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Income Tax - Case Laws

Showing 41 to 60 of 102375 Records

  • 2018 (2) TMI 1462 - KARNATAKA HIGH COURT

    Additions made by the assessing authority on account of accrued interest on loans which are classified as Non-performing Assets - applicability of provisions of section 43D - Held that - When an asset becomes non-performing, it ceases to yield income and once a particular asset is shown to be a non performing asset, then it is nothing but no revenue is yielded. See Commissioner of Income-Tax and another Vs. Canfin Homes Limited (2011 (8) TMI 178 ....... + More


  • 2018 (2) TMI 1461 - DELHI HIGH COURT

    Addition u/s 40(a)(i) - TDS liability - bandwidth allocation by overseas service provider - fee for technical services - whether the charges paid by the assessee to the MCI WorldCom Asia P. Limited (a non-resident overseas Singapore based entity) ought to have been subjected to tax deduction? - income by way of amounts paid to the overseas entities or non-residents - Held that - In the present case the relevant provisions of the master service ag....... + More


  • 2018 (2) TMI 1460 - MADRAS HIGH COURT

    Suppression of sales - differential price between the price of two flats sold to the sister concern and the price offered by third parties - Appellate Commissioner and Tribunal concurred in their factual finding that there had been no suppression of sales as the two flats were sold at a discount price, for business exigencies and in particular, to compensate SAPL, who had advanced interest free loan to the assessee - Held that - It is clear from ....... + More


  • 2018 (2) TMI 1459 - ITAT JAIPUR

    Disallowance of excess claim of remuneration to the partners claimed - nature of income - interest on FDR - Held that - There is not dispute that the business of the assessee dealing in food grains, oil seeds and pulses etc is a seasonal business depending upon crop seasons. Therefore, during the non harvesting season the assessee is not having much business activity and accordingly the funds which are otherwise required for the business activity....... + More


  • 2018 (2) TMI 1458 - ITAT MUMBAI

    Disallowance u/s 43B - payment of employees contribution to Provident Fund and ESIC - Held that - The issue in appeal is squarely covered by the decision of the Hon ble Jurisdictional High Court Ghatge Patil Transport Ltd. 2014 (10) TMI 402 - BOMBAY HIGH COURT wherein held both employees and employer s contributions are covered under the amendment to Section 43B of I.T. Act - the Tribunal was right in holding that payments are subject to benefits....... + More


  • 2018 (2) TMI 1457 - ITAT MUMBAI

    Disallowance u/s 40(a)(ia) - payments to transport contractors without fulfilling the conditions laid down in sections 194(6) and 194(7) - assessee did not furnish in the prescribed format the details of those contractors where no TDS was made to the prescribed authority - Held that - We find that the assessee made payments to transport contractors amounting to ₹ 80,23,971/- whereas the assessee has provided the details and PAN only in resp....... + More


  • 2018 (2) TMI 1456 - ITAT KOLKATA

    Applicability of section 33AB(7) against the assessee - deemed income of the assessee - utilizing the withdrawals from NABARD deposit accounts 0 assessee s main business activity is cultivation of tea, manufacturing of tea from leaves procured from own garden as well as from bought leaves and also trading of tea - Held that - A provision for deduction, exemption or relief should be construed reasonably and in favour of the assessee. Though equity....... + More


  • 2018 (2) TMI 1428 - AUTHORITY FOR ADVANCE RULINGS, MUMBAI

    Capital gains arising to the Applicant- Transferor, a tax resident of Mauritius, from sale of shares - Benefit of DTAA - whether the Transferee shall not have any liability to deduct tax at source under section 195? - department contended that the working of capital gain involves correctly working out the total sales consideration which in turn depends upon the value assigned to each share of SIPL and Scorpio and this involves the determination o....... + More


  • 2018 (2) TMI 1381 - SUPREME COURT

    Assessment u/s 153C - existence of satisfaction note - Held that - Special Leave Petitions are dismissed. HC order confirmed. 2017 (7) TMI 539 - DELHI HIGH COURT - HC has held that while the documents may pertain to the Assessee, but in the context explained above, they cannot be presumed to be documents that belonged to the searched person. Consequently, even with regard to these documents, the jurisdictional requirement under Section 153 C (1) ....... + More


  • 2018 (2) TMI 1380 - DELHI HIGH COURT

    Penalty u/s 271(1)(c) - voluntary surrender of income by assessee - Held that - The assessee merely made a voluntary surrender; she did not offer any explanation as to the nature of income or its source. The observations in MAK Data (2013 (11) TMI 14 - SUPREME COURT) are that the authorities are not really concerned with the statement - whether voluntarily or otherwise and have to see whether there was any non disclosure of material facts, or inc....... + More


  • 2018 (2) TMI 1379 - GUJARAT HIGH COURT

    Reopening of assessment - notice issued beyond the period of four years - reasons to believe - Held that - The question of the assessee failing to disclose truly and fully all material facts necessary for assessment therefore becomes important. Nothing stated in the reasons recorded or from the materials on record suggest that the assessee failed to disclose truly and fully all material facts. AO has examined the materials on record during the or....... + More


  • 2018 (2) TMI 1378 - GUJARAT HIGH COURT

    Application of provision of section 48 Explanation (iii) - whether inflation index would apply for the first year when the asset was first held by the assessee - computing the capital gains arising on transfer of a capital asset acquired by the assessee under a gift - shares which are the subject matter of capital gains tax were purchased by the father of the assessee on 01.08.1989. They were gifted by him to his son on 15.03.2009. The son i.e. t....... + More


  • 2018 (2) TMI 1377 - GUJARAT HIGH COURT

    Reopening of assessment - Held that - According to the department, there are documents suggesting that there are TDS transactions concerning the firm for the period relevant to the assessment year in question. More importantly, during the course of a search against two individuals, name of the firm was found. There were documents indicating that the assessee had entered into huge cash loan transactions. The ledger account itself showed cash credi....... + More


  • 2018 (2) TMI 1376 - GUJARAT HIGH COURT

    Reopening of assessment - allowability of interest income u/s 80IA - Held that - The record would show that the crucial requirement arising out of the proviso to Section 147 is not satisfied. AO has, in fact, in the reasons recorded itself proceeded on the basis of on verification of record. Thus, clearly the Assessing Officer proceeded on the basis of disclosures forming part of the original assessment. During the original assessment, AO had cal....... + More


  • 2018 (2) TMI 1375 - ALLAHABAD HIGH COURT

    Benefit of Section 80-G (5) (vi) - activities carried out would qualify as charitable activities - Held that - The record/paper book reflects that the amounts, which were expended by the assessee towards all the activities were less than ₹ 10,00,000/- and, therefore, the activities would clearly be included to be covered under the provisions of Section 2 (15) of the Act and in view of that the benefit of Section 80-G (5) (vi) would also enu....... + More


  • 2018 (2) TMI 1374 - RAJASTHAN HIGH COURT

    Disallowance u/s 40(a)(ia) - non deduction of tax at source on interest paid to financial institutions even when the appellant has paid the entire amount and no amount remains payable at the end of the year - Held that - Taking into consideration, the decision rendered by the Delhi High Court in CIT vs. Ansal Land Mark Township Pvt. Ltd. (2015 (9) TMI 79 - DELHI HIGH COURT) the second proviso to Section 40 (a) (ia) of the Act is declaratory and c....... + More


  • 2018 (2) TMI 1373 - RAJASTHAN HIGH COURT

    TDS u/s 194H - non-deduction of tax by invoking provisions of section 40(a)(ia) - Held that - The advertisement are to be procured by such agencies at the rates and terms decided between them and advertiser, assessee has no involvement therein. In the case of Kerala State Stamp Vendors Association vs. Office of the Accountant General 2005 (6) TMI 21 - KERALA High Court the Hon ble Kerala High Court held that what is liable for TDS is commission o....... + More


  • 2018 (2) TMI 1372 - MADRAS HIGH COURT

    Assessment u/s 158BD r.w.s. 158 BC(c) - availment of appeal remedy before ITAT - Held that - Complicated factual issues are to be first thrashed out before one goes into the aspect as to which of the legal principles as put forth would apply. - Record of proceedings shows that there has been an order of interim stay granted by this Court in this writ petition, when the writ petition was entertained on 26.11.2002 and till date, interim order is in....... + More


  • 2018 (2) TMI 1371 - ITAT AHMEDABAD

    Non granting registration under section 12AA - proof of charitable activities - scope of primary objects - unsecured loans taken - way in which education is imparted - complete intermingling of funds - Board of Governance as well as Board of Management is entirely controlled by Sponsoring Body namely Bhandari Charitable Trust - Held that - President shall be appointed by the sponsoring body in consultation with State Government for a period of th....... + More


  • 2018 (2) TMI 1370 - ITAT DELHI

    Receipt of amount without consideration - income from other sources u/s 56(2)(vi) - Amount received from employer s various employee s welfare trusts - Held that - We are of the considered view that ld. CIT (A) has thrashed the controversy at hand at length by considering the aforesaid CBDT circular no.157 (F.No.228/8/73-IT (A-II) dated 26.12.1974 and judgment rendered by Hon ble Supreme Court in ITO vs. Atchaiah (1995 (12) TMI 1 - SUPREME Court)....... + More


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