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Home Case Index All Cases Income Tax Section Wise 2015 TMI 2015 (12) TMI
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Showing 1 to 20 of 1747 Records

  • 2015 (12) TMI 1750 - ITAT KOLKATA

    Compensation for giving up right to receive pension - nature of receipt - Held that - This Tribunal in the case of Mr. Ramkrishna Agarwal -vs.- ACIT 2014 (7) TMI 1265 - ITAT KOLKATA wherein a similar amount received by the assessee as compensation for giving up his right to receive pension was held to be capital receipt not chargeable to tax. - As rightly pointed out by the ld. D.R., the amount in question received by the assessee was never claim....... + More

  • 2015 (12) TMI 1749 - ITAT MUMBAI

    Scope of assessment u/s. 153A - undisclosed income and undisclosed assets detected during search could be brought to tax - Held that - Undisputedly, during the course of the search and seizure operation, not a single piece of paper was found relating to the transactions. Moreover, the assessee filed original return on 31.10.2004 which was revised on 29.3.2006 pursuant to survey operations and in the revised return of income, the income offered du....... + More

  • 2015 (12) TMI 1748 - ITAT JAIPUR

    Maintainability of appeal - monetary limit - Held that - Since the tax demand in dispute in each of these departmental appeals does not exceed the limit of ₹ 10 lacs as set out by CBDT, such appeals are not maintainable. Accordingly, the ld. DRs agree that these appeals of the Department may be treated as not pressed/withdrawn and dismissed in view of the CBDT Circular. - Apropos COs, we may mention that in terms of sec 253(4) of the I.T. A....... + More

  • 2015 (12) TMI 1747 - ITAT PUNE

    Deduction under section 36(1)(viia) - allowability of provision made on account of Standard Assets - Held that - The issue arising before us is identical to the issue before the Tribunal in The Cosmos Co-op. Bank Ltd. Vs. DCIT (2014 (1) TMI 1696 - ITAT PUNE) as held the impugned claim is a contingent Provision made on the basis of a percentage on the value of standard assets. The Provision does not reflect any particular debt which is doubtful or....... + More

  • 2015 (12) TMI 1746 - ITAT, COCHIN

    TDS u/s 195 - non deduction of tds on agency commission paid to non resident agent - income deemed to accrue or arise in India - Held that - Argument of the Revenue that for non deduction of TDS, obtaining of certificate from the concerned Assessing Officer is mandatory is not acceptable. On a plain reading of the provisions contained in Chapter-XVIIB of the Act, more particularly section 195, there is no absolute liability on the part of the ass....... + More

  • 2015 (12) TMI 1745 - ITAT, CHANDIGARH

    Exemption to the trust u/s 11 denied - proof of charitable activities - Held that - Since as stated above the facts in the present case are identcial to that in the case of Hoshiarpur Improvement Trust (2015 (9) TMI 902 - ITAT AMRITSAR), respectfully following the same we hold that the assessee trust is carrying out charitable activity of advancement of public utility and the business activity carried out by it are incidental to the attainment of....... + More


    Provisional attachment - offence under PMLA - Held that - The appellant has failed to show that the advance of ₹ 33 lakhs received by him from Salve Regina Charitable Trust out of proceeds of crime was returned by him to Smt. Regina Seelan and failed to show that the subject property do not confirm to the definition of proceeds of crime in accordance with the provisions of Section 2(u) of the PMLA and therefore the same is not liable to att....... + More

  • 2015 (12) TMI 1743 - ITAT PUNE

    Revision u/s 263 - CIT-A non exercising his own discretion and judgment - Held that - The order of the Assessing Officer may be brief and cryptic but that by itself is not sufficient reason to hold that the assessment order is erroneous and prejudicial to the interest of revenue. It is for the Commissioner to point out as to what error was committed by the Assessing Officer in taking a particular view. In the case in hand, the Commissioner of Inc....... + More

  • 2015 (12) TMI 1742 - ITAT PUNE

    Disallowing reimbursement of expenses to ABSC - Held that - The assessee drew our attention to the break-up of expenditure. However, he pointed out that it could not furnish the details before the authorities below as the same had been lost in floods. Even before us, the assessee failed to furnish any document or information though pressed that whether the payment was to the foreign affiliate or it was reimbursement was a factual issue. We find n....... + More

  • 2015 (12) TMI 1741 - ITAT MUMBAI

    Disallowance u/s 14A - Held that - As noted from the facts brought before us that loans were taken by the assessee in earlier years. It is informed that no disallowance was made in earlier years on account of interest. Thus, impliedly, it can be said that no borrowed funds have been used in acquiring tax-free investment during the year. It is further noted that onus is upon the AO to prove that interest bearing funds were used for earning tax fre....... + More

  • 2015 (12) TMI 1740 - GUJARAT HIGH COURT

    Inadvertent typing error in Company Petition - Held that - The above paragraph in the order dated 02.12.2015, passed in Company Petition No. 415 of 2015, shall now read as under - Notice of the hearing of the petition on the Regional Director shall be served, at least ten days before the date of the hearing so fixed. - The rest of the order shall remain as it is........ + More

  • 2015 (12) TMI 1739 - GUJARAT HIGH COURT

    Scheme of Amalgamation allowed - Sandesh , Ahmedabad Edition, as submitted by the learned advocate for the petitioner. Publication of notice shall appear in the aforesaid newspapers, at least, ten days before the date of hearing so fixed. - Notice of the hearing of the petition to be served on the Central Government through the Regional Director, ROC Bhavan, Opp. Rupal Park Society, B/h. Ankur Bus Stop, Naranpura, Ahmedabad, pursuant to Section 3....... + More

  • 2015 (12) TMI 1738 - ITAT MUMBAI

    Reopening of assessment - AO failed to provide it with a copy of the reasons recorded before completion of the order of assessment - Held that - Formation of belief by the AO was a condition precedent as regards the escapement of tax pertaining to the relevant assessment year. Before proceeding to issue the notice under section 147 of the Act, the AO was required to form an opinion, the validity of which are supposed to sustain the formation of a....... + More

  • 2015 (12) TMI 1737 - ITAT DELHI

    Disallowance of excessive depreciation in respect of assets purchased from Deltron Ltd. - Held that - As decided in assessee s own case for the assessment years 2005-06 to 2007-08 and 2009-10 2016 (1) TMI 163 - ITAT DELHI Assessing Officer was not justified in invoking Explanation 3 to section 43(1) of the Act on the facts and circumstances of the case of the appellant company and therefore, appellant is entitled to claim of depreciation on the a....... + More


    Offence under PMLA Act - provisional attachment of various properties - Held that - The arguments of the appellant that (i) the flat No. 204 was sold to Sh. Sunny Priyadarshi without receipt of any money as he had confidence on him on account of earlier transactions with him, (ii) that on the date of execution of sale deed dated 5-2-2013, he has not received any money except post-dated cheques, (iii) that the sale deed No. 2537, dated 5-2-2013 wa....... + More

  • 2015 (12) TMI 1735 - ITAT DELHI

    Addition made u/s 153A/143(3) - Held that - There is no incriminating evidence found during the course of search. Hence, as per the binding decision in Commissioner of Income Tax v. Kabul Chawla 2015 (9) TMI 80 - DELHI HIGH COURT addition to income cannot be made in respect of items which are originally disclosed in the original assessment proceedings. Therefore we do not find any merits in this ground of appeal of the Revenue, so it is dismissed....... + More

  • 2015 (12) TMI 1734 - SUPREME COURT

    Bail application - smuggling - Charas and Ganja - the decision in the case of Lavkesh Singh Versus Union of India 2015 (4) TMI 1215 - ALLAHABAD HIGH COURT contested, where it was held that the appellant No. 2 Pawan Kumar has made out a case for bail and the bail was allowed - Held that - the decision in the above case upheld - SLP dismissed........ + More


    Offence under PMLA - provisional attachment orders - Held that - The charge Sheet No. 1/2013 was filed on 25-2-2013 before the Additional Metropolitan Magistrate, Banglore which inter alia include offences under Sections 420 and 471 of Indian Penal Code against Shri John Micheal and others and provisional attachment Order No. 9/2014 was passed on 6-8-2014 which event is subsequent to 1-6-2009, therefore, following the principle laid by the Andhra....... + More

  • 2015 (12) TMI 1732 - CALCUTTA HIGH COURT

    Maintainability of appeal - monetary limit - Held that - Since the tax effect in this appeal is ₹ 15,32,504/- and since the monetary limit of ₹ 20 lakhs is fixed for filing appeals before the High Court by the Department as per Circular which has been issued with retrospective effect and as Mr. Dudhoria submits that he has no written instruction from the Department for withdrawing this appeal, as the said Circular, in view of Section ....... + More

  • 2015 (12) TMI 1731 - GUJARAT HIGH COURT

    Scheme of Arrangement in the nature of Amalgamation - Held that - All these consent letters are annexed with the application as Exhibit D . Similarly, all the Secured Creditors of the applicant Company have approved the Scheme in form of written consent letters. All these consent letters are annexed with the application as Exhibit E . There are no Unsecured Creditors of the applicant Company as on date. The certificates confirming the status of t....... + More

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