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Income Tax - Case Laws

Showing 41 to 60 of 107462 Records

  • 2018 (8) TMI 984

    Exemption u/s 11 - Charitable activity - whether the activities of the assessee authority are covered by first and second proviso to section 2(15) of the Act and thus not entitled to exemption u/s. 11 and 12 as per provisions of section 13(8) of the Act? - Held that - as the issues involved in the present Tax Appeal/s are now not res integra and since the decision of the Division Bench of this Court is against the Department, in view of the afore....... + More


  • 2018 (8) TMI 983

    Additions u/s 68 - increase in share capital was not through public issue but by way of investment in equity share directly through fully convertible warrants - AO noted that the assessee is merely showing bogus sale and purchase - creditworthiness and genuineness of the transaction - CIT(A) deleted the additions by admitted additional evidences - Held that - It is not in dispute that assessee produced sufficient documentary evidence before the a....... + More


  • 2018 (8) TMI 982

    Charging of interest u/s 220(2) - demand was raised first time - additions made in the rectification order passed u/s 154 - assessee contended that such an interest can be charged only if the assessee has defaulted in payment of demand as per notice of demand issued u/s 156 - Held that - A demand in respect of such amount could be raised only after passing the rectification order and it is the default, if any, in payment of such demand that would....... + More


  • 2018 (8) TMI 981

    Validity of assessment u/s 153C - Additions u/s 68 - ex-parte appellate order - failure to appear on the date of hearing due to his personal difficulties - opportunity of being heard and natural justice. - Since in the instant case, the satisfaction under Section 153C of the Act was recorded on 08.08.2013, therefore, the relevant six assessment years available for assessment/reassessment would be assessment year 2008-09 to 2013-14. The year under....... + More


  • 2018 (8) TMI 980

    Additions u/s 68 - share premium - Additions u/s 69C - unexplained expenditure - Held that - assessee produced sufficient documentary evidence before A.O. at the assessment as well as appellate stage to prove ingredients of Section 68 of the I.T. Act. The A.O. however, did not make any further enquiry on the documents filed by the assessee. Thus, the A.O. failed to conduct scrutiny of the documents at assessment stage and merely suspected the tra....... + More


  • 2018 (8) TMI 979

    Deduction u/s 80IA - assessee has allegedly not maintained the separate books of accounts - failure to comply with audit as prescribed under section 80 IA (7) of the act in respect of the windmill undertakings - Held that - According to the subsection 7 of section 80 IA the only requirement is that, the accounts of the undertaking are required to be audited. In the present case, the assessee has submitted the audited accounts. If the auditor has ....... + More


  • 2018 (8) TMI 972

    Estimation of Income - Low Gross Profit (GP) rate - assessee expressed inability to furnish all supporting bills for purchase of materials and complete address and details of sundry creditors and also assessee failed to furnish supporting bills and vouchers in respect of transportation charges and wages. - Held that - rate of net profit at 5. 35%, 5. 16% and 5. 15% has been accepted by the department in the case of the assessee itself for the pre....... + More


  • 2018 (8) TMI 971

    Levy of penalty u/s 271(1)(c) - Assessment u/s 153A - revised return - Assessee contended that, when the assessee filed the return pursuant to notice u/s 153A of the Act and validly revised it, such return takes the place and deemed to have been filed the return u/s 139(1) of the Act and since the assessment is complete accepting the revised return, no penalty could be levied. - Held that - the return of income filed pursuant to the notice u/s 15....... + More


  • 2018 (8) TMI 970

    Exemption u/s 11 - Charitable activity - last limb of proviso to section 2(15) - activities carried out by the society which yielded income to the society are commercial in nature - CIT(A) has allowed the benefit of exemption by observed that, the assessee is purely a charitable and non-profit organization and I do not find that the assessee is involved in any trade, commerce or business and accordingly the AO is directed to allow the exemption t....... + More


  • 2018 (8) TMI 969

    Capital Gains - Valuation of sale of property - As the assessment was getting time barred the ld AO passed assessment order without waiting for the report of DVO taking the circle rate for stamp duty purposes as deemed sales consideration. - There is no specific manner provided by the act for making a claim before the Ld. assessing officer under section 50 C of the income tax act. Such claim can also be made in the return of income as well as in ....... + More


  • 2018 (8) TMI 968

    Long Term Capital Gain (LTCG) on sale of property - determination of ownership - Power of attorney (POA) holder of the non-resident assessee - Held that - the copy of the purchase agreement, Power of Attorney and the Sale Deeds of those immovable properties were duly produced by the assessee before the Ld. AO during the assessment proceedings. It appears from those documents that nowhere it is mentioned the assessee is the real owner of the prope....... + More


  • 2018 (8) TMI 931

    Reopening of assessment - allowability of interest income u/s 80IA - power of AO to examine the issue which was not part of reason recorded for reopening of assessment - Held that - SLP is dismissed on the ground of low tax effect........ + More


  • 2018 (8) TMI 930

    Condonation of delay in filing an appeal before the HC - delay due to pendency of an application u/s 254(2) of rectifying mistakes apparent from the record - Held that - SLP dismissed........ + More


  • 2018 (8) TMI 929

    Deductible / Exempted income u/s 10(29) - depreciation to be excluded from the income or not - Held that - SLP is dismissed on the ground of delay as well as on merits........ + More


  • 2018 (8) TMI 928

    Commencement of business - whether in case of an assessee, whose main object is to construct dam, canal, etc., the business commences only when the entire project for construction of dam, canal, etc. is complete, and not when the first brick was put up at the construction site? - Allowability of interest expenditure u/s.57 against the interest income. - Held that - SLP dismissed on the ground of low tax effect........ + More


  • 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


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