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Income Tax - Case Laws

Showing 21 to 40 of 102335 Records

  • 2018 (2) TMI 1381 - SUPREME COURT

    Assessment u/s 153C - existence of satisfaction note - Held that - Special Leave Petitions are dismissed. HC order confirmed. 2017 (7) TMI 539 - DELHI HIGH COURT - HC has held that while the documents may pertain to the Assessee, but in the context explained above, they cannot be presumed to be documents that belonged to the searched person. Consequently, even with regard to these documents, the jurisdictional requirement under Section 153 C (1) ....... + More


  • 2018 (2) TMI 1380 - DELHI HIGH COURT

    Penalty u/s 271(1)(c) - voluntary surrender of income by assessee - Held that - The assessee merely made a voluntary surrender; she did not offer any explanation as to the nature of income or its source. The observations in MAK Data (2013 (11) TMI 14 - SUPREME COURT) are that the authorities are not really concerned with the statement - whether voluntarily or otherwise and have to see whether there was any non disclosure of material facts, or inc....... + More


  • 2018 (2) TMI 1379 - GUJARAT HIGH COURT

    Reopening of assessment - notice issued beyond the period of four years - reasons to believe - Held that - The question of the assessee failing to disclose truly and fully all material facts necessary for assessment therefore becomes important. Nothing stated in the reasons recorded or from the materials on record suggest that the assessee failed to disclose truly and fully all material facts. AO has examined the materials on record during the or....... + More


  • 2018 (2) TMI 1378 - GUJARAT HIGH COURT

    Application of provision of section 48 Explanation (iii) - whether inflation index would apply for the first year when the asset was first held by the assessee - computing the capital gains arising on transfer of a capital asset acquired by the assessee under a gift - shares which are the subject matter of capital gains tax were purchased by the father of the assessee on 01.08.1989. They were gifted by him to his son on 15.03.2009. The son i.e. t....... + More


  • 2018 (2) TMI 1377 - GUJARAT HIGH COURT

    Reopening of assessment - Held that - According to the department, there are documents suggesting that there are TDS transactions concerning the firm for the period relevant to the assessment year in question. More importantly, during the course of a search against two individuals, name of the firm was found. There were documents indicating that the assessee had entered into huge cash loan transactions. The ledger account itself showed cash credi....... + More


  • 2018 (2) TMI 1376 - GUJARAT HIGH COURT

    Reopening of assessment - allowability of interest income u/s 80IA - Held that - The record would show that the crucial requirement arising out of the proviso to Section 147 is not satisfied. AO has, in fact, in the reasons recorded itself proceeded on the basis of on verification of record. Thus, clearly the Assessing Officer proceeded on the basis of disclosures forming part of the original assessment. During the original assessment, AO had cal....... + More


  • 2018 (2) TMI 1375 - ALLAHABAD HIGH COURT

    Benefit of Section 80-G (5) (vi) - activities carried out would qualify as charitable activities - Held that - The record/paper book reflects that the amounts, which were expended by the assessee towards all the activities were less than ₹ 10,00,000/- and, therefore, the activities would clearly be included to be covered under the provisions of Section 2 (15) of the Act and in view of that the benefit of Section 80-G (5) (vi) would also enu....... + More


  • 2018 (2) TMI 1374 - RAJASTHAN HIGH COURT

    Disallowance u/s 40(a)(ia) - non deduction of tax at source on interest paid to financial institutions even when the appellant has paid the entire amount and no amount remains payable at the end of the year - Held that - Taking into consideration, the decision rendered by the Delhi High Court in CIT vs. Ansal Land Mark Township Pvt. Ltd. (2015 (9) TMI 79 - DELHI HIGH COURT) the second proviso to Section 40 (a) (ia) of the Act is declaratory and c....... + More


  • 2018 (2) TMI 1373 - RAJASTHAN HIGH COURT

    TDS u/s 194H - non-deduction of tax by invoking provisions of section 40(a)(ia) - Held that - The advertisement are to be procured by such agencies at the rates and terms decided between them and advertiser, assessee has no involvement therein. In the case of Kerala State Stamp Vendors Association vs. Office of the Accountant General 2005 (6) TMI 21 - KERALA High Court the Hon ble Kerala High Court held that what is liable for TDS is commission o....... + More


  • 2018 (2) TMI 1372 - MADRAS HIGH COURT

    Assessment u/s 158BD r.w.s. 158 BC(c) - availment of appeal remedy before ITAT - Held that - Complicated factual issues are to be first thrashed out before one goes into the aspect as to which of the legal principles as put forth would apply. - Record of proceedings shows that there has been an order of interim stay granted by this Court in this writ petition, when the writ petition was entertained on 26.11.2002 and till date, interim order is in....... + More


  • 2018 (2) TMI 1371 - ITAT AHMEDABAD

    Non granting registration under section 12AA - proof of charitable activities - scope of primary objects - unsecured loans taken - way in which education is imparted - complete intermingling of funds - Board of Governance as well as Board of Management is entirely controlled by Sponsoring Body namely Bhandari Charitable Trust - Held that - President shall be appointed by the sponsoring body in consultation with State Government for a period of th....... + More


  • 2018 (2) TMI 1370 - ITAT DELHI

    Receipt of amount without consideration - income from other sources u/s 56(2)(vi) - Amount received from employer s various employee s welfare trusts - Held that - We are of the considered view that ld. CIT (A) has thrashed the controversy at hand at length by considering the aforesaid CBDT circular no.157 (F.No.228/8/73-IT (A-II) dated 26.12.1974 and judgment rendered by Hon ble Supreme Court in ITO vs. Atchaiah (1995 (12) TMI 1 - SUPREME Court)....... + More


  • 2018 (2) TMI 1369 - ITAT AHMEDABAD

    Penalty levied u/s.271(1)(c) - unexplained investment from undisclosed sources - Held that - We find ourselves in agreement plea raised on behalf of the assessee that sufficient ambiguity exist in the interpretation of cancellation agreement from Kuoni Travels India Pvt. Ltd. Therefore, benefit of doubt should be given to the assessee and discretion for non imposing the penalty should be exercised in favour of the assessee. Similarly as regard pe....... + More


  • 2018 (2) TMI 1368 - ITAT KOLKATA

    Addition on share of goodwill received by the assessee on his retirement from the partnership firm - Held that - There was no transfer of any asset or goodwill by the assessee on his retirement to the partnership firm. The amount received by the assessee as full and final settlement on dissolution of firm could not give rise to any capital gain chargeable to tax as there was no transfer of any capital asset. See case of Ajay Kumar Doshi 2015 (12)....... + More


  • 2018 (2) TMI 1367 - ITAT CHENNAI

    Addition u/s 41(1)- AO found that it was a trading liability and subsequently, the assessee changed his stand claiming it was a gift - Held that - Assessing Officer has not examined all the documentary evidences filed by the assessee. In view of this factual aspect, this Tribunal is of the considered opinion that the matter needs to be re-examined by the Assessing Officer. - Disallowance u/s 14A - Held that - The assessee claims that the investme....... + More


  • 2018 (2) TMI 1366 - ITAT AMRITSAR

    Denying registration to the assessee trust u/s. 12AA - order passed without observing the due process of law - Held that - As the law itself clearly provides that any order refusing registration, as the impugned order, could only follow a reasonable opportunity of hearing (to the applicant trust or institution). - This hearing, firstly, is to be before the competent authority, and cannot be delegated, even as clarified by the Hon ble jurisdiction....... + More


  • 2018 (2) TMI 1365 - ITAT JAIPUR

    Validity of reopening assessment - unexplained investment - survey u/s 133A - no books of accounts were found at the business premises of the assesses - Held that - It is not a matter of case of dispute about the quantum of investment or the source of investment but the assessee has neither maintain the books of accounts or accounts of the construction of the shopping complex nor has filed the return of income for the assessment year under consid....... + More


  • 2018 (2) TMI 1364 - ITAT CHENNAI

    Disallowance of interest paid to the close relatives - reason to distinguish the rate of interest between close relative and third party - on loan borrowed from third parties the assessee paid interest at the rate of 12 but only to the close relatives, the assessee has paid interest at the rate of 18 - Held that - There was no reason for paying higher rate of interest to the close relatives. The contention of the assessee is that the interest cha....... + More


  • 2018 (2) TMI 1363 - ITAT DELHI

    Scope of assessment u/s 153A - addition on material gathered during the search - Held that - We reiterate that if the Income Tax Department had any material information in its possession received from any external source and in wake of such an information search u/s 132 has been carried out and nothing incriminating has been found having live-link nexus with the said information already in hand, then the Revenue has other courses open to implicat....... + More


  • 2018 (2) TMI 1362 - ITAT KOLKATA

    Estimation of income - profit 8 as done by CIT-A OR made by the Ld. AO at 40 - Held that - Assessee has stated that the contract activity was carried out for the first time during the year under appeal and hence, no past history of the same was available with the Income Tax Department. In these circumstances, the only recourse available to the revenue is to take shelter from the provision of Section 44AD of the Act which enables the revenue to br....... + More


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