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Income Tax - Tribunal - Case Laws

Showing 1 to 20 of 51153 Records

  • 2017 (12) TMI 589 - ITAT VISAKHAPATNAM

    Meka Rama Murthy, Tuni Versus ITO, Ward-1, Tuni

    Estimation of profit in IMFL business - Held that - Both the parties admitted that under identical circumstances, the ITAT, Visakhapatnam bench consistently adopted profit rate of 5 on purchases, clear of all deductions, as a reasonable profit in IMFL business for the assessment year 2011-12 on account of several factors, such as higher license fees, limitations in selling the liquor at tag price, etc. Facts being identical in this year also, mod....... + More


  • 2017 (12) TMI 581 - ITAT MUMBAI

    Kavita Singh (Prop. Of Reflections) Versus Deputy Commissioner of Income Tax, Central Circle 42, Mumbai

    Addition on unexplained paintings - painting are stated to be received by the assessee as gift on various occasions from the artist - Held that - The perusal of these documentary evidences as placed in the paper book support the stand of the assessee that these paintings were acquired by the assessee much prior in earlier years and the revenue had no justification to add the same. The assessee, prima facie discharged the primary onus of proving t....... + More


  • 2017 (12) TMI 580 - ITAT MUMBAI

    Neha S. Saney Versus Commissioner of Income Tax-22 And Income Tax Officer 28 (2) (3) , Mumbai

    Revision u/s 263 - seized material revealed unexplained investment - as per assessee made solely on the basis of entries found in loose papers which were in possession of third party - Held that - As perused the rival contentions and perused the relevant material on record. Upon perusal of the same, we find that the additions have been made solely on the basis of entries found in loose papers seized from a third party. No cogent material has been....... + More


  • 2017 (12) TMI 579 - ITAT MUMBAI

    Deputy Commissioner Of Income Tax, Central Circle 10, Mumbai Versus Rustomjee Evershine Joint Venture Private Limited And Vice-Versa

    Addition on account of selling and administrative expenses - nature of expenses - revenue or capital - method of accounting - stand of the revenue is that since no income from the project has been offered to tax, all expenditure was required to be capitalized with the project cost - Held that - A perusal of quantum assessment order for AY 2011-12 as placed on record reveal that the assessee has claimed similar expenditure in that year also which ....... + More


  • 2017 (12) TMI 578 - ITAT VISAKHAPATNAM

    DCIT, Circle-3 (1) , Visakhapatnam Versus Godavari Toll Bridge Pvt. Ltd. And Godavari Toll Bridge Pvt. Ltd. Versus ACIT, Circle-3 (1) , Visakhapatnam

    Disallow the claim of depreciation being no ownership - claim of amortisation - effective administration and management of the said bridge - transfer the right over BOT asset to the assessee - Held that - Circular no.9 of 2014 issued by the Board permitting the assessee to claim amortisation of the expenditure also shows that the expenditure incurred by the assessee has to be treated as a capital expenditure and by treating it as intangible asset....... + More


  • 2017 (12) TMI 577 - ITAT VISAKHAPATNAM

    ACIT, Circle-3 (1) , Vijayawada Versus Thatavarthi Ramesh Babu Kanuru, Vijayawada

    Addition towards suppression of gross profit - stock valuation - Held that - In the instant case, the assessee filed monthly VAT returns based on the same books of accounts and the same was accepted without making any additions. Neither the bank authorities nor the A.O. made any effort to verify the actual stock to prove that there is existence of unaccounted stock under these circumstances and consistent with the view taken by the ITAT and vario....... + More


  • 2017 (12) TMI 576 - ITAT MUMBAI

    Matoshree Realtors Versus JCIT, Range-18 (3) And ITO, Wd. 21 (2) (2) , Mumbai

    Gain from relinquishment of booking rights in the project - LTCG OR STCG - holding period of the asset - to be reckoned from the date of MOU or offer letter - Held that - In the offer letter, except area to be purchased and rate agreed upon, no other terms and conditions are mentioned. The acceptance letter issued by Kohinoor Projects Pvt Ltd, one of the consortium partners, simply confirms the arrangement as stated in the offer letter of the ass....... + More


  • 2017 (12) TMI 575 - ITAT DELHI

    Mr. Ashok Kumar Chordia Versus DCIT, Central Circle-1 New Delhi

    Levy of penalty u/s 271(1)(c) - defective notice - Held that - As perused the Notice dated 26.3.2013 issued by the AO for initiating the penalty and directing the assessee to appear before him at 11.30 AM on 26/04/2013 and issued a Show Cause to the assessee stating therein that ..you have concealed the particulars of your income or furnished inaccurate particulars of such income . After perusing the notice dated 26.3.2013 issued by the AO to the....... + More


  • 2017 (12) TMI 574 - ITAT JAIPUR

    ITO, Ward-1 (2) , Jaipur Versus M/s Ranka Colonizers Pvt. Ltd.

    Allowable business expenditure - provision towards the development expenditure - Held that - As noted that the assessee has prepared an estimate of development expenses from an architect and detailed working has been submitted. It is noted that the development work has to be carried out by the assessee as per the specifications of the JDA and the same have been considered while working out the above estimation which has been worked out at ₹....... + More


  • 2017 (12) TMI 573 - ITAT MUMBAI

    Shri Dilip B. Shah Versus ITO-14 (1) (1) , Mumbai

    Accommodation entry/bogus purchases - Reopening of assessment - Held that - The credibility of information relating to reopening remains un-assailed. In such factual scenario, the assessing officer has made the necessary enquiry. The issue of notice to all the parties have returned unserved. Assessee has not been able to provide any confirmation from any of the party. Assessee has also not been able to produce any of the parties. Necessary eviden....... + More


  • 2017 (12) TMI 572 - ITAT MUMBAI

    Partners Medical International, Inc. (Earlier known as Partners Harvard Medical International, Inc.) C/o. Pricewaterhouse Coopers (P) Ltd. Versus Dy. CIT (Intl. Taxation) -3 (3) (2) , Mumbai

    Order passed beyond the time limit prescribed under section 144C(4) - Action of the Dispute Resolution Panel - 2 day delay in receipt of draft assessment order against the date recorded by the Assessing Officer - Held that - In our considered opinion, on the facts and circumstances of the case, the two day delay in furnishing the objections to the DRP s objections deserves to be condoned. Accordingly, we condone the delay in submission of the obj....... + More


  • 2017 (12) TMI 571 - ITAT PUNE

    M/s. Sandvik System Development AB, C/o Sandvik Asia Pvt. Ltd. Versus The Dy. Director of Income Tax, (International Taxation) -II, Pune

    Reopening of assessment - reason to believe - Held that - In the absence of any tangible material establishing escapement of income in the hands of assessee, there is no merit in the exercise of invoking of re-assessment proceedings under section 147 of the Act. The reason to believe escapement of income should have a live link. There is no merit in the stand of authorities below that in the present case, where the assessment order was passed und....... + More


  • 2017 (12) TMI 570 - ITAT BANGALORE

    Dy. Commissioner of Income Tax (LTU) , Bangalore Versus M/s. Bosch Limited

    Disallowance of interest expenditure payable to Micro, Small & Medium Enterprises - Held that - Section 23 of MSMED Act has specifically prohibited the assessee from claiming the deduction from the income on account of interest paid to MSME. Section 24 is having overriding effect to the extent of any inconsistent provisions contained in any other law for the time being. We further note that as per the Section 15 of the MSMED Act, the liabilit....... + More


  • 2017 (12) TMI 569 - ITAT KOLKATA

    Mukesh Kr. Agarwal Versus P.C.I.T 21, Kolkata

    Revision u/s 263 - ALV determination - genuineness of Gross Rent received - Held that - The present case the CIT has exercised jurisdiction u/s.263 of the Act on the ground that the AO while completing the assessment proceeding did not make enquiries which he ought to have made, it is necessary to look into what enquiries the AO made on the issues raised in the order u/s.263 of the Act. It is clear from the submissions and material available on r....... + More


  • 2017 (12) TMI 568 - ITAT VISAKHAPATNAM

    Kodanda Ramaiah Varadhi Versus ITO, Ward-5 (1) , Visakhapatnam

    Computation of capital gain - expenses claimed by the assessee for acquiring property and for sale of the property - Held that - The assessee had declared the cost of acquisition of the property at ₹ 98,07,120/- in the case of 328 sq.yds and ₹ 87,12,470/- in the case of 369 sq.yds. Since the assessee had already declared the cost of acquisition in the assessment year 2007-08 and furnished the relevant balance sheet along with return o....... + More


  • 2017 (12) TMI 567 - ITAT AHMEDABAD

    Income Tax Officer, Ward- 1 (4) , Ahmedabad Versus Doshion Ltd.

    Disallowance in respect of employees contribution of ESI u/s. 36(1)(va) - Held that - This issue is no more res integra as the same has been decided against the assessee and in favour of the revenue by the Hon ble Jurisdictional High Court in the case of GSRTC Ltd. 2014 (1) TMI 502 - GUJARAT HIGH COURT - Denial of deduction u/s. 80IB - Held that - It is not coming out from the records that when these items were written off they reduced the eligib....... + More


  • 2017 (12) TMI 566 - ITAT DELHI

    M/s. Hans Ispat Limited, C/o Mehta Lodha & Co. Versus ACIT, Central Circle 25, New Delhi

    Disallowance of business expenses - Held that - Bare perusal of the highlighted expenses disallowed by the AO and sustained by the ld. CIT (A) goes to prove that apparently, the same cannot be treated as business expenses without perusing the exact nature and detail of the expenses. Ld. CIT (A) has merely sustained the addition on the basis of estimation without calling upon the detail as to the nature thereof and without providing an opportunity....... + More


  • 2017 (12) TMI 565 - ITAT DELHI

    ACIT Central Circle-2, New Delhi Versus MKR Construction (P) Ltd.

    Assessment made u/s 153A - addition u/s 68 - Held that - There is no incriminating material qua the assessment year for which impugned addition has been made, we hold that such an addition cannot be roped in in the assessment order passed u/s 153A. Accordingly, same is directed to be deleted. - Decided in favour of assessee........ + More


  • 2017 (12) TMI 535 - ITAT MUMBAI

    Sourashtra Ferrous P Ltd. Versus ITO, Wd 9 (2) (2) , Mumbai And Vice-Versa

    Addition made on account of share application money u/s 68 - Held that - Assessee has all necessary evidence right from Foreign Inward Remittance certificate to application filed with Forex department of RBI to justify allotment of equity shares and receipt of share application money from M/s Great Value Company Ltd of Mauritius. Once the initial burden cast upon the assessee to prove the identity, genuineness of transactions and creditworthiness....... + More


  • 2017 (12) TMI 534 - ITAT DELHI

    D.D. Township Limited, New Delhi. C/o. Shri Manu Monga Versus The Income Tax Officer Ward 49 (4) , New Delhi

    TDS u/s 194A - non deduction of tds on interest payment - assessee-in-default under section 201(1) - as per assessee TDS is not made as the amount involved is only surrender of interest to these concerns - interest liability calculation under section 201(1A) - Held that - A.O. has given details at page-4 of the order in which the amount of interest paid and taxed under section 201(1) on interest paid and then interest liability is calculated. No ....... + More


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