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Income Tax - Case Laws

Showing 41 to 60 of 109138 Records

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  • 2018 (10) TMI 731

    Claim of depreciation u/s 32 - acquisition of trade mark - disallowance on the ground that the cost of acquisition of trademark has been determined at Nil and consequently depreciation claimed by the assessee at the prescribed rate was disallowed - Held that - disallowance of depreciation claim by the assessee u/s 32 of the Act qua trademark acquired in FY 2006-07 is not sustainable as the TPO is not to decide the business expediency of any intan....... + More


  • 2018 (10) TMI 730

    Deduction u/s 80GGA - contribution made to Population and Social Development - allowability of professional and legal fees as expenditure under the head income from other sources - Held that - contributions made to Population and Social Development would be eligible for deduction u/s 35AC in respect of business assessees and u/s 80GGA of the Act in respect of non-business assessees - It is not in dispute that the assessee not having business inco....... + More


  • 2018 (10) TMI 729

    Additions towards outstanding liabilities - treating the liabilities as bogus - one party did not appear against notice issued u/s 131 - however written statement was submitted before AO - Held that - Creditors had only stated before the ld AO that they are all small time labourers and workers and do not have that much income left with them. We find that they had deposed correctly that in as much as their income component in the entire services r....... + More


  • 2018 (10) TMI 728

    Non-granting of set off of unabsorbed depreciation loss with the income of the assessee while framing intimation u/s 143(1) - Held that - We find from the materials available on record that the assessee had also preferred a rectification petition u/s 154 before the AO seeking for the set off of unabsorbed depreciation loss and unabsorbed business loss for the relevant assessment years. The assessee has filed 154 petition on several dates i.e. 21........ + More


  • 2018 (10) TMI 727

    Short deduction of TDS - TDS u/s 194C OR 194I - Held that - There is no dispute even as per assessee s stand that it had entered into contract with its principal followed by its sub-contracts with the payee parties. We make it clear that it has not placed on record the said sub-contracts indicating it to have not passed over the corresponding liabilities to the payees concerned. We make it clear that sec. 194C of the Act in assessment year 2007-0....... + More


  • 2018 (10) TMI 726

    Rejection of Long Term Capital Gains on purchase and sale of the shares - claim of exemption made u/s 10(38) rejected - AO concluded that the assessee has claimed bogus long term capital gain - Held that - In a number of cases this bench of the Tribunal has consistently held that decision in all such cases should be based on evidence and not on generalisation, human probabilities, suspicion, conjectures and surmises. We have in all cases deleted ....... + More


  • 2018 (10) TMI 725

    TDS u/s 192 - Addition u/s 17(2(v) - income from salary - perquisite - expenditure incurred for medical treatment of an employee incurred outside India - AO invoked the provisions of section 192 and held that the assessee is liable to deduct TDS @ 30% - Held that - CIT(A) has deleted the additions on the ground that, Since RBI allows remission of medical expenses of the amount involved in the appellant s case, the AO s case that no permission of ....... + More


  • 2018 (10) TMI 724

    Levy of penalty u/s 271(l)(c) - defective notice - addition towards 25% gross profit on alleged bogus purchase made from hawala dealers - Held that - although the AO has estimated 25% gross profit on alleged bogus purchases, never made any observations with regard to the incorrectness in details filed by the assessee to prove such purchases. The AO never disbelieved information filed by the assessee, but he proceeded on the basis of information r....... + More


  • 2018 (10) TMI 723

    Levy of penalty u/s. 271(1)(c) - AO has assessed surplus from sale of property at Badlapur under the head Income from business as aginst assessee s admission under the head Income from long term capital gain - Held that - once addition on which penal....... + More


  • 2018 (10) TMI 722

    Administrative Commissioner jurisdiction to pass order u/s 263 as against draft assessment order - Draft assessment already merged with the final assessment order - Held that - As in assessee s own case for assessment year 2010-2011 2017 (1) TMI 1422 - ITAT COCHIN had held that draft assessment order cannot be revised u/s 263 of the I.T.Act. It is informed that the said order (supra) of the Tribunal in assessee s own case is pending adjudication ....... + More


  • 2018 (10) TMI 721

    Claim of business expenditure u/s 37(1) - concept of Revenue Recognition - assessee had not set up the business during the relevant previous year - advertisement & business promotion expenses - Held that - This would be in the nature of general expenses not attributable to any project and payment to the extent it relates to the aforesaid expenses cannot be capitalised and had to be allowed as revenue expenditure. There is also another agreeme....... + More


  • 2018 (10) TMI 720

    Disallowance of speculation loss - loss arising from exchange traded currency derivatives - Held that - CIT(A) rightly held that the assessee executed currency transactions in derivative segment on the platform of recognized stock exchange which is in the realm of eligible transaction and covered by the exceptions provided to Section 43(5)(d) of the Act. In view of the provisions of Section 43(5)(d) of the Act read with Section 2 of Securities Co....... + More


  • 2018 (10) TMI 719

    Nature of rental income - income from House Property or Business Income - taxability of receipt on transfer of tenancy as income from other sources - taxability of transfer of revisionary rights as long term capital gain - Application of section 50 on transfer of revisionary rights - Held that - the nature of the income which had been rental earning from the house property will not change just because it has been received by the company formed wi....... + More


  • 2018 (10) TMI 718

    Best Judgement assessment u/s 144 - unexplained cash deposit - unsecured loans - Admission of additional evidences - Held that - there have been number of occasions wherein the hearing have been scheduled by the Assessing Officer, however, there has been no compliance on the part of the assessee and the Assessing Officer has proceeded and passed the order u/s 144 of the Act. - Assessing Officer has not objected to the admission to the additional ....... + More


  • 2018 (10) TMI 717

    Revision u/s 263 - addition towards interest on advances to partners - advances given to partners - The assessee did not admit any interest / profit from these investments but paid the interest on partners capital accounts promptly - Held that - Payment of interest to the partners as at the end of the year and not collecting the interest from the partners on the amounts advanced to them for diversion of funds for non business purposes would disto....... + More


  • 2018 (10) TMI 716

    Revision u/s 263 - AO denied exemption under Section 10(20) - total income was determined at Nil by observing that the loss could not be carried forward for set off against the income of the later years on the premise that the loss return filed by the assessee was not within the time prescribed under Section 139(1) - Held that - In the original assessment, the AO determined total income at Nil and did not allow carry forward of loss computed at &....... + More


  • 2018 (10) TMI 715

    TDS liability u/s 195 - Additions u/s 40(a)(ia) - payment made to overseas entity towards fees for technical services - Held that - in the case of the assessee for the relevant assessment years 2010-11 & 2011-12 payment made towards commission to....... + More


  • 2018 (10) TMI 714

    Additions u/s 40(a)(ia) - TDS liability u/s 194C - assessee has not furnished the particulars of all payees/contractors in the prescribed form to the prescribed authority in time - Held that - requisite return in the prescribed form was ultimately fi....... + More


  • 2018 (10) TMI 678

    Premium expense on hedging contract - speculative transaction or not - TDS liability - interest component on ECB - assessee claimed that premium or discount arising at the inception of forward exchange contract was amortised as expense over the life of the contract - TDS liability - The Assessing Officer opined that the transactions under consideration with these banks were in the nature of speculative transactions u/s 43(5) of the Act and, hence....... + More


  • 2018 (10) TMI 677

    Transfer pricing - selection of comparable - none of the companies selected by the TPO are engaged in the activity of lease and sub-lease of the vessels - Held that - the issue needs verification by the Ld.TPO/AO to select the correct comparables fun....... + More


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