2018 (5) TMI 1327
Reopening of assessment - objections filed by the petitioner pursuant to the notice issued u/s 148 not been disposed of by the respondent-Authority - non passing a speaking order - Held that - Passing of the assessment order sans disposing of the objections raised subsequent to issuance of the notice under Section 148 of the Act is untenable and accordingly, the impugned assessment order as well as the demand notice are set-aside. See M/S. DEEPAK....... + More
2018 (5) TMI 1326
Reopening of assessment - approval u/s 151(1) in the case on hand has been granted by the ACIT Range 7 and not by the CIT as mandated under the Act - Held that - The Hon ble Delhi High Court in the case of Pr. CIT vs N.C. Cables 2017 (1) TMI 1036 - DELHI HIGH COURT held that approval under section 151 is to be made after application of mind. It is not so in this case as mechanical approval is given by an officer who is not authorised to do so in ....... + More
2018 (5) TMI 1325
Reopening of assessment - existence of reasons to believe - Held that - We have to necessarily hold that the reopening is bad in law, as in this case on hand, there is no whisper, much less an allegation that there is failure on the part of the assessee to disclose fully and truly all material facts, necessary for assessment. Hence the mandatory requirements of the proviso to section 147 has not been fulfilled in this case. - We hold that the reo....... + More
2018 (5) TMI 1324
Taxability as long term capital gain - provisions of section 50C applicability - Held that - As we have held that what was sold, was stock-in-trade and hence assessable under the head business income, the provisions of section 50C will not apply for the impugned assessment years. Hence this finding of the Ld. CIT(A) is also upheld. Thus the ground of revenue in these appeals for the assessment year 2008-09 is dismissed. - Speculation loss as trad....... + More
2018 (5) TMI 1323
Undisclosed income from purchase of bitumen from Shri K.K.Kedia - Held that - When it is proved that charges against the assessee are not correct no addition based on such allegations can be sustained. The ld. CIT(A) also records that the assessee has filed documents to counter the allegations of the AO and to prove actual delivery of bitumen etc and also to prove that there was no misappropriation. The ld. DR could not controvert the factual fin....... + More
2018 (5) TMI 1322
Assessment u/s 153A - addition to income - Held that - The Co-ordinate Benches in the case of Y.V. Anjaneyulu Vs. DCIT, Vijayawada 2017 (6) TMI 547 - ITAT VISAKHAPATNAM) held that assessments U/s. 153A could not be made on the basis of income returned by assessee or on the basis of books of account of assessee where no incriminating material had been found from possession of assessee. - CIT(A) inspite of written submissions made before him and co....... + More
2018 (5) TMI 1321
Eligible for deduction u/s 80IA - allocation of proportionate expenses in respect of employees cost and administrative expenses incurred at head office and at various unit offices - Held that - There is nothing available on record in terms of working of eligible profits and accounting of expenses in relation to eligible projects. Following the decision of the Coordinate Bench referred supra, the matter is remanded back to the file of the AO to ex....... + More
2018 (5) TMI 1320
Addition taking the annual letting value of the property at 8% of the value of the properties as recorded in the balance sheet - Held that - No merit in the contention of the assessee that where the property is used for the business purpose through the private limited companies promoted by him has to be construed as the assessee is carrying on business for the reason that companies as promoted by the assessee are separate legal entities and asses....... + More
2018 (5) TMI 1319
Unexplained expenditure - GP determination - identity of the suppliers - Held that - We are not in agreement with the findings of the Ld. CIT(A) on this issue as the AO has made the addition only on the basis of replies received under section 133(6). Even if we consider these purchases as bogus/inflated purchases as has been observed by the authorities below even then the entire disallowance is unwarranted and uncalled for. - In our opinion, a re....... + More
2018 (5) TMI 1318
Consideration received on account of sale on software - Whether royalty within the meaning of Article 13 of the Indian UK DTAA? - business income - Held that - The license granted by the Infrasoft is limited to those necessary to enable the licensee to operate the program. The rights transferred are specific to the nature of computer programs. Copying the program onto the computer s hard drive or random access memory or making archival copy is an....... + More
2018 (5) TMI 1317
Disallowance of interest - revenue or capital expenditure - Depreciation on account expenditure treated as capital expenditure - Held that - It is for the assessee to demonstrate through verifiable evidence that the purpose of loan and its utilization is not for the purposes of the building construction which it has failed to do so and nothing has been brought on record to controvert the findings of the AO. Given that by assessee s own treatment ....... + More
2018 (5) TMI 1316
Penalty u/s.271(1)(c) - notice does not specify the limb of section 271(1)(c) for which penalty proceedings were initiated i.e. whether for concealment of income or furnishing of inaccurate particulars of such income - Held that - In the instant case, the AO vide his order u/s 143(3) dated 28.12.2011 has initiated the penalty proceedings u/s 271(1)(c) for furnishing inaccurate particulars of income or concealment of income. In the draft penalty o....... + More
2018 (5) TMI 1315
N.P. determination - suppressed sales - assessee were a liquor contractor dealing in country liquor, Indian made foreign liquor (IMFL) and Beer - Held that - AO is directed to apply N.P. rate of 2.7% on the estimated sales after deducting interest and salary to partners subject to the minimum return income........ + More
2018 (5) TMI 1314
TPA - ALP determination - aggregation approach adopted by the assessee for benchmarking its manufacturing activities rejection - Held that - Benchmarking the international transactions of assessee, wherein the assessee was engaged in manufacturing activities, then we hold that various activities are to be aggregated for determining the arm s length price of its international transactions. - Direct the Assessing Officer that while determining the ....... + More
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 - 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 relied on earlier orders passe....... + 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
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