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Income Tax - Case Laws

Showing 41 to 60 of 107341 Records

  • 2018 (8) TMI 763

    Additions u/s 68 - unexplained cash credit - further addition in respect of disallowance of interest thereon - onus of the assessee to prove source of source - Held that - It is true that this Court has been consistently taking a view that prior to amendment to Section 68 of the Act w.e.f. 1st April, 2013, it is not necessary to establish the source of the source. However, in the present case, both the authorities i.e. CIT(A) and the Tribunal hav....... + More

  • 2018 (8) TMI 762

    Assessment u/s 153C - Additions on the account of alleged unaccounted cash receipt - project completion method of accounting - Method of accounting, regularly followed by the Assessee - tribunal has observed that the issue of cash receipts and the project completion date are inter related and deleted the addition made by the Assessing Officer in both the counts. - No substantial question of law - Decided against the revenue........ + More

  • 2018 (8) TMI 761

    Genuineness of the expenditure claimed u/s 37(1) - whether the payment was incurred wholly and exclusively for business purpose or was a surreptitious and covet payment not for any service rendered but other purposes - ITAT disallowed the claim of expenses - Held that - The Tribunal has highlighted that crucial evidence in relation to four aspects; details of service rendered by the sub-agent, details of expenses incurred by the sub-agent for ren....... + More

  • 2018 (8) TMI 760

    Disallowance u/s. 40A(2)(b) - excess remuneration to directors - disallowance u/s. 14A - valuation of closing stock - Addition on account of notional interest on delayed refund of security deposits - Held that - , looking to the increase in the profit and the business when in the subsequent year i.e. year in consideration the learned Tribunal accepted the renumeration paid to the Director as admissible, it cannot be said that the learned Tribunal....... + More

  • 2018 (8) TMI 759

    Condonation of delay in filing of appeal - Held that - Revenue has tried to explain the delay caused in preferring the Tax Appeal by making necessary averments in para 2 reproduced herein above. Considering the explanation it cannot be said that there was any negligence and/or lethargy on the part of the Department in not preferring the appeal within the period of limitation. Infact the papers were handed over to the standing counsel appearing on....... + More

  • 2018 (8) TMI 758

    Additions u/s 40A(3) - payments exceeding ₹ 20,000/- were made in cash to various parties - the amount was shown to be paid to various farmers and even the receipts were also produced. However, the assessee could not furnish / produce those persons / farmers and the assessee explained that it could not produce furnish the names and addresses of the persons to whom cash payment was made - A.O. did not accept the said explanation. However, th....... + More

  • 2018 (8) TMI 757

    Transfer pricing - arms length interest rate on loan - loan given to Associated Enterprise - Arms length price on corporate guarantee - Held that - the assessee considered the markup on the basis of the average spread over LIBOR charged in whole European region. The learned CIT(A) as well as the learned ITAT has also considered the submission on behalf of the Revenue that even the condition prevailing in the country was required to be considered ....... + More

  • 2018 (8) TMI 756

    Recovery of tax dues - property purchased by the appellant was under attachment - sale deed dated 11.12.2008 - petitioner had no knowledge of such attachment - the petitioner gained knowledge of such attachment subsequently on 29.09.2011 - ultimately, the petitioner received order dated 26.05.2015 declaring the sale of the property as null and void. - Held that - This sale deed is for a consideration and index copy is also issued in connection wi....... + More

  • 2018 (8) TMI 755

    Reassessment u/s 147 - nature of transfer of land - assessee claimed as an agriculturist and sold agriculture land and agriculture activity was done on the land at the time of transfer of agricultural land. - It is claimed that, The purchaser has purchased the land for industrial purpose but assessee has not sold the land as industrial plot. - Held that - The copy of the sale deed dated 24.03.2009 shows that the properties in question have been r....... + More

  • 2018 (8) TMI 754

    Revision u/s 263 - Supervisory jurisdiction of CIT - Scope of Explanation 2 inserted below Section 263(1) - an order which is erroneous and prejudicial to the interest of the Revenue - CIT directed the AO to pass a fresh assessment order - CIT observed that, AO has failed to make adequate inquiries in respect of various issues discussed in the show cause notice - Eligibility of deduction u/s 80IC - non inquiry towards quality control and regulato....... + More

  • 2018 (8) TMI 753

    Monetary limit for filing of appeal by the revenue before the tribunal - recent instruction No.3/2018 dated 11/07/2018 revising the monetary threshold fixing the tax effect limit of ₹ 20 lacs for the revenue to file appeal before the ITAT - The CBDT also clarifies that this instruction will apply retrospectively to pending appeals and appeals to be filed henceforth in High Courts/Tribunal. The Income Tax Act was amended and Section 268A has....... + More

  • 2018 (8) TMI 752

    Additions u/s 68 - introduction of amount to capital - unexplained cash credit - Held that - the assessee had duly submitted all the relevant documents with supporting evidences before the ld AO in the remand proceedings - ld AO was incorrect in stating that the assessee had not cooperated in the remand proceedings by furnishing the requisite details and evidences - Additions to be deleted - Decided in favor of assessee. - Addition towards secure....... + More

  • 2018 (8) TMI 751

    Receipt of income u/s 5(2) - Foreign allowances on account of the international assignment received in Nigeria - assessee was an employee in IBM India Private Limited and during the financial year 2012-13 was sent on short term assignment to Nigeria. He had stationed in Nigeria for 311 days during the year under consideration. Accordingly, his residential status for the year under consideration would be Non-Resident. - Held that - CIT(A) had righ....... + More

  • 2018 (8) TMI 750

    Reopening of assessment - reason to believe - independent application of mind by the AO - AO has initiated the reassessment proceedings mainly on the basis of information received from the Investigation Wing - allegation of taking accommodation entries from different parties - Held that - Since the assessment has been reopened on the basis of information received from Investigation Wing and there is no independent application of mind by the Asses....... + More

  • 2018 (8) TMI 749

    Monetary limit for filing an appeal by revenue - Restriction on deduction of expenditure u/s 43B - VAT/WCT liability - the customer deducted WCT at the rates applicable and made the net payment to the assessee after the deduction of WCT. The customer deposited the WCT deducted with the State Government on behalf of the assessee and the assessee credited the gross amount of invoice as turnover or sales and debited the amount on account of WCT in t....... + More

  • 2018 (8) TMI 748

    Exemption u/s 11 - educational institution / university - addition of surplus - founder of the trust, treasure of the trust, member of trust are getting personal benefit in the form of salary - Application or use of income or property for the benefit of persons referred to section 13(3) - Held that - It is apparent that the payment made to these persons clearly attracts the provisions of Sections 13(1) and 13(2) of the Act however, only to the ex....... + More

  • 2018 (8) TMI 747

    Revision u/s 263 - Doctrine of merger - CIT observed that, AO has not made necessary enquiries/ verification with reference to the purchases - AO has rejected the books of assessee and disallowed 25% of such purchase in the assessment - Held that - when the addition made by the AO was the subject matter of appeal before the ld. CIT(A) and this issue was pending before the ld. CIT(A) then, the Pr. CIT has not powered to invoke the jurisdiction of ....... + More

  • 2018 (8) TMI 746

    Claim of relief u/s 89 - receipt of arrears in lieu of employer s contribution to the newly implemented Defined Contribution Scheme - He has also relied upon the argument that employer s contribution to an approved superannuation fund in respect of an employee, had become taxable as a perquisite by the insertion of the provision under section 17(2)(vii) w.e.f. 01.04,2010, and since the larger part of the arrears received by him pertained to the y....... + More

  • 2018 (8) TMI 745

    Validity of assessment order passed u/s 143(3) r.w.s. 144C - assessment post amalgamation with another company - transfer pricing adjustments - Held that - the assessment framed by the AO on the non-existent company i.e. Akzo Noble Car Refinishes India Pvt. Ltd. is void ab initio. Accordingly, the same is quashed. - Decided in favor of assessee........ + More

  • 2018 (8) TMI 744

    Disallowance u/s 14A r.w.r. 8D - suo moto disallowance made by assessee - Held that - AO has not at all recorded the satisfaction for rejecting the claim of expenditure suo moto disallowed by assessee in relation to exempt income. Once this is the position, we are of the view that the CIT(A) has rightly deleted the disallowance. - Decided against the revenue........ + More

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