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Income Tax - Tribunal - Case Laws

Showing 61 to 80 of 55763 Records

  • 2018 (8) TMI 516

    Capital gain tax u/s 45 - shares distributed in family settlement - Held that - Under normal circumstances, when the asset of the firm was distributed to the partners on retirement, it is liable for capital gain tax under Section 45. There was a family settlement by which all the coparceners agreed to pay specified sum to the retiring partner - This family settlement was to protect the family business among the coparceners of the Hindu Undivided ....... + More

  • 2018 (8) TMI 515

    Reopening of assessment - information received from the investigation wing - borrowed satisfaction by AO - non independent application of mind - Held that - Information received from the director of investigation wing and the AO without making any effort to examine and discuss the material received from the Investigation Wing and without application of the mind to the same formed a reason to believe that income had escaped assessment. - This show....... + More

  • 2018 (8) TMI 514

    Maintainability of appeal - appeal within the limit prescribed by CBDT Circular No.21/2015 - Held 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 the appeals filed before the ITAT wherein tax effect is less than ₹ 20,00,000/-. These instructions are operative retrospectively to the pending appeals. - Keeping in view the CB....... + More

  • 2018 (8) TMI 513

    Deduction u/s 54F - whether the deduction 54F can be restricted in proportion to the number of joint owners in the new asset disregarding the fact of full payment appropriated by the assessee towards such acquisition - assessee claims that entire deemed sale consideration (computed under s.50C of the Act) stands invested in the purchase of new asset (residential property) out of resources of Assessee - Held that - We are in complete agreement wit....... + More

  • 2018 (8) TMI 512

    TDS u/s 194J OR 194C - disallowance made by AO on account of carriage fee/ Channel Placement fee paid for non-deduction of TDS - Held that - The work of subtitling will be naturally a part of production of programmes. Apart from confirming the finding of fact recorded by the Commissioner (Appeals) on both the aspects on placement fee and subtitling charges, the Appellate Tribunal has noted that both Sections 194C and 194J having introduced into t....... + More

  • 2018 (8) TMI 511

    Disallowing employee s contribution towards PF and ESIC u/s 36(1)(va) r.w.s.2(24)(x) - Held that - AR before us has submitted that the due date for depositing the employee s contribution towards PF/ESI should be seen from the date of the payment and not from the due date. - In this regard, we note that the Jurisdictional Tribunal in the identical facts and circumstance in the case of Suzlon Energy Ltd.(supra) has restored this issue to the file o....... + More

  • 2018 (8) TMI 510

    Jurisdiction under section 153C - recording of no satisfaction note - Held that - Notice under section 153C was issued on the same day when satisfaction note was recorded by the A.O. of the asseessee-firm i.e., other person. The same A.O. who recorded satisfaction in the case of the asseessee-firm passed the assessment order under section 143(3)/153C. Therefore, the condition precedent for issuing notice under section 153C are not satisfied in th....... + More

  • 2018 (8) TMI 509

    Gain on sale of shares - allegation of taking accommodation taken for the purpose of bogus longterm capital gains to claim exempt income - LTCG or busniss income - Held that - Assessing Officer at best could have considered the investigation report as a starting point of investigation. The report only informed the assessing officer that some persons may have misused the script for the purpose of collusive transaction. The Assessing Officer was du....... + More

  • 2018 (8) TMI 508

    Addition u/s 69 - unaccounted income in the shape of long term capital gain - Held that - As regards the statement recorded by the ITO Investigation Indore of one Shri Mahesh Pancholi, it is recorded by the AO that the said person was in the employment only for the past four years and further the said witness has not denied the confirmation issued by the broker, but has given a vague statement of having any knowledge of such transaction of shares....... + More

  • 2018 (8) TMI 507

    Penalty u/s 271(1)(c) - recording of satisfaction - mere direction in the assessment order to initiate penalty proceedings - Concealment/furnishing inaccurate particulars of income - Held that - When the AO is satisfied at the stage of initiation of penalty proceedings of a clear-cut charge against the assessee in any of the three situations discussed above (say, concealment of particulars of income), but imposes penalty by holding the assessee a....... + More

  • 2018 (8) TMI 447

    Addition u/s 36(1)(va) r.w.s. 2(24)(x) for the late payment of Employees Contribution to PF/ESI - Held that - While any delayed deposit of PF/ESI is to be disallowed, in terms of Hon ble Gujarat High Court s judgment in the case of Gujarat State Road Transport Corporation (2014 (1) TMI 502 - GUJARAT HIGH COURT), the question as to whether there is a delay or not may be decided by the Assessing Officer in the light of above observations by the coo....... + More

  • 2018 (8) TMI 442

    Transfer pricing adjustment - addition on account of the International Transaction in the nature of interest on loans granted to Associated Enterprises of the assessee - tested party - Held that - This issue is covered in favour of the assessee and against the Revenue by the decision of Co-ordinate Bench of Tribunal in assessee s own case for A.Y. 2009-10 2017 (11) TMI 639 - ITAT DELHI wherein held there is an inherent inconsistency in the view t....... + More

  • 2018 (8) TMI 441

    TDS on payment of Salaries & Travel cost - payment made to employees of the assessee company or whether the same were made as fee for Technical services - Held that - Assessee drew our attention to copies of Form No. 16 and details of the employees placed in the paper book, which have not been examined by the authorities below. We, therefore, think it proper to send the matter back to the Assessing Officer for verification of the payments mad....... + More

  • 2018 (8) TMI 440

    Deferment of the payment of the taxes - project completion method application on the assessee - method of accounting - Accounting standards - Held that - Referring to amendment brought in statute with retrospective effect w.e.f. 1.4.2017 by way of insertion of Section 43CB for the purpose of computation of income from construction and service contract it is crystal clear that before the insertion of this section there was no legal obligation on t....... + More

  • 2018 (8) TMI 439

    Reopening of assessment - order passed u/s 127 transferring the jurisdiction over the assessee to ITO, Ward-4, Bharatpur on or before the issuance of notice u/s 148 to them - Held that - Revenue has not disputed the said fact and has not brought on record any order passed u/s 127 transferring the jurisdiction over the assessee to ITO, Ward-4, Bharatpur on or before the issuance of notice u/s 148 to them. - Where the ITO Ward 4, Bharatpur was ceas....... + More

  • 2018 (8) TMI 438

    Establishment of PE in India u/s 5(2)(g) - assessee s activity under the contract as constitute installation PE in India - Threshold period of 12 months - Held that - Any activity which may be related or incidental but was not carried out at the site in the source country would clearly not be construed as a PE. Albeit, preparatory work at the site itself can be counted for the purpose of determining of duration of PE. - In the present case there ....... + More

  • 2018 (8) TMI 437

    Deemed dividend u/s. 2(22)(e) - whether the loans and advances received by the HUF could be treated as deemed dividend within the meaning of Sec. 2(22)(e) - Held that - The assessee-recipient of money is neither the registered nor the beneficial shareholder of the payer company, i. e. Portescap. Ostensibly, the common registered as well as beneficial shareholder of assessee-company and Portescap is Kollmorgen and not the assessee-company. Assesse....... + More

  • 2018 (8) TMI 380

    Disallowance of expenditure u/s. 37(1) - claim of professional charges paid and services received - The issue is about the quantum of allowance as there is no dispute about services being rendered - Held that - Since the provisions of Section 37(1) does not have any restriction to allow the amount partly, so long as the expenditure was incurred for the purpose of the business wholly and exclusively, the same has to be allowed. The restrictions pl....... + More

  • 2018 (8) TMI 379

    Disallowance of depreciation - Held that - In the present case, undisputedly by virtue of C.A. the assessee has acquired the right to operate the toll road / bridge and collect toll charges in lieu of investment made by it in implementing the project. Therefore, the right to operate the toll road / bridge and collect toll charges is a business or commercial right as envisaged under section 32(1)(ii) r/w Explanation 3(b) of the said provisions. - ....... + More

  • 2018 (8) TMI 378

    Transfer pricing - transaction with AE at arm s length or not - Taxpayer not contract manufacturer of its AE - Held that - On facts as it transpired, the inferences of the TPO were not correct. The CIT (A) appraising the facts noted that there were negligible purchases of raw material from the AE and the total sales to its AE were also negligible. - In the facts of the present case, we note that it has not been disputed by the Revenue that the to....... + More

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