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Income Tax - Tribunal - Case Laws

Showing 61 to 80 of 52595 Records

  • 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


  • 2018 (2) TMI 1212 - ITAT AHMEDABAD

    Rejection of books of accounts - profit estimation - Held that - Income has to be computed in accordance with the method of accountancy followed by an Assessee i.e. cash or mercantile, such method has to be followed keeping in view the Accounting Standard notified by the Central Government from time to time. Sub clause 3 provides a situation, that is, if the Assessing Officer is unable to deduce the true income. On the basis of method of accounta....... + More


  • 2018 (2) TMI 1211 - ITAT AMRITSAR

    Disallowance of commission expenses - Held that - A customer intending to purchase a vehicle would visit an auto dealer directly, and on the basis of discussions, including demonstration, as well as other relevant factors, viz. past experience, reputation of the manufacturer, etc., take a decision, also co-opting the information gathered from other such dealers of the same or different manufacturers, i.e., as per his needs and budget. Why, then, ....... + More


  • 2018 (2) TMI 1210 - ITAT DELHI

    Transfer pricing adjustment - assessee s payment of royalty to its AE - MAM selection - ALP determination - Held that - The assessee s payment of royalty to its AE was justified by using the external CUP, that is, by placing catena of comparable uncontrolled transaction of the third parties. TPO without actually carrying out any analysis of the comparables during the remand proceedings or assigning any basis had simply held that royalty should be....... + More


  • 2018 (2) TMI 1209 - ITAT MUMBAI

    Deduction u/s 54F - new residential flat is situated outside India and hence deduction u/s 54F is not available - Held that - There is an amendment by Finance Act 2014 in Section 54F, with effect from 01.04.2015 wherein the benefit of deduction u/s 54F will be allowed only when reinvestment in residential house property is made within India. Prior to the aforesaid amendment , there was no bar for the taxpayer making investments outside India in r....... + More


  • 2018 (2) TMI 1208 - ITAT KOLKATA

    Validity of return - it was submitted by the assessee that the original return on 29.09.2010 in physical form was filed by him and since the subsequent return in electronic form on 26.05.2011 was not filed by him, the same should be ignored. It was also submitted by the assessee that the said return was filed by somebody else with ill intention giving higher figures of sale, purchase and other expenses. - Held that - We find merit in this content....... + More


  • 2018 (2) TMI 1207 - ITAT CHENNAI

    Unexplained cash credit u/s.68 - proof of the claim of the share application money received - Held that - Perusal of the bank accounts shows that in all the cases, transactions are with identical companies, from where, the money is coming and it is received either on the same day or immediately previous day to the date of transfer of the funds through RTGS. Admittedly, these evidences need to be examined in detail. This being so, the issues in th....... + More


  • 2018 (2) TMI 1206 - ITAT DELHI

    Assessment u/s 153A - disallowance u/s. 40A(3) - Held that - Since assessee has not claimed any expenditure, therefore, no disallowance can be made during the year under consideration. See M/s Galaxy Dwellers (P) Ltd. vs. DCIT 2017 (11) TMI 112 - ITAT DELHI . - Hon ble Punjab & Haryana High Court in the case of Gurdas Garg vs. CIT (2015 (8) TMI 569 - PUNJAB & HARYANA HIGH COURT) has held that where genuineness of transactions made in cash....... + More


  • 2018 (2) TMI 1205 - ITAT LUCKNOW

    Penalty u/s 271(1)(c) - depreciation claim - Held that - Assessee had filed complete particulars with respect to assets on which depreciation was claimed. The assessee has also filed chart of fixed assets placed at page No. 3 of the paper book showing claim of the said depreciation. From the above documents itself, the Assessing Officer has observed that the assessee has claimed depreciation to the extent of ₹ 2,57,677/- and therefore, it c....... + More


  • 2018 (2) TMI 1204 - ITAT KOLKATA

    Revision u/s 263 - addition towards share capital and share premium u/s 68 - Held that - Admittedly, the assessee had not appeared before the Ld. CIT despite repeated opportunities. From the Affidavit filed by the Ld. AR before us, we find that the assessee had been dependent on one Chartered Accountant who has been given the brief to handle the income tax affairs before the Ld. CIT and who in turn had not represented the assessee before the CIT ....... + More


  • 2018 (2) TMI 1203 - ITAT JAIPUR

    Penalty u/s 271(1)(c) - undisclosed investment - return of income furnished after the date of search - Held that - The undisclosed income was detected/discovered in the form of investment in he property and therefore the assessee was found to be owner of assets value of which was not disclosed and consequently it falls in clause (i) to explanation 5A to section 271 (1)(c). - There is no dispute that assessee admitted the acquisition of property b....... + More


  • 2018 (2) TMI 1202 - ITAT AHMEDABAD

    Validity of proceedings invoked u/s 153C - no satisfaction note was recorded - notice without sanction of law - Held that - AO of searched person, as a jurisdictional requirement, must record his satisfaction that incriminating material found as a result of search belongs to assessee herein. In this regard, we take note of the plea of the assessee that no satisfaction note has been found recorded by the AO of the searched person to show that any ....... + More


  • 2018 (2) TMI 1201 - ITAT MUMBAI

    Bogus purchases - profit estimation - Held that - The assessee has failed to discharge the primary onus of proving the purchases as it could not produce sufficient evidences to show actual delivery of material and also could not produce confirmatory letters from the alleged bogus suppliers and thus failed to substantiate the purchases. The assessee is a trader and there could be no sales without purchases. - Addition, which could be made, was to ....... + More


  • 2018 (2) TMI 1152 - ITAT CUTTACK

    Addition of interest income - whether interest on FDs cannot be taxed in the hands of the assessee u/s.56? - Held that - The interest on fixed deposits are not taxable under income from other sources and, accordingly, we uphold the findings of the CIT(A) and dismiss the ground of appeal taken by the revenue for both the assessment years. - Addition of expenses u/s.14A - Held that - There is no claim and the Assessing Officer by applying the provi....... + More


  • 2018 (2) TMI 1151 - ITAT DELHI

    Transfer pricing adjustment - international transaction of Provision of ITES - aggregation of both the SDS and ITES and treating the assessee as an ITES provider for the purposes of choosing comparables and benchmarking - Held that - The assessee did not have any authenticated figures of revenue and costs in respect of ITES and SDS separately. Once the position is such that neither the revenue from two segments can be ascertained nor its costs, w....... + More


  • 2018 (2) TMI 1150 - ITAT DELHI

    Revision u/s 263 - capital gain on sale of agricultural land - Held that - It is evident that during the course of assessment proceedings issue about the taxability of capital gain was considered in assessment and a view was taken by the Assessing Officer as to the non taxability of such gain. Therefore, when the claim of the assessee was accepted in assessment order after due consideration of the facts, it cannot be said that the assessment orde....... + More


  • 2018 (2) TMI 1149 - ITAT MUMBAI

    Addition u/s 68 - unexplained advances - assessee company has received share application money of ₹ 6.64 crores from Ms. Rashna Fali Press, UAE based NRI - Held that - No evidence of creditworthiness of Ms. Rachna Fall Press to grant an advance of ₹ 6.64 crores given. No balance sheet or capital account of the said person has been submitted. The said certificate only shows that based on the information available, her net worth is US D....... + More


  • 2018 (2) TMI 1148 - ITAT MUMBAI

    Validity of assessment u/s 153A r.w.s 153C - non recording of satisfaction by the AO of the searched person at the time of forwarding the seized materials to the AO - Held that - As no satisfaction has been recorded by the AO of the searched party, which is apparent from the finding given by the CIT(A) in his order that satisfaction is presumed and automatic when the seized papers are forwarded to the AO of the third party. In view of this we are....... + More


  • 2018 (2) TMI 1147 - ITAT DELHI

    TPA - comparable selection criteria - MAP selection - Held that - Where part of the same transaction both in IT segment as well as ITEs Segment margins of 15.70 and 14.68 have been accepted by the assessee and by the revenue authorities. - Now for the same nature of transactions it would be very difficult to accept assessee s margin of 13 or that of the TPO who has applied higher margin. Accordingly, in wake of MAP settlement, we hold that for th....... + More


  • 2018 (2) TMI 1146 - ITAT DELHI

    Income from undisclosed sources - cash component appearing in the Excel sheets seized from the premises of M/s AEZ group - incriminating material found in search - Held that - The addition has been upheld by the Ld. CIT(A) mainly only on the basis of (i) details recorded in Excel sheet on hard disk found during the course of search at M/s AEZ group, wherein the payment through cheque and cash been mentioned against the name of the assessee at Ser....... + More


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