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Income Tax - Tribunal - Case Laws

Showing 81 to 100 of 54286 Records

  • 2018 (5) TMI 1019

    Disallowance u/s 43B on account of unpaid sales tax - Held that - In view of Circular No. 496. dated 25-09-1987 and Circular no.674 dated 29.12.1993 which are binding on the revenue authorities and in view of the evidence submitted by the assessee that the sales tax had been converted into loan pursuant to provisions of the State Act i.e. West Bengal Sales Tax Act, the assessee is deemed to have complied with the provisions of section 43B and acc....... + More


  • 2018 (5) TMI 1018

    Reopening of assessment - invalid notice u/s 143 - Held that - It is an admitted fact that assessee filed reply in response to the notice under section 148 of the I.T. Act on 26.11.2013 and submitted before A.O. that original return filed before him may be treated as return filed in response to the notice under section 148 of the I.T. Act. The A.O. on the same day served notice under section 143(2) upon assessee-company whose signature tally on t....... + More


  • 2018 (5) TMI 1017

    Disallowance on account of sundry balances written off being capital loss and not allowed as business expenses under section 36(1)(vii) - Held that - The money due from sundry debtors which could not realized till the last year has to be allowed under section 36(i)(vii). In view of these facts, we are not in agreement with the conclusion reached by the CIT(A) that sundry balances written off were of capital in nature and could not be allowed. In ....... + More


  • 2018 (5) TMI 1016

    Assessment u/s 153A - gifts treated as cash credit - Held that - In the case of CIT vs. Gurinder Singh Bawa (2015 (10) TMI 1761 - BOMBAY HIGH COURT) held that once an assessment was not pending but had attained finality for a particular year it could not be subject to proceedings under section 153A if no incriminating materials were gathered in the course of search or during the proceedings under section 153A which were contrary to and were not d....... + More


  • 2018 (5) TMI 1015

    Penalty u/s 271(1)(c) - wrong claim of the cost of construction - Held that - The whole restriction of cost of construction out of WIP in the current year to the tune of ₹ 57,80,000/- and carrying forward the excess cost of construction to the extent of ₹ 1,76,68,705/- is tax neutral as it is not a disallowance or excess claim but a reduction in the claim of the cost of construction which has correspondingly resulted into higher cost ....... + More


  • 2018 (5) TMI 1014

    Benefit of deduction u/s. 54 - major amount was invested 3 years prior to present sale and purchase agreement was also registered at that time and thus the condition of prior purchase within one year of sale was not fulfilled - whether the date of purchase of property completed on 13.12.2011 falls within a period of one year from the date of sale is covered under the provision of section 54? - Held that - An identical issue came up for hearing in....... + More


  • 2018 (5) TMI 1013

    Unexplained income u/s 68 - advances received from customers - CIT-A deleted the addition accepting additional evidence - no opportunity have been given to the A.O. to rebut the additional evidences produced - denial of natural justice - Held that - A.O. noted in the assessment order that specific query letters were issued to the assessee calling for confirmation and other details to prove both the above grounds. However, on the date fixed, nothi....... + More


  • 2018 (5) TMI 1012

    Undisclosed investment in FD - CIT-A deleted addition accepting the revised Balance Sheet which according to revenue, was an additional evidence thus violation of Rule 46A - Held that - As brought to our notice that interest accrued on the existing FD savings bank was transferred to the FD as investment, thus increasing the value of investment in FD by an amount of ₹ 3,76,65,625.26/- as evident from perusal of page 10 of the paper book. Thu....... + More


  • 2018 (5) TMI 1011

    Penalty u/s.271E - reasons for noncompliance of notice of hearing before the Assessing Officer as well as the CIT(A) - Held that - In order to render substantial justice to the assessee, all materials facts are required to be brought on record to adjudicate the issue. For doing to, an opportunity has to be allowed to the assessee. Further, we are alive to the fact that the assessee had been a habitual defaulter in complying with the notices issue....... + More


  • 2018 (5) TMI 1010

    Disallowance u/s. 14A with the aid of Rule 8D(2)(ii) and 8D(2)(iii) - Held that - In both the appeals preferred by the revenue, the assessee did not earn any exempt income during the AY 2009-10 and 2012-13, therefore, CIT(A) was justified in deleting the disallowance as made by the AO in the assessment order by invoking sec. 14A read with Rule 8D of the Rules. Hence, ground no. 1 raised by the revenue for AY 2009-10 stands dismissed and the sole ....... + More


  • 2018 (5) TMI 1009

    TPA - ALP determination - comparability analysis - functional dissimilarity - Held that - We do not agree with the findings of the lower authorities that a captive sourcing service provider like the assessee can be considered functionally similar to a company providing liaisoning services like Axis Integrated Systems Ltd. Considering the functional dissimilarity between the assessee company and Axis Integrated Systems Services Ltd., we are unable....... + More


  • 2018 (5) TMI 1008

    Stay on collection/recovery seeked - correct jurisdiction of hearing these appeals - Held that - Assessing Officer having jurisdiction to assess the income of the assessee is located in New Delhi, which falls in jurisdiction of Delhi benches, we find that the jurisdiction for hearing of these applications, and hearing of the related appeals, vests in Delhi benches of this Tribunal. However, it is for the Hon ble President to take a final call on ....... + More


  • 2018 (5) TMI 1007

    Charging of interest u/s. 234B - Held that - AO had not followed the order of the Tribunal, that he was specifically directed to consider the ad hoc payment, that he should not have adjusted the payments in question (Rs. 26 crores and ₹ 1. 99 crores) against the payments of interest u/s. 234B of the Act. Ground no. 1 is decided in favour of the assessee. - Denial of interest u/s 244 for the period from 03/10/20 to 29/11/2009, that there was....... + More


  • 2018 (5) TMI 1006

    Validity of assessments made u/s 153C - Held that - Since the assessment records do not contain any satisfaction note by the AO and also the whole addition was made based on the diary belonging to M/s B. Ramdas Goud, there is no evidence which directly relates to the assessee was found during the search proceedings. Therefore, we set aside the orders of CIT(A) in all the AYs under consideration and hold that the assessments framed u/s 153C of the....... + More


  • 2018 (5) TMI 1005

    Provisions of section 50C applicability - AO referred matter to DVO - value determined by DVO - Held that - The value submitted by the DVO is in order and AO has followed the value as per the deemed provisions of section 50C. The submissions of the assessee cannot be accepted on the fact that assessee is an NRI and was not in a position to negotiate or the market value cannot be fluctuated with a span of 4 months. The AO has to follow the provisi....... + More


  • 2018 (5) TMI 1004

    Addition u/s 68 - unexplained deposits - Held that - On careful reading of the cash flow statement and bank statement submitted by the assessee, we find that there are cash deposits in the bank of Dhanalakshmi, Nellore to the extent of ₹ 2 lakhs per month in AY 2012-13 and no regular deposits in AY 2009-10 and 2010-11. However, we also find that such deposits of ₹ 2 lakhs were made in each month regularly in the AY 2012-13. It clearly....... + More


  • 2018 (5) TMI 1003

    Addition on the issue of upward adjustment made by the AO/TPO in the arm s length price - Held that - Transfer pricing addition to this extent and the CIT(A) dealt with certain aspects of the determination of ALP, against which the assessee filed its separate appeal. This appeal was tagged with the assessee s cross-appeal for the instant year in which computation of ALP in respect of three international transactions, has been challenged. We are d....... + More


  • 2018 (5) TMI 1002

    Application of mutuality principle - rental income and service fee received from its corporate member/payee M/s. Reliance Industries Ltd. - Held that - The very mutual benefit to the assessee denied itself on the ground that the payee/corporate member concerned; although a member, displayed its advertisement for the purpose of its business. Learned coordinate bench thus concludes that assessee s identical income received from the said payee is to....... + More


  • 2018 (5) TMI 1001

    Disallowance of interest cost - whether interest on loans taken on the basis of keyman insurance policies would not fall u/s.43B of the Act - Held that - There is no dispute that interest to the extent of ₹ 70,35,356/- on loans borrowed from LIC, a public financial institution, stood payable as at the end of relevant previous year. Section 43B of the Act, mandates that interest payments could be allowed only in the year in which it is actua....... + More


  • 2018 (5) TMI 1000

    Addition made u/s 40A(3) - payment made otherwise than by cheque or crossed demand draft above ₹ 20,000/- - Held that - The said payment has been made by way of bearer cheques before registering authority. Another aspect of the same is that the said payment was made at the instance of sellers as they were reluctant to get the document registered till the amount was received in totality. - The assessee has furnished declaration signed by bot....... + More


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