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Income Tax - Case Laws

Showing 1 to 20 of 103980 Records

  • 2018 (4) TMI 1295 - ITAT KOLKATA

    M/s. Ratnabali Commodities Pvt. Ltd. Versus The Income-tax Officer, Ward 12 (3) , Kolkata

    Disallowance of loss made on account of transactions in derivatives - bogus loss - client s code and name modification initiated - Held that - As decided in assessee s own case for the A.Y 2009-10 2017 (6) TMI 1211 - ITAT KOLKATA that modifications are permitted by NSE and such modification carried out within the prescribed time limit provided by NSE. - Indeed the client s code and name were modified in respect of transactions claimed by assessee....... + More


  • 2018 (4) TMI 1293 - ITAT MUMBAI

    Fragrance and Flavours Association of India Versus DDIT (E) 1 (2) , Mumbai

    Denial of exemption u/s 11 - Activities of the appellant are commercial in nature - Subscription received; Sale of publications; Fafai Journal; Workshop & Conference; Bangalore Seminar; and Directory receipts - proof of charitable activity - Held that - The holding of the seminar at Bangalore and the other activities of the assessee trust, viz. receipt of subscriptions from the members, sale of publications, Fafai Journal, holding of workshop....... + More


  • 2018 (4) TMI 1289 - BOMBAY HIGH COURT

    State Bank of India Versus Assistant Commissioner of Income Tax Circle 2 (2) (1) & Others

    Reopening of assessment - sanction u/s 151 - a condition precedent to issue the reopening notice - Held that - It is settled position that reopening of an assessment is an exceptional power vested in the Assessing Officer to unsettle, settled issues/ assessment. Therefore, the exercise of such a power can only be done as the AO fulfilling the conditions precedent for issuing the notice. The notice of reopening has to be issued within the time pro....... + More


  • 2018 (4) TMI 1288 - JAMMU & KASHMIR HIGH COURT

    Pr. Commissioner of Income Tax Versus The Jammu Central Coop. Bank Ltd.

    Addition u/s 14A r.w.r. 8D - Held that - The said provision cannot be applied to any assessment year prior to Assessment Year 2008-09, the department plea has to fail. Hence, no question of law arises....... + More


  • 2018 (4) TMI 1287 - BOMBAY HIGH COURT

    The Pr. Commissioner of Income Tax-5 Versus M/s. Shodiman Investments Pvt. Ltd.,

    Reopening of assessment - non application of mind by AO - information received from the DIT (Investigation) - Held that - No information received from the DIT (Investigation) about a particular entity, entering into suspicious transactions. Material is not further linked by any reason to come to the conclusion that the Assessee has indulged in any activity which could give rise to reason to believe on the part of the AO that income chargeable to ....... + More


  • 2018 (4) TMI 1286 - MADRAS HIGH COURT

    M/s. Agasthiya Granite P Ltd Versus The Assistant Commissioner of Income Tax

    Revision u/s 263 - claim for deduction under Sections 80 HHC (4B) and 80 IB - mandate exclusion of the deduction allowed under Section 80 IB of the Act while quantifying the deduction under Section 80 HHC of the Act - Held that - Where two views are possible and the income tax officer has taken one view with which the Commissioner of Income Tax does not agree, it cannot be treated as an erroneous order prejudicial to the interest of the Revenue, ....... + More


  • 2018 (4) TMI 1285 - BOMBAY HIGH COURT

    Johnson & Johnson Private Limited Versus Commissioner of Income Tax, LTU

    Transfer Pricing - Expenditure incurred by the Appellant on AMP - Whether was an international transaction for the purposes of adjustment under Chapter X of the Act? - Held that - As both parties are broadly agreed that there are subsequent developments in law, which the Tribunal should consider while deciding the second round of appeal before it. The Tribunal is at liberty to adjudicate the issues arising in the second round of appeaL interalia ....... + More


  • 2018 (4) TMI 1284 - CHHATTISGARH HIGH COURT

    M/s Aarti Sponge & Power Ltd. Versus The Assistant Commissioner of Income Tax-2 (1) , The Commissioner of Income Tax (Appeals) -1, The Principal Commissioner of Income Tax-1, Aaykar Bhavan, Raipur (C.G.)

    Application for stay of the disputed demand - reduction of 20 deposit - Held that - The appeal proceedings are separate and distinct from recovery proceedings and further proceeded to hold that 20 of the disputed demand has not been deposited in accordance with the guidelines dated 31-7-2017 and passed the order dated 7-3-2018. It is quite vivid that the application for stay of demand has not been considered in the manner it was required to be co....... + More


  • 2018 (4) TMI 1283 - MADRAS HIGH COURT

    Mr. J. Stephen Versus The Income Tax Officer, Ward V (1) , Coimbatore

    Maintainability of appeal under Section 260-A - substantial question of law - Held that - To be substantial a question of law must be debatable, not previously settled by law of the land or a binding precedent, and must have a material bearing on the decision of the case, if answered either way, insofar as the rights of the parties before it are concerned. - The question is whether the explanation given by the appellant assessee for cash deposits....... + More


  • 2018 (4) TMI 1282 - ITAT AHMEDABAD

    CLP Power India Pvt. Ltd. Versus The Dy. CIT (OSD) , Ahmedbad

    Revision u/s 263 - determining the total loss after making certain adjustments to the loss declared by the assessee - change in share holding of the assessee-company by more than 51 of the voting power - Held that - While the legal ownership might have changed, the ownership/control/voting power of the assessee-company continues to be beneficially held by the same owner. This inevitably means that the cause for issuance of notice under s.263 ceas....... + More


  • 2018 (4) TMI 1281 - ITAT MUMBAI

    Waman Hari Pethe Jewellers Versus ACIT 16 (3) , Mumbai

    Assessment u/s 153A - Addition of bogus purchases - Held that - Enquiry could not be completed by the authorities below as notices u/s 133(6) returned unserved, inspector gave adverse report after verification and also assessee could not produce these parties before the AO, but, however, the entire alleged bogus purchases could not be added as was done by the authorities below keeping in view ratio of decision of Hon ble Supreme Court in the case....... + More


  • 2018 (4) TMI 1280 - ITAT MUMBAI

    Mukta Arts Limited Versus Addl. CIT 11 (1) , Aayakar Bhavan, Mumbai

    Disallowance of interest - diversion of funds from interest bearing borrowings and earning less interest than paid - Held that - As per assessee major borrowing were from LIC which was on the interest rate 9 p.a. and it is only at fag-end of the year in January 2009, the borrowings were made from Kotak Mahindra Bank Limited on the interest rate 10.5 p.a. which cannot be benchmarked in the manner done by the AO to disallow the differential interes....... + More


  • 2018 (4) TMI 1279 - ITAT KOLKATA

    DCIT, Circle10 (1) , Kolkata Versus M/s Bridge And Roof Co. (India) Ltd.

    Addition on account of entertainment expense - providing foods to clients and customers as a part of business courtesy - membership in the club on behalf of assessee-company - Held that - Genuineness of the expense cannot be doubted. Similarly considering the volume of business of assessee, in terms of its clients, number of sites we are of the view the expenses claimed by assessee have been incurred only in connection with assessee s business. W....... + More


  • 2018 (4) TMI 1278 - ITAT AHMEDABAD

    Mr. Girishkumar Popatlal Patel Gayatri Provision stores Versus The Joint Commissioner of Income Tax Range (1) (3) , Ahmedabad

    Levy of penalty u/s. 271D and 271E - violation of the provisions of Section 269SS and 269T - Held that - Assessee has taken the amount from brother and father in cash. There is also no dispute that the repayment has also been made in cash - Shri Bhupendrabhai Patel was also an employee of the assessee and his salary was also credited in the same account where the impugned acceptance/repayment of cash was found and is akin to current account. The ....... + More


  • 2018 (4) TMI 1277 - ITAT HYDERABAD

    Shobareddy Tikkavarapu Versus Income Tax Officer, Ward-7 (1) , Hyderabad

    Reopening of assessment - validity of notice issued - service of notice by affixture by the ITI - Held that - It cannot be assumed that the notice was sent by speed post before deputing the ITI. Therefore, we confine ourselves to the claim of the Assessing Officer with regard to service of notice by affixture by the ITI. The report of the ITI clearly shows that the ITI has not made any enquiry with the neighbours or with some responsible person i....... + More


  • 2018 (4) TMI 1276 - ITAT DELHI

    DCIT, Circle 7 (1) , New Delhi Versus M/s DLF Hotel Holdings Limited

    Disallowance of interest u/s. 36(1)(iii) - CIT-A allowed the claim - as per AO Assessee has made investments and given loans and advances of ₹ 205,20,21,046/- to the subsidiaries - Held that - As the company has advanced a loan of ₹ 205,20,21,046/- in the subsidiary companies. These details were available before the AO and he proceeded to make the disallowance of interest of ₹ 5,33,01,263/- brushing aside the crucial evidences p....... + More


  • 2018 (4) TMI 1275 - ITAT JAIPUR

    M/s Nigam Jewels Pvt. Ltd. Versus ITO, Ward-7 (2) , Jaipur

    Levy of penalty u/s 271BA - failure to comply with the provisions of section 92E - not filing the audit report electronically - scope of amendment - reasonable cause for non compliance - Held that - For the year under consideration i.e, AY 2012-13, pursuant to the amendment in the Rules, being the procedural law, the assessee was required to file the audit report electronically. - There was apparently no such requirement to file the audit report ....... + More


  • 2018 (4) TMI 1274 - ITAT DELHI

    DCIT Circle 5 (1) New Delhi Versus Botil Oil Tools India Pvt. Ltd.

    Addition on account of amount paid to Directors of the company as commission and exgratia - allowable expenditure u/s 36(1)(ii) as well as section 37(1) - CIT-A allowed the claim - Held that - AO has not established that such commission or exgratia paid to directors, who are also shareholders, was payable as profits or dividend of the company, therefore, the same cannot be disallowed u/s 36(1)(ii) of the Act. There is no change in the present ass....... + More


  • 2018 (4) TMI 1273 - ITAT CHENNAI

    M/s. TVH Energy Resources Pvt. Ltd. Versus The Deputy Commissioner of Income Tax, Central Circle 1 (2) , Chennai

    Penalty u/s 271(1)(c) - addition based on documents unearthed during the course of survey - unaccounted cash payments - Held that - Certain vouchers prepared and signed by the employees was found in survey, there was no authentic evidence to establish that the assessee had made cash payments. The persons to whom such payments were made were neither cross examined nor proper investigation made. - No concrete finding by the revenue as to whether th....... + More


  • 2018 (4) TMI 1272 - ITAT DELHI

    M/s Emmsons International Ltd. Versus DCIT CPC -TDS, Ghaziabad

    Section 206AA overriding the provisions of Section 90(2) - whether in cases of the payments made to non-residents, what is the rate of tax to be applied, whether it is as per Section 206AA or as per the provisions of DTAA? - Held that - Section 206AA of the Act does not override the provisions of Section 90(2) of the Act and that in the cases of payments made to non-residents, assessee correctly applied the rate of tax prescribed under the DTAAs ....... + More


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