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Income Tax - Tribunal - Case Laws

Showing 41 to 60 of 55763 Records

  • 2018 (8) TMI 655

    Levy of penalty u/s. 271(1)(c) - defective notice u/s 274 - Held that - We find the notice dt. 29-12-2009 issued u/s. 274 r.w.s 271 of the Act, placed at page no. 1 of paper book, does not specify the charge of offence committed by the assessee viz whether had concealed the particulars of income or had furnished inaccurate particulars of income. Hence the said notice is to be held as defective. - No penalty - decided in favor of assessee........ + More


  • 2018 (8) TMI 654

    Additions on account of TSS Grant - capital receipt and not in the nature of income - Held that - if the receipt in question is held as income, then the corresponding money spent by the Assessee from TSS have to be regarded as expense (though they might have been laid out for meeting capital expenditure) and only the net receipt can be brought to tax. - Since all these aspects have not been examined by the revenue authorities, matter remanded bac....... + More


  • 2018 (8) TMI 653

    Addition u/s 40(a)(ia) - Failure to deduct TDS on expenditure debited as export charges to the Profit & Loss account - assessee contended that, clearing and forwarding charges consisting of payments towards customs duties, transport charges, postage expenses, commission to the C&F agent and the service tax. - Held that - the Ld.CIT(A) held that the payment was towards reimbursement of expenses but no finding was given by the AO in this regard....... + More


  • 2018 (8) TMI 652

    Reassessment u/s 147 - disallowance of expenses u/s 37(1) - bogus expenditure - recording of reasons for satisfaction - Revenue submitted that, as per report of Investigating wing, assessee is one of the beneficiary of accommodation entry from concerns of S.K. Gupta group - Held that - We have also perused reasons recorded for reopening the assessments, wherein there is specific information regarding assessee before us, of having accepted accommo....... + More


  • 2018 (8) TMI 651

    Obligation to collect Tax at Source (TCS) u/s 206C - sale made to scrap dealers - assessee raised this issue that the purchaser have considered these amounts in their books of account and also paid due taxes - Held that - the issue regarding applicability of proviso to Section 206C(6A) as well as the proviso to Section 201(1) of the Act which were brought into statute by amendment brought vide Finance Bill 2012 is settled by the various courts in....... + More


  • 2018 (8) TMI 650

    Reassessment u/s 147 - recording of reason to believe u/s 148 - sale of property - Held that - In our view, the Assessing Officer is duly ceased of the information in the form of the sale deed registered with the Sub-registrar, Dholpur, Rajasthan and the assessee s share in the sale deed is also determined to the extent of 1/5 share. There is, therefore, a definitive and a live link between the information in possession of the Assessing Officer a....... + More


  • 2018 (8) TMI 649

    Rectification of order - recalling of earlier order - Additions u/s 56(2)(viib) - valuation of fair market value of the shares - Held that - there is an error apparent on record for not adjudicating the issue of valuation in terms of Clause(ii) of Explanation (a) to Section 56(2)(viib) of the Act. Accordingly, we recall the impugned order for the limited purpose of considering and adjudication of issue of valuation in terms of Clause (ii) of Expl....... + More


  • 2018 (8) TMI 648

    Levy of penalty u/s 271(1)(c) - assessee did not file returns of income prior to search and the large income admitted in the returns filed u/s. 153A - CIT(A) deleted the penalty - Held that - the income offered by the assessee in the income filed pursuant to issue of notice under section 153A of the Act, is the income detected during the course of search and seizure operation. The case of the assessee is squarely covered by the provisions of Expl....... + More


  • 2018 (8) TMI 647

    Disallowance of depreciation on non-compete territory rights - Held that - The AO either should have dealt with the issue elaborately in the original assessment order, or should have followed the outcome of the assessment year 2002-03. The ld.CIT(A) in the first round in all these years has allowed the ground of appeal. It means, depreciation ought to be granted to the assessee. The department sought to disallow the deprecation to the assessee in....... + More


  • 2018 (8) TMI 646

    Disallowance u/s 14A - tax payable u/s 115JB was greater than the tax payable under the normal provisions - Held that - following the decision of HC, we set aside the order of the Ld. CIT(A) and direct the AO to restrict the disallowance out of common administrative expenses to 2% of the total exempt income. ....... + More


  • 2018 (8) TMI 645

    Long Term Capital Gains (LTCG) - Benefit of Indexation u/s 48 - indexed cost of acquisition with reference to the year in which the previous owner first held the asset - income earned on sale of share in land - transfer of a capital asset acquired by assessee under a gift or will - Held that - Since the assessee in the present case is held liable for long term capital gains tax by treating the period for which the capital asset in question was he....... + More


  • 2018 (8) TMI 644

    Scrutiny/ regular assessment u/s 143(3) - validity of notice issued u/s 143(2) - Belated claim of refund with interest by making application u/s 119(1)(b)(c) - Estimation of income by applying GP rate - The assessee filed an application u/s 199(2)(b) of the Income-tax Act, 1961. The said application came to be decided on 17.01.2008. While disposing of that application, the Ld. CIT(A) directed the AO to determine the refund after scrutinizing the ....... + More


  • 2018 (8) TMI 643

    Exemption u/s 10(23C)(vi) r.w.s. 11 - application of income - refused to allow the assessee s depreciation claim on the capital expenditure - invoking the provisions of sections 13(1)(c) & 13(1)(d) - honorarium payments made to specified person - Held that - when the assessee makes huge profits year after year, the findings recorded by the lower authorities that the assessee is running a profitable venture, during the impugned years, is justi....... + More


  • 2018 (8) TMI 642

    Deduction u/s 54F and 54B - investment of income from capital gain - the conveyance deed was executed on 03-07-2012. The assessee contended that he has entered into sale agreement with the buyer on 13-08- 2010 and the new house was purchased on 22/04/2010 which was within one year of the transfer of the land. - Held that - It is crystal clear that the decision in the case of Sanjeev lal 2014 (7) TMI 99 - SUPREME COURT was delivered after taking i....... + More


  • 2018 (8) TMI 597

    Assessment u/s 153A(1) (a r.w.s 153C - failure to issue notice u/s 153C - Additional ground of appeals on question of law - filing of return in pursuance of notice and then revising the return of income (ITR) - Held that - the additional grounds are legal in nature and no new facts shall have to be considered. The additional grounds go to the validity of the assessment proceedings under section 153C of the I.T. Act, therefore, the same should be ....... + More


  • 2018 (8) TMI 596

    Exemption u/s 11 - Application of income for charitable purposes - deduction of donations paid to various charitable institutions registered u/s 12A - CIT (A) went step further in analysing each and every heads of expenses so as to conclude that most of these expenditures incurred cannot be held to be spent for charitable activities at all and hence would not fall within the utilisation limit of 85% as provided in section 11(1). - Held that - We ....... + More


  • 2018 (8) TMI 595

    Depreciation on BOT Rights of Road - Determination of Cost of BOT project - treatment of grant received for computing deferred revenue expenditure - Held that - assessee is eligible for claim of depreciation. Respectfully following the decision of the Co-ordinate Bench in case of holding company, we direct the AO to allow assessee s claim of depreciation as per law. - Regarding reduction of subsidy from the cost of toll road - Held that - we rest....... + More


  • 2018 (8) TMI 594

    Reopening of an assessment - validity of notice issued u/s 148 - mechanical recording of satisfaction by the AO - reliance of the statement of the assessee which were retracted by them before the Court - Held that - The CIT(A) has after taking due diligence has come to the conclusion that the notice issued u/s 148 is not proper and is void ab initio. The case laws relied upon by the Ld. DR are distinguishable and not applicable to the facts of th....... + More


  • 2018 (8) TMI 593

    Nature of expenditure - major repairs, renovations re-furbishing the premises / project site - revenue or capital expenditure - Held that - Although the benefit of the stated expenditure may have been derived by the assessee for more than one year but as already noted, there is no concept of deferred revenue expenditure under the statute and therefore, once the expenditure is found to be revenue in nature, the same is allowable to the assessee in....... + More


  • 2018 (8) TMI 572

    Disallowance made of interest made u/s 36(1)(iii) - Held that - Investment made in capital work in progress the ITAT, we find, agreed with the CIT(Appeals) that for the purpose of making disallowance of interest on account of investment made in work in progress, it was necessary to show that interest bearing funds had been borrowed specifically for the said purpose, which was not done by the Revenue. The Revenue, in the present case, we find, has....... + More


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