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Income Tax - Tribunal - Case Laws

Showing 61 to 80 of 54330 Records

  • 2018 (5) TMI 1261

    Disallowance of estimated expenditure - Held that - The revenue s case is not with regard to genuineness of expenditure. Business requirements and planning for future has to be decided by the assessee but not by the Department. It is the assessee who has to run the business. The revenue has not proved that the assessee has made any bogus claim or incurred personal expenditure in the guise of marketing, godown and plant and maintenance expenses. I....... + More


  • 2018 (5) TMI 1260

    Revision u/s 263 - non discussion on computation of dividend distribution tax by AO - Held that - The assessing officer has not discussed this issue of computation of dividend distribution tax in his assessment order. The assessee could not demonstrate that this was an issue enquired into by the AO. Hence there is no application of mind by the assessing officer on this issue during the course of assessment or in the assessment order. - Hence the ....... + More


  • 2018 (5) TMI 1259

    Assessment u/s 153A - Assessment barred by limitation - Held that - The search in this case was conducted on 05.01.2005 and as per the provisions of section 153B(b) of the Act , the order of assessment u/s. 153A should have been framed on or before 31.03.2007 whereas, as a matter of fact, the same was framed vide order dated 31.12.2007. - Assessment of the Assessing Officer is invalid and void ab-initio as the same was barred by limitation as pro....... + More


  • 2018 (5) TMI 1258

    Revision u/s 263 - reopening of assessment initiated - Commissioner wanted to revise the order passed by the A.O. u/s 143(3) r.w.s. 147 on the ground that there are certain omissions and commissions in the order passed u/s 143(3) - Held that - In this case, the A.O. has reopened the assessment for the escapement of income and the same is offered for taxation and assessment is completed. We find that the order passed by the A.O. u/s 143(3) r.w.s. ....... + More


  • 2018 (5) TMI 1257

    Calculation of capital gain - determination of value - SRO s value has to be adopted as per the registered sale agreement or finally sold the property as on 07/02/2008 -Held that - We find that there is no merit in the arguments advanced by the ld. counsel for the assessee for the reason that the date of registration is only valid for one month and the property was sold altogether to a new vendee i.e. M/s. Sri Ramdas Paper Boards (Pvt.) Ltd., nea....... + More


  • 2018 (5) TMI 1256

    Transfer pricing adjustment - ALP determination - corporate guarantee commission charged by the assessee company - Held that - The assessee s case the corporate guarantee commission charged by the assessee was 0.90% which is more than the corporate guarantee commission of 0.25% to 0.53% approved by various judicial forums. Therefore, respectfully following the view taken by the coordinate benches, we hold that the corporate guarantee commission c....... + More


  • 2018 (5) TMI 1255

    Unabsorbed depreciation of current year and earlier year as allowable against income under the Head Income from other sources being disclosed/assessed under section 68 - Held that - As per Section 72, carried forward of business loss is not to be allowed to be set-off against any other head of income other than income from business. Inter Head set-off of business loss is allowed under section 71 against all other income except income from salary........ + More


  • 2018 (5) TMI 1254

    Levy of penalty u/s 271(1)(c) - unexplained income on account of corpus fund - Held that - Return for the assessment year 2007-08 was filed on 31.10.2007 declaring loss of ₹ 5,31,945/-. Search was conducted on 23.7.2009 i.e. after the first day of June, 2007. The assessee accepted the unexplained income on account of corpus fund relating to its source. The alleged undisclosed income was not offered to tax in the regular return of income and....... + More


  • 2018 (5) TMI 1253

    Addition under the head income from other sources - transfer of immovable property without consideration - Held that - Provisions of section 56(2)(vii)(b) of the Act bring into the ambit of income from other sources, of an immovable property to the transferee, which is received without consideration. This was brought into statute book by Finance Act, 2010, w.e.f. 1st October 2009. The above said provisions of the Act are applicable to transaction....... + More


  • 2018 (5) TMI 1252

    Penalty u/s 271C - failure to collect TCS - reasonable cause - assessee in default in respect of sale only within the meaning of section 201(1) and has not treated the assessee as assessee in default for collection of TCS in respect of sale - Held that - The assessee has satisfied the Assessing Officer that tax have been paid by the deducted / assessee in respect of sale of ₹ 12,40,93,199. It is only in respect of balance amount of sale of ....... + More


  • 2018 (5) TMI 1251

    Reopening of assessment - unexplained cash deposits - Held that - We find that in this case the assessee has given detail basis of deposit of Rs. 10,45,500 in the bank account. The detailed source has been claimed to be out of the business income as well as agricultural income of the assessee and his family members. Deposit to the extent of Rs. 3,62,000 has been accepted by the Assessing Officer. - Assessee has given detailed submissions as above....... + More


  • 2018 (5) TMI 1250

    Waiver of principal amount of term loan - taxability as capital asset - addition invoking section 41 - Held that - Revenue has not placed any material suggesting that the loan was for the purpose of working capital, but on the contrary, CIT(A) has given a finding that the principal amount related to term loan. Under these facts, we do not see any reason to interfere with the finding of the decision arrived by the CIT(A) and the same is hereby aff....... + More


  • 2018 (5) TMI 1156

    Claim of deduction of expenditure incurred on account of commission paid disallowed - allowable busniss expenses - whether assessee company has indulged in colorable device? - Held that - In the present case, we find that the assessee s group concern has won a bid from the Government. After winning the bid, it has gotten the contract transferred under the name of the assessee-company. The assessee company has duly executed the contract with the a....... + More


  • 2018 (5) TMI 1155

    Addition u/s 68 - Held that - AR referred to the paper book evidence in the audit report at page 1 to 11 and also the statement of loan creditors along with income tax details from page 12 to 30 disclosed in the income tax returns and computation of income and their financial statements. AR emphasized that the creditors are genuine and creditworthiness of the transaction and identity of the parties can be proved. AO has overlooked these facts. We....... + More


  • 2018 (5) TMI 1154

    Revision u/s 263 - AO assessed the rental income as Business Income - Held that - AO, with due application of mind, accepted the stand of the assessee and took one of the possible view in the matter and assessed the rental income as Business Income. This being the case, the order could not be said to be erroneous or prejudicial to the interest of the revenue so as to justify invocation of proceedings u/s 263. - The action of AO, may be prejudicia....... + More


  • 2018 (5) TMI 1153

    Penalty u/s 271AAA - AO no where directed the assessee to disclose manner or to substantiate such manner showing the earning of undisclosed income admitted during the course of search - Held that - As during the course of search statement of assessee was not recorded. It was of Anil Bholabhai Patel and no such specific question was asked. CIT(A) has reproduced statement of Shri Anil Bholabhai in the impugned order and observed that under identica....... + More


  • 2018 (5) TMI 1152

    Revision u/s 263 - Penalty under Section 271(1)(c) set aside by AO - assessee filed the revised return after the search operation in the case of AMN Jewellers Pvt. Ltd. and offered the value of the jewellery for taxation - Held that - When the assessee offered the income voluntarily and offered the same for taxation and the source of acquisition of such jewellery was also explained before the Assessing Officer as the gifts from relatives, friends....... + More


  • 2018 (5) TMI 1151

    Addition made on estimate basis as bogus expenditure - assessment u/s 153A - expenses incurred for transportation charges - Held that - AO required the assessee to produce the supporting documents for the expenses incurred for transportation charges. The assessee produced ledger copy. Therefore, the Assessing Officer disallowed 10% of the total expenses, which was confirmed by the CIT(A). - D.R. could not point out any material which was unearthe....... + More


  • 2018 (5) TMI 1150

    TDS u/s 194I or 195 - whether payments pertaining to the first issue of last mile charges are liable for TDS deduction as fee for professional / technical services rather than rent u/s 194I? - Held that - There is no denial of the basic fact that the assessee has made the impugned last mile payment in lieu of availing a standard facility of hiring of one pair of optical dark fibre to provide last mile end connectivity. It uses its own internet ba....... + More


  • 2018 (5) TMI 1103

    Penalty u/s.271(1)(c) - non specification of charge - Held that - The manner of initiating and levying of penalty without making reference to the specific limb of clause (c) is unsustained. AO is under obligation to specify the correct limb at the time of initiation as well as at the time of levy of penalty. Therefore, the penalty levied by the AO and confirmed by the CIT(A) is unsustainable on technical grounds. - Decided in favour of assessee -....... + More


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