2018 (7) TMI 1180
Retrospective effect of first proviso to section 43B - scope of Amendment to section 43B - omission deletion of the second proviso to Section 43-B regarding restriction of deduction in respect of any sum payable by an employer by way of contribution to provident fund/superannuation fund or any other fund for the welfare of employees, unless it stood paid within the specified due date - Held that - SLP dismissed........ + More
2018 (7) TMI 1179
Deduction u/s 80IA - income generated from the Electric Plant - Disallowance made under Section 14A - Held that - SLP dismissed........ + More
2018 (7) TMI 1178
Unexplained income - document had been seized from the residence of Assessee - Held that - SLP dismissed........ + More
2018 (7) TMI 1177
Provision for diminution in value of stock - TDS u/s 195 OR 194C - existence of TDS liability - Held that - SLP dismissed........ + More
2018 (7) TMI 1176
Disallowance under Section 14A - Assessing Officer (AO) did not expressly record reasons for rejection of that figure and instead proceeded to disallow a sum - Held that - In view of decision rendered in Principal Commissioner of Income Tax-I vs. D.B. Corp Ltd. 2018 (3) TMI 805 - SUPREME COURT OF INDIA this Special leave petition is dismissed........ + More
2018 (7) TMI 1175
Benefit of exemption under Section 10(10C) - assessee as retirees of the ICICI Bank under Early Retirement Option Scheme, 2003 as filed a revised return well beyond the period stipulated under Section 139(5) - Held that - All the contentions which were advanced by the second respondent in the counter affidavit have been dealt with by this Court and thereafter, the writ petition has been allowed. I find that there is absolutely no ground made out ....... + More
2018 (7) TMI 1174
Addition u/s 68 - Held that - As noticing the fact that the assessees are Institutions in the Co-operative sector and taking note of its members who are from the general public as also from the marginalised sections, we are of the opinion that an opportunity could be afforded to the assessees to produce the details of deposits. - To avoid any recalcitrant attitude by the assesses, we directed the learned Counsel to file an affidavit of undertakin....... + More
2018 (7) TMI 1173
Revision u/s 263 - affirmation made by the Tribunal of the electricity charges for the period prior to the purchase being taken as capital expenditure - Order erroneous and prejudicial to revenue - Held that - No discussion by the AO of having accepted the claim of the assessee that the remittance of prior electricity charges under One Time Settlement Scheme was a revenue expenditure. The learned counsel for the assessee has relied on Annexure-C ....... + More
2018 (7) TMI 1172
Validity of reopening of assessment - Assessing Officer empowered to reopen an assessment based on a subsequent Supreme Court decision - Section 80 HHC denied for tyre retreating charges - whether reopening of the assessments both within four years and beyond four years could have been done for the reasons assigned by the Revenue? - Held that - As pointed out in the preceding paragraphs, the Assessing Officer, while reopening the assessment, has ....... + More
2018 (7) TMI 1171
TDS liability on assessee society - rectification application filed as found that the Demand as per Traces for the Financial Year 2010-11 for the petitioner Mission amounts to ₹ 3,54,120 but, the respondent Income Tax department in the impugned order dated 27.3.2018 for the Financial Year 2010-11 have assessed an amount of ₹ 6,84,60,590/- which is almost double of the said amount which is still pending for disposal - Held that - The m....... + More
2018 (7) TMI 1170
Valadity of assessment u/s 153A - Held that - Impugned assessment year involved 2008-09 for which the return was filed under section 139(1) on 29.09.2008 and the due date for issue of the notice under section 143(2) of the Act was up to 30.09.2009, no such notice was issued to the assessee. On 6.11.2009 search under section 132(1) was carried out at the residence of the assessee. Admittedly during the course of search some cash seizure was made. ....... + More
2018 (7) TMI 1169
Rent received - treated as income from house property and the assessee s treatment of crediting the same towards work-in-progress is justified - Held that - We note that the assessee s business is development of property. For the same property, for getting vacation, the sums paid are being debited to the work-in-progress which is being accepted by the Assessing Officer. However, pending vacation, the rent receipt from the tenants of the said prop....... + More
2018 (7) TMI 1168
Disallowance made u/s 40A(3) - Held that - There could be no disallowance u/s 40A(3) of the Act in the facts and circumstances of the case and accordingly we direct the ld AO to delete the same. We also find that this issue is recently decided in favour of the assessee by the Hon ble Jurisdictional High Court in the case of CIT vs Sri Ritwik Kumar Bera 2018 (7) TMI 1093 - CALCUTTA HIGH COURT . - Addition towards difference in purchases and profit....... + More
2018 (7) TMI 1167
Rejecting the books of account u/s 145(2) - addition on estimation basis @7% on account of construction receipts - Held that - The undisputed fact remain that the assessee has failed to submit the quantitative details of the trading operations as well as details of construction activities carried out by him during the impugned AY. AR is merely harping on the point that the assessee was a listed public company and therefore, the books could not be....... + More
2018 (7) TMI 1166
Disallowance of depreciation on fixed asset acquired by the assessee-society - Held that - In the instant case, the provisions of section 11(6) are not applicable as the same will be applicable from AY 2015-16. For the impunged assessment year, respectively following the decision case of Commissioner of Income Tax-III, Pune vs. Rajasthan & Gujarati Charitable Foundation Poona 2017 (12) TMI 1067 - SUPREME COURT the assessee trust is held eligi....... + More
2018 (7) TMI 1165
TDS u/s 195 - payments of transponder fees by the Appellant to MEASAT Satellite Systems Snd. Bhd, Malaysia ( MEASAT ) are taxable under the Income tax Act, 1961 and under the India-Malaysia Tax Treaty - Held that - The present issue in the appeal as to whether the assessee was liable for deducting the TDS on transponder fee payable to MEASAT Malaysia has to be decided against the assessee by following the decision of the ITAT in assessee s own ca....... + More
2018 (7) TMI 1164
Penalty u/s 271(1)(c) - whether the notice issued by the Assessing Officer dated 26/12/2011 is valid or not? - non striking irrelevant portion of notice - Held that - The assessing officer did not strike off the irrelevant column in the notice and made known the assessee whether the penalty was initiated for the concealment of income or for furnishing the inaccurate particulars. In the assessment order also the AO simply recorded that the penalty....... + More
2018 (7) TMI 1163
Rectification of mistake - taxability of interest on enhanced compensation - Held that - The proposition laid down in Ghanshyam, HUF (2009 (7) TMI 12 - SUPREME COURT) remains and which having been laid down by the Hon ble Apex Court is the law of the land and has to be followed by all lower authorities. The interest received by the assessee during the impugned year on the compulsory acquisition of its land u/s 28 of the Land Acquisition Act, is i....... + More
2018 (7) TMI 1162
Revision u/s 263 - directing the AO to disallow the short term capital loss and instead assess short term capital gain - Held that - In the audited financial statements of the appellant/assessee, the assessee had made appropriate disclosure which established that the assessee had sold both the plant and machinery and Capital WIP for a composite consideration of ₹ 27,50,00,000/- and the resultant loss of ₹ 12,65,47,945/- was declared i....... + More
2018 (7) TMI 1161
Validity of order passed by the Settlement Commission u/s 245D - additional disclosure of income - Held that - In the peculiar facts of this case, we are not inclined to interfere with the matter. The special leave petition is dismissed. - However, the question of law is left open........ + More
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