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Income Tax - Tribunal - Case Laws

Showing 21 to 40 of 55876 Records

  • 2018 (8) TMI 1057

    Computation of profit u/s 44BB - inclusion of receipts on account of service tax - scope of total turnover - business of exploration, etc., of mineral oils - Held that - service tax cannot form part of the gross revenue, for the purpose to computing the profit and gains under Section 44BB - Decided against the revenue........ + More


  • 2018 (8) TMI 1056

    Additions u/s 40(a)(i) - TDS liability u/s 195 on Microsoft license fee payable to Organon NV (AE) - Royalty or fee for technical services - Held that - Tribunal has gone extensively into the question raised before the Tribunal - Decision of ITAT sustained. - Decided in favor of assessee. - Nature of expenditure - various expenses for initiation and setting up of the project - setting up of pharmaceutical factory on Kona land in West Bengal for e....... + More


  • 2018 (8) TMI 1055

    Additions u/s 40(a)(ia) for non deduction of tax (TDS) on certain payments - TDS on hire charges - Additions u/s 69B - Held that - the Amendment has come into effect with retrospective date and as per the amended provision if the payee has included the receipt in its books of account and has offered for taxes then the disallowance on account of non-deduction of TDS will not arise - No addition - Decided against the revenue. - Addition su/s 69B - ....... + More


  • 2018 (8) TMI 1054

    Addition u/s 69 - undisclosed investment - cash paid for purchase of new car - proof of source of cash - Held that - it appears that the small withdrawals made by the assessee were considered by the AO towards household expenses - considering the totality of facts, I am of the view that when the assessee and his wife had withdrew a sum of ₹ 7.72 lacs from the various banks account from 1.4.2013 to 3.11.2013. The said withdrawal was sufficie....... + More


  • 2018 (8) TMI 1053

    Law tax effect - revenue appeal - CBDT has issued Circular No. 3 of 2018 dated 11.07.2018, vide which it has revised the monetary limit to ₹ 20,00,000/- for not filing the appeal before the Tribunal - Held that - From Clause 12 & 13 of the above said circular it is clear that these instructions are applicable to the pending appeals also and as per clause 13, there is clear cut instruction to the department to withdraw or not to press th....... + More


  • 2018 (8) TMI 1052

    Minimum alternate tax (MAT) - whether the provisions of section 115JB of the Act are applicable to the assessee being a banking company for the Asst Year 2004-05 - Held that - There has been amendment in section 115JB of the Act with effect from Asst Year 2013-14 which has to be examined independently in the light of the amended provisions with regard to the applicability of book profit tax on the banking companies. We find that the ld CITA had p....... + More


  • 2018 (8) TMI 1051

    Rectification of mistake u/s 254(2) - Exemption u/s 54 - long term capital gains (LTCG) - investment in residential property - assessee had actually effected a purchase of a flat of which construction was in progress - Held that - The date of transfer of the asset giving rise to the capital gains was 15th November, 2012 and the payments made by the assessee to M/s. Aarthik Properties Limited after the said date was 5,00,000/- only. We are therefo....... + More


  • 2018 (8) TMI 1050

    Denial of exemption u/s 11 - CIT(A) observed that assessee was not having registration either under section 12AA of the Act or approval u/s.10(23C)(vi) of the Act and, therefore, the entire receipts has to be taken as income of the assessee - taxing the entire receipts of the assessee trust in place of net receipts. - Held that - it is not in dispute that the objects and activities of the trust or the year under consideration are same as were on ....... + More


  • 2018 (8) TMI 1049

    Deductions while computing the capital gains u/s 48(1) - amount paid to the tenants for obtaining vacant possession of the property belonging to the appellant - expenditure incurred wholly and exclusively in connection with transfer of capital asset - MAT - inclusion of income from capital gains for the purpose of computing book profits u/s 115J (Minimum Alternate Tax) - Held that - compensation paid by the assessee to two tenants for getting vac....... + More


  • 2018 (8) TMI 1048

    Additions u/s 68 for unexplained cash credit - Addition son account of bogus lease rental expenses - sale and lease-back - non- payment of the entire sale proceeds at the time of sale arrangement - Held that - CIT(A) observed that the assessee has explained all the points raised by the AO quite satisfactorily in its written submission filed in the course of assessment proceeding, however, the AO has not mentioned as to why the explanations of the....... + More


  • 2018 (8) TMI 1047

    Disallowance u/s 14A r.w.r 8D(2)(iii) - earning of exempted dividend income - rate of depreciation on moulds used in electronics goods - 30% or 15% - Held that - disallowance of expenditure incurred in relation to an exempt income earned by the assessee u/s 14A of the 1961 Act cannot exceed exempt income earned by the assessee during relevant period. - Decided against the revenue. - Higher rate of depreciation on moulds - Hedl that - in view of t....... + More


  • 2018 (8) TMI 1046

    Revision u/s 263 - Exemption u/s 10(23FB) - income earned out of investments made in Venture Capital Undertakings (VCU) - corresponding income is taxable at the hands of the investors / unitholders as per section 115U - AO allowed the benefit of exemption - CIT found the order as erroneous and prejudicial to the interest of Revenue - The learned Principal Commissioner observed, all the schemes executed by the assessee were continuing prior to ass....... + More


  • 2018 (8) TMI 1045

    Rejection of application of rectification u/s 154 - Doctrine of merger - ex-parte order was passed by the Assessing Officer (AO) - Held that - We find that the order passed by the Ld. CIT(A) dated 19.03.2012 against which the rectification application was preferred and ultimately dismissed by the order dated 12.05.2016 merged with the order passed by the Co-ordinate Bench on 10.12.2015 and attained finality. In view of that matter, rectification ....... + More


  • 2018 (8) TMI 1044

    Levy of penalty u/s 271(1)(c) - appellant has voluntarily offered additional income during the course of assessment proceeding - Held that - Notice issued by AO u/s.274 r.w.s. 271(1)(c) was on standard performa in which inappropriate words and paragraphs were neither struck off nor deleted. - No satisfaction was recorded in the quantum order as to whether AO intends to initiate penalty proceedings for furnishing of inaccurate particulars of incom....... + More


  • 2018 (8) TMI 1043

    Disallowance u/s 36(l)(iii) - Interest paid on loans taken and advances given to Director - Disallowance u/s 14A r.w.r. 8D - Held that - Consequently, amount given to director of the company has been treated as advance given for shares. Since, the main object of the assessee is to buy and sell shares, whatever advances given for acquisition of shares is in the nature of normal business advances and, therefore, whatever interest paid on such loans....... + More


  • 2018 (8) TMI 1042

    Revision u/s 263 - disallowance u/s 14A r.w.r 8D - The PCIT directed the AO to reframe the assessment after apply the Rule 8D of the Rules as non-applying of Rule 8D, the assessment is both erroneous and prejudicial to the interest of the Revenue. - Held that - this is not a fit case for revision proceedings under section 263 of the Act, as the disallowance made by AO under section 14A of the Act, was after due application of mind to the facts of....... + More


  • 2018 (8) TMI 1041

    Additions u/s 69A - promissory notes issued to various persons - undisclosed source of investments - additions based on statement made during survey - Held that - In the back ground of fact emanating out of the statement given in the survey proceedings as well as for the reason that nowhere during the course of proceedings before lower authorities as well as before us, the assessee has been able to demonstrate with the help of bills issued for cr....... + More


  • 2018 (8) TMI 1040

    Deduction u/s 80P(2)(a)(i) - The reasons for denying the benefit of deduction was that the assessee was doing the business of banking, and therefore, in view of insertion of provisions of section 80P(4) of the I.T.Act, the assessee was not entitled to deduction u/s 80P(2)(a)(i) of the I.T.Act. - Held that - the Assessing Officer was not competent and did not possess the jurisdiction to resolve / decide the issue as to whether the assessee was a P....... + More


  • 2018 (8) TMI 1039

    Additions u/s 68 - unexplained unsecured loans - AO concluded that the said sum is nothing but assessee s own money conduited under the garb of unsecured loans into its books of accounts - Held that - assessee had duly repaid the entire loans - the ld CITA had deleted the addition made u/s 68 of the Act in the hands of the assessee and had also safeguarded the interest of the revenue by suggesting the ld AO to inform the assessing officer of the ....... + More


  • 2018 (8) TMI 983

    Additions u/s 68 - increase in share capital was not through public issue but by way of investment in equity share directly through fully convertible warrants - AO noted that the assessee is merely showing bogus sale and purchase - creditworthiness and genuineness of the transaction - CIT(A) deleted the additions by admitted additional evidences - Held that - It is not in dispute that assessee produced sufficient documentary evidence before the a....... + More


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