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Income Tax - Case Laws

Showing 1 to 20 of 102216 Records

  • 2018 (2) TMI 1220 - SUPREME COURT OF INDIA

    Industrial Infrastructure Development Corporation (Gwalior) M.P. Ltd. Versus Commissioner of Income Tax, Gwalior

    Cancellation of Registration certificate u/s 12A - CIT s express power to cancel/withdraw/recall the registration certificate once granted by him under Section 12A - Held that - CIT had no express power of cancellation of the registration certificate once granted by him to the assessee under Section 12A till 01.10.2004. It is for the reasons that, first, there was no express provision in the Act vesting the CIT with the power to cancel the regist....... + More


  • 2018 (2) TMI 1219 - GUJARAT HIGH COURT

    Sarjan Chemicals Versus Assistant Commissioner of Income Tax, Vapi Circle

    Reopening of assessment - validity of notice - Held that - We are conscious that the return of the assessee was originally accepted without scrutiny and that therefore the Assessing Officer had much greater latitude in reopening such assessment. Nevertheless, even in such cases, reopening of the assessment is not permissible in law unless the Assessing Officer has reason to believe that income chargeable to tax has escaped assessment. In this con....... + More


  • 2018 (2) TMI 1218 - GUJARAT HIGH COURT

    Urja Chamicals Versus Income Tax Officer Ward-9

    Reopening of assessment - validity of notice - Held that - We are conscious that the return of the assessee was originally accepted without scrutiny and that therefore the Assessing Officer had much greater latitude in reopening such assessment. Nevertheless, even in such cases, reopening of the assessment is not permissible in law unless the Assessing Officer has reason to believe that income chargeable to tax has escaped assessment. In this con....... + More


  • 2018 (2) TMI 1217 - SUPREME COURT

    Pr. Commissioner of Income Tax-4 Versus M/s Hindustan Organics Chemicals Ltd

    Addition of excise duty - valuation of closing stock made u/s 145A - special audit scope - As decided by HC 2017 (8) TMI 188 - BOMBAY HIGH COURT tax audit report of the statutory auditor and the audit report of the Comptroller & Auditor General of India shows that the impact of inclusion of excise duty in the value of closing stock stands nil, hence no additions - Held that - Application for exemption from filing certified copy of the impugne....... + More


  • 2018 (2) TMI 1216 - BOMBAY HIGH COURT

    Shahrukh Khan Versus The Deputy Commissioner of Income Tax, Central Circle4 (2) And Others

    Reopening of assessment - validity of reasons to believe - valuation of shares - income has escaped assessment on application of Section 56(2)(vii) - Held that - 6 Prima facie, the order disposing of the objections, while dealing with the objection of no reason to believe that income has escaped assessment on application of Section 56(2)(vii) of the Act, has completely ignored the Explanation thereto. The Explanation to Section 56(2) (vii) of the....... + More


  • 2018 (2) TMI 1215 - GUJARAT HIGH COURT

    Principal Commissioner of Income Tax-1 Versus Adani Agro Pvt. Ltd

    Addition u/s 14A - Tribunal found that the assessee had surplus tax free funds thus there was no question of disallowance of any interest income and even after completing the format, the disallowance cannot exceed the total administrative expenditure incurred by the assessee - Held that - We are fully in agreement with the view of the Tribunal. Under no circumstances, can the Assessing Officer attribute administrative expenses for earning tax fre....... + More


  • 2018 (2) TMI 1214 - KERALA HIGH COURT

    M/s. Suntec Business Solutions Pvt. Ltd. Versus Union of India, The Commissioner of Income Tax And The Assistant Commissioner of Income Tax, Thiruvananthapuram

    Reopening of assessment - claim of deduction u/s 10B - Held that - The claim was u/s 10B and as per clause (3) of the provision, deduction claimed had to be of amounts which is brought into the Country, within six months from the close of the previous year. The previous year ended on 31-03-2005 and the assessee ought to have brought in the amounts prior to 30-09-2005, unless extended by the Reserve Bank of India as provided under Explanation to s....... + More


  • 2018 (2) TMI 1213 - TELANGANA AND ANDHRA PRADESH HIGH COURT

    M/s. Sriman Sai Securities Investment Finance Limited, Jagtial Versus The Deputy Commissioner of Income Tax, Karimnagar

    Treating entire share capital of the assessee/appellant as its income - unaccounted income - Held that - In the light of the provisions of Section 68 of the Act and the legal position referred to above, we are of the opinion that the assessee has failed to discharge its initial burden to prove that the money of ₹ 48,58,000/- was collected through share capital. Therefore, the A.O. is wholly justified in rejecting the stand of the assessee a....... + More


  • 2018 (2) TMI 1212 - ITAT AHMEDABAD

    Smt. Kantaben Ramjibhai Chaudhari C/o. Jay Prabhu Seeds & Ginning Factory Versus ITO, Ward-2 Gandhinagar

    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

    M/s. Raga Motors P. Ltd. Versus Deputy CIT, Circle-IV, Jalandhar

    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

    DCIT, Circle-4 (2) , New Delhi Versus M/s. Bestexx MM India Pvt. Ltd.

    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

    Ashok Keshavlal Tejuja Versus ACIT, CIR 18 (1) , 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

    Arunashis Sarkar Versus Income Tax Officer And Vice-Versa

    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

    M/s. PNN Steel Pvt. Ltd. Versus The Income Tax Officer, Corporate Ward-5 (2) , 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

    M/s D.S. Realtors Pvt. Ltd. C/o RRA Taxindia, New Delhi Versus DCIT, Central Circle-04, New 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

    M/s Agrahari Builders Pvt. Ltd. Versus Dy. C.I.T., Range-VI, Kanpur

    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

    M/s Beatle Trading (P) Ltd. Versus Pr. CIT-4, 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

    Shri Satya Narain Gupta Versus The DCIT, Central Circle-2, 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

    ITO Ward-8 (3) Ahmedabad Versus Shantisuri Securities Pvt. Ltd.

    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

    Income Tax Officer 1 (1) (1) Aaykar Bhavan Mumbai Versus Benite Steels Limited

    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


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