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Income Tax - Tribunal - Case Laws

Showing 41 to 60 of 52591 Records

  • 2018 (2) TMI 1343 - ITAT DELHI

    Assessment of income - Revenue earned from a non-resident company on account of provision of technical personnel for executing contracts with ONGC - application of deemed profit rate of 10 u/s 44BB or u/s 44DA/115A read with section 9(1)(vii) - Held that - The issue is re-covered in favour of the assessee by the order of the Hon ble Supreme Court in the case of ONGC vs. CIT 2015 (7) TMI 91 - SUPREME COURT wherein it has been held that the payment....... + More


  • 2018 (2) TMI 1342 - ITAT KOLKATA

    Exemption of claim for Entry Tax - nature of receipt - revenue or capital receipt - Held that - The issue is covered against the assessee by the decision of Co-ordinate Bench of this Tribunal in the assessee s own case for the assessment year 2008-09 and 2009-10 2015 (5) TMI 650 - ITAT KOLKATA wherein held the assessee could not establish that how this is equivalent to the Industrial Investment Promotion Assistance, the scheme of Govt. of Madhya ....... + More


  • 2018 (2) TMI 1341 - ITAT KOLKATA

    Levy of penalty u/s. 271AAA - income disclosed u/s. 132(4) - undisclosed income - Held that - It is not necessary to substantiate manner in which income was derived by assessee from undisclosed source in the given facts & circumstances. It is because no prescribed method to find the manner in such income was generated has been prescribed under the statute. Therefore, respectfully following the same, we hold that the penalty levied by AO and u....... + More


  • 2018 (2) TMI 1340 - ITAT MUMBAI

    Disallowance u/s 14A r.w. Rule 8D - Held that - CIT(A) had rightly concluded that no disallowance of the interest expenditure was called for in the hands of the assessee under Sec. 14A r.w. Rule 8D(2)(ii). - While computing the disallowance as per Rule 8D(2)(iii), the average investments were to be worked out after excluding the said CCD s. We have given a thoughtful consideration to the issue and are of the considered view that as per 8D(2)(iii)....... + More


  • 2018 (2) TMI 1339 - ITAT MUMBAI

    Validity of re-assessment proceedings - change of opinion - addition on account of payment for transport expenses without deducing tax at source and application of provision of section 194C - Held that - There was no new tangible material available with the AO while resorting to section 147/148 more specifically, while framing original assessment u/s 143(3) there was full disclosure of material facts by the assessee and on the basis of those fact....... + More


  • 2018 (2) TMI 1338 - ITAT AHMEDABAD

    Payments of employees contribution to PF - Delay in remitting amount within due date - Held that - Since the payments of employees contribution to PF was not remitted within due date or the grace period as extended under the relevant Act. - Decided against assessee. - Disallowance u/s 40A(3) on account of payment made in cash to Shri Kantilal Zaveri - Held that - We are not convinced with the reply of the assessee that payment of Kantilal Zaveri ....... + More


  • 2018 (2) TMI 1337 - ITAT CHENNAI

    TDS u/s 194C - disallowance under Section 40(a)(ia) - furnish information in the prescribed form - Held that - Section 194C(7) of the Act requires that the assessee has to furnish information in the prescribed form. It is not in dispute that the CBDT notified the form only on 15.10.2010 which is admittedly applicable for the quarterly statement due on 15.10.2010 and not before that. CIT(Appeals) has rightly deleted the addition, hence, this Tribu....... + More


  • 2018 (2) TMI 1336 - ITAT AHMEDABAD

    Penalty u/s 271(1)(c) - disallowance of Deduction u/s.54 and eligibility for set off of brought forward losses - status of the assessee - Held that - We find a clear observation of the Tribunal that the status of the assessee is Association of Person (AOP). This being so, the assessee was clearly not entitled in law to claim deduction under plain and unequivocal provisions of section 54 of the Act. This finding clearly goes to support that there ....... + More


  • 2018 (2) TMI 1283 - ITAT KOLKATA

    Addition on account of mileage rebate - AO rejected the claim of the assessee on the basis of the earlier years figures as well as the statement of three dealers without verifying the documentary evidence filed by the assessee - Held that - The documentary evidence placed on record by the assessee is very much relevant to decide the issue relating to the assessee s claim that the entire mileage rebate having been distributed to the concerned deal....... + More


  • 2018 (2) TMI 1282 - ITAT DELHI

    Addition on account of arm s length price adjustment - selection of comparable - Held that - The assessee is responsible for processing informations contained in the resumes according to the pre-set criteria developed by AEs and including it into Search Palace. The database of resumes and Search Palace are accessible by AE s global operations. The assessee is also responsible for ensuring quality and consistency in data entry for Search Palace, d....... + More


  • 2018 (2) TMI 1281 - ITAT COCHIN

    Entitlement for exemption u/s. 80(P)(2) - assessee being a Primary Agricultural Credit Co-operative Society registered under the Kerala Co-operative Society Act - Held that - Hon ble jurisdictional High Court in the case of Chirakkal Service Cooperative Bank Ltd vs. CIT 2016 (4) TMI 826 - KERALA HIGH COURT has held that the primary agricultural credit society registered under the Kerala Cooperative Societies Act, 1969, is entitled to the benefit ....... + More


  • 2018 (2) TMI 1280 - ITAT DELHI

    Determination of ALP of international transaction qua payment of royalty - TPO has disallowed the royalty payment on the ground that the taxpayer has not been able to prove any real tangible benefit that has passed to him by technology received from its AE - Held that - When AE has granted exclusive nontransferable and non-divisible licence to use the technical information for manufacture, to use Yamaha trademark and permit the company dealers to....... + More


  • 2018 (2) TMI 1279 - ITAT DELHI

    Addition u/s 14A r.w.r. 8D - proof of having any exempt income - Held that - In the present case, it is an admitted fact that the assessee was not having any exempt income which is evident from para 3.2.4 of the impugned order passed by the learned CIT(A) wherein it has been categorically stated that the assessee company had not earned any exempt income during the year. The said observation of the learned CIT(A) was not rebutted. - As decided in ....... + More


  • 2018 (2) TMI 1278 - ITAT AHMEDABAD

    Penalty u/s 271(1)(c) - addition for outstanding expenses for purchase of goods and expenses u/s. 68 and addition of opening balance of Deposits - summons u/s.131 - Held that - A.O. had issued summons u/s.131 to (1) Vikibhai M. Raval (2) Bakulbhai Panchal and (3) Vijay Mahasan and had recorded their statements. On the basis of such statements addition of ₹ 7,50,572/- was made. The appellant was not informed about the statements recorded u/s....... + More


  • 2018 (2) TMI 1277 - ITAT PUNE

    Claim of depreciation in respect of vehicles which were registered in the name of directors of the assessee company - Held that - The assessee is entitled to claim of depreciation on cars which are registered in the name of directors, where the funds for purchase of the said vehicles has been paid by the assessee company and the same have been shown as asset of the assessee company and also the vehicles were used by the assessee company. In view ....... + More


  • 2018 (2) TMI 1276 - ITAT MUMBAI

    Reopening of assessment - receipt of certain information from Sales Tax Department, Maharashtra regarding dealers indulging in bogus purchase bills and it was noted that the assessee stood beneficiary of such bogus purchase bills - CIT(A) restricted the disallowance to 12.5 . - Held that - Tribunal already 2018 (2) TMI 1201 - ITAT MUMBAI found the addition as estimated by Ld. CIT(A) to be reasonable one and dismissed the revenue s appeal and ther....... + More


  • 2018 (2) TMI 1275 - ITAT RAIPUR

    Disallowance of interest u/s.36(1)(iii) - CIT-A deleted the addition as interest bearing funds were used for non-business purposes - Held that - The finding of CIT(A) that the assessee had sufficient non-interest bearing funds available with it for partners withdrawals, was not controverted by the DR by bringing any cogent and positive material on record. Further, the finding of CIT(A) that the payment of interest was commercially expeditent was ....... + More


  • 2018 (2) TMI 1274 - ITAT JAIPUR

    Addition u/s 56(2)(vii)(b) r.w.r. 11UA of the IT Rule, in respect of the equity shares issued by the assessee company - Held that - In view of the statutory provisions giving options to assessee to adopt any of the methods which can be compared with the Net Asset Value Method and the AO shall adopt the value whichever is higher. In the case of the assessee the Fair Market Value determined as per the discounted cash flow method at ₹ 54.98 pe....... + More


  • 2018 (2) TMI 1273 - ITAT DELHI

    Validity of Assessment u/s 143(3) - assessment for Assessment year 2009-10 has been framed by an order dated 31.12.2010 u/s 143(3) instead of section 153C - Held that - since the date of satisfaction note is 4.10.2010, the year of search would be Assessment year 2011-12 and as such, based on the said note, six assessment years for framing assessment u/s 153C of the Act would be assessment year 2005-06 to assessment year 2010-11. In the instant ca....... + More


  • 2018 (2) TMI 1272 - ITAT KOLKATA

    Adjusting the unabsorbed depreciation while computing the book profit u/s 115JB - MAT application - Held that - We find that the amounts of brought forward losses are greater than the amount of unabsorbed depreciation. The assessee is entitled for unabsorbed depreciation amounting to ₹37,35,12,000/- only. There was a profit in the assessment year 2002-03 for ₹ 2,79,09,000/- before the claim of the depreciation pertaining to that AY 20....... + More


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