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Showing 81 to 100 of 52591 Records

  • 2018 (2) TMI 1144 - ITAT AHMEDABAD

    Sale of software - assessee claimed sale as a capital receipt thereby resulting into short term capital loss - assessee s case was that three parties had sponsored the above software. Former two of them denied any such sponsorship and third entity namely M/s. R. R. Agency filed its confirmation of sponsorship - Held that - We notice that there is no elaborate discussion either in assessment or during lower appellate proceedings as to how three pa....... + More

  • 2018 (2) TMI 1143 - ITAT KOLKATA

    Disallowance on account of levy of cess on green leaves - Held that - As relying on Commissioner of Income Tax Versus AFT Industries Ltd. 2004 (7) TMI 81 - CALCUTTA High Court Cess levied on the production of green leaf would come under the purview of composite income. Thus, ground no-1 raised by the revenue is, accordingly dismissed. - Addition made on account of Section 80IE (2)(ii) - only plant and machinery of manufacturing is to be considere....... + More

  • 2018 (2) TMI 1142 - ITAT MUMBAI

    Revision u/s 263 - allowability of land development expenses - Held that - Proper enquiries have been made by the Assessing Officer while accepting the claim of the assessee. Enquiries have also been made u/s. 133(6 of the Act and the details filed by the assessee have not been accepted summarily by the Assessing Officer. Thus, due application of mind was made and pursuant to the enquiries made, claim of the assessee was accepted by the Assessing....... + More

  • 2018 (2) TMI 1141 - ITAT MUMBAI

    Penalty u/s 271(1)(c) - non-striking-off of irrelevant portion in the notice issued u/s 274 r.w.s. 271(1)(c) - claim u/s 35(2AB)- Held that - In view of the parity of reasoning flowing from the judgment in the case of Shri Samson Perinchery (2017 (1) TMI 1292 - BOMBAY HIGH COURT) we are unable to accept the stand of the CIT(A) that the mistake in issue of notice does not invalidate the penalty proceedings. Therefore, on this aspect, we upheld the....... + More

  • 2018 (2) TMI 1140 - ITAT KOLKATA

    Penalty u/s 271(1)(c) - audit expenses claimed to be incurred by the assessee company towards travelling and conveyance of the Articled Clerks, who were C.A. students receiving training from the assessee-firm - Held that - Although this claim of the assessee was not accepted by the Assessing Officer on the ground that it was specifically submitted by the assessee earlier that the audit expenses were incurred by its Audit staff and Audit Clerks wi....... + More

  • 2018 (2) TMI 1092 - ITAT MUMBAI

    Reopening of assessment u/s 147 - claim for deduction u/s 80IC - Held that - No doubt the assessment was reopened by the revenue within four years from the end of the assessment year but powers conferred on the Revenue u/s 147/148 is to power to reassess and not power to review. - AO in original assessment framed u/s 143(3) vide orders dated 29-11-2010 has elaborately discussed the issue of deduction u/s 80IC wherein revised return of income file....... + More

  • 2018 (2) TMI 1091 - ITAT AHMEDABAD

    Section 80G disallowance - Held that - We are of the opinion that both the lower authorities have erred in law as well as on facts in this peculiar circumstances to interpret the relevant statutory provision Section 80G of the Act in an unsustainable manner which tantamounts to denying the necessary relief in both assessment years i.e. the year of actual payment as well as that of getting the necessary donation receipt. The purpose of using the c....... + More

  • 2018 (2) TMI 1090 - ITAT MUMBAI

    Allowable busniss expenses u/s 37(1) - payment of damage for breach of contract - compensation/damages paid by TEDPL - Held that - In the absence of any suggestion of bad faith or fraud, the true principle is that the taxing statute has to be applied in accordance with the legal rights of the parties to the transaction. When the transaction is embodied in a document, the liability to tax depends upon the meaning and content of the language used t....... + More

  • 2018 (2) TMI 1089 - ITAT PUNE

    Penalty levied u/s 272A(2)(k)/274 r.w.s. 200(3) - reasonable cause in not furnishing the said quarterly TDS return in time - whether the provisions of section 200(3) are applicable? - Held that - The case of the assessee before us is that the delay in submission of e-TDS return was because of strict requirement of e-filing of the statement and filing of such e-TDS return in this year PAN of person on whose behalf tax is collected were required ma....... + More

  • 2018 (2) TMI 1088 - ITAT DELHI

    Adjustment on account of royalty payment - ALP adjustment - Held that - Since the issue as to payment of royalty by the taxpayer to its AE is one of the actual business arrangement, there is no material on file to take a different view on the issue as the same has already been settled in favour of the taxpayer in AY 2010-11 and AY 2011-12, so ALP adjustment on account of royalty payment made by the TPO/AO is not sustainable in the eyes of law, he....... + More

  • 2018 (2) TMI 1087 - ITAT BANGALORE

    Scheme of taxation of charitable or religious trust/institution as codified u/s.11,12 and 13 Carry forward of excess expenditure for adjustment against income of subsequent years - Held that - We find that the issue before us of carry forward of excess expenditure for adjustment against income of subsequent years is covered by the decisions of the Co-ordinate Benches of this Tribunal in the case of Jyothi Charitable Trust 2015 (7) TMI 859 - ITAT ....... + More

  • 2018 (2) TMI 1086 - ITAT PUNE

    Levy of penalty u/s 271(1)(c) - reopening of assessment - satisfaction recorded by the JCIT without application of own mind - Held that - Where re-assessment proceedings were initiated under section 148 of the Act against additional income offered by the assessee in the revised return of income, there was no assessment under section 143(1) of the Act itself. Hence, mention of Explanation 2(c) is incorrect. The JCIT had approved the same in an aut....... + More

  • 2018 (2) TMI 1085 - ITAT JAIPUR

    Deemed dividend u/s 2(22)(e) - capital subsidy/grant receipt - urrent accommodation adjustments accounts/trade advances - whether or not in the nature of loan or advance - Held that - The provision of S. 2(22)(e) along with its Explanations 2 as stood at the relevant point of time, shall only mean that the expression accumulated profits shall only include all the profits of the company up to the date of distribution which are normal revenue profi....... + More

  • 2018 (2) TMI 1084 - ITAT DELHI

    TPA - ALP determination - comparable selection criteria - Held that - Assessee is into IT Enabled Services and IT Software Development thus companies functionally dissimlar with that of assessee need to be deselected from final list. - Treating foreign exchange gain/loss as non-operating items in both the segments i.e. ITES services and Software Development services while determining the arm s length price of the international transactions - Held....... + More

  • 2018 (2) TMI 1083 - ITAT CHENNAI

    Allowability of expenditure in advertisement - nature of expenditure - revenue or capital expenditure - Held that - When the assessee incurred expenditure in the course of earning profit, whether mere facilitating the assessee in carrying out trading operations or the business in a more effective manner, then the expenditure is only on the revenue account. A mere incidental benefit or enduring benefit or commercial advantage cannot result in disa....... + More

  • 2018 (2) TMI 1082 - ITAT MUMBAI

    Disallowance made under Rule 8D2(ii) r.w.s. 14A - sufficiency of own funds - Held that - AS the assessee has demonstrated that the interest paid was totally for sugar trading business or for loans on Plant & Machinery and no interest was paid for investment in assets which earned exempt income and also since the assessee is having its own funds many times more than the investments made, no disallowance is required to be made under Rule 8D2(ii....... + More

  • 2018 (2) TMI 1081 - ITAT DELHI

    Disallowance of commission paid - Held that - For the present year it is undisputed that commission paid by the assessee is 12.28 of revenue whereas, in Assessment Year 2008-09 the coordinate bench has accepted 12.73 of the commission of the turnover as reasonable. Therefore, we do not find any reason to confirm the disallowance. In the present case also the assessee has submitted the details of commission paid. It is not the case of the AO that ....... + More

  • 2018 (2) TMI 1080 - ITAT KOLKATA

    Registration granted u/s. 12A cancelled - proof of charitable activities - assessee received donation in lieu of cash from M/s. Herbicure - Held that - Registration granted u/s. 12AA of the Act cannot be cancelled without infraction of law as contemplated u/s. 12AA(3) of the Act. As per the requirement of section 12AA(3) of the Act, the Ld. CIT(E) has to be satisfied that the activities of the trust or institution are ingenuine or are not being c....... + More

  • 2018 (2) TMI 978 - ITAT MUMBAI

    Treatment to Capital gain on sale of flat - STCG v/s LTCG - period of holding - possession held for more than 36 months - CIT-A treated as LTCG - Held that - Interest in the property is created the moment the agreement to purchase is entered into in favour of the assessee accompanying with part payment. The date of possession is not material for deciding the period of holding by the assessee for the purpose whether the gain is long term or short ....... + More

  • 2018 (2) TMI 977 - ITAT MUMBAI

    Reopening of assessment - three items of income have escaped assessment - validity of reasons to believe - Held that - A perusal of the reasons to believe reveals that the records on the basis of reasons for re-opening were recorded were available before the AO even at the time of original assessment proceedings as is apparent from the statement of computation of total income placed at page 1 of the paper book and also fortified by the discussion....... + More

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