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Income Tax - Case Laws

Showing 1 to 20 of 102335 Records

  • 2018 (2) TMI 1474 - SUPREME COURT OF INDIA

    Selection of case of scrutiny assessment - validity of notice - Attainment of requirement u/s 143(2) - deemed service of notice - High Court 2012 (12) TMI 1148 - ALLAHABAD HIGH COURT answered the question in the negative taking the view that what is required to be satisfied by the Revenue is service of notice and not mere issuance thereof - Held that - The non-availability of the respondent Assessee to receive the notice sent by registered post a....... + More


  • 2018 (2) TMI 1473 - GUJARAT HIGH COURT

    Reopening of assessment - eligibility to deduction u/s 10B - eligibility of reasons to believe - change of opinion - Held that - The assessment in question was framed without scrutiny when the assessee s return was accepted under section 143(1). AO had objections to the assessee s claim of deduction under section 10A of the Act. Similar claims made by the assessee for the assessment years 2009-2010 and 2011-2012 were not accepted by the Assessing....... + More


  • 2018 (2) TMI 1472 - ALLAHABAD HIGH COURT

    Deemed dividend u/s 2(22)(e) - Held that - The Tribunal has taken a view rightly that a deemed dividend could only have been assessed in the hands of a person who is shareholder of the lender company and not in the hands of the borrowing concern in which such shareholder is a member or partner having substantial interest. Admittedly, in the present case the assessee-company was not a shareholder of the lender company. But, in this case both the l....... + More


  • 2018 (2) TMI 1471 - GUJARAT HIGH COURT

    Reopening of assessment - reasons to believe - Held that - AO in the reasons recorded, proceeded on the erroneous footing that the assessee had not filed return at all. The first premise for issuing the notice was thus factually incorrect. It is now not disputed by the Revenue that the assessee did file return of income for the year under consideration which was duly acknowledged by the Department. The entire reasoning thus proceeded on the wrong....... + More


  • 2018 (2) TMI 1470 - KARNATAKA HIGH COURT

    Stay on demand - Held that - Though normally this Court will not interfere in writ jurisdiction against said interlocutory orders passed by the Appellate Authority, which is seized of the appeal before it, but in view of the peculiar facts and circumstances of the case and looking to the fact that the appeal itself is coming up for final hearing after its pre-ponement of date on 09.04.2018 itself, and on which date it is expected that the learned....... + More


  • 2018 (2) TMI 1469 - BOMBAY HIGH COURT

    Issue of taxability of the sale tax exemption benefit availed by assessee - Held that - At this stage of our dictation, Mr. Chhotaray interjected to mention that it should be Assessing Officer / Inspector and not Assessing Officer alone. This is contrary to what was stated to us during the hearing. In fact, we were categorically told by Mr. Chhotaray that he has met the Assessing Officer twice and he was informed by him that no order has been pas....... + More


  • 2018 (2) TMI 1468 - KARNATAKA HIGH COURT

    Claim for written back of excess provision for bad and doubtful debts - Held that - If an allowance or deduction has been made in the assessment for any year in respect of loss, expenditure or trading liability and the same is written back in the books of accounts, the said written back expenditure, loss or trading liability shall be eligible to levy of tax as income. The burden lies on the Revenue to prove that the provision for bad and doubtful....... + More


  • 2018 (2) TMI 1467 - BOMBAY HIGH COURT

    Penalty u/s 271D - reasonable cause for violation of Section 269SS - Tribunal partly allowed the Appeal by restoring the issue of amounts received in cash from agriculturists to the Assessing Officer to verify whether the agriculturists were not having banking facilities so as to delete the penalty under Section 271 D - Held that - The law provides that the breach of Section 269 SS invites penalty under Section 271 D. The aforesaid breach has no ....... + More


  • 2018 (2) TMI 1466 - BOMBAY HIGH COURT

    Penalty u/s 271(1)(c) - Reopening of assessment - reason recorded for reopening of the assessment was the claim for donation under Section 35(1) - Held that - Held that - It is undisputed that when filing of return of income on 12 February 2008, consequent to reopening notice, the Respondent had not made a claim deduction of ₹ 1.00 Crore for donation, inspite of donation made to M/s. Indian Medical Scientific Research Foundation, Agra. The ....... + More


  • 2018 (2) TMI 1465 - GUJARAT HIGH COURT

    Adjustment of refund against next assessment year - Held that - According to the counsel for the petitioner thus, after the adjustment for the refund of the earlier year, the deposit towards disputed tax liability for the current year would exceed 20 . Counsel for the Revenue do not dispute this factual assertion of the petitioner. - In view of these developments, no further relief would be needed to enable the petitioner to enjoy the stay pendin....... + More


  • 2018 (2) TMI 1464 - DELHI HIGH COURT

    Addition u/s 68 - genuineness of the transaction and the creditworthiness of the parties - reassessment proceedings - Held that - The material on record in the form of the orders of the lower appellate authorities disclosed that both the assessee and later the share applicants (upon receiving notice under Section 131 of the Act) had produced documentary proof. These included the assessments and income-tax returns filed by the share applicants as ....... + More


  • 2018 (2) TMI 1463 - DELHI HIGH COURT

    Addition 41(1) - remission of liability - sum towards waiver of sales tax - Held that - The facts in this case are identical with that of the Sales Tax Deferral Scheme of the State of West Bengal in which the State had identically permitted the collection of sales tax but deferred the payment by 12 years. The assessee, like in the case of Sulzer India Limited (2014 (12) TMI 267 - BOMBAY HIGH COURT), approached for a pre-deposit, which was permitt....... + More


  • 2018 (2) TMI 1462 - KARNATAKA HIGH COURT

    Additions made by the assessing authority on account of accrued interest on loans which are classified as Non-performing Assets - applicability of provisions of section 43D - Held that - When an asset becomes non-performing, it ceases to yield income and once a particular asset is shown to be a non performing asset, then it is nothing but no revenue is yielded. See Commissioner of Income-Tax and another Vs. Canfin Homes Limited (2011 (8) TMI 178 ....... + More


  • 2018 (2) TMI 1461 - DELHI HIGH COURT

    Addition u/s 40(a)(i) - TDS liability - bandwidth allocation by overseas service provider - fee for technical services - whether the charges paid by the assessee to the MCI WorldCom Asia P. Limited (a non-resident overseas Singapore based entity) ought to have been subjected to tax deduction? - income by way of amounts paid to the overseas entities or non-residents - Held that - In the present case the relevant provisions of the master service ag....... + More


  • 2018 (2) TMI 1460 - MADRAS HIGH COURT

    Suppression of sales - differential price between the price of two flats sold to the sister concern and the price offered by third parties - Appellate Commissioner and Tribunal concurred in their factual finding that there had been no suppression of sales as the two flats were sold at a discount price, for business exigencies and in particular, to compensate SAPL, who had advanced interest free loan to the assessee - Held that - It is clear from ....... + More


  • 2018 (2) TMI 1459 - ITAT JAIPUR

    Disallowance of excess claim of remuneration to the partners claimed - nature of income - interest on FDR - Held that - There is not dispute that the business of the assessee dealing in food grains, oil seeds and pulses etc is a seasonal business depending upon crop seasons. Therefore, during the non harvesting season the assessee is not having much business activity and accordingly the funds which are otherwise required for the business activity....... + More


  • 2018 (2) TMI 1458 - ITAT MUMBAI

    Disallowance u/s 43B - payment of employees contribution to Provident Fund and ESIC - Held that - The issue in appeal is squarely covered by the decision of the Hon ble Jurisdictional High Court Ghatge Patil Transport Ltd. 2014 (10) TMI 402 - BOMBAY HIGH COURT wherein held both employees and employer s contributions are covered under the amendment to Section 43B of I.T. Act - the Tribunal was right in holding that payments are subject to benefits....... + More


  • 2018 (2) TMI 1457 - ITAT MUMBAI

    Disallowance u/s 40(a)(ia) - payments to transport contractors without fulfilling the conditions laid down in sections 194(6) and 194(7) - assessee did not furnish in the prescribed format the details of those contractors where no TDS was made to the prescribed authority - Held that - We find that the assessee made payments to transport contractors amounting to ₹ 80,23,971/- whereas the assessee has provided the details and PAN only in resp....... + More


  • 2018 (2) TMI 1456 - ITAT KOLKATA

    Applicability of section 33AB(7) against the assessee - deemed income of the assessee - utilizing the withdrawals from NABARD deposit accounts 0 assessee s main business activity is cultivation of tea, manufacturing of tea from leaves procured from own garden as well as from bought leaves and also trading of tea - Held that - A provision for deduction, exemption or relief should be construed reasonably and in favour of the assessee. Though equity....... + More


  • 2018 (2) TMI 1428 - AUTHORITY FOR ADVANCE RULINGS, MUMBAI

    Capital gains arising to the Applicant- Transferor, a tax resident of Mauritius, from sale of shares - Benefit of DTAA - whether the Transferee shall not have any liability to deduct tax at source under section 195? - department contended that the working of capital gain involves correctly working out the total sales consideration which in turn depends upon the value assigned to each share of SIPL and Scorpio and this involves the determination o....... + More


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