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  • 2018 (10) TMI 790

    Monetary limits for filing appeal - low tax effect for filing appeal - maintainability of appeal - Held that - It is a settled law that the Circulars issued by CBDT are binding on the Revenue. This position was confirmed by the Apex Court in the case of Commissioner of Customs vs Indian Oil Corporation Ltd. 2004 (2) TMI 66 - SUPREME COURT OF INDIA wherein their Lordships examined the earlier decisions of the Apex Court with regard to binding natu....... + More

  • 2018 (10) TMI 789

    Disallowance u/s 14A - Held that - Expenses of ₹ 6, 000/- towards audit fee and expenditure by way of Professional Fee of ₹ 2100/- claimed as deduction u/s 37(1) which was claimed as deduction from income from commission and brokerage. We fail to understand that when only the assessee has effectively claimed deduction of expenses to the tune of ₹ 8, 100/- from its income as detailed above, how disallowance u/s 14A r.w.r. 8D(2)(i....... + More

  • 2018 (10) TMI 788

    Computation of Long Term Capital gains - benefit of indexation - selection of date - Held that - Indexation benefit against the cost of acquisition shall be available to the assessee on the basis of index of the year in which the payments were actually made by the assessee. The payment made up-to the date of agreement i.e. 18/10/2007 shall be indexed by applying the index for Financial Year 2007-08. Accordingly, subsequent payments made in differ....... + More

  • 2018 (10) TMI 787

    Non fulfillment of conditions for grant of registration u/s 12AA and exemption u/s 80G - restriction of appointment of NRI as trustee - trustees are the non-resident and therefore, under the provisions of Indian Trust Act, 1882 they cannot be held to be a valid trustee; and when the trust and its structure itself is not proper, therefore, the condition precedent for grant of registration is not fulfilled - Charitable activities - Held that - Sect....... + More

  • 2018 (10) TMI 786

    Disallowance u/s 14A - working out of deduction - Held that - We find that during the year under consideration the gross interest expense was ₹ 97,24,941/- and gross interest receipt was ₹ 65,00,064/-. Thereby the net interest expenditure was ₹ 32,24,877/-. This net expenditure in our considered view was relatable to earning dividend, derived from investments acquired out of borrowed funds. Accordingly we hold that the interest ....... + More

  • 2018 (10) TMI 785

    TDS liability on banks - Validity of assessment - period of limitation - whether CIT(A) has erred in holding that the assessment order passed by the Ld.AO is after the time lapse of four years when the order was issued on 28.03.2016 which is well within the time limit of six years from the financial year? - Held that - The assessee is a nationalized bank who has preferred appeal against the demand notice issued against their four branches viz. Mi....... + More

  • 2018 (10) TMI 784

    Addition on account of unsecured loans - addition u/s 68 - Held that - The transaction appearing in the bank passbook appears to be an accommodation entry and no evidence was filed by the assessee with regard to the credit worthiness of the person. In the case of P.Venkateswara Rao, though the assessee claimed to have earning agricultural income of ₹ 5 lakhs, no evidence was filed by the assessee for earning such huge sum. From the above de....... + More

  • 2018 (10) TMI 783

    Deduction u/s 80IA(4)(iv) - raising of additional claim - additional ground seeking claim of deduction of entire profit generated from windmill power project without reducing notional brought forward losses and depreciation - Held that - It is well settled that the appellate authority is not precluded from adjudicating the additional claims of an assessee regardless of whether the return was revised or not. The Revenue is under duty to assess the....... + More

  • 2018 (10) TMI 782

    Penalty u/s 271(c) - assessment of long term capital gain - Held that - The assessee showed the long term capital gain in the next year whereas the sale has been completed on 31.08.2010. The assessee voluntarily furnished the detail in his return of income for the A.Y. 2012-13 in which the mater of controversy has been adjudicated above. All the facts show that the assessee was not having any intention to conceal the said income to avoid the tax,....... + More

  • 2018 (10) TMI 781

    Addition u/s 40A(3) - expenses which has been incurred in cash - Held that - The addition has been made as unexplained expenditure/payment outside books of account for which addition has been made by the Assessing Officer. There is no such disallowance made u/s 40A (3) made by AO which has been claimed by the assessee as an expenditure out of the income disclosed by him. - The very basis on which the ground has been raised is erroneous as applica....... + More

  • 2018 (10) TMI 741

    Non disbursal of refund amount - delay in refund - Held that - Petitioner in all these Petitions would submit that the substantive prayers in the Petitions stand granted and the Petitioner would accept the amounts as disbursed under protest and without prejudice to their legal rights and contentions, particularly to claim interest on delayed refund. - The Writ Petitions are, therefore, disposed off by keeping open the issue and controversy in rel....... + More

  • 2018 (10) TMI 740

    Computation of Capital Gains - sale of property - stamp valuation u/s 50C - relevant date for determination of market value of property - Held that - There is proof that the assessee has entered into agreement on 09/07/2005 and the documents submitte....... + More

  • 2018 (10) TMI 739

    Estimation of income - GP ratio - Levy of penalty u/s 271(1)(c) - disallowance of expenses debited towards purchases u/s 40A(3) - Cash payment in excess of ₹ 10000/- - CIT(A) harboured a belief that total purchases made from these three concerns deserves to be treated as bogus and a disallowance is to be made. The ld.counsel for the assessee pointed out to us that if these purchases are being treated as bogus, then almost 40% of the purchas....... + More

  • 2018 (10) TMI 738

    Reassessment u/s 147 - Capital Gains - Year in which amount is taxable - transfer of property - Joint development agreement - assessee offer his share to the builder against settlement of an amount - the developer completed the construction and was ready to handover the completed 45% share of the landlord in the financial 2009-10 which was seen from the developer s letter dated 22/12/2009 addressed to the land lords (assessee) that mentioned sett....... + More

  • 2018 (10) TMI 737

    TDS liability u/s 195 - payments made to the non-residents / father of the non-resident - purchased an immovable property of land - levy of interest u/s 201(1)/201(1A) - Held that - In the instant case, there was no direct payment made by the assessee to the non-residents. The entire payment was made to the resident Indian who is also the father of the non residents. The revenue did not establish that the payment has gone to the non residents. In....... + More

  • 2018 (10) TMI 736

    Levy of penalty u/s 158BFA(2) - block assessment - additions towards unexplained cash and unexplained income - Held that - Penalty under section 158BFA of the Income Tax Act is to be imposed on all together different grounds than the one imposed under section 271(1)(c) for concealment of income or furnishing inaccurate particulars of income. - When the AO issues notice under section 158BC of the Act, inviting the assessee to file return of the un....... + More

  • 2018 (10) TMI 735

    Addition being the capital gains on the sale of ancestral agricultural land - Whether the impugned ancestral agricultural land sold by the assessee is a capital asset? - Held that - As referring to the copy of notification issued by the Income Tax Department and mentioning the detail of location of the impugned agriculture land submitted that the alleged land is not a capital asset as provided in Section 2(14) of the Act in view of above referred....... + More

  • 2018 (10) TMI 734

    Charitable activity - rejecting the application of the appellant trust u/s 12A - evidences furnished by the assessee to prove the genuineness of the activities of the assessee trust - Held that - We have considered the submissions of both the parties and perused the material available on the record. In the present case it is noticed that learned CIT(E) on the one hand admitted that the assessee filed the documents on 17.10.2014 and 24.10.2017 rel....... + More

  • 2018 (10) TMI 733

    Registration u/s 12A r.w.s 12AA - The application of the assessee has been dismissed by holding that since there is no trust-deed available with the assessee, it is not entitled for grant such registration. - Held that - The case of the assessee was that it was very old trust and only copy of PTR is available. Now trust deed has been executed, therefore, whether activities of the trust are genuine or not required to be examined afresh. We set asi....... + More

  • 2018 (10) TMI 732

    Admission of additional evidences - Additions u/s 68 - share capital and share premium - creditworthiness and genuineness of the transaction. - assessee-company filed documentary evidences of each of the shareholder - Held that - The delay in filing the additional ground is of no consequence because when appeal is filed within the period of limitation, the additional ground could be raised at any time during the pendency of the appeal before the ....... + More

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