2018 (9) TMI 1104
Eligibility to registration under Section 12A - whether activities of Development Authority can be said to be charitable as defined under Section 2(15)? - Held that - Application is dismissed.
2018 (9) TMI 1103
Maintainability of appeal - Tax effect - monetary limit - Miscellaneous petition was filed by the Revenue before the Tribunal on the ground that Circular No.21/2015 of the Central Board of Direct Taxes is not applicable to the appeal filed by the Revenue - Held that - Special Leave Petition is dismissed
2018 (9) TMI 1102
Determination of value of asset - whether assessment would have to be done on the basis of the value of assets as on 1st April 2011 when partnership firm was constituted or revalued value of assets? - what was the value of the assets as on 1st April 2011? - maintainability of appeal - substantial question of law - Held that - SLP dismissed.
2018 (9) TMI 1101
Nature of sale of land - whether plot of land is agricultural land or non agricultural land - maintainability of appeal - Held that - SLP dismissed.
2018 (9) TMI 1100
Reopening of assessment - denying carry forward of unabsorbed depreciation - Book profit determined as per section 115JB(2) on account of non-eligibility of bad debts provision - Held that - SLP dismissed.
2018 (9) TMI 1099
Addition u/s 68 - genuineness of the transaction and the creditworthiness of the parties - reassessment proceedings - Held that - SLP dismissed.
2018 (9) TMI 1098
Attachment of properties by the Tax Recovery Officer exercising power u/s 222(1) - grievance of the petitioner is that out of nine items, when Item Nos.1 to 7 are sufficient enough to safeguard the interest of the Revenue, as the value of those properties exceeds more than ₹ 2 crores as per the market value, attaching the other two sets of properties viz., item Nos.8 and 9, is totally unnecessary - Held that - Petitioner has already made a ....... + More
2018 (9) TMI 1097
Registration u/s 12AA denied - assessee trust is not a charitable organization, as the Trust has not fulfilled the conditions laid down for registration in Section 12AA - ITAT allowed claim - Held that - We are in broad agreement with the view of the Tribunal. We have noted existing objects as well as those which were added by an amendment in the trust deed. The objects in the original trust deed were sufficiently wide and cover range of charitab....... + More
2018 (9) TMI 1096
Denying the benefits of section 11 and 12 - proof of charitable activities - adherence to charitable objects - Held that - The issues / questions raised in the present Appeals are concluded against the Department, in view of the decision of the Division Bench of this Court in the case of Commissioner of Income Tax vs. Gujarat Industrial Development Corporation 2017 (7) TMI 811 - GUJARAT HIGH COURT , in the case of the very assessee, but with resp....... + More
2018 (9) TMI 1095
Protective addition - Addition of undisclosed income (on money consideration received by the assessee) - addition made on the ground that the assessee firm signed in the sale deed as confirming party, which, as such, was between the partners of the assessee firm in their individual capacity - Tribunal deleting the addition on the ground that no material has been brought on record in respect of the assessment made - survey under Section 133A - Hel....... + More
2018 (9) TMI 1094
Allowability of software expenditure - to be treated as a revenue expenditure OR capital expenditure - nature of the advantage in a commercial sense - Held that - As held in Empire Jute Co. Ltd. v. CIT, 1980 (5) TMI 1 - SUPREME COURT there may be cases where expenditure, even if incurred for obtaining advantage, of enduring benefit, may, none-the-less, be on revenue account and the test of enduring benefit may break down - what is material to con....... + More
2018 (9) TMI 1093
Penalty u/s 271(l)(c) - non recording of mandatory satisfaction as per law - Held that - The original assessment order passed u/s 143(3)/147 has been partially confirmed by the CIT(A) and addition of ₹ 20,40,399/- was deleted. Thus, the penalty for original assessment order does not sustain in toto but partially. Therefore, it will be appropriate to remand back this issue to the file of the Assessing Officer as there is no order giving effe....... + More
2018 (9) TMI 1092
Levy of late filing fees u/s 234E - intimation issued under section 200A in respect of processing of TDS - Held that - We find that the issue in all these appeals is now squarely covered in favour of the assessee by the decision of ITAT Amritsar Bench in the case of Sibia Healthcare Private Limited vs. DCIT 2015 (6) TMI 437 - ITAT AMRITSAR adjustment in respect of levy of fees under section 234E was indeed beyond the scope of permissible adjustme....... + More
2018 (9) TMI 1091
Validity of assessment being beyond jurisdiction of the AO - addition u/s 68 and 69 - Held that - CIT (A) has considered the fact that the additions made by the AO are only with respect to the unexplained source of addition to the capital account and, therefore, the AO has not travelled beyond the scope of selected scrutiny. Even otherwise, when the assessee can challenge the further addition made by the AO which is beyond the scope of limited sc....... + More
2018 (9) TMI 1090
Disallowance of depreciation on sumo car - addition to the presumptive income declared u/s 44AD - Additions on the ground that vehicle was not put to use for his business purposes during the previous year - Held that - The assessee has declared the profit @ 17.46% and the AO has not found fault in the profit declared by the assessee under section 44AD. The profit declared by the assessee is much more than the minimum income to be assessed under t....... + More
2018 (9) TMI 1089
Treating the income from warehousing structure - income from business OR income from house property - Held that - As decided in assessee s own case for the A.Ys 2000-01 to 2005- 06 and 2008-09 referring to the case of RB Jodhamal Kuthalia 1971 (9) TM....... + More
2018 (9) TMI 1088
TPA - ALP determination - comparable selection criteria - Held that - Companies not suitable to be compared with a captive contract software developer like the assessee need to deselected rom final list of comparable. - Treatment of forex adjustment - revenue or capital expense - Held that - Since the issue is no longer res Integra while respectfully following the binding decision of the Special bench in the case of Prakash Shah 2008 (8) TMI 387 ....... + More
2018 (9) TMI 1087
Invocation of section 50C - adopting value of the property as per SRO by considering section 50C on the date of registration - Held that - The assessee has sold a piece of land on 07/08/2008, and as on the date of registration, the SRO value of the property is ₹ 31,10,000/-. However, the assessee has only shown as a sale consideration received by her at ₹ 25.00 lakhs. - When AO asked the assessee to explain, it was submitted that actu....... + More
2018 (9) TMI 1086
Unexplained expenditure u/s 69C - N.P. estimation - Held that - The assessee could not substantiate the delivery of material and failed to produce any of the party for confirmation of accounts. Notices issued u/s 133(6) elicited no satisfactory response. All these factors cast a serious doubt on assessee s claim. Therefore, in such a situation, the addition, which could be made, was to account for profit element embedded in these purchase transac....... + More
2018 (9) TMI 1085
Validity of revised return - delay in filing ROI - return filed on the next working day as the last date of filing of return happens to be a holiday - Held that - Last date of filing of the return as per section 139(1) of the Act was 30.09.2012 and that was a holiday being Sunday. The return was filed on 01.10.2012, the next working day i.e., Monday. It is also an undisputed fact that it was made compulsory for the assessee for the first time to ....... + More
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