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Showing 1 to 20 of 1764 Records

  • 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


  • 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


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