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Income Tax - Tribunal - Case Laws

Showing 1 to 20 of 56392 Records

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  • 2018 (9) TMI 1026

    Addition u/s. 68 - unexplained share capital and premium - Held that - We have gone through the paper book filed by the assessee and found that in most of the cases, the investor companies had sufficient share holders funds, so as to cover the investments made with the assessee company and the AO has failed to enquire into such facts before doubting the creditworthiness of the share holders. - The satisfaction of the Assessing Officer as to the c....... + More


  • 2018 (9) TMI 1025

    Additional income disclosed in the course of search - Held that - Revenue has based its case on Shri K.P. Agarwala s search statement. CIT(appeals) has held that Shri Agarwala was never the authorized person to depose or to offer any income at assessee s behest. We reiterate that this assessee is a company. - It was very much imperative for the Revenue s to place on record the corresponding details to reverse this clinching finding. There is no s....... + More


  • 2018 (9) TMI 1024

    Condonation of delay - delay of 146 days - Estimation of income - survey operation u/s.133A of the IT Act to mention that the assessee realized profit at ₹ 500/- per sft in respect of area of 77835 sft sold by him - Held that - In the case before us, the CIT (A) has refused to condone the delay of 146 days. According to us, the assessee does not stand to gain anything by filing the appeal belatedly. Therefore, as held by the Hon ble Supreme....... + More


  • 2018 (9) TMI 1023

    Estimation of income - Net profit assessment @ 8% - Best judgement assessment - deduction of salary paid to partners - Held that - CIT(A) that in the absence of the major details of expenses which were not produced for verification and in presence of certain lacunae on the part of the assessee as observed above by the Ld. CIT(A) estimation of net profit @ 8% of gross turnover cannot be said to be unjustified. - The observation made by the CIT(A) ....... + More


  • 2018 (9) TMI 1022

    Condononation of delay - Held that - According to us, the assessee does not stand to gain anything by filing the appeal belatedly. Therefore, as held by in the case of Collector, Land Acquisition Vs. MST.Katiji & Ors. 1987 (2) TMI 61 - SUPREME COURT . Therefore, we are inclined to condone the delay of 146 days. As regards the merits of the additions are concerned, we deem it fit and proper to remand the issue to the file of the CIT (A) for re....... + More


  • 2018 (9) TMI 1021

    Interest income on NPA accounts assessment - to be assessed on mercantile basis OR receipt basis - Held that - As decided in assessee s own case 2018 (9) TMI 415 - ITAT KOLKATA When the account becoming NPA is not disputed by the revenue, the recognition of income is to be done only on receipt basis which is in consonance with the real income theory. In these circumstances and respectfully following the decisions of VASISTH CHAY VYAPAR LTD. 2010 ....... + More


  • 2018 (9) TMI 1020

    TPA - Comparable selection criteria - Held that - Assessee which is a captive entity is engaged in providing data processing and back office support services including payment processing, data processing, documentation processing, investigation related services and trade central processing services to its AEs thus companies functionally dissimilar with that of assessee need to be selected from assessee. - Risk adjustment - Held that - Now when th....... + More


  • 2018 (9) TMI 1019

    Nature of land sold - Claim of the assessee of agricultural land sold by him is not a capital asset under section 2(14) of the IT Act was rejected by the authorities below - Held that - For determining the issue of the land in question is not falling in the definition of capital asset but falling in the exclusion clause of section 2(14) of the Act, the distance from the Municipal limits to the area in which the land is situated is to be taken int....... + More


  • 2018 (9) TMI 1018

    Addition on account of undisclosed cash deposit in the assessee s bank account - explanation of the assessee regarding the source of ₹ 49.00 lacs was not accepted by the ld. CIT(A) on the ground that when the amount was withdrawn from the bank at the time of purchase of agricultural land in the financial year 2005-06 then the claim of keeping the said amount of ₹ 49.00 lacs for last 2-3 years in hand was not satisfactory when the asse....... + More


  • 2018 (9) TMI 1017

    Disallowance U/s 40(a)(ia) - Non deduction of tds on payment made by the assessee to the contractor for construction of building - assessee is a society and engaged in the activity of maintaining the temple and application of the assessee U/s 12AA of the Act was rejected - AO accepted the income of the assessee under the income from other sources as per the computation of income - Held that - When the income of the assessee has been assessed unde....... + More


  • 2018 (9) TMI 1016

    Addition being cash deposited in the bank account - Assessee explained that he has filed cash book before the Assessing Officer as well as the CIT(A) which was not accepted by stating the same to be afterthought - Held that - Assessing Officer as well as the CIT(A) after examining the cash book of the assessee, wherein, the source of deposit of money in the bank account was explained has not brought any material on record to show that the assesse....... + More


  • 2018 (9) TMI 1015

    Estimation of income at 8% of the purchase price - Held that - The issue involved in this appeal is squarely covered in the case of Sri Vysyaraju Satyanarayana Raju, Srikakulam Dist. 2016 (8) TMI 1273 - ITAT VISAKHAPATNAM thus irect the A.O. to re-compute the income of the assessee at 5% of purchase price. Accordingly, this ground of appeal raised by the assessee is allowed. - Unexplained expenditure - Held that - AO considered the sum of ₹....... + More


  • 2018 (9) TMI 1014

    Deemed dividend addition u/s 2(22)(e) - transaction between the two companies in the form of purchase and sale of land - Held that - There was no such instance of having used the funds by the Directors or the shareholders for their personal use. As established by the assessee before the Ld.CIT(A) that the funds were used by the company for the purpose of business. Since the funds were placed at the disposal of the sister concern for developing th....... + More


  • 2018 (9) TMI 1013

    Approval u/s 10(23C)(VI) denied - proof of charitable activities - Held that - We are of the considered view that the reasoning given by the ld. CIT(E) for rejection of the application u/s 10(23C)(vi)cannot be held as logical reasoning and therefore, considering the case of the appellant independently, the nature of its activities, 91.74 % of the gross receipts have been applied for educational purposes and fees are being charged according to the....... + More


  • 2018 (9) TMI 1012

    Claim for deduction under Section 80P - Held that - Assessing Officer has disallowed the assessee s claim for deduction under Section 80P on the issue that the assessee is a federation of societies and other members and hence the concept of who constitute Members is very relevant. We also observe that the Assessing Officer has rendered a finding that the sales are made to agencies other than members, by invoking the principle of mutuality. In the....... + More


  • 2018 (9) TMI 1011

    Deduction of interest subsidy under section 80IC - Hed that - This issue is squarely covered by the decision in the case of CIT vs. Meghalaya Steels Ltd 2016 (3) TMI 375 - SUPREME COURT which was also considered by Tribunal in assessee s own case for AY 2010-11 2017 (3) TMI 951 - ITAT MUMBAI , wherein exactly identical issue was considered that the impugned amount was received back by the assessee from banks under the scheme of Ministry of Textil....... + More


  • 2018 (9) TMI 1010

    Condonation of delay - Default u/s 201(1)/201(1A) - application u/s 154 seeking rectification in the orders passed under section 201(1)/201(1A) - Held that - It is admitted fact that the delay in filing the appeal after the application under section 154 was disposed off was 87 days which is not an abnormal or inordinate delay and even otherwise in the facts and circumstances of the case when the issue is not a direct tax liability of the assessee....... + More


  • 2018 (9) TMI 1009

    Assessment of lease rental income - business income OR income from property - Held that - The assessee is not rendering any services to the lessee except leasing out of the land and the constructed property thereon. In the decisions relied upon by the assessee the income from letting out of the I.T. Parks has been treated as income from business because the assessees therein, have not only let out the property, but also have rendered services for....... + More


  • 2018 (9) TMI 1008

    Addition u/s 68 - unexplained share application money - Held that - As gone through the orders of the authorities below. The revenue has not disputed with regard to the fact that the co-ordinate benches of this Tribunal in respect of share application money received from Javda India Impex Ltd. found that the party is genuine and transaction was treated to be genuine. There is no change in the facts and circumstances. However, in respect of the ot....... + More


  • 2018 (9) TMI 1007

    Transfer pricing adjustment made to the arm s length price of royalty paid to Associated Enterprise (A.E) for technical knowhow - comparable selection - Held that - As could be seen from the order passed by the Transfer Pricing Officer, referring to three agreements / comparables stated to have been selected by him on search of a particular data base, he found that the arm s length price of the royalty payment to the AE should be @ 1% of the net ....... + More


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