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  • 2018 (10) TMI 917

    Revision u/s 263 - section 14A disallowance - Held that - The assessee has shown profit on sale on investment of ₹ 3,21,933/- in its statement of computation for assessment year 2011-12. The assessee in its reply to the show cause notice has specifically contended that the assessee has not earned any exempt income during the year. The amount of ₹ 3,21,933/- shown in the computation of income is not exempt income. It has been offered a....... + More

  • 2018 (10) TMI 916

    Addition being cash deposits made into the bank accounts of the assessee - Held that - We are unable to agree with the percentage of profit claimed by the assessee. The fact that the receipts are coming from faraway places also show that the assessee should be incurring expenses in his business. Under these set of facts, we are of the view that this issue may be put to rest, if the net income , i.e., net of all expenses is estimated at 5% of the ....... + More

  • 2018 (10) TMI 915

    Addition u/s. 14 A r.w.r. 8D - Held that - The assessee has claimed exempt dividend income of ₹ 13038588/- and that was earned from non interest bearing funds and assessee has not made any expenditure in order to earn above said income. similar facts, ITAT decided matter in favour of assessee and a lump sum disallowance of ₹ 20,000/- was made. Therefore with consonance to the aforesaid ITAT order, we dismiss this ground of appeal of t....... + More

  • 2018 (10) TMI 914

    Addition towards deemed dividend U/s.2(22)(e) - Held that - From the order of the CIT(A), it is crystal clear that there was various commercial factors existing between the assessee and M/s. Samba Publishing Company Pvt. Ltd. The business transaction between the assessee and M/s. Samba Publishing Company Pvt. Ltd., were intermingled and both the entities were consistently working together to develop a common business. - The circular of the CBDT c....... + More

  • 2018 (10) TMI 878

    Addition on account of un-explained loan - allegation that invester is engaged in providing accommodation entries to several beneficiaries with the help of several bank accounts opened in the name of several proprietary concerns and companies - Held that - It is clear that assessee produced sufficient documentary evidences before AO to prove the ingredients of Section 68 of the Act. The AO, however, did not make further enquiry on the documents f....... + More

  • 2018 (10) TMI 866

    Addition u/s. 68 of customer s Advances received against booking of motor cycles - Held that - At the time of hearing before us, the Ld. AR of the assessee brought to our notice that the books of account duly audited by assessee has not been rejected by the AO and the AO has made the ad hoc disallowance u/s. 68 of the Act, which is arbitrary exercise of power and has to be deleted. Moreover, it has been brought to our notice that in assessee s ow....... + More

  • 2018 (10) TMI 865

    Capital Gain on compulsory acquisition of urban Agricultural Land - Whether interest awarded u/s.28 of the Act of 1894 is akin to compensation and chargeable to tax u/s.45(5) of the Act or under the head Income from other sources u/s.57(iv) read with Sec.56(2)(viii) and 145A(b)? - Held that - Interest under section 28 of the Act of 1894 is an accretion to compensation and forms part of the compensation and, therefore, exigible to tax under sectio....... + More

  • 2018 (10) TMI 864

    Penalty levied u/s. 271(1)(c) - order imposing penalty does not contain the specific charge against the assessee - defective notice - Held that - As decided in case of DR. MURARI MOHAN KOLEY 2018 (9) TMI 1 - CALCUTTA HIGH COURT we find that there was no specific charge against the assessee in the notice. Revenue has missed out their opportunity to subject the assessee to the penalty proceeding by not issuing a proper notice. No specific case has ....... + More

  • 2018 (10) TMI 863

    Addition u/s 69A - unexplained cash balance - Held that - We find the assessee, during the course of assessment proceedings, has shown opening cash balance of ₹ 13,48,852/- and the same has not been disputed by the Assessing Officer. We further find that the Assessing Officer has not considered the sale proceeds of the two properties which were deposited in the bank account as argued by the assessee. Further, the rectification application f....... + More

  • 2018 (10) TMI 862

    Assessment u/s 153A - compensation received represents the investments which are not recorded in the books of account of the assessee and, therefore, are hit by the provisions of section 69B - Held that - Since the addition made by the Assessing Officer is also based on the same agreement which was found from the premises of M/s Aarti Infrastructure & Buildcon Ltd. and since the Tribunal after considering the various submissions made by both ....... + More

  • 2018 (10) TMI 861

    Purchases disallowance - Held that - We find no merit in the instant argument as the Assessing Officer himself has made it clear in his remand report dated 25.05.2016 (supra) that assessee successfully verified the relevant purchase vouchers with the originals. He appears to have concluded that only vouchers of ₹2,99,461/- and tools amounting to ₹1,40,200/- could not be produced or were found to have been claimed as damaged / scrap. -....... + More

  • 2018 (10) TMI 860

    Levy of penalty u/s 271(l)(c) - non-striking off of the inappropriate words - Sustainable of penalty levied u/s 271(1)(c) when the inappropriate words in the notice issued u/s 274 r.w.s. 271 of the Act have not been struck off - Held that - A perusal of the notice issued u/s 274 r.w.s. 271 dated 28.11.2011 shows that the inappropriate words in the said notice have not been struck off and it is a printed notice. Even the last line of the said noti....... + More

  • 2018 (10) TMI 859

    TDS u/s 194J - Non-deduction of TDS @ 10% on pollution control expenses payments made in the relevant accounting period - Held that - This tribunal s decision in Hindustan Aeronautics Ltd. vs. ITO 2008 (3) TMI 408 - ITAT BANGALORE-A holds that subject-matter of the contract in these circumstances is of equipment purchase only. We take into account all the above narrated facts in light of foregoing judicial precedent to conclude that assessee had ....... + More

  • 2018 (10) TMI 858

    Addition u/s 68 unexplained cash credits - share subscription amounts received - identity, genuineness and creditworthiness - Held that - AO(s) made u/s 68 unexplained cash credits additions of share premium in case of first four entities and accepted similar credits of ₹20,45,00,000/- to be genuine satisfying all parameters of identity, genuineness and creditworthiness. It can therefore be safely assumed that all these additions sums formi....... + More

  • 2018 (10) TMI 857

    TDS u/s 194C - genuineness of transactions and the payments made for booking/hiring truck - additions/disallowance u/s 40(a)(ia) on account of non deduction of tax at source - Held that - When on the basis of the record it is not disputed that the requirements of further proviso were fulfilled, the assessee was not required to make any deduction at source on the payments made to the sub-contractors. If that be our conclusion, application of secti....... + More

  • 2018 (10) TMI 856

    Penalty u/s 271(1)(c) - addition for bogus purchase - Held that - The instant appeal before us relates to penalty levied on the alleged addition of ₹ 21,64,100/-. The basis of calculating the penalty is the alleged addition. As Co-ordinate bench has deleted the addition to the extent of 75% of the alleged bogus purchases and the remaining addition is only at ₹ 5,41,025. We are of the considered view that the alleged penalty of ₹....... + More

  • 2018 (10) TMI 855

    Addition on account of share capital/premium received - unexplained share Premium Received by the assessee - unexplained unsecured loans received by the assessee - Held that - After pointing out all these defects, CIT(A) directed the AO to file its remand report. On perusal of the remand report, we find that none of the above defects, stand meet out in the remand report. AO has only referred to some ITI report stating that none of the four compan....... + More

  • 2018 (10) TMI 854

    Disallowance on account of Repair and Maintenance expenses - nature of expenses - revenue or capital - Held that - We find that assessee has incurred expenditure on repairs and renovation in its existing premises. 76 existing make-up rooms have been repaired and renovated. From this it is evident that no new asset has come into existence. The existing make-up rooms have been renovated. The authorities below have found that the repairs are substan....... + More

  • 2018 (10) TMI 853

    Allowability of deduction u/s 80P - denial of claim by CIT-A solely on the ground that the assessee had not made a claim in the original or in the revised return of income - Held that - The reasoning of the CIT(A) cannot be appreciated in the light of law laid down by several High Courts wherein it was held that there is no embargo on the powers of the CIT(A) to entertain the legal claim which the assessee is entitled to. As in the case of CIT vs....... + More

  • 2018 (10) TMI 852

    Entitled to the benefit of section 10(37) - nature of land - acquisition of the urban agricultural land as a compulsory acquisition - Held that - The assessee s 70 cents of land at Vizhinjam Village was notified for compulsory acquisition by Government of Kerala for developing Vizhinjam International Seaport. Though the acquisition proceedings were taken under the Land Acquisition Act, the final price was fixed upon negotiated sale agreement. - A....... + More

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