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Income Tax - Case Laws

Showing 81 to 100 of 107485 Records

  • 2018 (8) TMI 919

    Nature of sale of Hotel premises - whether the sale of land and building of hotel is to be treated as slump sale or not - Scope of section 50B - Held that - The mistake committed in the return of income cannot be the basis of assessment of non-taxable receipt as income. - In order to understand whether the sale was a slump sale or sale of independent items of assets, necessary we have to examine the intention of the parties to the sale agreement........ + More


  • 2018 (8) TMI 918

    Short term or long term capital gain - determination of period of holding of property - the assessee has purchased the long term capital assest being godown as per agreement dt. 24-04-2008 - assessee has paid the Stamp Duty on the said agreement dt 20/04/2008 - part payment was made at the time of agreement - substantial and remaining payment was made as on 11-07-2008 and property got registered with the registrar. - Held that - In the instant ca....... + More


  • 2018 (8) TMI 917

    Assessment u/s 153A - undisclosed income - addition based on statement of the assessee during search which was not retracted - incriminating material - Although, the assessee has admitted undisclosed income for AY 2012-13, failed to disclose such income in the return of income; however, disclosed the same in the assessment year 2013-14. According to the assessee, it has admitted undisclosed income for AY 2012-13 by mistaken understanding of facts....... + More


  • 2018 (8) TMI 916

    Revision of assessment order u/s 263 - an order which is erroneous or detrimental to the interest of the revenue - invoking the provisions of section 36(1)(ii) - Commission paid to directors for services rendered - performance bonus paid to directors for services rendered to the company in terms of the board resolution. - Payment to avoid payment of dividend distribution tax (DDT) - Held that - The AO has called for necessary enquiries during the....... + More


  • 2018 (8) TMI 915

    Levy of fee u/s 234E - Late of submission of TDS returns - all the intimations under section 200A of the Act were issued before June 1, 2015 - Held that - When the intimations were issued before June 1, 2015, this Tribunal is of the considered opinion that the Assessing Officer has no jurisdiction to levy fee under section 234E of the Act. - this Tribunal is of the considered opinion that before June 1, 2015, the Assessing Officer cannot levy fee....... + More


  • 2018 (8) TMI 914

    Disallowing the expenses u/s 37(1) - After obtaining the Certificate of Commencement, the assessee company had taken several steps in connection with the setting up of a five star hotel - taxability of interest income derived from Fixed Deposits (FDs) and mutual funds under the head of other sources - Held that - we find more merit in the assessee s alternative plea for netting off the interest income against pre-operative expenses. On this alter....... + More


  • 2018 (8) TMI 913

    Disallowance made under section 14A on account of interest - assessee suo moto disallowed a certain sum - AO observed that, claim of the assessee of having earned the substantial income by way of dividend by incurring a nominal expenditure was not correct. - Held that - for the purpose of applying Rule 8D(2)(ii) prior to its amendment with effect from 02.06.2016, what would be considered as amount of expenditure by way of interest would be the in....... + More


  • 2018 (8) TMI 912

    Ad hoc disallowance of expenses on estimated basis - telephone expenses, deepawali expenses, rent, miscellaneous expenses and travelling expenses - whether expenses were incurred wholly and exclusively for the purpose of business - Held that - Assessing Officer has verified all the vouchers with the ledger account of these expenses but he could not be able to pinpoint any defect in such bills and vouchers maintained by the assessee, except expres....... + More


  • 2018 (8) TMI 911

    Income received from undivided share in I.T.Park - income from business or house property - Held that - the assessee may not have constructed the I.T.Park he is a developer of the I.T.Park. From the Memorandum of Association of the assessee company he has found that the main object of the assessee company is to carry on all or any of the business as estate builders of residential, office or any other type of accommodation and for that purpose to ....... + More


  • 2018 (8) TMI 910

    Assessee in Default u/s 201(1) - Failure to deduct tax at source (TDS u/s 192) - The assessee (KPTCL) paid cash equivalent to its employees at the time of their retirement - Exemption u/s 10(10AA) in respect of payment in lieu of leave period not availed by the employee - Sec.10(10AA) does not define as to who is to be regarded as employee of Central or a State Government. The revenue s case is KPTCL is not State Government but a statutory corpor....... + More


  • 2018 (8) TMI 873

    Addition u/s 68 - share application money - primary burden of establishing the identity of the applicant, the genuineness of the transaction and the creditworthiness of the party - Held that - SLP dismissed........ + More


  • 2018 (8) TMI 872

    Nature of amount received as award against damages for breach of contract - capital receipt or revenue receipt - Compensation of a settlement for loss of its bottling rights with Coca Cola Company, USA - Held that - SLP dismissed........ + More


  • 2018 (8) TMI 871

    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 - SLP dismissed........ + More


  • 2018 (8) TMI 870

    TDS u/s 194H and/or 194J - arrangement worked out between the assessee company and the distributor (Agency) - withhold tax at source u/s 194H in respect of sales to its distributors, which are on principal to principal basis and wherein property in the goods is transferred to the distributor - Held that - SLP dismissed........ + More


  • 2018 (8) TMI 869

    Claim of depreciation on hotel building - additions u/s 41(1) - additions u/s 68 - unexplained share capital - Held that - SLP dismissed........ + More


  • 2018 (8) TMI 868

    Deduction u/s 80O - reassessment - jurisdiction to categorize a portion of the receipts of the Appellant for professional services as attributable to alleged routine services - Appellant was rendering a consolidated report - indivisible part of the professional work - Held that - The jurisdiction to reopen an assessment is a very limited jurisdiction hemmed in by various limitations, amongst them being no notice for reopening can be issued only o....... + More


  • 2018 (8) TMI 867

    Assessment u/s 153A - allegation of generation of unaccounted money and also transfer of such money in exchange of share capital - proving any accommodation entry - reliance on third party statement - CIT(A) and ITAT deleted the additions - Held that - The ITAT on a very detailed examination was satisfied about identity, creditworthiness and genuineness of the investor companies and held that there the assessee had discharged the primary onus to ....... + More


  • 2018 (8) TMI 866

    Additions u/s 68 - allotment of share capital - It is stated that when liability has been created equal to amount of assets transferred and shares allotted in settlement of this liability, there can be no addition under Section 68 of the said Act as unexplained cash credit - tribunal further held that, value of shares allotted to individuals would amount to unexplained cash credit - Held that - Additions confirmed by the tribunal deleted - Decide....... + More


  • 2018 (8) TMI 865

    Settlement of case - power of commission u/s 254F to rectify an order - levy of interest liability u/s 234B which was not levied in the original order - Section 245F(1) of the 1961 Act confers on the Settlement Commission all powers which are vested in an Income Tax Authority under the 1961 Act. The Settlement Commission, therefore, has power to rectify an order. The powers under Section 154 of the 1961 Act can be exercised by the Settlement Comm....... + More


  • 2018 (8) TMI 864

    Exemption/ deduction u/s 54 - Purchase of land with superstructure - After demolishing the existing superstructure, the appellant assessee constructed a residential house - assessee submitted that the new residential property had been constructed within a period of three years from the date of sale of the old property. He argued that construction of a property cannot be done without land underneath it and, therefore, the cost of construction of t....... + More


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