2018 (5) TMI 1313
Penalty levied u/s 271D - receipt of capital contribution from the partner by the assessee firm - assessee had received an amount of ₹ 12,00,000/- on various dates from its partner towards capital contribution made by the said partner in the assessee firm - violation of section 269SS - Held that - We find that the capital contributed by the partner in the partnership firm does not tantamount to loan or deposit within the meaning of section ....... + More
2018 (5) TMI 1312
TDS u/s 194H - assessee in default - commission or discount - relation between the assessee and distributor was that of Principal and Agent - deduction of tax u/s 194H of the Act on commission payments to various distributors. - Held that - The issue arising before us is similar to the issue before the Pune Bench of Tribunal in assessee s own case in earlier years. Even the Assessing Officer while raising demand in the hands of assessee had relie....... + More
2018 (5) TMI 1311
Addition u/s 41 - addition as bogus sundry creditors - Held that - The assessee before us had not written back the sundry creditors in the sum of ₹ 1,08,65,202/- to its profit and loss account and had continued to show the same in its balance sheet. Thus we have no hesitation in directing the AO to delete the addition made u/s 41(1) - Decided in favour of assessee - Disallowance u/s 40(a)(ia) - short deduction of tax at source on labour and....... + More
2018 (5) TMI 1310
Disallowance u/s 11(2) - amount accumulated set apart for application to charitable or other purposes to the extent the said income did not exceed 15% of the income under Section 11(1)(a) - Held that - All the details pertaining to the said claim of ₹ 98,57,10,000/- u/s 11(1)(a) and ₹ 10,21,26,000/- u/s 11(2) were duly mentioned in Form No. 10 B and Form No. 10 BB which is apparent from page no. 129 and 132 of the assessee s paper boo....... + More
2018 (5) TMI 1309
Stay of recovery of the demand - it was submitted that assessee presently is in severe financial crunch and if further amount is realized by the Department by way of coercive means, it will severely affect the business of the assessee and assessee will not be able to stand in the market - Held that - We deem it fit to stay the recovery of remaining amount subject to the deposit by the assessee of 50% of the total demand raised, which means that t....... + More
2018 (5) TMI 1278
Entitlement to deduction u/s 80IC - industrial undertakings or enterprises which are set-up in the North-Eastern Region - determination of period of ten years - Held that - The assessee in the instant case has not got deduction under Section 80-IC for a period of ten years as he started claiming deduction under this provision w.e.f. Assessment Year 2006-07. - Situation Nos. (b) and (c) mentioned above would not apply to the assessee as it s under....... + More
2018 (5) TMI 1277
Exemption u/s 11 - income of the assessee trust being diverted for non-charitable purposes - Held that - Appellate Tribunal interpreted the relevant provisions to imply that it is only if a person contributes more than ₹ 50,000/- to the assessee charitable trust and the trust makes some payment to such person, would the transaction fall within the mischief of the relevant provisions. Appellate Tribunal found, as a matter of fact, that the R....... + More
2018 (5) TMI 1276
Loss in connection with the hedging contract - business loss or speculative loss - Held that - Similar issue was considered by this Court in case of this very assessee for earlier years 2018 (5) TMI 1240 - GUJARAT HIGH COURT as held 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 c....... + More
2018 (5) TMI 1275
Entitlement to benefit of deduction u/s 54F - construction of the flats for personal use was completed before the sale of the capital asset - Held that - The assessee s claim for deduction u/s.54F of the Act cannot succeed except in relation to the transfer of a flat in favour of Kankuben Mansingbhai Patel, which had happened before the completion of construction. In such a case, since construction can be stated to have been carried out after the....... + More
2018 (5) TMI 1274
Addition of suppressed sale - additions of income made on the basis of SCN issued under the Central Excise - assessee contended that - Proceedings under cental excise could not be finalized - Held that - Assessing Officer cannot be expected to defer completion of assessment awaiting final order of adjudication in excise proceedings at the risk of his assessment getting time barred. Even otherwise, in a given case, the material that may be brought....... + More
2018 (5) TMI 1273
Contributions towards Provident Fund made beyond the due date specified in section 36(1)(va) - whether no disallowance u/s. 43B can be made if the same is made before due date of filing of return? - Held that - Since the question, whether such disallowance should be sustained or not depends on this crucial fact, we would place the matter before the Assessing Officer for giving effect to this order after ascertaining such fact. We make it clear th....... + More
2018 (5) TMI 1272
Claim of deduction u/s 35(1) - expenditure of capital nature on scientific research related to the business carried on by the assessee - Tribunal remanded the proceedings for fresh disposal in view of the fact that the opinion of the prescribed authority under the said section was not still available - Held that - It can be seen from the record that over 10 years since the completion of the assessment year and the filing of the return, the report....... + More
2018 (5) TMI 1271
Addition u/s 69 - unexplained investment in the property - difference in purchase consideration as per the banakhat and the final Conveyance Deed found during the course of search - Held that - Only component principally missing was the furniture and fixtures which the owners were themselves allowed to sale which fetched a sum of ₹ 90 lakhs. There still remained a shortfall of ₹ 2.20 crores which had to be explained by the assessee. H....... + More
2018 (5) TMI 1270
Capital gain computation - ITAT not accepting cost of acquisition as on 01.04.1981 of the land sold - in the present case as per the certificate of the Mamlatdar (S), Diu & Dadaranagar Haveli submitted by the assessee herself in the assessment proceedings showing the Fair Market Value at ₹ 50/per sq. mtrs.- Held that - AO has without any other reference, compared the sale instance of another village and arrived at the valuation of ͅ....... + More
2018 (5) TMI 1269
Allowability to exemption u/s. 11 & 12 - rent paid by the assessee to the trustees or to the HUF where the karta was the trustee of the respondent-trust - as per AO payment of such rent would fall foul of section 13(1)(c) income of the trust not qualify for exemption - Held that - A total amount of valuation of land and building came to ₹ 25.66 crores. It was pointed out that the current fair market value of the property would come to &....... + More
2018 (5) TMI 1268
Tax liability arising due to MAT provisions - Levy of interest u/s 234B and 234C, while computing the MAT under the deeming provisions of Section 115J - Held that - The Hon ble Supreme Court, in the case of Rolta India Ltd., (2011 (1) TMI 5 - SUPREME COURT OF INDIA) considered the correctness of an order passed by the Karnakata High Court in the case of Kwality Biscuits (supra) and took into consideration various decisions of the other High Court....... + More
2018 (5) TMI 1267
Recovery of dues - Justification issuing notice u/s 226(3) - Held that - The appeal time for preferring an appeal against the order passed by the CIT (A) dated 15.03.2018 expires only on 18.05.2018, if in the meantime, the demand is enforced and the tax is recovered then the very purpose of filing an appeal will be negated and such an appeal is liable to become infractuous. Therefore, the Authority has to necessarily wait till the the expiry of a....... + More
2018 (5) TMI 1266
Validity of reference made by AO to the TPO of the petitioner s specified domestic transactions - safe harbour rule application - Held that - In the present case, admittedly, after the petitioner exercised option for application of safe harbour rules in accordance with the provisions of rule 10THC the Assessing Officer passed no order under subrule( 4) of rule 10THD declaring that the exercising of option was invalid. In terms of subrule( 7) and ....... + More
2018 (5) TMI 1265
Reopening of assessment - Jurisdiction of the Assessing Officer at Mumbai to initiate proceedings under Sections 147 and 148 - Held that - Plea of assessee that jurisdiction of the Assessing Officer at Mumbai was that as he has not filed returns and was not assessed at Mumbai, the Assessing Officer concerned at Mumbai had no jurisdiction is wholly without any merit. The jurisdiction of an Assessing Officer does not depend upon the fact whether a ....... + More
2018 (5) TMI 1264
Revision u/s 263 - not giving the assessee proper and sufficient opportunity of being heard - denial of natural justice - Held that - The assessing officer has not given adequate opportunity to the assessee and has passed an order u/s 144 without adequate enquiry. The directions given by the CIT in the Sec 263 order have not been followed by the AO. The Ld. CIT(A) has passed an ex parte order and has not dealt with the issue on merit. - We set as....... + More
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