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Showing 1 to 20 of 1755 Records

  • 2015 (12) TMI 1758

    TPA - adjustment of selling and distribution expenses - as contented TPO has made adjustment on account of marketing and selling expenses incurred for promoting the sale of products in European countries and reduced the same from the price charged from unrelated parties in Europe - comparables selection - Held that - The argument of the counsel on the premise that adjustment does not recognize the business realities that much higher expenses/cost....... + More


  • 2015 (12) TMI 1757

    Disallowance of deduction u/s 80IC by allocating indirect expenses to the eligible Unit - as per revenue profit eligible for deduction under section 80IC is to be worked out after deducting all the direct and indirect expenses - Held that - The words derived from has a narrow meaning, inasmuch as it contemplates first degree connection with the eligible Unit as held, inter alia, by the Hon ble Supreme Court in the case of Pandian Chemicals Limite....... + More


  • 2015 (12) TMI 1756

    TDS u/s 194A - Co-operative Bank requirment to deduct tax while paying interest to its members on time deposits - Held that - The Ministry of Finance, Government of India vide Circular No.19/2015 in F.No.142/14/2015- TPL, has held that the Co-operative Banks are not required to deduct tax at source on time deposits o f its members paid or credited on or before 1.7.2015........ + More


  • 2015 (12) TMI 1755

    Benefit of N/N. 21/2002-Cus., dated 1st March, 2002 - kits for conversion of petrol and diesel vehicle into compressed natural gas/propane or liquefied petroleum gas driven vehicles - Held that - Tribunal has in STANDARD CONSULTANTS LTD. Versus CC., CE. & ST. (APPEALS-II), HYDERABAD 2008 (9) TMI 656 - CESTAT, BANGALORE held that the benefit of concession of additional duty at 5% is available on the goods imported. - Unjust enrichment - Held t....... + More


  • 2015 (12) TMI 1754

    Maintainability of appeal - in the impugned order Redemption fine of ₹ 1,82,392/- has been imposed on M/s. Metro but in appeal memo the amount of redemption fine has been mentioned as ₹ 2 lakhs - Held that - the Committee of Commissioners has directed that the appeals is to be filed against M/s. Metro recording the fact that the learned Commissioner (Appeals) has reduced the Redemption Fine to ₹ 1,82,392/- and no proposal for im....... + More


  • 2015 (12) TMI 1753

    TPA - comparable selection criteria - Held that - Assessee is into rendering software development services thus companies functionally dissimilar with that of assessee need to be deselected from final list........ + More


  • 2015 (12) TMI 1752

    Deduction u/s 80C - Disallowance of premium paid to LIC under Employer- Employee Scheme for treating the same as capital expenditure - close ended fund with a lock in period of 3 years - remand back....... + More


  • 2015 (12) TMI 1751

    Unexplained cash credit u/s 68 - discharge of onus - Held that - The assessee has received the loan of ₹ 15 lakhs from Smt. Purnima Tiwari. She was assessed to tax since 1987-88. She has given confirmation letter. She has PAN and also filed income tax returns. The computation of income, capital account and balance sheet were also submitted. The assessee has also submitted copy of her bank account fromwhere the assessee received the amount. ....... + More


  • 2015 (12) TMI 1750

    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

    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

    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

    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

    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

    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


  • 2015 (12) TMI 1744

    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

    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

    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

    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

    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

    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


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