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Income Tax - Case Laws

Showing 81 to 100 of 102369 Records

  • 2018 (2) TMI 1346 - ITAT MUMBAI

    Validity of reopening u/s. 147 - addition made by AO holding that provisions u/s. 44BBB are applicable to the payment received by the assessee from Nuclear Power Corporation of India Ltd. - Held that - Following the order of the Tribunal in assessee s own case, no infirmity in the order of CIT(A) for deleting the addition so made by the AO holding that provisions of Section 44BBB of the I.T. Act are not applicable to assessee. - From the record, ....... + More


  • 2018 (2) TMI 1345 - ITAT KOLKATA

    Penalty u/s. 271(1)(c) - defective notice - Held that - We find that the notice dt. 18-03-2013 issued u/s. 274 r.w.s 271 of the Act does not specify the charge of offence committed by the assessee viz whether had concealed the particulars of income or had furnished inaccurate particulars of income. Hence the said notice is to be held as defective. Thus penalty deleted - Decided in favour of assessee........ + More


  • 2018 (2) TMI 1344 - ITAT KOLKATA

    Disallowance u/s 40(a)(i) - non deduction of tds on account of commission paid to non-resident parties - Held that - DRP has decided a similar issue in favour of the assessee for A.Y. 2011-12 2016 (7) TMI 1419 - ITAT KOLKATA by following the Tribunal s order in assessee s own case for the earlier years and the Department has not challenged the same by filing an appeal before the Tribunal as held where payments are made to agents of non-resident s....... + More


  • 2018 (2) TMI 1343 - ITAT DELHI

    Assessment of income - Revenue earned from a non-resident company on account of provision of technical personnel for executing contracts with ONGC - application of deemed profit rate of 10 u/s 44BB or u/s 44DA/115A read with section 9(1)(vii) - Held that - The issue is re-covered in favour of the assessee by the order of the Hon ble Supreme Court in the case of ONGC vs. CIT 2015 (7) TMI 91 - SUPREME COURT wherein it has been held that the payment....... + More


  • 2018 (2) TMI 1342 - ITAT KOLKATA

    Exemption of claim for Entry Tax - nature of receipt - revenue or capital receipt - Held that - The issue is covered against the assessee by the decision of Co-ordinate Bench of this Tribunal in the assessee s own case for the assessment year 2008-09 and 2009-10 2015 (5) TMI 650 - ITAT KOLKATA wherein held the assessee could not establish that how this is equivalent to the Industrial Investment Promotion Assistance, the scheme of Govt. of Madhya ....... + More


  • 2018 (2) TMI 1341 - ITAT KOLKATA

    Levy of penalty u/s. 271AAA - income disclosed u/s. 132(4) - undisclosed income - Held that - It is not necessary to substantiate manner in which income was derived by assessee from undisclosed source in the given facts & circumstances. It is because no prescribed method to find the manner in such income was generated has been prescribed under the statute. Therefore, respectfully following the same, we hold that the penalty levied by AO and u....... + More


  • 2018 (2) TMI 1340 - ITAT MUMBAI

    Disallowance u/s 14A r.w. Rule 8D - Held that - CIT(A) had rightly concluded that no disallowance of the interest expenditure was called for in the hands of the assessee under Sec. 14A r.w. Rule 8D(2)(ii). - While computing the disallowance as per Rule 8D(2)(iii), the average investments were to be worked out after excluding the said CCD s. We have given a thoughtful consideration to the issue and are of the considered view that as per 8D(2)(iii)....... + More


  • 2018 (2) TMI 1339 - ITAT MUMBAI

    Validity of re-assessment proceedings - change of opinion - addition on account of payment for transport expenses without deducing tax at source and application of provision of section 194C - Held that - There was no new tangible material available with the AO while resorting to section 147/148 more specifically, while framing original assessment u/s 143(3) there was full disclosure of material facts by the assessee and on the basis of those fact....... + More


  • 2018 (2) TMI 1338 - ITAT AHMEDABAD

    Payments of employees contribution to PF - Delay in remitting amount within due date - Held that - Since the payments of employees contribution to PF was not remitted within due date or the grace period as extended under the relevant Act. - Decided against assessee. - Disallowance u/s 40A(3) on account of payment made in cash to Shri Kantilal Zaveri - Held that - We are not convinced with the reply of the assessee that payment of Kantilal Zaveri ....... + More


  • 2018 (2) TMI 1337 - ITAT CHENNAI

    TDS u/s 194C - disallowance under Section 40(a)(ia) - furnish information in the prescribed form - Held that - Section 194C(7) of the Act requires that the assessee has to furnish information in the prescribed form. It is not in dispute that the CBDT notified the form only on 15.10.2010 which is admittedly applicable for the quarterly statement due on 15.10.2010 and not before that. CIT(Appeals) has rightly deleted the addition, hence, this Tribu....... + More


  • 2018 (2) TMI 1336 - ITAT AHMEDABAD

    Penalty u/s 271(1)(c) - disallowance of Deduction u/s.54 and eligibility for set off of brought forward losses - status of the assessee - Held that - We find a clear observation of the Tribunal that the status of the assessee is Association of Person (AOP). This being so, the assessee was clearly not entitled in law to claim deduction under plain and unequivocal provisions of section 54 of the Act. This finding clearly goes to support that there ....... + More


  • 2018 (2) TMI 1295 - SUPREME COURT OF INDIA

    Specific performance of contracts - Non performing part of busniss - High Court took the view that rather than Rakesh Kumar, it was the defendants who were not willing to execute the sale deed as the requirement in terms of the agreement to sell that the defendants were obliged to obtain a no objection certificate for executing the sale deed but they had not taken any steps in that regard - Held that - As gone through the agreement to sell dated ....... + More


  • 2018 (2) TMI 1294 - DELHI HIGH COURT

    Nature of expenditure - members fee paid by the appellant to the National Stock Exchange - revenue or capital expenditure - Held that - Alembic Chemical Works Co. Ltd. Vs. Commissioner of Income Tax, Gujarat (1989 (3) TMI 5 - SUPREME Court), elucidates and affirms that a once and for all payment , when it brings into existence an asset or advantage of enduring benefit, in the absence of special circumstances leading to an opposite conclusion, is ....... + More


  • 2018 (2) TMI 1293 - GUJARAT HIGH COURT

    Reopening of assessment - capital gain tax - Deemed dividend u/s 2(22)(a) - Held that - This entire transaction of transfer of shares by the petitioner to M/s.Nerka Chemicals Pvt. Ltd. came up for scrutiny by the AO during the original assessment proceedings. Of course, the assessee s contention revolved around the issue whether such transaction would invite capital gain tax in the hands of the assessee or not. Nevertheless, this transaction was ....... + More


  • 2018 (2) TMI 1292 - GUJARAT HIGH COURT

    Reopening of assessment - notice issued beyond the period of four years - change of opinion - advances receipt by assessee being undisclosed - independent application of mind by assessee - Held that - The reasons recorded show that the Assessing Officer had received information from the Investigating Wing in connection with advances of ₹ 10.25 Crores rounded off received by the assessee from M/s. East West Finvest India Limited during the F....... + More


  • 2018 (2) TMI 1291 - BOMBAY HIGH COURT

    Anonymous donations received by the Petitioner in dakshina boxes held to be taxable under Section 115 BBC - Held that - In the present facts, we note that the impugned assessment order dated 31 December 2017 has sought to distinguish the decision relied upon in the present facts. Infact he holds that the trust is not for religious purposes. Therefore will not fall in the exclusion clause under Section 115 BBC (2) of the Act. This understanding of....... + More


  • 2018 (2) TMI 1290 - BOMBAY HIGH COURT

    Kar Vivad Samadhan Scheme - declaration under Section 88 of the Scheme seeking to settle the tax arrears pending as on 31 March 1998 for the assessment year 1983-84 to 1986-87 - Held that - From the reading of the impugned order, the Affidavit in Reply filed by the Respondent No. 1 dated 28 April 1999 and Affidavit in SurRejoinder dated 26 July 1999, it is clear that on the date of filing of second declaration i.e. 29 January 1999, there were no ....... + More


  • 2018 (2) TMI 1289 - DELHI HIGH COURT

    TDS liability 20 - payment to non-residents not having PAN - Provisions of section 206AA applicability - Levy of 20 in the case of outward remittances in the hands of the payer the deductor - applicability to assessee that are non-residents of India - Held that - Having regard to the position of law explained in Azadi Bachao Andolan (2003 (10) TMI 5 - SUPREME Court) and later followed in numerous decisions that a Double Taxation Avoidance Agreeme....... + More


  • 2018 (2) TMI 1288 - DELHI HIGH COURT

    Declarations of undisclosed income - Income Declaration Scheme, 2016 - extension of time for making payment of the third installment seeked - Held that - Mere involvement in office work and marketing activities cannot be a good justification and ground to seek and ask for extension of time. Assertion that the petitioners just forget to pay the third installment is unbelievable and a lame excuse. Such declarations are unique and made after due del....... + More


  • 2018 (2) TMI 1287 - GUJARAT HIGH COURT

    Penalty u/s 271AAA - assessee neither specified the manner of undisclosed income nor substantiate the manner in which the income was derived - tribunal deleted the penalty - Held that - Commissioner of Income Tax (Appeals) as well as the Tribunal both concurrently found that all the requirements of explanation 5 below subsection (4) of section 132 of the Act were satisfied. With respect to disclosure of the manner in which the income was earned, ....... + More


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