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Income Tax - Case Laws

Showing 1 to 20 of 98357 Records

  • 2017 (9) TMI 1164 - GUJARAT HIGH COURT

    Commissioner of Income Tax (International Taxation And Transfer Pricing) Versus Shandong Tiejun Electric Power Engineering Co.

    A.O. power to assess income on presumptive basis u/s 44BBB(1) - assessee has maintained books of account as prescribed u/s 44BBB(2) - whether books of account maintained by assessee are not proper and do not reflect the correct income of assessee? - Held that - In the present case, the CIT (Appeals) as well as the Tribunal both held that the assessee had fulfilled all requirements of sub-section (2) of section 44BBB. It is not the case of the rev....... + More


  • 2017 (9) TMI 1163 - DELHI HIGH COURT

    The Bank Of Tokyo - Mitsubishi UFJ Ltd. Versus Deputy Commissioner Of Income Tax

    Decline on entertaining claim on technical grounds - ITAT remanding the matter to the CIT (A) for re-adjudicating on merits - appellant inadvertently added the reversal of provision instead of reducing the same from its taxable income - brought forward business losses - Held that - When the factual and legal position was clear, there was no need at all for the ITAT to have remanded the matter to the CIT (A). Recently, in Alcatel-Lucent India Ltd........ + More


  • 2017 (9) TMI 1162 - DELHI HIGH COURT

    Principal Commissioner of Income-Tax - 2 Versus Cheil India Private Limited

    Addition on account of fall in net profit to turnover ratio - ITAT deleted the addition - Held that - The ITAT observed that the lower net profit rate of 24.80 has been accepted by the AO for the earlier AY, i.e. 2008-09. However, the Assessee s line of business was not consistent over the years. The ITAT was of the view that, without rejecting the accounts of the Assessee, making an addition merely on the basis of fall of the net profit ratio wa....... + More


  • 2017 (9) TMI 1161 - RAJASTHAN HIGH COURT

    Commissioner of Income Tax, Jaipur-II, Jaipur Versus Shri Satya Dev Sharma

    Determination of agricultural land - capital asset u/s. 2(14) (iii)(b) - transfer of land - whether municipal limits existing on the date of issue of Notification No.9447 dated 06.01.1994 u/s 2(14)(iii)(b) should be considered for the purpose of determination of agricultural land instead of the municipal limits existing on the date of sale/transfer? - Held that - As decided in Commissioner of Income Tax vs. Shri Sher Singh Sunda 2017 (9) TMI 1045....... + More


  • 2017 (9) TMI 1160 - MADRAS HIGH COURT

    T.N. Tiruselvam Versus The Income Tax Officer - I (2) , Pondicherry, The Chief Commissioner of Income Tax, Central Board of Direct Taxes

    Belated filing of return - reasons for delay - case of genuine hardship - fit case for condone the delay under Section 119 (2)(d) - application filed for condonation of delay in filing the return for the assessment year 1996 - 97 which appears because the reason claim on account of the jurisdictional hierarchic - Held that - the third respondent had issue notice to the petitioner to sent a return petition on or before 21.10.2003. This direction w....... + More


  • 2017 (9) TMI 1159 - KERALA HIGH COURT

    Cochin International Airport Ltd Versus Deputy Commissioner of Income Tax

    Benefit of deduction u/s 80-IA eligibility - Held that - Having read clause-(b) of sub-section (4) of Section 80-IA, we are not persuaded to think that to satisfy the requirement of clause-(b), the agreement should be one entered into by an airport which is already functional. An airport to be operational require the facilities that are agreed to be provided by the Airport Authority vide Annexure-C and Annexure-K. It is only on installation and o....... + More


  • 2017 (9) TMI 1158 - KERALA HIGH COURT

    M/s. Karakulam Service Co-Operative Bank Ltd. Versus The Income Tax Officer, Ward-2 (3) And The Commissioner of Income Tax (Appeals)

    Eligibility for the benefit of deduction under Section 80P denied - unconditional stay of recovery of the tax amount - income from other sources - Held that - 2nd respondent considered the tax liability of the petitioner under the other head that was confirmed against him, namely, the tax amount towards income that was classifiable under the head income from other sources . On the said issue, the 2nd respondent found that, inasmuch as the said in....... + More


  • 2017 (9) TMI 1157 - ITAT DELHI

    GKN Driveline (India) Ltd. Versus DCIT, Circle- 1, LTU, New Delhi

    Payment for use of technical knowhow and trademark - nature of expenditure - revenue expenditure or capital expenditure - Held that - Since the Assessing Officer has followed the orders for assessment year 2008-09 while treating the royalty expenditure as capital in nature and since the Tribunal has already decided the issue in favour of the assessee, therefore, respectfully following the consistent decision of the Tribunal in assesse s own case ....... + More


  • 2017 (9) TMI 1156 - ITAT DELHI

    ITO Ward-24 (3) , New Delhi Versus Organizing Committee Hero Honda C/o M/s RRA Tax India

    Credit of TDS - CIT (A) found that though initially the assessee claimed the credit of TDS as per 26AS statement, later on the assessee brought to the notice of the AO that such claim was by mistake and since they did not provide any service to SAIL nor did they receive ₹ 5,50,000/- they reconciled their books of accounts - Held that - This is a verifiable fact at the end of the AO and set aside this ground to the file of the AO with a dire....... + More


  • 2017 (9) TMI 1155 - ITAT DELHI

    M/s. ChrysCapital Investment Advisors (India) Private Limited Versus DCIT, Circle 3 (1) , New Delhi And Vice-Versa

    TPA - selecting a comparable - Held that - Following the decision rendered by the coordinate Bench of the Tribunal in case SunGard Solutions (India) (P.) Ltd. (2014 (12) TMI 429 - ITAT PUNE) and the fact that when the TPO has himself adopted the filter of 25 of RPT for the purpose of excluding a company from the list of comparables, he cannot arrive at a logical computation for benchmarking the international transaction by selecting a comparable ....... + More


  • 2017 (9) TMI 1154 - ITAT DELHI

    The Bank of Tokyo-Mitsubishi, UFJ Ltd. (Earlier known as The Bank of Tokyo Mitsubishi Ltd.) Versus DDIT Circle-1 (1) , New Delhi And Vice-Versa

    Salaries paid by the Head Office overseas in foreign currency to the expatriates working in India - Permanent establishment ( PE ) of the Appellant in India - Held that - This issue is covered in favour of assessee by the Delhi High Court order in own case 2016 (4) TMI 817 - DELHI HIGH COURT relying on decision of ABN Amro Bank(2010 (12) TMI 340 - CALCUTTA HIGH COURT ). - Applicability of Section 115JB - Held that - This issue is covered in favou....... + More


  • 2017 (9) TMI 1153 - ITAT DELHI

    AT & T Global Network Services (India) Pvt Ltd. Versus DCIT, Circle-2 (1) , New Delhi and vice-versa

    Disallowance of interest incurred on External Commercial Borrowings (ECBs) - Held that - Since there is no change in facts in this year from the facts in preceding year accordingly, the findings given therein para no 18 of that order where the claim of the assessee is allowed . hence for this year too we direct the ld AO to disallow the above disallowance. Hence, ground no 1 of the appeal is allowed. - Disallowance of circuit accruals - Held that....... + More


  • 2017 (9) TMI 1152 - ITAT DELHI

    ACIT, Circle-10 (1) , New Delhi Versus Datavision Systems P Ltd.

    Income from transaction of shares - capital gain or business income - AO has held that the shares were stock in trade - Held that - The assessee is a company, which is engaged in the principal business of consulting. The major income of the assessee is shown of consultancy income is shown as the business income. The assessee is holding these shares, which are sold during the year in the books of accounts as investments and not a stock in trade. A....... + More


  • 2017 (9) TMI 1151 - ITAT DELHI

    Asstt. Commissioner of Income Tax, Circle-26 (1) , New Delhi Versus M/s. Deesons Traders

    Reopening of assessment - addition on excessive allowance under the head Repair and Maintenance - eligibility of reason to believe - period of limitation - AO exceeding his jurisdiction - Held that - A.O. is not empowered to issue notice u/s 148 of the Act after a period of four years from the end of relevant assessment year particularly when there is no failure on the part of the assessee to disclose fully and truly all material facts necessary ....... + More


  • 2017 (9) TMI 1150 - ITAT DELHI

    Hamir Real Estate Pvt. Ltd. Versus ITO (TDS) , Ward 1 (2) , New Delhi

    TDS u/s 195 - TDS liability on payment for purchase of land - Limitation in respect of deduction from non-residents - whether Shri Surinder Singh Chahal was resident of USA and the assessee was required to deduct TDS under section 195? - limitation period for passing an order under section 201(1)(a), when the deductee is a non-resident - Held that - High Court in the case of Bharti Airtel Ltd. vs. Union of India (2016 (12) TMI 1601 - DELHI HIGH C....... + More


  • 2017 (9) TMI 1149 - ITAT DELHI

    AT & T Global Network Services (India) Pvt Ltd. Versus DCIT, Circle-2 (1) , New Delhi

    Disallowance towards interest expenditure incurred in relation to the ECBs invoking the proviso to section 36(1)(iii) - AO observed that the ECBs have been utilized for acquisition of capital assets which have not been put to use, and thus the interest incurred till the date such assets have been put to use should be disallowed - Held that - This ground of appeal has already been decided in AY 2009-10 and AY 2010-11 by orders of even date deletin....... + More


  • 2017 (9) TMI 1148 - ITAT DELHI

    ACIT, Circle 9 (1) , New Delhi Versus M/s. Feedback Infra Pvt. Ltd.

    Addition on account of disallowance u/s 14A r.w.r 8D - Held that - By following the law laid down by Hon ble Apex Court in judgment cited as Godrej & Boyce Manufacturing Company Ltd. (2017 (5) TMI 403 - SUPREME COURT OF INDIA) and Maxopp Investment Ltd. (2011 (11) TMI 267 - Delhi High Court) we are of the considered view that the findings returned by AO that, disallowance u/s 14A is to be made even if no exempt income has resulted or earned b....... + More


  • 2017 (9) TMI 1147 - ITAT MUMBAI

    Income Tax Officer – 22 (1) (3) , Navi Mumbai Versus Mr. Mukesh Mohan Patel, C/o Ashit Mehta

    Penalty u/s 271(1)(c) - willful evasion of tax by not furnishing accurate particulars of income - assessee did not declare the said income arising out of deemed capital gains u/s 54F(3) on the date of search also before the search party - Held that - The assessee had filed revised return of income on 22-12-2009 wherein declaration of said deemed capital gains u/s 54F(3) was made and the AO thereafter framed an assessment bringing to tax income de....... + More


  • 2017 (9) TMI 1146 - ITAT MUMBAI

    Monisha R Jaising Versus Dy. Commissioner of Income Tax, Central-Circle-24 and 26, Mumbai

    Addition u/s 23(1)(a) - deemed rent - vacant property / vacancy allowance - 3 properties not offered for tax under the head House properties - AR submitted that out of two flats treated as deemed let out, the flat no.2B was let out in 2003 but vacant since then and therefore the provisions of 23(1)(c) - Held that - We find merit in the contention of the ld.AR that once the property is let out and at any point of time this remained vacant during t....... + More


  • 2017 (9) TMI 1145 - ITAT KOLKATA

    D.C.I.T., Circle-12, Kolkata Versus M/s. Selvel Advertising Pvt. Ltd.

    Allowing depreciation at a rate of 100 on Hoardings Structure - Held that - As in assessee s own case for A.Y.2009-10 and 2010-11 2015 (5) TMI 682 - ITAT KOLKATA the assessee is entitled for depreciation on hoardings. which are temporary structures, and CIT(A) has rightly allowed the same. This common issue of both the appeals of revenue is dismissed. - Allowing the deduction claimed by the assessee u/s 80IA - Held that - As in assessee s own cas....... + More


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Circular: Clarification regarding applicability of section 16 of the IGST Act, 2017, relating to zero rated supply for the purpose of Compensation Cess on exports – Regarding.

Circular: Clarification on Inter-state movement of various modes of conveyance, carrying goods or passengers or for repairs and maintenance- regarding

Forum: Duty Drawback & Input Credit - under GST

News: RBI Reference Rate for US $

Highlight: Addition u/s 23(1)(a) - deemed rent - once the property is let out and at any point of time this remained vacant during the same cannot be brought to tax under the head House properties income.

News: Haryana constitutes screening committee on anti-profiteering

Highlight: Valuation of imported goods - it is necessary to re-examine the matter of both license agreement as well as supply contract simultaneously, to see if the enhanced royalty was in the guise of adjustment of the price of components.

Forum: Input tax credit

Notification: Levy of anti dumping duty on New/unused pneumatic radial tyres with or without tubes and/or flap of rubber (including tubeless tyres) having normal rim dia code above 16 originating in, or exported from China PR

Highlight: Cenvat credit availed on Club Membership for the Director is not admissible as it cannot be said to be remotely connected with the activity of manufacture

Circular: Amendments in Hand Book of Procedures 2015-20 –reg.

News: Jaitley asks biz not to wait till last day to file GST returns

Circular: Implementing Electronic Sealing for containers by exporters under self-sealing procedure prescribed by Circular 26/2017-Cus dated 1st July, 2017 and Circular 36/2017 dated 28 th August, 2017. — reg.

Article: 20 Things You must know about E Way Bills in GST Law

Article: ‘DUTY DRAWBACK’ CANNOT BE EQUATED WITH ‘REBATE OF DUTY’

Highlight: Notification regarding GST rate for branded cereal, pulses and flour

News: Notification regarding GST rate for branded cereal, pulses and flour

Highlight: Anti-dumping duty on import of bus/truck tyres from China

Highlight: Cabinet approves Extension of time period of the Scheme "Special Industry Initiative for J&K" (Sll J&K) - Udaan

Highlight: Non-payment of service tax - maintenance and repair charges - appellants had knowingly and deliberately shown the repair charges as job work charges to mislead about their taxability - demand confirmed.

Highlight: BAS - execution of the project of smart card for vehicle registration – implementing the SOC-VRC project - The fact that the Government has outsourced some part of the work and paid certain consideration for such outsourced work, does not make the activity subject to service tax.

News: Cabinet approves Extension of time period of the Scheme "Special Industry Initiative for J&K" (Sll J&K) - Udaan

Highlight: Constitution of National Anti-profiteering Authority (NAA) under GST-reg. - Trade Notice

Highlight: Amendments in Hand Book of Procedures 2015-20 –reg. - Various amendments are made in Chapter-4 of Hand Book of Procedures 2015-2020.

Circular: Constitution of National Anti-profiteering Authority (NAA) under GST-reg.

Highlight: Sharing of expenses - BAS - promotion of business of group companies - sharing of expenditure for common facilities cannot be treated as service by one to another in such arrangement.

News: RBI Reference Rate for US $

Article: Credit of unsold stock [Section 140(3)] - Actual Credit as well as Notional Credit - Part-I - GST Transitional provisions

Circular: Certain Clarifications sought on Construction Services provided in the Real Estate Sector – reg.

News: Anti-dumping duty on import of bus/truck tyres from China

News: Fast-track GST refund, else ₹ 65K cr may be stuck: Exporters

Highlight: It is open to the Settlement Commission to use best judgment in arrival of the figure. Nonetheless it has to explain the manner in which the best judgment figure has been arrived at by the Settlement Commission - HC

Highlight: Deemed dividend u/s 2(22)(e) - advances given to societies - in the absence of legal right of the assessee in the said society the amount advanced cannot be treated as deemed income.

Highlight: When electrical installations are treated as plant and machinery the depreciation has to be allowed @ 25% as per provisions contained u/s 32

TMI Note: Capital Gain - transfer of right in the land or transfer of land itself - addition u/s 50C - Harassment to the honest tax payers

Highlight: Option to avail composition scheme under GST by electronically filing an intimation in FORM GST CMP-02 and FORM GST ITC-03 upto 30-9-2017 - See Rule 3(3A)

TMI Note: Does ICDS apply for the purposes of computing exemption u/s 11 to 13.

Highlight: Voluntary Reporting of Estimated Current Income and Advance Tax Liability - CBDT issues draft notification

TMI Note: Certain ICDS provisions are inconsistent with judicial precedents. Whether these judicial precedents would prevail over ICDS.

Highlight: Provisions of ICDS shall prevail w.e.f. AY 2017-18 to the transactional issues dealt therein over earlier judicial pronouncements.

News: Voluntary Reporting of Estimated Current Income and Advance Tax Liability

TMI Note: In case of conflict between ICDS and other specific provisions of the Income-tax rules, 1962 governing taxation of income like rules 9A, 9B etc. of the Rules, which provisions shall prevail.

TMI Note: Does ICDS apply to computation of Minimum Alternate Tax (MAT) u/s 115JB of the Act or Alternate Minimum Tax (AMT) u/s 115JC of the Act.

TMI Note: Where a term has not been defined under ICDS, nor under the Act, but has different interpretations given to it by the courts in tax cases, and in ICAI Accounting Standards, which interpretation would prevail while interpreting ICDS.

TMI Note: Whether the provisions of ICDS apply to a non-resident who claims the benefit of a double taxation avoidance agreement (DTAA).

TMI Note: In case any of the ICDS provisions is contrary to a circular or press release issued by the CBDT, which would prevail over the other.

TMI Note: ICDS-I requires disclosure of significant accounting policies and other ICDS requires specific disclosures. Where is the taxpayer required to make such disclosures specified in ICDS.

Notification: Income Computation and Disclosure Standards (ICDS) - New ICDS to be effective from AY 2017-18

News: RBI Reference Rate for US $

Highlight: GST - Detention of goods under transport - discrepancy in documents - the statutory provisions provide a mechanism for adjudication following detention of goods including for the provisional release thereof pending adjudication - HC



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