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Income Tax - Case Laws

Showing 61 to 80 of 104764 Records

  • 2018 (5) TMI 1255

    Unabsorbed depreciation of current year and earlier year as allowable against income under the Head Income from other sources being disclosed/assessed under section 68 - Held that - As per Section 72, carried forward of business loss is not to be allowed to be set-off against any other head of income other than income from business. Inter Head set-off of business loss is allowed under section 71 against all other income except income from salary........ + More

  • 2018 (5) TMI 1254

    Levy of penalty u/s 271(1)(c) - unexplained income on account of corpus fund - Held that - Return for the assessment year 2007-08 was filed on 31.10.2007 declaring loss of ₹ 5,31,945/-. Search was conducted on 23.7.2009 i.e. after the first day of June, 2007. The assessee accepted the unexplained income on account of corpus fund relating to its source. The alleged undisclosed income was not offered to tax in the regular return of income and....... + More

  • 2018 (5) TMI 1253

    Addition under the head income from other sources - transfer of immovable property without consideration - Held that - Provisions of section 56(2)(vii)(b) of the Act bring into the ambit of income from other sources, of an immovable property to the transferee, which is received without consideration. This was brought into statute book by Finance Act, 2010, w.e.f. 1st October 2009. The above said provisions of the Act are applicable to transaction....... + More

  • 2018 (5) TMI 1252

    Penalty u/s 271C - failure to collect TCS - reasonable cause - assessee in default in respect of sale only within the meaning of section 201(1) and has not treated the assessee as assessee in default for collection of TCS in respect of sale - Held that - The assessee has satisfied the Assessing Officer that tax have been paid by the deducted / assessee in respect of sale of ₹ 12,40,93,199. It is only in respect of balance amount of sale of ....... + More

  • 2018 (5) TMI 1251

    Reopening of assessment - unexplained cash deposits - Held that - We find that in this case the assessee has given detail basis of deposit of Rs. 10,45,500 in the bank account. The detailed source has been claimed to be out of the business income as well as agricultural income of the assessee and his family members. Deposit to the extent of Rs. 3,62,000 has been accepted by the Assessing Officer. - Assessee has given detailed submissions as above....... + More

  • 2018 (5) TMI 1250

    Waiver of principal amount of term loan - taxability as capital asset - addition invoking section 41 - Held that - Revenue has not placed any material suggesting that the loan was for the purpose of working capital, but on the contrary, CIT(A) has given a finding that the principal amount related to term loan. Under these facts, we do not see any reason to interfere with the finding of the decision arrived by the CIT(A) and the same is hereby aff....... + More

  • 2018 (5) TMI 1240

    Loss in connection with the hedging contract - business loss or speculative loss - Held that - Admittedly, the assessee is not a dealer in foreign exchange. For the purpose of hedging the loss due to fluctuation in foreign exchange while implementing the export contracts, the assessee had entered into forward contract with the banks. In some cases, the export could not be executed and the assessee had to pay certain charges to the Bank and thereb....... + More

  • 2018 (5) TMI 1182

    TDS u/s 195 - commission payment for the business activity accruing and airing in India - obligation on the part of the assessee to deduct tax at source in relation to the commission payment made to its foreign Commission Agent - Held that - Explanation inserted with retrospective effect provides that obligation to comply with subsection 1 of Section 195 would extend to any person resident or non-resident, whether or not non-resident person has a....... + More

  • 2018 (5) TMI 1177

    TDS liability u/s 192 - amount paid towards part payment of tuition fees of children of its employees made to Anandalaya Education Society, which imparts education - perquisite in the hands of the employees of the assessee, as per provision of Section 17 2 - Held that - Contributions to the Anandalaya Education Society is towards the deficit of the fees towards wards of the employees, and therefore, rule 3 e would not apply to the facts of this c....... + More

  • 2018 (5) TMI 1176

    Reopening of assessment - additional ground raised - validity of reasons recorded by the Assessing Officer - Held that - Information from the Value Added Tax Department of Mumbai was placed for his consideration. This information contained list of allegedly bogus purchases made by various beneficiaries from Hawala dealers. Assessee was one of them. As per this information, he had made purchases worth ₹ 3.21 crores (rounded off) from such Ha....... + More

  • 2018 (5) TMI 1175

    Valuation of goodwill - transfer of trademark and technical knowhow - whether goodwill would be reduced to nil - Department contended that the assessee had deliberately under-valued the goodwill since the gain arising out of transfer of such asset was exigible to capital gain tax as compared to trademark where no tax was leviable - Held that - The reflected sale consideration in an agreement between the transferor and transferee in such a situati....... + More

  • 2018 (5) TMI 1174

    Disallowance of deduction u/s 80IA (4) - assessee undertaken road development project, for which, it had entered into an agreement with Gujarat State Road Development Corporation which was incorporated by the Government for the special purpose - Tribunal deleting the disallowance of deduction made by the Assessing Officer - Held that - Condition( b) of subsection (4) of section 80IA requires the assessee to have entered into agreement with the Ce....... + More

  • 2018 (5) TMI 1173

    Deduction incurred as product development expenses - revenue deduction - whether it has enduring benefits to the assessee and hence was capital expenditure in nature? - Held that - Assessee who was engaged in manufacturing textile products, had expended the amount in question for product development undertaken by a sister concern of the assessee on its behalf. The research work did not involve development of a new product or even a new technique ....... + More

  • 2018 (5) TMI 1172

    Higher rate of depreciation on dumpers - @ 30% OR 15% - nature of business of the assessee as transporter - Tribunal confirming the findings of the CIT A that the assessee is entitled to higher rate of depreciation @ 30% - Held that - From the material available on record though the assessee essentially was awarded contract for providing specialized equipments and trained manpower for mining and transportation of excavated minerals on hire, the t....... + More

  • 2018 (5) TMI 1171

    Reopening of assessment - Whether no additions are made by the AO in the order of assessment, he cannot make additions on some other grounds which did not form part of the reasons recorded by him? - Reasons to believe - Held that - In the present case, the reason for reopening the assessment was described in the stock reported by the assessee in its books of account, as compared to the stock reported to the bank. Assessee s contention before the ....... + More

  • 2018 (5) TMI 1170

    Interest levied u/s 201 1A - non deduction of tds on interest on Deep Discount Bonds to HDFC Bank - Held that - Following additional issues that the Tribunal may examine upon remand, which we propose to provide, are as under - - A Whether the HDFC Bank as a payee has deposited entire tax arising out of such payment in advance, and therefore, the ratio laid down in a decision of this Court in case Commissioner of Income-Tax v. Rishikesh Apartments....... + More

  • 2018 (5) TMI 1169

    Disallowance under section 40A(3) - AO s opinion that the assessee would have inflated the purchase expenditure by raising bogus claims - Bogus purchases - gp ratio determination - Held that - When the Assessing Officer had doubted the genuineness of the expenditure, he would require bringing to tax the profit element so avoided by the assessee. As noted, the Commissioner of Income Tax (Appeals) while limiting the additions, brought the assessee ....... + More

  • 2018 (5) TMI 1168

    Admit Tax Appeal for consideration of the following substantial question of law - A Whether the Appellate Tribunal was justified in allowing the claim of additional depreciation u/s.32(1)(iia) solely on the ground that allowance u/s.32 was to be provided as per Section 57( ii) and (iii) even though the assessee was not engaged in the manufacture or production of article or things after 30.09.2005, which is a condition precedent to allowance of ad....... + More

  • 2018 (5) TMI 1167

    Penalty u/s 271(1)(c) - non specification of charge - defective notice - Held that - It cannot be disputed and indeed it is not disputed that Annexure-E notice dated 19.12.2011 has been issued by the assessing officer alleging concealment of particulars of income or furnishing inaccurate particulars of income as ground for initiating proceedings for which purpose the appellant was called upon to appear and defend the proceedings under Section 271....... + More

  • 2018 (5) TMI 1166

    TDS u/s. 195 - payment of legal professional fees to non resident - non deduction of tds - Held that - Tribunal noted that the assessee had made payments to professional law firms by way of Consultancy Fees. Such firms did not have any fixed base available in India. The Tribunal, therefore, had recorded that under such circumstances, looking to the Double Taxation Avoidance Agreement between the two countries, the recipient of the fees had no tax....... + More

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