could not have been initiated against the assessee company because the shares seized from the premises of UIC Group did not belong to it, when the search was conducted on 07.05.2002 - Held that - From the facts emerging as noted by us the assessee company though had purchased the shares of certain UIC Group companies in October, N....... + More


  • 2018 (7) TMI 1087

    Addition on account of transfer pricing adjustment made in the Transport segment - Held that - In the given facts and circumstances, we are of the opinion that the assessee s application for additional evidence including expert technical opinion provided by the assessee and the report of the Valuation Officer need to be examined at the end of the TPO/AO on the facts relevant for the year under consideration. Even if the AO/TPO has found the addit....... + More


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