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Income Tax - Tribunal - Case Laws

Showing 1 to 20 of 52482 Records

  • 2018 (2) TMI 1152 - ITAT CUTTACK

    ACIT, Corporate Circle 1 (2) , Bhubaneswar Versus M/s. POSCO India Pvt Ltd. And Vice-Versa

    Addition of interest income - whether interest on FDs cannot be taxed in the hands of the assessee u/s.56? - Held that - The interest on fixed deposits are not taxable under income from other sources and, accordingly, we uphold the findings of the CIT(A) and dismiss the ground of appeal taken by the revenue for both the assessment years. - Addition of expenses u/s.14A - Held that - There is no claim and the Assessing Officer by applying the provi....... + More


  • 2018 (2) TMI 1151 - ITAT DELHI

    Orange Business Services India Solutions Pvt. Ltd. Versus DCIT, Circle-3, Gurgaon

    Transfer pricing adjustment - international transaction of Provision of ITES - aggregation of both the SDS and ITES and treating the assessee as an ITES provider for the purposes of choosing comparables and benchmarking - Held that - The assessee did not have any authenticated figures of revenue and costs in respect of ITES and SDS separately. Once the position is such that neither the revenue from two segments can be ascertained nor its costs, w....... + More


  • 2018 (2) TMI 1150 - ITAT DELHI

    Smt. Sangeeta Jain Versus The Pr. C.I. T-II, New Delhi

    Revision u/s 263 - capital gain on sale of agricultural land - Held that - It is evident that during the course of assessment proceedings issue about the taxability of capital gain was considered in assessment and a view was taken by the Assessing Officer as to the non taxability of such gain. Therefore, when the claim of the assessee was accepted in assessment order after due consideration of the facts, it cannot be said that the assessment orde....... + More


  • 2018 (2) TMI 1149 - ITAT MUMBAI

    The I.T. O-8 (3) (2) , Mumbai Versus M/s. Spartacus Farms Pvt. Ltd.

    Addition u/s 68 - unexplained advances - assessee company has received share application money of ₹ 6.64 crores from Ms. Rashna Fali Press, UAE based NRI - Held that - No evidence of creditworthiness of Ms. Rachna Fall Press to grant an advance of ₹ 6.64 crores given. No balance sheet or capital account of the said person has been submitted. The said certificate only shows that based on the information available, her net worth is US D....... + More


  • 2018 (2) TMI 1148 - ITAT MUMBAI

    M/s. Krez Hotel & Realty Ltd. (Formerly Jaykaydee Industries Ltd.) Versus JCIT (OSD) , Central Circle-39, Mumbai

    Validity of assessment u/s 153A r.w.s 153C - non recording of satisfaction by the AO of the searched person at the time of forwarding the seized materials to the AO - Held that - As no satisfaction has been recorded by the AO of the searched party, which is apparent from the finding given by the CIT(A) in his order that satisfaction is presumed and automatic when the seized papers are forwarded to the AO of the third party. In view of this we are....... + More


  • 2018 (2) TMI 1147 - ITAT DELHI

    Fidelity Business Services India Pvt. Ltd. Versus DCIT Circle -11, New Delhi

    TPA - comparable selection criteria - MAP selection - Held that - Where part of the same transaction both in IT segment as well as ITEs Segment margins of 15.70 and 14.68 have been accepted by the assessee and by the revenue authorities. - Now for the same nature of transactions it would be very difficult to accept assessee s margin of 13 or that of the TPO who has applied higher margin. Accordingly, in wake of MAP settlement, we hold that for th....... + More


  • 2018 (2) TMI 1146 - ITAT DELHI

    Krishna Bhagwan Endowment Versus ACIT, Central Circle-9, New Delhi

    Income from undisclosed sources - cash component appearing in the Excel sheets seized from the premises of M/s AEZ group - incriminating material found in search - Held that - The addition has been upheld by the Ld. CIT(A) mainly only on the basis of (i) details recorded in Excel sheet on hard disk found during the course of search at M/s AEZ group, wherein the payment through cheque and cash been mentioned against the name of the assessee at Ser....... + More


  • 2018 (2) TMI 1145 - ITAT DELHI

    DCIT, Central Circle-7, New Delhi Versus M/s. Ultra Home Construction Pvt. Ltd. And M/s. Amarpali Princely Estate Pvt. Ltd. And Vice-Versa

    Assessment u/s 153A - addition of bogus purchases of raw material - want of proper inquiry - Held that - CIT-(A) noticed that proper enquiries have not been conducted by the Assessing Officer, however, rather than getting the enquiries done, he simply allowed the appeal of the assessee. In view of the facts and circumstances of the instant case, being more or less similar to the facts and circumstances in the case of Jansampark advertising and ma....... + More


  • 2018 (2) TMI 1144 - ITAT AHMEDABAD

    CIMS Hospital Pvt. Ltd. Versus Dy. Commissioner of Income Tax Officer, Central Circle-2 (3) , Ahmedabad

    Sale of software - assessee claimed sale as a capital receipt thereby resulting into short term capital loss - assessee s case was that three parties had sponsored the above software. Former two of them denied any such sponsorship and third entity namely M/s. R. R. Agency filed its confirmation of sponsorship - Held that - We notice that there is no elaborate discussion either in assessment or during lower appellate proceedings as to how three pa....... + More


  • 2018 (2) TMI 1143 - ITAT KOLKATA

    DCIT, Circle-4 (2) , Kolkata Versus M/s The Bormah Jan Tea Co. (1936) Ltd.

    Disallowance on account of levy of cess on green leaves - Held that - As relying on Commissioner of Income Tax Versus AFT Industries Ltd. 2004 (7) TMI 81 - CALCUTTA High Court Cess levied on the production of green leaf would come under the purview of composite income. Thus, ground no-1 raised by the revenue is, accordingly dismissed. - Addition made on account of Section 80IE (2)(ii) - only plant and machinery of manufacturing is to be considere....... + More


  • 2018 (2) TMI 1142 - ITAT MUMBAI

    M/s. Indus Best Hospitality And Realtors Pvt. Ltd., Formerly Known as Silvassa Realtors Pvt. Ltd. Versus PR CIT 6, Mumbai

    Revision u/s 263 - allowability of land development expenses - Held that - Proper enquiries have been made by the Assessing Officer while accepting the claim of the assessee. Enquiries have also been made u/s. 133(6 of the Act and the details filed by the assessee have not been accepted summarily by the Assessing Officer. Thus, due application of mind was made and pursuant to the enquiries made, claim of the assessee was accepted by the Assessing....... + More


  • 2018 (2) TMI 1141 - ITAT MUMBAI

    M/s. Ajanta Pharma Limited Versus DCIT, Central Circle-7 (2) , Mumbai

    Penalty u/s 271(1)(c) - non-striking-off of irrelevant portion in the notice issued u/s 274 r.w.s. 271(1)(c) - claim u/s 35(2AB)- Held that - In view of the parity of reasoning flowing from the judgment in the case of Shri Samson Perinchery (2017 (1) TMI 1292 - BOMBAY HIGH COURT) we are unable to accept the stand of the CIT(A) that the mistake in issue of notice does not invalidate the penalty proceedings. Therefore, on this aspect, we upheld the....... + More


  • 2018 (2) TMI 1140 - ITAT KOLKATA

    M/s. Gujrani And Co. Versus Income Tax Officer, Ward-54 (1) , Kolkata

    Penalty u/s 271(1)(c) - audit expenses claimed to be incurred by the assessee company towards travelling and conveyance of the Articled Clerks, who were C.A. students receiving training from the assessee-firm - Held that - Although this claim of the assessee was not accepted by the Assessing Officer on the ground that it was specifically submitted by the assessee earlier that the audit expenses were incurred by its Audit staff and Audit Clerks wi....... + More


  • 2018 (2) TMI 1092 - ITAT MUMBAI

    ACIT, Circle 2 (2) (2) Mumbai Versus M/s. Monarch Innovative Technologies Pvt. Ltd.

    Reopening of assessment u/s 147 - claim for deduction u/s 80IC - Held that - No doubt the assessment was reopened by the revenue within four years from the end of the assessment year but powers conferred on the Revenue u/s 147/148 is to power to reassess and not power to review. - AO in original assessment framed u/s 143(3) vide orders dated 29-11-2010 has elaborately discussed the issue of deduction u/s 80IC wherein revised return of income file....... + More


  • 2018 (2) TMI 1091 - ITAT AHMEDABAD

    General Capital and Holding Company Pvt. Ltd. Versus Income Tax Officer, Ward 2 (1) (1) , Ahmedabad

    Section 80G disallowance - Held that - We are of the opinion that both the lower authorities have erred in law as well as on facts in this peculiar circumstances to interpret the relevant statutory provision Section 80G of the Act in an unsustainable manner which tantamounts to denying the necessary relief in both assessment years i.e. the year of actual payment as well as that of getting the necessary donation receipt. The purpose of using the c....... + More


  • 2018 (2) TMI 1090 - ITAT MUMBAI

    DCIT-23, Mumbai Versus M/s Thakur Estate Development Pvt. Ltd.

    Allowable busniss expenses u/s 37(1) - payment of damage for breach of contract - compensation/damages paid by TEDPL - Held that - In the absence of any suggestion of bad faith or fraud, the true principle is that the taxing statute has to be applied in accordance with the legal rights of the parties to the transaction. When the transaction is embodied in a document, the liability to tax depends upon the meaning and content of the language used t....... + More


  • 2018 (2) TMI 1089 - ITAT PUNE

    Pravin Chatarbhuj Bajaj, M/s. Hi-Tech Engineers Versus The Addl. Commissioner of Income Tax (TDS) Range, Pune

    Penalty levied u/s 272A(2)(k)/274 r.w.s. 200(3) - reasonable cause in not furnishing the said quarterly TDS return in time - whether the provisions of section 200(3) are applicable? - Held that - The case of the assessee before us is that the delay in submission of e-TDS return was because of strict requirement of e-filing of the statement and filing of such e-TDS return in this year PAN of person on whose behalf tax is collected were required ma....... + More


  • 2018 (2) TMI 1088 - ITAT DELHI

    M/s. Frigoglass India Pvt. Ltd. Versus ACIT, Circle 9 (2) , New Delhi

    Adjustment on account of royalty payment - ALP adjustment - Held that - Since the issue as to payment of royalty by the taxpayer to its AE is one of the actual business arrangement, there is no material on file to take a different view on the issue as the same has already been settled in favour of the taxpayer in AY 2010-11 and AY 2011-12, so ALP adjustment on account of royalty payment made by the TPO/AO is not sustainable in the eyes of law, he....... + More


  • 2018 (2) TMI 1087 - ITAT BANGALORE

    The Dy. Commissioner of Income-tax (Exemption) , Circle-1, Bengaluru Versus M/s Swami Vivekananda Youth Movement

    Scheme of taxation of charitable or religious trust/institution as codified u/s.11,12 and 13 Carry forward of excess expenditure for adjustment against income of subsequent years - Held that - We find that the issue before us of carry forward of excess expenditure for adjustment against income of subsequent years is covered by the decisions of the Co-ordinate Benches of this Tribunal in the case of Jyothi Charitable Trust 2015 (7) TMI 859 - ITAT ....... + More


  • 2018 (2) TMI 1086 - ITAT PUNE

    Shri Tushar R. Jagtap, Smt. Shakuntala R. Jagtap And Smt. Vaishali Tushar Jagtap Versus The Asst. Commissioner of Income Tax, Circle-4, Pune

    Levy of penalty u/s 271(1)(c) - reopening of assessment - satisfaction recorded by the JCIT without application of own mind - Held that - Where re-assessment proceedings were initiated under section 148 of the Act against additional income offered by the assessee in the revised return of income, there was no assessment under section 143(1) of the Act itself. Hence, mention of Explanation 2(c) is incorrect. The JCIT had approved the same in an aut....... + More


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