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  • 2015 (12) TMI 1777

    Maintainability of appeal - tax effect - Held that - On hearing the Ld. Departmental Representative, we find that the tax effect in these cases is less than ₹ 10 lakhs. The CBDT in its Circular No.21/2015 dated 10.12.2015 instructed its officers to withdraw all the appeals pending before the ITAT where the tax effect is less than ₹ 10 lakhs. This Tribunal is of the considered opinion that this Circular of CBDT is binding on the office....... + More

  • 2015 (12) TMI 1776

    Anti-Competitive Activity - cord blood banking - umbilical cord stem cell banking services - It is the case of the appellant that Cryo-Save based in Bangalore and Babycell based in Lonavala were prepared to pay higher amount per case, it chose Cryobanks because of better technology - Smt. Manju Jain entered into an agreement with LifeCell to obtain its umbilical cord stem cell banking services - appellant having an arrangement with Cryobanks and ....... + More

  • 2015 (12) TMI 1775

    Denial of Information sought - indiscretion disclosure of information - information sought for by the respondents from the petitioner-Bank have been denied mainly on the ground that such information is exempted from disclosure under Section 8(1)(a)(d) and (e) of the RTI Act - RTI Act, 2005. - Whether all the information sought for under the Right to Information Act, 2005 can be denied by the Reserve Bank of India and other Banks to the public at ....... + More

  • 2015 (12) TMI 1774

    CENVAT Credit - outward goods transportation agency service - Held that - This issue is covered by the judgment of Division Bench of this Court in case of Commissioner of Central Excise & Customs v. Parth Poly Wooven Pvt. Ltd. 2011 (4) TMI 975 - ....... + More

  • 2015 (12) TMI 1773

    Anti-competitive Activities - bid rigging - Cartel - contract for supply of feed valves by Respondent No. 2 - suppression of material facts - it was alleged that the appellants have indulged in bid- rigging/collusive bidding and thereby contravened the provisions of Section 3(1) read Section 3(3)(a) and 3(3)(d) of the Act - penalty imposed on average turnover - case of appellant is that findings recorded by the DG and the Commission on the issues....... + More

  • 2015 (12) TMI 1772

    Powers of liquidator - title to the paintings - Held that - As subject property are very valuable and here is a person who claims the paintings belong to her whereas according to the Liquidator it belongs to/appears to belong to the company (in liquidation). It is necessary for the ends of justice that the practice and procedure of the court and provisions of the Code of Civil Procedure are applied. This would also be beneficial to Sheetal Mafatl....... + More

  • 2015 (12) TMI 1771

    Recovery of tax dues - income tax demand of ₹ 1468.64 crores - attachment of stock stocks of beer, foreign liquor (FL), and Indian made foreign liquor (foreign liquor), lying in the various godowns of APBCL. - Companies, which manufacture and supply beer, foreign liquor and Indian made foreign liquor to APBCL, invoked the jurisdiction of this court, under article 226 of the Constitution of India, contending that the stocks lying in the godo....... + More

  • 2015 (12) TMI 1770

    Assessment of income from the sale of 18 flats - selection of assessment year - transfer in terms of Section 2(47) - Held that - Tribunal was justified in holding that the income from the sale of 18 flats to M/s Audi Constructions Pvt. Ltd., is not assessable in the year 2008-2009 as on the basis of the facts on record, the learned Tribunal found that the assessee had not delivered the possession of the flats to M/s Audi Constructions Pvt. Ltd. i....... + More

  • 2015 (12) TMI 1769

    Claim of loss for the diminution in value of fertilizer bonds against the sale of fertilizers - Held that - The assessment order itself shows that in its books, the Assessee categorised the bonds under the head current investment assets . In that view of the matter, the diminishing value of the bonds not being held as long term investment was in the nature of a revenue loss and could have been claimed as such by the Assessee. The stand of the Rev....... + More

  • 2015 (12) TMI 1768

    Disallowance of 50% of the indirect expenses incurred in cash - AO has passed ex parte assessment order u/s 144 - Best Judgement assessment - Held that - Assessing Officer must not act dishonestly or vindictively or capriciously. He must make, what he honestly believe to be a fair estimate of the proper figure of assessment and for this purpose he must be able to take into consideration, local knowledge, reputation of the assessee about his busin....... + More

  • 2015 (12) TMI 1767

    Scrutiny / regular assessment u/s 143(3) - validity of issue of notice - effect of revision of belated return - section 139(4) r.w.s. 139(5) - period of limitation - additions towards capital gains - long term or short term capital gain - Held that - A perusal of sub-section (5) of section 139 would show that the provisions relating to filing of revised return are applicable only to the return filed u/s. 139(1) or return of income filed in pursua....... + More

  • 2015 (12) TMI 1766

    Disallowance u/s 14A - expenses related to exempt incomes - assessee company received interest income on tax free bonds, income tax refund and fixed deposits - assessee company also claimed divided income - The assessee company submitted that out of abundant caution and to buy peace of mind and to avoid litigation , the assessee company has voluntarily offered for disallowance of expenditure of ₹ 14,42,900/- us/ 14A of the Act which include....... + More

  • 2015 (12) TMI 1765

    Time Limitation - filing the written statement or giving version of the opponent - Section 13(2)(a) of the Consumer Protection Act, 1986 - Held that - Upon receipt of a complaint by the District Forum, if the complaint is admitted Under Section 12 of the Act, a copy of the complaint is to be served upon the opposite party and as per provisions of Section 13 of the Act, the opposite party has to give his version of the case within a period of 30 d....... + More

  • 2015 (12) TMI 1764

    Claim of assessee with respect to club charges (one time entry fees) - revenue v/s capital expenditure - Held that - Revenue does not dispute that Issue (iv) concerning one time club entry charges has been held to be a revenue expenditure and is covered in favour of the Assessee by the decision of this Court in CIT v. Samtel Color Ltd. 2009 (1) TMI 26 - DELHI HIGH COURT . - Rate of depreciation on computers and peripherals is covered in favour of....... + More

  • 2015 (12) TMI 1763

    Addition made on account of interest income from investment in Co-Operative Societies u/s. 80P(2)(d) - A.O. computed the disallowance u/s. 14A r.w.r. 8D - Held that - The matter is no longer res integra. This Court in The Punjab State Cooperative Milk Producers Federation Limited vs. Commissioner of Income Tax II 2011 (3) TMI 615 - PUNJAB AND HARYANA HIGH COURT as held as per the bye-laws of the appellant- Federation, deductions were admissible t....... + More

  • 2015 (12) TMI 1762

    Benefit of exemption under section 11 denied - proof of charitable activities - Held that - We fail to understand how a loan amount given to two Mazdoor Sabhas fit into the category of making investment or deposit as per provisions of section 11(5) of the Act, wherein investment have been referred to the investment in saving certificates of the Government as defined in clause (c) of section-2 of the Government Saving Certificate Act and deposits ....... + More

  • 2015 (12) TMI 1761

    Allowance of expenditure as commission - Held that - There was no basis for making any disallowance and the same was solely on ad hoc basis. We are in agreement with the findings of ld. CIT(A) that the AO had not brought any material on record to show that the commission expenditure was either bogus or was not an allowable deduction. It is well settled law that no ad hoc disallowance can be made unless the AO brings any specific detail on record ....... + More

  • 2015 (12) TMI 1760

    Enhancement of rental income not sustaining the addition made u/s 48 - addition made on account of cessation of liability u/s 41(1) - Held that - AO observed that the rent has not been revised, the assessee is expected to get higher rent in the relevant year are all on assumptions and presumptions without there being any evidence to that effect. With reference to the report of the Income Tax Inspector that, as a dubious from the AO s assessment o....... + More

  • 2015 (12) TMI 1759

    TPA - comparables selection criteria - functional dissimilarity - Held that - We agree with the proposition of the Tribunal laying down the minimum turnover filter of ₹ 100 crores in the case of the assessee, because the selection of the comparables has to be seen both on quantitative and qualitative criteria. A turnover of a company most likely has a bearing on its comparability as the size of a transaction in absolute value or in proporti....... + More

  • 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

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