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Income Tax - Case Laws

Showing 21 to 40 of 107408 Records

  • 2018 (8) TMI 927

    Validity of notice issued u/s 148 - reopening of an assessment - notice was served at a wrong address - presumption related to address - address collected by the department from the bank, whereas known address was available with the department on Saral Form-5 of the petitioner - The assessee took the specific plea that he had filed his return of income for the year under consideration i. e. 1999-2000 on the changed address i.e. 2, Rishi Marg, Sha....... + More


  • 2018 (8) TMI 926

    Levy of penalty u/s 271(1)(c) - appellant wrongly claimed loss by debiting it to P & L Account on account of loss on sale of assets whereas the same was capital loss and not business loss. - The Tribunal had held that the claim of the assessee to treat loss on sale of assets as business loss was not a bona-fide mistake and, therefore, the penalty under Section 271(1)(c) of the Act was imposable. - Held that - In order to attract the provision....... + More


  • 2018 (8) TMI 925

    Partial disallowance on ad-hoc basis without rejecting books of accounts - disallowance to consumable stores - ad-hoc disallowance solely by taking percentage basis of consumption stores consumed in succeeding year - Held that - the issues raised in the appeal are only questions of fact and no question of law is involved. All three authorities have concurrently held after examining the facts, evidence and material on record that the assessee was ....... + More


  • 2018 (8) TMI 924

    Reopening of assessment u/s 147 - claim of deprecation u/s 32 while claiming exemption u/s 11 - double claim of deduction / eemption - Held that - this writ petition is allowed and the impugned proceedings are set aside, since the impugned reopening was made only on the ground that depreciation claimed by the petitioner was not allowable, while the said question was answered against the Revenue in the above said ruling of the Supreme Court 2017 (....... + More


  • 2018 (8) TMI 923

    Assessment in the hands of representative / agent - Chief Financial officer (CFO) of the non-resident assessee - According to the appellant, the Chief Financial Officer was questioned about transfer of shares of the appellant by Clayton Dewandre to WABCO, Singapore, even though the Chief Financial Officer was not employed with the appellant during the Financial Year 2013-14 and had no knowledge of the transaction. - Whether the writ petition ough....... + More


  • 2018 (8) TMI 922

    Disallowance made u/s. 14A - maintaining mix funds - claim for deduction u/s. 80IA - Held that - it is required to be noted that in the earlier years also more particularly, even in the Assessment Year 2004-2005, the assessee was also having mixed funds and still considering the fact that the assessee was already having sufficient surplus interest free funds, the Division Bench of this Court has held that the disallowance under Section 14A of the....... + More


  • 2018 (8) TMI 921

    Valuation of stock - addition made on account of opening stock - disallowance in respect of provisions of interest liability of central excise refund - disallowance of interest being on funds utilized for giving interest free loans to sister concerns - disallowance of expenditure on issue of non-convertible and fully convertible debenture - ITAT deleted all the additions made by the AO - Held that - No substantial question of law arises. - The de....... + More


  • 2018 (8) TMI 920

    Deemed dividend u/s 2(22)(e) - ITAT refused to decide the issue with regard to the claim of the appellants for deemed dividend because it was raised at the appellate stage - Held that - After considering the entire facts of the case, we are of the opinion that legal issue can be raised at any point of time - Order of the ITAT quashed and set aside - Matter restored before ITAT - Decided in favor of assessee........ + More


  • 2018 (8) TMI 919

    Nature of sale of Hotel premises - whether the sale of land and building of hotel is to be treated as slump sale or not - Scope of section 50B - Held that - The mistake committed in the return of income cannot be the basis of assessment of non-taxable receipt as income. - In order to understand whether the sale was a slump sale or sale of independent items of assets, necessary we have to examine the intention of the parties to the sale agreement........ + More


  • 2018 (8) TMI 918

    Short term or long term capital gain - determination of period of holding of property - the assessee has purchased the long term capital assest being godown as per agreement dt. 24-04-2008 - assessee has paid the Stamp Duty on the said agreement dt 20/04/2008 - part payment was made at the time of agreement - substantial and remaining payment was made as on 11-07-2008 and property got registered with the registrar. - Held that - In the instant ca....... + More


  • 2018 (8) TMI 917

    Assessment u/s 153A - undisclosed income - addition based on statement of the assessee during search which was not retracted - incriminating material - Although, the assessee has admitted undisclosed income for AY 2012-13, failed to disclose such income in the return of income; however, disclosed the same in the assessment year 2013-14. According to the assessee, it has admitted undisclosed income for AY 2012-13 by mistaken understanding of facts....... + More


  • 2018 (8) TMI 916

    Revision of assessment order u/s 263 - an order which is erroneous or detrimental to the interest of the revenue - invoking the provisions of section 36(1)(ii) - Commission paid to directors for services rendered - performance bonus paid to directors for services rendered to the company in terms of the board resolution. - Payment to avoid payment of dividend distribution tax (DDT) - Held that - The AO has called for necessary enquiries during the....... + More


  • 2018 (8) TMI 915

    Levy of fee u/s 234E - Late of submission of TDS returns - all the intimations under section 200A of the Act were issued before June 1, 2015 - Held that - When the intimations were issued before June 1, 2015, this Tribunal is of the considered opinion that the Assessing Officer has no jurisdiction to levy fee under section 234E of the Act. - this Tribunal is of the considered opinion that before June 1, 2015, the Assessing Officer cannot levy fee....... + More


  • 2018 (8) TMI 914

    Disallowing the expenses u/s 37(1) - After obtaining the Certificate of Commencement, the assessee company had taken several steps in connection with the setting up of a five star hotel - taxability of interest income derived from Fixed Deposits (FDs) and mutual funds under the head of other sources - Held that - we find more merit in the assessee s alternative plea for netting off the interest income against pre-operative expenses. On this alter....... + More


  • 2018 (8) TMI 913

    Disallowance made under section 14A on account of interest - assessee suo moto disallowed a certain sum - AO observed that, claim of the assessee of having earned the substantial income by way of dividend by incurring a nominal expenditure was not correct. - Held that - for the purpose of applying Rule 8D(2)(ii) prior to its amendment with effect from 02.06.2016, what would be considered as amount of expenditure by way of interest would be the in....... + More


  • 2018 (8) TMI 912

    Ad hoc disallowance of expenses on estimated basis - telephone expenses, deepawali expenses, rent, miscellaneous expenses and travelling expenses - whether expenses were incurred wholly and exclusively for the purpose of business - Held that - Assessing Officer has verified all the vouchers with the ledger account of these expenses but he could not be able to pinpoint any defect in such bills and vouchers maintained by the assessee, except expres....... + More


  • 2018 (8) TMI 911

    Income received from undivided share in I.T.Park - income from business or house property - Held that - the assessee may not have constructed the I.T.Park he is a developer of the I.T.Park. From the Memorandum of Association of the assessee company he has found that the main object of the assessee company is to carry on all or any of the business as estate builders of residential, office or any other type of accommodation and for that purpose to ....... + More


  • 2018 (8) TMI 910

    Assessee in Default u/s 201(1) - Failure to deduct tax at source (TDS u/s 192) - The assessee (KPTCL) paid cash equivalent to its employees at the time of their retirement - Exemption u/s 10(10AA) in respect of payment in lieu of leave period not availed by the employee - Sec.10(10AA) does not define as to who is to be regarded as employee of Central or a State Government. The revenue s case is KPTCL is not State Government but a statutory corpor....... + More


  • 2018 (8) TMI 873

    Addition u/s 68 - share application money - primary burden of establishing the identity of the applicant, the genuineness of the transaction and the creditworthiness of the party - Held that - SLP dismissed........ + More


  • 2018 (8) TMI 872

    Nature of amount received as award against damages for breach of contract - capital receipt or revenue receipt - Compensation of a settlement for loss of its bottling rights with Coca Cola Company, USA - Held that - SLP dismissed........ + More


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